SOURCE: Sierra Vista Bank

Sierra Vista Bank

January 19, 2016 08:00 ET

Sierra Vista Bank Reports 4th Quarter 2015 Financial Results

FOLSOM, CA--(Marketwired - Jan 19, 2016) - 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.

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)   12/31/15     9/30/15     12/31/14  
ASSETS                        
Cash and due from banks   $ 3,307     $ 3,392     $ 3,957  
Federal funds sold     11,835       4,580       8,620  
Investment securities, available-for-sale     19,756       20,703       16,794  
                         
Gross loans     113,586       112,571       85,583  
  Net deferred (fees)     200       193       52  
  Allowance for loan losses     (1,629 )     (1,520 )     (1,400 )
    Net loans     112,157       111,244       84,235  
Premises and equipment, net     979       941       1,001  
Accrued interest receivable     469       463       397  
Other real estate     0       339       0  
Other assets     6,419       6,764       6,685  
TOTAL ASSETS   $ 154,922     $ 148,426     $ 121,689  
                         
LIABILITIES AND STOCKHOLDERS' EQUITY                  
Non-interest bearing demand deposits   $ 44,326     $ 38,981     $ 30,278  
Interest bearing demand deposits     7,398       4,930       5,267  
Savings and money market deposits     23,074       24,087       16,140  
Time deposits     58,540       58,992       51,864  
TOTAL DEPOSITS     133,338       126,990       103,549  
                         
FHLB borrowings     3,000       3,000       1,000  
Accrued interest payable     38       52       52  
Accounts payable and other liabilities     715       902       664  
TOTAL LIABILITIES     137,091       130,944       105,265  
                         
Common stock     21,883       21,796       21,252  
Additional paid-in capital     377       377       377  
Accumulated deficit     (4,361 )     (4,696 )     (5,188 )
Accumulated other comprehensive income     (68 )     5       (17 )
TOTAL STOCKHOLDERS' EQUITY     17,831       17,482       16,424  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 154,922     $ 148,426     $ 121,689  
                         
               
SIERRA VISTA BANK
CONSOLIDATED INCOME STATEMENTS
(unaudited)
 
    For the Three Months Ended:     For the Twelve Months Ended:  
($000s, except per share data)   12/31/15     9/30/15     12/31/14     12/31/15     12/31/14  
Interest income                                        
  Loans   $ 1,672     $ 1,414     $ 1,257     $ 5,628     $ 4,744  
  Investment securities     108       101       102       454       412  
  Federal Funds sold     7       7       5       28       23  
    Total interest income     1,787       1,522       1,364       6,110       5,179  
                                         
Interest expense                                        
  Deposits     99       98       93       384       350  
  FHLB borrowings     1       0       0       2       3  
    Total interest expense     100       98       93       386       353  
    Net interest income     1,687       1,424       1,271       5,724       4,826  
Provision for loan and lease losses     0       30       0       45       0  
  Net interest income after provision for loan losses     1,687       1,394       1,271       5,679       4,826  
                                         
Noninterest income                                        
  Customer service and other fees     105       126       73       429       317  
  Gain (loss) on sale of loans     0       25       0       63       104  
  Gain (loss) on sale of other real estate     33       0       0       33       0  
  Gain (loss) on available-for-sale securities     0       0       0       0       0  
    Total non-interest income     138       151       73       525       421  
                                         
Noninterest expense                                        
  Salaries and employee benefits     702       650       655       2,573       2,363  
  Occupancy and equipment     235       234       210       925       757  
  Other general and administrative     355       365       331       1,457       1,283  
    Total non-interest expense     1,292       1,249       1,196       4,955       4,403  
                                         
    Income (loss) before taxes   $ 533     $ 296     $ 148     $ 1,249     $ 844  
    Taxes     221       123       61       519       369  
    Net income (loss)   $ 312     $ 173     $ 87     $ 730     $ 475  
                                         
Earnings (loss) per share   $ 0.07     $ 0.04     $ 0.02     $ 0.18     $ 0.12  
Tangible book value per share   $ 4.22     $ 4.17     $ 4.07     $ 4.22     $ 4.07  
Net interest margin     4.65 %     4.24 %     4.50 %     4.37 %     4.55 %
                                         
Asset Quality:                        
Non-performing loans to total loans     0.21 %     0.53 %     1.16 %     0.21 %     1.16 %
Non-performing assets to total loans and ORE     0.21 %     0.82 %     1.16 %     0.21 %     1.16 %
Non-performing assets to total assets     0.15 %     0.63 %     0.82 %     0.15 %     0.82 %
Allowance for loan losses to total loans     1.43 %     1.35 %     1.64 %     1.43 %     1.64 %
Allowance for loan losses to non-performing loans     699.14 %     257.19 %     140.70 %     699.14 %     140.70 %
Other real estate   $ 0     $ 339     $ 0     $ 0     $ 0  
                                         
Selected Financial Ratios:                                        
Tier 1 leverage capital ratio     11.61 %     12.12 %     13.47 %     11.61 %     13.47 %
Tier 1 capital ratio     14.74 %     14.84 %     18.59 %     14.74 %     18.59 %
Total capital ratio     16.01 %     16.11 %     19.85 %     16.01 %     19.85 %
                                         
                                         

Contact Information

  • Contacts:
    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