SOURCE: Sierra Vista Bank

Sierra Vista Bank

October 21, 2013 08:00 ET

Sierra Vista Bank Reports Record 3rd Quarter 2013 Results

FOLSOM, CA--(Marketwired - Oct 21, 2013) - Sierra Vista Bank (OTCQB: SVBA) today reported a 235% increase in 3rd quarter 2013 earnings of $228,000, or $0.06 per share compared to earnings of $68,000 or $.03 per share in the three months ending September 30, 2012.

Year to date 2013 earnings totaled $451,000 or $0.12 per share compared to a loss of ($524,000) or ($0.24) per share for the same period a year earlier.

"The improved earnings reflect a strong net interest margin, improved asset quality, and solid growth," stated Gary D. Gall, President/CEO.

Financial Highlights (at or for the quarter ended September 30, 2013)

  • The net interest margin was 5.06% versus 4.93% the year earlier period.
  • Non-interest bearing deposits represented 30.2% of total deposits.
  • Capital levels increased and remain well above the regulatory "well-capitalized" minimum levels:
    • The Tier 1 Leverage Capital ratio increased to 12.80% compared to 12.16% as of September 30, 2012.
    • The Tier 1 Risk Based Capital ratio improved to 16.83% compared to 15.66% as of September 30, 2012.
    • The Total Risk Based Capital ratio improved to 18.09% compared to 16.92 as of September 30, 2012.
  • Non-performing assets as a percent of total assets were 1.98%.
  • The Bank had no OREO at quarter end

Total assets increased 18.3% to $92.2 million at September 30, 2013, compared to $77.9 million at September 30, 2012. Net loans increased 15.3% to $67.4 million at the end of September 30, 2013 compared to $58.4 million at September 30, 2012. Deposits increased 20.7% to $80.6 million at September 30, 2013, compared to $66.8 million at September 30, 2012.

"Our strong growth rate reflects the hard work of our professional staff and the desire of many to bank locally," stated Gall.

Non-performing assets totaled $1.8 million at September 30, 2013 compared to $3.8 million at the end of September 2012. The largest portion of the decrease was the sale of the final OREO properties totaling $1.6 million. At September 30, 2013, all non-performing assets are performing either under their original terms as agreed or 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 and has a branch located in the Sam's Town Center in Cameron Park. 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 includes forward-looking statements, such as statements regarding increases in non-interest income, future profitability, the bank's ability to address challenges impacting economy in which it operates and future loan losses, which reflect management's current expectations for the bank's future financial results and business prospects. Forward-looking statements are inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to: (a) changes in competitive pressures among depository and other financial institutions or in the bank's ability to compete effectively against larger financial institutions in its banking market; (b) actions of government regulators or changes in laws, regulations or accounting standards, that adversely affect the bank's business; (c) changes in interest rates and/or inflation; (d) changes in general economic or business conditions and the real estate market in the bank's market; and (e) other unexpected developments or changes in the bank's business or its customers' businesses. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. You should not place undue reliance on the 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)   9/30/13     6/30/13     9/30/12  
ASSETS                        
Cash and due from banks   $ 3,071     $ 2,474     $ 2,856  
Federal funds sold     7,325       1,410       970  
Investment securities, available-for-sale     13,246       13,887       12,762  
                         
Gross loans     68,853       68,941       59,805  
  Net deferred (fees)     (47 )     (34 )     (33 )
  Allowance for loan losses     (1,443 )     (1,478 )     (1,343 )
    Net loans     67,363       67,429       58,429  
Premises and equipment, net     592       726       750  
Accrued interest receivable     279       334       247  
Other real estate     -       1,468       1,581  
Other assets     310       226       307  
TOTAL ASSETS   $ 92,186     $ 87,954     $ 77,902  
                         
LIABILITIES AND STOCKHOLDERS' EQUITY                  
Noninterest-bearing demand deposits   $ 24,377     $ 23,702     $ 23,416  
Interest-bearing demand deposits     5,111       3,909       2,714  
Savings and money market deposits     15,992       16,450       13,439  
Time deposits     35,163       32,507       27,266  
TOTAL DEPOSITS     80,643       76,568       66,835  
                         
FHLB borrowings     0       0       1000  
Accrued interest payable     22       20       17  
Accounts payable and other liabilities     229       303       349  
TOTAL LIABILITIES     80,894       76,891       68,201  
                         
Common stock     21,187       21,131       19,727  
Additional paid-in capital     377       377       377  
Accumulated deficit     (10,006 )     (10,245 )     (10,517 )
Accumulated other comprehensive income     (266 )     (200 )     114  
TOTAL STOCKHOLDERS' EQUITY     11,292       11,063       9,701  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 92,186     $ 87,954     $ 77,902  
                         
                         
   
   
SIERRA VISTA BANK  
CONSOLIDATED INCOME STATEMENTS  
(unaudited)  
    For the Three Months Ended:     For the Nine Months Ended:  
($000s, except per share data)   9/30/13     6/30/13     9/30/12     9/30/13     9/30/12  
Interest income                                        
  Loans   $ 1,085     $ 1,056     $ 896     $ 3,090     $ 2,722  
  Investment securities     80       84       67       226       223  
  Federal Funds sold     2       2       2       5       10  
    Total interest income     1,167       1,142       965       3,321       2,955  
                                         
Interest expense                                        
  Deposits     58       47       43       150       166  
  FHLB borrowings     -       1       -       3       1  
    Total interest expense     58       48       43       153       167  
    Net interest income     1,109       1,094       922       3,168       2,788  
Provision for loan and lease losses     -       110       60       180       950  
    Net interest income after provision for loan losses     1,109       984       862       2,988       1,838  
                                         
Noninterest income                                        
  Customer service and other fees     135       114       121       347       332  
  Gain (loss) on sale of loans     7       22       -       29       -  
  Gain (loss) on sale of other real estate     5       (1 )     -       4       56  
  Gain (loss) on available-for-sale securities     -       -       20       -       152  
    Total noninterest income     147       135       141       380       540  
                                         
Noninterest expense                                        
  Salaries and employee benefits     500       480       495       1,457       1,557  
  Occupancy and equipment     180       174       157       512       463  
  Other general and administrative     348       295       283       948       882  
    Total noninterest expense     1,028       949       935       2,917       2,902  
    Net income (loss)   $ 228     $ 170     $ 68     $ 451     $ (524 )
                                         
Earnings (loss) per share   $ 0.06     $ 0.05     $ 0.03     $ 0.12     $ (0.24 )
Tangible book value per share   $ 2.88     $ 2.83     $ 3.00     $ 2.88     $ 3.00  
Net interest margin     5.06 %     5.25 %     4.93 %     5.09 %     4.87 %
                                         
Asset Quality:                        
Non-performing loans to total loans     2.65 %     2.89 %     3.66 %     2.65 %     3.66 %
Non-performing assets to total loans and ORE     2.65 %     4.91 %     6.14 %     2.65 %     6.14 %
Non-performing assets to total assets     1.98 %     3.93 %     4.84 %     1.98 %     4.84 %
Allowance for loan losses to total loans     2.10 %     2.14 %     2.25 %     2.10 %     2.25 %
Allowance for loan losses to non-performing loans     79.16 %     74.31 %     61.30 %     79.16 %     61.30 %
Other real estate   $ 0     $ 1,468     $ 1,581     $ 0     $ 1,581  
                                         
Selected Financial Ratios:                                        
Tier 1 leverage capital ratio     12.80 %     12.88 %     12.16 %     12.80 %     12.16 %
Tier 1 risk-based capital ratio     16.83 %     16.34 %     15.66 %     16.83 %     15.66 %
Total risk-based capital ratio     18.09 %     17.60 %     16.92 %     18.09 %     16.92 %
                                         
                                         

Contact Information

  • Contacts:
    Gary D. Gall
    President/CEO
    Sierra Vista Bank
    (916) 850-1590
    Email Contact

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