SOURCE: Sierra Vista Bank

Sierra Vista Bank

February 02, 2015 20:00 ET

Sierra Vista Bank Reports Record 2014 Results

FOLSOM, CA--(Marketwired - Feb 2, 2015) - Sierra Vista Bank (OTCBB: SVBA) today reported pre-tax earnings of $844,000 for the year 2014, a 25.8% increase over 2013 pre-tax income of $671,000. Pre-tax earnings for the 4th Quarter 2014 of $148,000 were impacted by the opening of the Bank's 3rd branch in June 2014 and were $72,000 or 32.7% lower than 4th Quarter 2013 pre-tax earnings totaling $220,000. The Bank reported year to date net income of $475,000 as of December 31, 2014, and net income of $87,000 for the 4th Quarter of 2014.

Total assets grew $20.0 million in 2014 to $121.7 million, representing a 19.6% increase over the previous year. Loans increased $7.6 million in 2014 to $85.6 million, an increase of 9.7% over the last year. Total deposits increased $20.0 million in 2014 to $103.5 million, a 23.9% increase over the prior year-end. The 2014 financial results are preliminary and unaudited. "We are very pleased with the excellent core growth the Bank continues to experience," stated Gary D. Gall, President/CEO. 

Sierra Vista Bank continued to show a strong net interest margin of 4.50% for the 4th Quarter 2014, with a yield on earning assets of 4.83% and a total cost of funds of 0.35%. "The Bank's growth in 2014 of non-interest bearing accounts totaling $5.0 million to $30.3 million at year-end 2014 helped the Bank maintain our strong net interest margin," stated Lesa Fynes, EVP/CFO. "Non-interest bearing deposits ended the year at 29.2% of total deposits and the Bank remains focused in growing these core deposits."

Capital levels at December 31, 2014 remain above the regulatory "well-capitalized" minimum levels:

  • The Tier 1 Leverage Capital ratio: 13.47%
  • The Tier 1 Risk Based Capital ratio: 18.59%
  • The Total Risk Based Capital ratio: 19.85% 

Due to continued improvement in credit quality, the Bank did not pass a provision for loan losses in 2014. The allowance for loan losses was 1.64% of total loans at December 31, 2014. Non-performing assets continued to decline, totaling $995,000 at the end of 2014 compared to $1.1 million at the end of 2013. Non-performing loans to total loans as a ratio decreased to 1.16% at December 31, 2014 compared to 1.46% on December 31, 2013. All non-accruing loans are paid current under their original terms or are paying as agreed under forbearance agreements.

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)   12/31/14     9/30/14     12/31/13  
ASSETS                        
Cash and due from banks   $ 3,957     $ 2,831     $ 4,093  
Federal funds sold     8,620       9,885       515  
Investment securities, available-for-sale     16,794       17,135       15,310  
                         
Gross loans     85,583       85,992       77,996  
  Net deferred (fees)     52       18       4  
  Allowance for loan losses     (1,400 )     (1,486 )     (1,447 )
    Net loans     84,235       84,524       76,553  
Premises and equipment, net     1,001       915       558  
Accrued interest receivable     397       320       342  
Other real estate     0       0       0  
Other assets     6,685       5,760       4,377  
TOTAL ASSETS   $ 121,689     $ 121,370     $ 101,748  
                         
LIABILITIES AND STOCKHOLDERS' EQUITY                        
Noninterest-bearing demand deposits   $ 30,278     $ 28,332     $ 25,335  
Interest-bearing demand deposits     5,267       5,451       4,648  
Savings and money market deposits     16,140       16,018       14,291  
Time deposits     51,864       53,716       39,290  
TOTAL DEPOSITS     103,549       103,517       83,564  
                         
FHLB borrowings     1,000       1,000       2,500  
Accrued interest payable     52       49       28  
Accounts payable and other liabilities     664       574       198  
TOTAL LIABILITIES     105,265       105,140       86,290  
                         
Common stock     21,252       21,252       21,189  
Additional paid-in capital     377       377       377  
Accumulated deficit     (5,188 )     (5,297 )     (5,750 )
Accumulated other comprehensive income     (17 )     (102 )     (358 )
TOTAL STOCKHOLDERS' EQUITY     16,424       16,230       15,458  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 121,689     $ 121,370     $ 101,748  
                         
   
SIERRA VISTA BANK  
CONSOLIDATED INCOME STATEMENTS  
(unaudited)  
   
    For the Three Months Ended:     For the Twelve Months Ended:  
($000s, except per share data)   12/31/14     9/30/14     12/31/13     12/31/14     12/31/13  
Interest income                                        
  Loans   $ 1,257     $ 1,199     $ 1,098     $ 4,744     $ 4,188  
  Investment securities     102       111       101       412       326  
  Federal Funds sold     5       9       3       23       9  
    Total interest income     1,364       1,319       1,202       5,179       4,523  
                                         
Interest expense                                        
  Deposits     93       100       67       350       217  
  FHLB borrowings     0       1       0       3       3  
    Total interest expense     93       101       67       353       220  
    Net interest income     1,271       1,218       1,135       4,826       4,303  
Provision for loan and lease losses     0       0       0       0       180  
    Net interest income after provision for loan losses     1,271       1,218       1,135       4,826       4,123  
                                         
Noninterest income                                        
  Customer service and other fees     73       98       86       317       433  
  Gain (loss) on sale of loans     0       25       0       104       29  
  Gain (loss) on sale of other real estate     0       0       0       0       4  
  Gain (loss) on available-for-sale securities     0       0       0       0       0  
    Total noninterest income     73       123       86       421       466  
                                         
Noninterest expense                                        
  Salaries and employee benefits     655       623       564       2,363       2,021  
  Occupancy and equipment     210       197       170       757       682  
  Other general and administrative     331       355       267       1,283       1,215  
    Total noninterest expense     1,196       1,175       1,001       4,403       3,918  
                                         
    Income (loss) before taxes   $ 148     $ 166     $ 220     $ 844     $ 671  
    Taxes     61       76       (4,019 )     369       (4,019 )
    Net income (loss)   $ 87     $ 90     $ 4,239     $ 475     $ 4,690  
                                         
Earnings (loss) per share   $ 0.02     $ 0.02     $ 1.06     $ 0.12     $ 1.25  
Tangible book value per share   $ 4.07     $ 4.04     $ 3.94     $ 4.07     $ 3.94  
Net interest margin     4.50 %     4.28 %     4.87 %     4.55 %     5.04 %
                                         
Asset Quality:                        
Non-performing loans to total loans     1.16 %     1.18 %     1.46 %     1.16 %     1.46 %
Non-performing assets to total loans and ORE     1.16 %     1.18 %     1.46 %     1.16 %     1.46 %
Non-performing assets to total assets     0.82 %     0.84 %     1.12 %     0.82 %     1.12 %
Allowance for loan losses to total loans     1.64 %     1.73 %     1.86 %     1.64 %     1.86 %
Allowance for loan losses to non-performing loans     140.70 %     145.83 %     126.71 %     140.70 %     126.71 %
Other real estate   $ 0     $ 0     $ 0     $ 0     $ 0  
                                         
Selected Financial Ratios:                                        
Tier 1 leverage capital ratio     13.47 %     13.54 %     16.63 %     13.47 %     16.63 %
Tier 1 risk-based capital ratio     18.59 %     18.57 %     19.98 %     18.59 %     19.98 %
Total risk-based capital ratio     19.85 %     19.83 %     21.24 %     19.85 %     21.24 %
                                         

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