Sierra Vista Bank Reports 4th Quarter 2015 Financial Results
(firmenpresse) - FOLSOM, CA -- (Marketwired) -- 01/19/16 -- Sierra Vista Bank (OTCBB: SVBA) today reported Pre-tax profits for the 4th Quarter of 2015 totaled $533,000 compared to $148,000 for the same quarter a year ago, an increase of 260%. Year to date Pre-tax income for 2015 totaled $1,249,000 compared to $844,000 for the year 2014, an increase of 48.0%. Sierra Vista opened its third branch in Fair Oaks at the end of June 2014, and the Bank has realized the benefits related to the successful growth in deposits and loans at the Fair Oaks location in 2015. After just eighteen months of operations, the Fair Oaks office has reached $31.6 million in deposits.
Net income for the 4th Quarter of 2015 totaled $312,000, compared to net income of $87,000 for the same period a year ago, an increase of 258.6%. This also represented an increase of 80.3% over the $173,000 in net profits made in the 3rd Quarter of 2015. Net income year to date was $730,000 in 2015, compared to $475,000 for the year 2014, an increase of 53.7%.
The Bank's total assets grew $6.5 million during the 4th Quarter 2015 and $33.2 million over the last year to a total of $154.9 million, representing a 27.3% increase over the previous year. Loans increased $1.0 million in the 4th Quarter and $28.0 million over the last year to $113.6 million, an increase of 32.7% over the past year. Total deposits increased $6.3 million in the 4th Quarter and $29.8 million over the last year to $133.3 million, a 28.8% increase over December 31, 2014. The 4th Quarter 2015 financial results are preliminary and unaudited. "We are pleased to experience such solid growth in our balance sheet which has had a significant impact on our net interest income and operating efficiencies," stated Gary D. Gall, President/CEO. "Our bottom line has been positively impacted."
Net interest income for 2015 totaled $5,724,000 compared to $4,826,000 in 2014, an increase of 18.6%. Sierra Vista Bank continues to show a strong net interest margin which equaled 4.65% for the 4th Quarter 2015, with a yield on earning assets of 4.93% and a total cost of funds of 0.29%. Non-interest bearing deposits totaled $44.3 million as of the end of the 4th Quarter 2015, an increase of 46.4% over the same point last year. Non-interest bearing deposits ended the quarter at 33.2% of total deposits.
Non-interest income totaled $138,000 for the 4th Quarter 2015, representing an increase of 89.0% over the same period in 2014.
Capital levels at December 31, 2015 remain above the regulatory "well-capitalized" minimum levels:
The Tier 1 Leverage ratio: 11.61%
The Common Equity Tier 1 Capital ratio: 14.74%
The Tier 1 Capital ratio: 14.74%
The Total Capital ratio: 16.01%
The Bank experienced growth of $1.4 million in Shareholders' Equity to a total of $17.8 million during the 12 months since December 31, 2014.
Credit quality continued to improve in 2015, with non-performing assets decreasing to $233,000 as of December 31, 2015, compared to $995,000 for the same period last year. Non-performing loans to total loans as a ratio decreased to .21% at quarter end, compared to 1.16% on December 31, 2014. The Bank passed $45,000 in loan loss provision during the year, had no charge offs, and realized $184,000 in loan loss recoveries. The allowance for loan losses equaled 1.43% of total loans as of December 31, 2015.
Sierra Vista Bank is a locally owned community bank, headquartered at 1710 Prairie City Road in Folsom, California since March 2007. The Bank has a branch located in the Sam's Town Center in Cameron Park, and opened its newest branch in Fair Oaks Village in June 2014. The Bank prides itself on serving the financial needs of small businesses and professionals in Folsom and throughout the Highway 50 Corridor while remaining committed to community philanthropy. Additional information about Sierra Vista Bank can be found at or by calling (916) 850-1500.
Forward Looking Statement:
In addition to historical information, this press release may contain forward looking statements, such as, among others, statements about plans, expectations and goals concerning future growth and performance. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent periods or years to differ materially from those indicated. Readers should not place undue reliance on forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
Contacts:
Gary D. Gall
President/CEO
Sierra Vista Bank
(916) 850-1500
Lesa Fynes
EVP/CFO
Sierra Vista Bank
(916) 850-1505
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Datum: 19.01.2016 - 13:00 Uhr
Sprache: Deutsch
News-ID 444925
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FOLSOM, CA
Kategorie:
Commercial & Investment Banking
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