SOURCE: Sierra Vista Bank

April 19, 2016 14:48 ET

Sierra Vista Bank Reports 1st Quarter 2016 Financial Results

FOLSOM, CA--(Marketwired - Apr 19, 2016) -  Sierra Vista Bank (OTCBB: SVBA) today reported Pre-tax profits for the 1st Quarter of 2016 totaled $216,000 compared to $194,000 for the same quarter a year ago, an increase of 11.3%. Net income for the 1st Quarter of 2016 totaled $119,000, compared to net income of $113,000 for the same period a year ago, an increase of 5.3%. 

The Bank's total assets grew $1.2 million during the 1st Quarter 2016 and $19.2 million over the last year to a total of $156.1 million, representing a 14.0% increase over the previous year. Loans increased $5.8 million in the 1st Quarter and $27.6 million over the last year to $119.3 million, an increase of 30.1% over the past year. Total deposits increased $1.4 million in the 1st Quarter and $15.7 million over the last year to $134.7 million, a 13.2% increase over March 31, 2015. The 1st Quarter 2016 financial results are preliminary and unaudited. 

Net interest income for the 1st Quarter 2016 totaled $1,582,000, compared to $1,274,000 for the same period in 2015, an increase of 24.2%. Sierra Vista Bank continues to show a strong net interest margin which equaled 4.30% for the 1st Quarter 2016, with a yield on earning assets of 4.58% and a total cost of funds of 0.30%. Non-interest bearing deposits totaled $44.9 million as of the end of the 1st Quarter 2016, an increase of 22.6% over the same point last year. Non-interest bearing deposits ended the quarter at 33.3% of total deposits. "The Bank has continued to experience core deposit and loan growth over the past 12 months," stated Gary D. Gall, President/CEO. "We are pleased with the results and its impact on the Bank's overall profitability."

Capital levels at March 31, 2016 remain above the regulatory "well-capitalized" minimum levels:

  • The Tier 1 Leverage ratio: 9.93%
  • The Common Equity Tier 1 Capital ratio: 12.28%
  • The Tier 1 Capital ratio: 12.28%
  • The Total Capital ratio: 13.55% 

The Bank experienced growth of $222,000 in Shareholders' Equity to a total of $18.1 million during the 3 months since December 31, 2015.

Credit quality continued to improve in the 1st Quarter 2016, with non-performing assets decreasing to $215,000 as of March 31, 2016, compared to $971,000 for the same period last year. Non-performing loans to total loans as a ratio decreased to .18% at quarter end, compared to 1.06% on March 31, 2015. The Bank passed $50,000 in loan loss provision during the 1st Quarter, had no charge offs, and realized $12,000 in loan loss recoveries. The allowance for loan losses equaled 1.42% of total loans as of March 31, 2016.

About Sierra Vista Bank
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 www.sierravistabank.com 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.

   
SIERRA VISTA BANK  
CONSOLIDATED BALANCE SHEETS  
(unaudited)  
                   
                   
                   
($000s)   3/31/16     12/31/15     3/31/15  
ASSETS                        
Cash and due from banks   $ 3,866     $ 3,307     $ 3,580  
Federal funds sold     3,745       11,835       15,265  
Investment securities, available-for-sale     23,371       19,756       19,602  
                         
Gross loans     119,342       113,586       91,734  
  Net deferred (fees)     177       200       51  
  Allowance for loan losses     (1,691 )     (1,629 )     (1,412 )
    Net loans     117,828       112,157       90,373  
Premises and equipment, net     923       979       1,003  
Accrued interest receivable     493       469       394  
Other real estate     0       0       0  
Other assets     5,891       6,419       6,701  
TOTAL ASSETS   $ 156,117     $ 154,922     $ 136,918  
                         
LIABILITIES AND STOCKHOLDERS' EQUITY                  
Noninterest-bearing demand deposits   $ 44,900     $ 44,326     $ 36,614  
Interest-bearing demand deposits     6,999       7,398       5,511  
Savings and money market deposits     29,149       23,074       19,894  
Time deposits     53,698       58,540       57,035  
TOTAL DEPOSITS     134,746       133,338       119,054  
                         
FHLB borrowings     3,000       3,000       0  
Accrued interest payable     50       38       53  
Accounts payable and other liabilities     268       715       676  
TOTAL LIABILITIES     138,064       137,091       119,783  
                         
Common stock     21,885       21,883       21,759  
Additional paid-in capital     377       377       377  
Accumulated deficit     (4,218 )     (4,361 )     (5,050 )
Accumulated other comprehensive income     9       (68 )     49  
TOTAL STOCKHOLDERS' EQUITY     18,053       17,831       17,135  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 156,117     $ 154,922     $ 136,918  
                         
   
SIERRA VISTA BANK  
CONSOLIDATED INCOME STATEMENTS  
(unaudited)  
                   
    For the Three Months Ended:  
($000s, except per share data)   3/31/16     12/31/15     3/31/15  
Interest income                        
  Loans   $ 1,544     $ 1,672     $ 1,245  
  Investment securities     129       108       112  
  Federal Funds sold     12       7       7  
    Total interest income     1,685       1,787       1,364  
                         
Interest expense                        
  Deposits     100       99       89  
  FHLB borrowings     3       1       1  
    Total interest expense     103       100       90  
    Net interest income     1,582       1,687       1,274  
Provision for loan and lease losses     50       0       0  
    Net interest income after provision for loan losses     1,532       1,687       1,274  
                         
Noninterest income                        
  Customer service and other fees     99       105       95  
  Gain (loss) on sale of loans     0       0       6  
  Gain (loss) on sale of other real estate     0       33       0  
  Gain (loss) on available-for-sale securities     0       0       0  
    Total noninterest income     99       138       101  
                         
Noninterest expense                        
  Salaries and employee benefits     788       702       581  
  Occupancy and equipment     247       235       222  
  Other general and administrative     380       355       378  
    Total noninterest expense     1,415       1,292       1,181  
                         
    Income (loss) before taxes   $ 216     $ 533     $ 194  
    Taxes     97       221       81  
    Net income (loss)   $ 119     $ 312     $ 113  
                         
Earnings (loss) per share   $ 0.03     $ 0.07     $ 0.03  
Tangible book value per share   $ 4.26     $ 4.22     $ 4.09  
Net interest margin     4.30 %     4.65 %     4.36 %
                         
Asset Quality:                        
Non-performing loans to total loans     0.18 %     0.21 %     1.06 %
Non-performing assets to total loans and ORE     0.18 %     0.21 %     1.06 %
Non-performing assets to total assets     0.14 %     0.15 %     0.71 %
Allowance for loan losses to total loans     1.42 %     1.43 %     1.54 %
Allowance for loan losses to non-performing loans     786.51 %     699.14 %     145.42 %
Other real estate   $ 0     $ 0     $ 0  
                         
Selected Financial Ratios:                        
Regulatory Tier 1 leverage capital ratio     9.93 %     10.01 %     11.03 %
Regulatory Tier 1 risk-based capital ratio     12.28 %     12.48 %     13.62 %
Regulatory Total risk-based capital ratio     13.55 %     13.75 %     14.87 %
                         

Contact Information

  • CContacts:
    Gary D. Gall
    President/CEO
    Sierra Vista Bank
    (916) 850-1500
    Email Contact



    Lesa Fynes
    EVP/CFO
    Sierra Vista Bank
    (916) 850-1505
    Email Contact