Suncrest Bank Reports Record Annual Net Income. Total deposit growth of 20%. Total loan growth of 15%.

Suncrest Bank Reports Record Annual Net Income. Total deposit growth of 20%. Total loan growth of 15%.

PR Newswire (paid press release):

VISALIA, Calif., Jan. 25, 2018 /PRNewswire/ — Suncrest Bank (OTCQX: SBKK) today reported unaudited financial results for the fourth quarter and full year of 2017.

On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was signed into law, reducing the federal corporate income tax rate from 35% to 21% effective January 1, 2018. As a result, and in accordance with GAAP, the Company revalued its net deferred tax asset as of December 31, 2017. This resulted in a one-time reduction in the value of our net deferred tax asset of $1.3 million or $0.18 per diluted share, recorded as additional income tax expense in the fourth quarter.

“2017 was an outstanding year in terms of organic balance sheet growth,” said Ciaran McMullan, President and CEO of Suncrest Bank. “We finished the year with approximately $530 million in total assets, an 18.2% increase over the previous year, while total deposits increased by 20.0% and total loans by 14.9%.”

“Our pre “Tax Act” net income set new records of $4.7 million for the full year and $1.4 million for the quarter, resulting in diluted EPS(1) for the year of 65 cents, a year-over year increase of over 90%.”

McMullan added, “Our anticipated merger with Community Business Bank is progressing extremely well and we are excited by the opportunities that will come with a significantly expanded presence in the Greater Sacramento and Lodi markets.”

Full Year 2017 Highlights

  • Record net income for 2017 of $4.7 million(1), up 170.4% over the prior year
  • Diluted full year EPS of $0.65(1), up 91.2% over the prior year
  • Return on average assets of 0.96%(1) compared to 0.54% for the prior year
  • Return on average equity of 7.85 %(1) compared to 4.19% for the prior year
  • Efficiency ratio of 59.32% compared to 76.66% for the prior year
  • Organic growth in total assets of $81.3 million or 18.2% over the prior year
  • Organic growth in total deposits of $77.9 million, or 20.0% over the prior year
  • Organic growth in total non-maturity deposits(2) of $93.0 million, or 30.5% over the prior year
  • Organic growth in total loans of $45.9 million, or 14.9% over the prior year
  • New loan originations(3) of over $110 million with average commitment size of approximately $600,000

Fourth Quarter 2017 Highlights

  • Record fourth quarter net income of $1.4 million (1), up 3.4% compared to the linked quarter
  • Return on average equity of 9.17%(1) compared to 9.05% for the linked quarter
  • Net Interest Income increased by $2.1 million, up 61.1% compared to the fourth quarter 2016
  • Net Interest Margin for the quarter was 4.45% compared to 4.02% for the fourth quarter 2016
  • Total loans increased by $5.9 million, or 1.7%, during the quarter
  • New loan originations(3) were $17.3 million during the quarter
  • Total risk based capital ratio was 14.47% and Tier 1 leverage ratio was 10.58%
  • On November 7, 2017 we announced an agreement to merge with Community Business Bank, headquartered in West Sacramento, CA with approximately $325.5. million in assets at September 30, 2017
  • Merger is expected to close in the second quarter of 2018 and is subject to the customary closing conditions

(1) Excludes one-time impact of tax expense associated with the “Tax Act”

(2) Non-interest bearing demand, NOW, Savings and Money Market

(3) Includes unfunded commitments

Income Statement

The comparability of fourth quarter net income to the same quarter last year, and the linked quarter, is impacted by the one-time impact of tax expense associated with the “Tax Act”, non-recurring costs associated with our acquisition of Security First Bank, and non-recurring income due to the recognition of fair value discount accretion on acquired loans.

Period

Net Income

Non-recurring
income

Non-recurring
costs(4)

Core Net Interest
Income(5) (6)

Core Net
Income(5) (6)

Core
NIM(5) (6)

Core Diluted
EPS(5) (6)

Q4 2017

$      111,999

$          434,412

$           1,430,000

$            5,096,185

$       1,285,999

4.10%

$                0.18

Q3 2017

$   1,365,183

$          543,492

$                          –

$            4,915,672

$      1, 045,338

4.21%

$                0.15

Q4 2016

$      110,438

$            43,986

$              725,000

$            3,389,802

$          554,538

3.97%

$                0.11

(4) Includes $1.3 million related to the “Tax Act” and $130,000 in non-recurring merger expenses.

(5) Excludes non-recurring income and non-recurring costs. 

(6) Non-GAAP financial measure.

Core net income for the quarter, which excludes all non-recurring items, was a record $1.29 million or $0.18 per diluted share compared with core net income of $0.55 million or $0.11 per diluted share for the fourth quarter of 2016, and $1.05 million or $0.15 for the linked quarter. Core net interest income for the quarter was $5.1 million, an increase of $1.7 million or 50.3% over the same quarter last year.

Non-interest income for the quarter was $0.29 million, an increase of 23.9% over the same quarter last year while non-interest income for the full year was $1.36 million, an increase of 22.9% over the full year 2016. Full year 2017 non-interest income includes $0.28 million in income generated through the gain on sale of a number of government guaranteed loans. This gain on sale income was $0.29 million lower than the full year 2016. While we currently have a number of these loans available for sale, we chose to hold them on balance sheet, which largely explains the difference between gain on sale income from 2016 and 2017.

Non-interest expense for the quarter was $3.33 million, a decrease of approximately $44,000 or 1.3% compared to the fourth quarter of 2016, and an increase of approximately $142,000 compared to the linked quarter. This increase is largely explained by $130,000 in non-recurring costs associated with our upcoming merger.

Core net interest margin (NIM), which removes accretion of loan fair value marks and non-recurring items such as recovery of interest, was 4.10% for the quarter, an increase of 13 basis points from the same quarter last year. This improvement was driven primarily by a lower cost of funds and improved return on our investment securities. Our Core NIM declined by 11 basis points when compared to the linked quarter driven by average loans being a lower percentage of average earnings assets in the last quarter.

Balance Sheet

Total assets declined by $0.4 million during the quarter and have increased, year over year, by $81.3 million, or 18.2%. Total deposits declined during the quarter by approximately $0.5 million, or 0.1%, although this reflects the net impact of an increase in non-maturity deposits of approximately $3.0 million and a decline in time deposits of approximately $3.6 million. Total deposits have increased by $77.9 million or 20% year over year. This outstanding growth reflects our focus on lower cost core deposits. Non-maturity deposits have increased by $93.0 million or 30.5% over the prior year, while time deposits declined by $15.1 million, or 17.9%. Our cost of funds has declined by 3 basis points when comparing this quarter to the same quarter last year.    

Total loans increased by $5.9 million during the quarter, or 1.7%, and new loan originations together with new unfunded commitments during the quarter were approximately $17 million. Commercial real estate loans (both owner and non-owner occupied) increased by $8.5 million or 6.3%, and were well distributed across various real estate sectors. Construction and land development loans declined by $4.7 million, or 27.7%, due to the completion of a number of commercial construction loans, which we transitioned to permanent financing. Loans to finance agricultural production declined by $1.3 million, which is the net result of pay downs of 2017 harvest lines and initial draws of our 2018 lines.

At December 31, 2017, commercial and industrial loans were $39.2 million or 11.1% or total loans, loans secured by farmland and loans to finance agricultural production were $94.7 million or 26.8%, and loans secured by real estate (excluding farmland) were $219.2 million or 62.0%.

At December 31, 2016, commercial and industrial loans were $47.3 million or 15.4% of total loans, loans secured by farmland and loans to finance agricultural production were $71.3 million or 23.2%, and loans secured by real estate (excluding farmland) were $188.6 million or 61.3%

% of Total Loans
at 12/31/17

% of Total Loans
at 12/31/16

Commercial & Industrial Loans

11.1%

15.4%

Farmland & Agricultural Production

26.8%

23.2%

Real Estate (excl. Farmland)

62.0%

61.3%

Total loans have grown by $45.9 million or 14.9% over the previous year with 100% of this growth sourced locally through direct local business relationships rather than through purchased participations or loan pool investments.

Asset Quality 

Non-performing assets were $0.97 million or 0.18% of total assets at December 31, 2017 compared with $1.95 million or 0.37% of total assets at September 30, 2017. This decrease was primarily due to the full pay off of one non-accrual loan relationship and the upgrade of an additional non-accrual loan.

The company did not record any additional loan loss provision during the fourth quarter, and the allowance for loan losses as a percentage of total loans, excluding acquired loans that have been marked to fair value, was 1.27% at December 31, 2017 (including $246,000 in specific reserves) compared to 1.27% at September 30, 2017.

Capital

Suncrest Bank remained well capitalized at December 31, 2017. All of the Bank’s capital ratios are above minimum regulatory standards for “well capitalized” institutions.

At December 31, 2017 the tangible book value per common share was $8.02 with common shares issued of 7,007,594 as of the same date. This compares to a tangible book value per common share of $8.03 at September 30, 2017 and $7.83 at June 30, 2017. The decline in tangible book value per share of $0.01 from the linked quarter is primarily explained by the one-time impact of tax expense associated with the “Tax Act.” The bank has only common shares on issue.

About Suncrest Bank
Suncrest Bank, member FDIC, is locally owned and operated and offers a full range of commercial, small business and agribusiness loans, cash management services and personal deposit products throughout the Central Valley of California. It is regularly rated Five Stars by Bauer Financial as one of the nation’s strongest financial institutions, and in 2017 and 2018 was named to the OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market. It is a Preferred Lender with the Small Business Administration and its stock can be purchased on the open market, trading on the OTCQX under the ticker symbol SBKK. For all other information, visit www.suncrestbank.com

Forward Looking Statements
Except for the historical information in this news release, the matters described herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and charge-offs, results of examinations by our banking regulators, our ability to maintain adequate levels of capital and liquidity, our ability to manage loan delinquency rates, our ability to price deposits to retain existing customers and achieve low-cost deposit growth, manage expenses and lower the efficiency ratio, expand or maintain the net interest margin, mitigate interest rate risk for changes in the interest rate environment, competitive pressures in the banking industry, access to available sources of credit to manage liquidity, the local and national economic environment, and other risks and uncertainties.  Accordingly, undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this release. Suncrest Bank undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Investors are encouraged to read the Suncrest Bank annual reports which are available on our website.

Suncrest Bank

Statements of Financial Condition
(Unaudited)

December 31,

September 30,

December 31,

2017

2017

2016

ASSETS

Cash and Due from Banks

$           29,728,313

$           24,718,147

$       25,567,875

Federal Funds Sold

33,006,000

74,053,000

36,979,000

TOTAL CASH AND CASH EQUIVALENTS

62,734,313

98,771,147

62,546,875

Investment Securities Available for Sale (AFS)

90,368,057

60,079,743

53,567,064

Loans:

   Total Loans

353,368,194

347,476,766

307,517,754

   Allowance for Loan Losses

(            3,412,669)

(            3,412,669)

(         2,496,163)

NET LOANS

349,955,525

344,064,097

305,021,591

Federal Home Loan Bank and Other Bank Stock, at Cost

3,152,891

3,152,891

3,152,891

Premises and Equipment

5,904,262

5,943,586

4,218,360

Other Real Estate Owned

313,720

313,720

788,842

Bank Owned Life Insurance

5,238,821

5,208,420

5,114,446

Goodwill

3,325,220

3,325,220

3,325,220

Core Deposit Intangible

1,313,301

1,379,129

1,576,611

Accrued Interest and Other Assets

6,611,278

7,121,563

8,340,728

$          528,917,388

$          529,359,516

$      447,652,628

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits:

   Noninterest-bearing Demand

$         162,335,707

$         164,528,813

$     122,835,165

   Savings, NOW and Money Market Accounts

235,311,974

230,090,133

181,779,826

   Time Deposits

69,253,295

72,822,776

84,371,288

TOTAL DEPOSITS

466,900,976

467,441,722

388,986,279

Accrued Interest and Other Liabilities

1,199,304

986,090

1,375,691

TOTAL LIABILITIES

468,100,280

468,427,812

390,361,970

Shareholders’ Equity:

   Common Stock – No par value

57,202,344

57,202,344

57,046,519

   Additional Paid-in Capital

2,062,548

2,007,428

1,851,183

   Retained Earnings (Deficit)

2,295,485

2,063,487

(         1,210,042)

   Accumulated Other Comprehensive Income (Loss) – Net 

      Unrealized Gain (Loss) on Securities AFS

(               743,269)

(               341,555)

(            397,002)

TOTAL SHAREHOLDERS’ EQUITY

60,817,108

60,931,704

57,290,658

$          528,917,388

$          529,359,516

$      447,652,628

Suncrest Bank

Statements of Income (Unaudited)

For the Three Months Ended

December 31,

September 30,

December 31,

2017

2017

2016

INTEREST INCOME

   Interest and Fees on Loans

$              5,170,322

$         5,245,296

$    3,347,320

   Interest on Investment Securities

368,311

213,100

217,389

   Interest on Federal Funds Sold and Other

269,180

245,898

77,067

TOTAL INTEREST INCOME

5,807,813

5,704,294

3,641,776

INTEREST EXPENSE

   Interest on Savings Deposits, NOW and Money Market Accounts

159,900

129,746

69,232

   Interest on Time Deposits

117,316

115,384

138,756

   Interest on Other Borrowings

TOTAL INTEREST EXPENSE

277,216

245,130

207,988

NET INTEREST INCOME

5,530,597

5,459,164

3,433,788

Provision for Loan Losses

350,000

NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES

5,530,597

5,109,164

3,433,788

NONINTEREST INCOME

   Service Charges, Fees, and Other Income

286,759

259,989

231,512

   Gain on Sale of Loans

157,861

286,759

417,850

231,512

NONINTEREST EXPENSE

   Salaries and Employee Benefits

1,862,316

1,855,584

1,929,636

   Occupancy Expenses

344,874

370,999

349,932

   Other Expenses

1,122,764

961,048

1,094,794

3,329,954

3,187,631

3,374,362

INCOME BEFORE INCOME TAXES

2,487,402

2,339,383

290,938

Income Taxes

2,375,403

974,200

180,500

NET INCOME

$                  111,999

$          1,365,183

$        110,438

Suncrest Bank

Statements of Income (Unaudited)

For the Twelve Months Ended

December 31,

December 31,

2017

2016

INTEREST INCOME

   Interest and Fees on Loans

$            20,173,453

$       12,905,528

   Interest on Investment Securities

978,572

861,307

   Interest on Federal Funds Sold and Other

809,129

336,770

TOTAL INTEREST INCOME

21,961,154

14,103,605

INTEREST EXPENSE

   Interest on Savings Deposits, NOW and Money Market Accounts

507,232

203,798

   Interest on Time Deposits

518,576

448,644

   Interest on Other Borrowings

3,806

TOTAL INTEREST EXPENSE

1,025,808

656,248

NET INTEREST INCOME

20,935,346

13,447,357

Provision for Loan Losses

950,000

235,000

NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES

19,985,346

13,212,357

NONINTEREST INCOME

   Service Charges, Fees, and Other Income

1,081,099

535,563

   Gain on Sale of Loans

275,515

568,612

1,356,614

1,104,175

NONINTEREST EXPENSE

   Salaries and Employee Benefits

7,524,994

6,092,427

   Occupancy Expenses

1,389,326

1,332,865

   Other Expenses

4,309,610

3,730,596

13,223,930

11,155,888

INCOME BEFORE INCOME TAXES

8,118,030

3,160,644

Income Taxes

4,732,503

1,427,700

NET INCOME

$               3,385,527

$          1,732,944

Suncrest Bank

Selected Financial Data & Ratios (Unaudited)

December 31,

September 30,

December 31,

2017

2017

2016

For the three months ended:

Return on Average Assets(ROAA)

0.08%

1.09%

0.12%

ROAA excluding non-recurring items (1) (2)

0.97%

0.83%

0.61%

Return on Average Equity(ROAE)

0.73%

9.05%

1.01%

ROAE excluding non-recurring items (1) (2)

8.35%

6.93%

5.06%

Noninterest Expense (NIE) To Average Assets

2.50%

2.54%

3.70%

NIE to Average Assets excluding non-recurring items (1) (2)

2.40%

2.54%

2.91%

Efficiency Ratio

57.24%

54.24%

92.06%

Efficiency Ratio excluding non-recurring items (1) (2)

59.44%

59.77%

73.16%

Net Interest Margin

4.45%

4.67%

4.02%

Core Net Interest Margin (1) (2)

4.10%

4.21%

3.97%

Cost of Funds

0.23%

0.22%

0.26%

Basic Earnings Per Share (EPS)

$               0.01

$                 0.19

$               0.02

Diluted EPS

$               0.01

$                 0.19

$               0.02

Diluted EPS excluding non-recurring items (1) (2)

$               0.18

$                 0.15

$               0.11

December 31,

December 31,

2017

2016

For the twelve months ended:

ROAA

0.69%

0.54%

ROAA excluding non-recurring items (1) (2)

0.76%

0.64%

ROAE

5.67%

4.19%

ROAE excluding non-recurring items (1) (2)

6.20%

5.04%

NIE To Average Assets

2.71%

3.45%

NIE to Average Assets excluding non-recurring items (1) (2)

2.63%

3.21%

Efficiency Ratio

59.32%

76.66%

Efficiency Ratio excluding non-recurring items (1) (2)

63.73%

72.81%

Net Interest Margin

4.66%

4.44%

Core Net Interest Margin (1) (2)

4.19%

4.34%

Cost of Funds

0.24%

0.23%

Basic EPS

$               0.48

$                 0.34

Diluted EPS

$               0.47

$                 0.34

Diluted EPS excluding non-recurring items (1) (2)

$               0.52

$                 0.41

(1)  Non-recurring items include deferred tax asset write-down, merger expenses, discount accretion on acquired loans and recovery of interest on non-accrual loans.

(2)  These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited.  They should not be considered in isolation or as a substitute for analyses of results reported under GAAP.  These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

Suncrest Bank

Selected Financial Data & Ratios Continued (Unaudited)

December 31,

September 30,

December 31,

2017

2017

2016

At Period End:

Loans to Deposits

75.68%

74.34%

79.06%

Average Loans to Average Deposits (QTD)

73.46%

78.19%

73.72%

Non-Performing Assets to Assets

0.18%

0.37%

0.47%

Outstanding Shares

7,007,594

7,002,594

6,979,497

Tangible Book Value Per Share (2)

$                8.02

$                 8.03

$               7.51

Book Value Per Share

$                8.68

$                 8.70

$               8.21

Regulatory Capital Ratios

Tier 1 Leverage (to average assets)

10.58%

11.20%

11.70%

Common Equity Tier 1 Capital (to risk weighted assets)

13.63%

13.51%

13.86%

Tier 1 Capital (to risk weighted assets)

13.63%

13.51%

13.86%

Total Capital (to risk weighted assets)

14.47%

14.35%

14.52%

December 31,

September 30,

December 31,

2017

2017

2016

Loan Composition

Commercial and Industrial:

$     39,160,436

$      37,476,021

$    47,280,544

Loans to Finance Agricultural Production and Other Loans to Farmers:

20,213,687

21,543,264

15,444,057

Loans Secured by Real Estate:

Secured by Farmland

74,503,408

73,033,469

55,832,554

Construction, Land Development and Other Land

12,383,517

17,123,870

14,276,680

1-4 Family Residential Properties

45,261,076

45,582,496

38,754,918

Multifamily Residential Properties

18,504,600

17,832,938

16,346,739

Owner Occupied Nonresidential Properties

50,715,973

46,285,573

46,777,960

Non-Owner Occupied Nonresidential Properties

92,378,431

88,346,003

72,451,421

Total Loans Secured by Real Estate

293,747,005

288,204,349

244,440,272

Other Loans:

247,066

253,132

352,881

Total Loans

$   353,368,194

$    347,476,766

$  307,517,754

(2)  These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited.  They should not be considered in isolation or as a substitute for analyses of results reported under GAAP.  These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

Suncrest Bank

Average Balance Sheet and Yields (Unaudited)

For the Three Months Ended

December 31, 2017

September 30, 2017

Average

Average

Average

Average

Balance

Interest

Yield/Rate

Balance

Interest

Yield/Rate

Interest Earning Assets:

Deposits in Other Financial Institutions

$  74,631,467

$        269,180

1.43%

$  71,702,935

$        245,898

1.36%

Investment Securities

73,019,626

368,311

2.02%

47,616,726

213,100

1.79%

Loans

345,324,119

5,170,322

5.94%

343,995,185

5,245,296

6.05%

Total Interest Earning Assets

492,975,212

5,807,813

4.67%

463,314,846

5,704,294

4.88%

Noninterest Earning Assets

39,859,575

37,914,993

Total Assets

$532,834,787

$501,229,839

Interest Bearing Liabilities

Interest Bearing Transaction Accounts

$  57,337,498

18,006

0.12%

$  54,683,752

17,167

0.12%

Savings and Money Market Accounts

178,504,255

141,894

0.32%

165,318,981

112,579

0.27%

Time Deposits

71,184,502

117,316

0.65%

72,870,206

115,384

0.63%

Total Interest Bearing Deposits

307,026,255

277,216

0.36%

292,872,939

245,130

0.33%

Other Borrowings

Total Interest Bearing Liabilities

307,026,255

277,216

0.36%

292,872,939

245,130

0.33%

Noninterest Bearing Transaction Accounts

163,029,890

147,076,072

Total Funding Sources

470,056,145

439,949,011

Noninterest Bearing Liabilities

1,188,217

948,545

Shareholders’ Equity

61,590,425

60,332,283

Total Liabilities and Shareholder’s Equity

$532,834,787

$501,229,839

Net Interest Income

$      5,530,597

$      5,459,164

Net Interest Margin

4.45%

4.67%

Suncrest Bank

Average Balance Sheet and Yields (Unaudited)

For the Three Months Ended

December 31, 2017

December 31, 2016

Average

Average

Average

Average

Balance

Interest

Yield/Rate

Balance

Interest

Yield/Rate

Interest Earning Assets:

Deposits in Other Financial Institutions

$  74,631,467

$        269,180

1.43%

$  56,876,315

$          77,067

0.54%

Investment Securities

73,019,626

368,311

2.02%

47,420,583

217,389

1.83%

Loans

345,324,119

5,170,322

5.94%

235,492,338

3,347,320

5.65%

Total Interest Earning Assets

492,975,212

5,807,813

4.67%

339,789,236

3,641,776

4.26%

Noninterest Earning Assets

39,859,575

24,668,775

Total Assets

$532,834,787

$364,458,011

Interest Bearing Liabilities

Interest Bearing Transaction Accounts

$  57,337,498

18,006

0.12%

$  37,350,079

11,545

0.12%

Savings and Money Market Accounts

178,504,255

141,894

0.32%

100,402,892

57,687

0.23%

Time Deposits

71,184,502

117,316

0.65%

78,707,628

138,756

0.70%

Total Interest Bearing Deposits

307,026,255

277,216

0.36%

216,460,599

207,988

0.38%

Other Borrowings

Total Interest Bearing Liabilities

307,026,255

277,216

0.36%

216,460,599

207,988

0.38%

Noninterest Bearing Transaction Accounts

163,029,890

103,001,751

Total Funding Sources

470,056,145

319,462,350

Noninterest Bearing Liabilities

1,188,217

1,180,237

Shareholders’ Equity

61,590,425

43,815,424

Total Liabilities and Shareholder’s Equity

$532,834,787

$364,458,011

Net Interest Income

$      5,530,597

$      3,433,788

Net Interest Margin

4.45%

4.02%

Suncrest Bank

Average Balance Sheet and Yields (Unaudited)

For the Twelve Months Ended

December 31, 2017

December 31, 2016

Average

Average

Average

Average

Balance

Interest

Yield/Rate

Balance

Interest

Yield/Rate

Interest Earning Assets:

Deposits in Other Financial Institutions

$     65,872,699

$        809,129

1.23%

$    29,455,847

$        336,770

1.14%

Investment Securities

53,504,090

978,572

1.83%

48,461,595

861,307

1.78%

Loans

329,661,707

20,173,453

6.12%

225,075,700

12,905,528

5.73%

Total Interest Earning Assets

449,038,496

21,961,154

4.89%

302,993,142

14,103,605

4.65%

Noninterest Earning Assets

38,625,020

20,523,318

Total Assets

$   487,663,516

$  323,516,460

Interest Bearing Liabilities

Interest Bearing Transaction Accounts

$     54,413,673

66,391

0.12%

$    32,173,373

40,091

0.12%

Savings and Money Market Accounts

157,970,997

440,841

0.28%

89,149,467

163,707

0.18%

Time Deposits

77,542,385

518,576

0.67%

69,548,743

448,644

0.65%

Total Interest Bearing Deposits

289,927,055

1,025,808

0.35%

190,871,583

652,442

0.34%

Other Borrowings

266,194

3,806

Total Interest Bearing Liabilities

289,927,055

1,025,808

0.35%

191,137,777

656,248

0.34%

Noninterest Bearing Transaction Accounts

136,974,114

90,142,557

Total Funding Sources

426,901,169

281,280,334

Noninterest Bearing Liabilities

1,063,685

921,982

Shareholders’ Equity

59,698,662

41,314,144

Total Liabilities and Shareholder’s Equity

$   487,663,516

$  323,516,460

Net Interest Income

$    20,935,346

$    13,447,357

Net Interest Margin

4.66%

4.44%

Cision View original content:http://www.prnewswire.com/news-releases/suncrest-bank-reports-record-annual-net-income-total-deposit-growth-of-20-total-loan-growth-of-15-300588702.html

SOURCE Suncrest Bank

Related Links

http://www.suncrestbank.com/

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