Suncrest Bank Reports Fourth Quarter and Full Year Earnings. Record Net Income of $12 million. An increase of 21%.
SACRAMENTO, Calif. and VISALIA, Calif., Jan. 29, 2020 /PRNewswire/ -- Suncrest Bank (OTCQX: SBKK) today reported unaudited financial results for the fourth quarter and full year of 2019.
"In 2019 we reported record net income of approximately $12 million which represents a year-over-year increase of 21%," said Mr. Ciaran McMullan, President and CEO of Suncrest Bank. "This year we have focused on strengthening our credit portfolio while also continuing to organically grow the balance sheet," McMullan added. "Non-maturity deposits have grown by almost 11% while total loans have increased consistently since the first quarter growing by 5%."
Full Year 2019 Highlights
- Record net income of $11.9 million, up 20.8% over the prior year
- Diluted EPS of $0.95, an increase of $0.01 over the prior year
- Return on average tangible assets of 1.31%
- Return on average tangible equity of 12.02%
- Efficiency ratio of 53.53%
- New loan originations1 of $143.7 million
- Total loans increased by $17.3 million or 2.7%
- Total loans increased by $31.6 million or 5.0% since March 31, 2019
- Total non-maturity deposits increased by $71.3 million or 10.5%
- Total assets increased to $984.9 million, year over year organic growth of 6.1%
Fourth Quarter 2019 Highlights
- Net income of $3.04 million
- Diluted EPS of $0.24
- Return on average tangible assets of 1.27%
- Return on average tangible equity of 11.54%
- Efficiency ratio of 53.09%
- New loan originations1 of $47.8 million
- Total loans increased by $10.3 million or 1.6% over the linked quarter
- Total risk-based capital ratio increased to 14.77% and Tier 1 leverage ratio increased to 10.91%
Income Statement
Net income remained fairly steady over the linked quarter at $3.04 million compared to $3.07 million. When compared to the same quarter last year, net income declined by $453,000 primarily due to an increased provision for loan losses of $150,000 and an increase in noninterest expense of $309,000 or 6.1%.
Interest income also remained steady at $10.8 million versus $10.9 million for the linked quarter. However, interest income increased by approximately $300,000 or 2.8% over the fourth quarter of 2018. While interest expense was flat over the linked quarter, it increased by approximately $400,000 or 46.1% over the same quarter last year. This increase was driven primarily by an increase in our cost of funds of 15 basis points
Non-recurring Income |
|||||||||
Period |
Net Income |
NIM |
Interest |
Income from |
Non- |
Core Net Interest |
Core Net |
Core |
Core Diluted EPS4 |
Q4 2019 |
$ 3,036,278 |
4.14% |
$ - |
$ 165,638 |
$ - |
$ 9,382,075 |
$ 2,919,278 |
4.07% |
$ 0.23 |
Q3 2019 |
$ 3,065,315 |
4.31% |
$ 578 |
$ 197,226 |
$ - |
$ 9,406,133 |
$ 2,923,315 |
4.22% |
$ 0.23 |
Q4 2018 |
$ 3,489,533 |
4.67% |
$ 30,194 |
$ 107,342 |
$ - |
$ 9,514,237 |
$ 3,392,532 |
4.61% |
$ 0.27 |
Core net interest income, which conservatively excludes accretion on acquired loans and interest recoveries, decreased slightly over the linked quarter and same quarter last year by $24,000 or 0.3% and $132,000 or 1.4% respectively. These decreases are primarily explained by a decrease in core net interest margin (NIM).
Core NIM declined over the same quarter last year by 54 basis points (bps) due to an overall increase in cost of funds of 15 bps and core loan yield declining from 5.75% to 5.49%. In addition, loans were a lower percentage of earning assets in the current quarter as compared to the same quarter last year. Core NIM was 4.07% for the quarter, a decrease of 15 bps from the linked quarter due primarily to a decrease in yields on earning assets due to the lower interest rate environment. However, our cost of funds improved by 1 bp during the quarter, declining to 60 bps overall.
Noninterest income for the quarter included a small gain on sale of loans of $50,000 while service charges, fees and other income was steady over the linked quarter and the same quarter last year.
Total noninterest expense increased over the linked quarter by $47,000 or 0.9%. This was primarily driven by a slight increase in other professional fees related to legal expenses. Noninterest expense increased over the fourth quarter of 2018 by $309,000 or 6.1% explained primarily by normal year-over-year increases in salaries and employee benefit costs, and other expenses, more fully discussed in our second quarter 2019 earnings release and webcast.
Balance Sheet
Total assets at December 31, 2019 were $984.9 million representing a decrease of $12.5 million or 1.3% over the linked quarter, and a year over year increase of $56.2 million or 6.1%. The increase year over year, was primarily the result of an increase in deposits of $37.5 million. The decrease in assets over the linked quarter of $12.5 million or 1.3% was a result of a decrease in deposits of $14.8 million.
Total deposits at December 31, 2019 were $828.6 million, a decrease of $14.8 million or 1.8% over the linked quarter driven primarily by normal cyclical business fluctuations of some of our largest depositors. Total deposits increased year over year by $37.5 million or 4.7% with the growth being in non-maturity deposits5 of $71.3 million or 10.5%. Over the same period, we allowed more price sensitive certificate of deposit (CD) balances to decline by $33.8 million or 30.1%.
Total loans at December 31, 2019 were $667.5 million, an increase of $10.3 million or 1.6% over the linked quarter. The largest increases being in Non-Owner Occupied and Owner Occupied Commercial Real Estate (CRE) which increased by $17.0 million or 9.6% and $3.8 million or 4.1%, respectively. Farmland also increased by $4.6 million or 3.3%. The Commercial and Industrial (C&I) portfolio declined by $9.5 million over the linked quarter driven by a combination of normal borrower utilization and ongoing credit portfolio improvement actions. As discussed in previous releases, our C&I balances have declined over the last year due in large part to early pay-offs driven by the bank's actions to strengthen underlying credit structures in this portfolio.
The largest year over year increases have been in Farmland and Non-Owner Occupied CRE which increased by $19.5 million or 15.7% and $33.7 million or 21.0%, respectively.
Overall Loan Growth
Over the last five quarters we have seen linked quarter loan growth with the exception of Q1 2019 when we experienced significantly higher levels of payoffs. In addition, we have seen consistent increases in the total value of new originations[6] while total loans have increased by $31.6 million or 5.0% since March 31, 2019.
Total Loans |
Q4 2019 |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
Linked Quarter Growth |
1.6% |
1.3% |
2.1% |
-2.2% |
1.5% |
New Originations (millions)(6) |
$47.8 |
$36.9 |
$30.6 |
$28.4 |
$22.6 |
Asset Quality
Non-performing assets were $5.5 million or 0.56% of total assets at December 31, 2019 compared to $7.4 million or 0.74% at September 30, 2019. Non-performing assets declined by $1.9 million due to successful collections and also the $1.0 million partial charge-off of one larger non-accrual relationship.
During the quarter, the allowance for loan loss (ALLL) was increased by $500,000. This was due to growth in our loan portfolio and the renewal of acquired loans, and their subsequent transition to the non-acquired loan pool which requires a reserve allocation. The allowance as a percentage of total loans, excluding acquired loans that have been marked to fair value, was 1.17% at December 31, 2019 compared to 1.36% at September 30, 2019 with the decrease being primarily explained by the charge-off indicated above. Our ALLL remains sufficient and well within parameters established by bank policies.
Classified non-accrual loans declined over the linked quarter as discussed above. Classified accrual loans declined slightly due to normal scheduled payments.
Q4 2019 |
Q3 2019 |
Q4 2018 |
|
Total Classified Loans (a) |
$8,513,450 |
$10,840,514 |
$9,618,692 |
Classified - Accrual Loans |
$3,327,728 |
$3,734,612 |
$8,834,752 |
Classified - Non-Accrual Loans |
$5,185,722 |
$7,105,902 |
$783,940 |
Total Classified / Total Loans |
1.28% |
1.65% |
1.48% |
(a) |
Includes classified accrual loans and non-accrual loans |
Capital
Suncrest Bank remained well capitalized at December 31, 2019. All of the bank's capital ratios are above minimum regulatory standards for "well capitalized" institutions.
At December 31, 2019 tangible book value per common share was $8.52 with common shares issued of 12,442,800 as of the same date. This compares to a tangible book value per common share of $8.31 at September 30, 2019.
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 and the Greater Sacramento Region. 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, |
||||
2019 |
2019 |
2018 |
||||
ASSETS |
||||||
Cash and Due from Banks |
$ 33,905,202 |
$ 35,955,286 |
$ 54,747,273 |
|||
Federal Funds Sold |
19,330,000 |
49,599,000 |
18,137,000 |
|||
TOTAL CASH AND CASH EQUIVALENTS |
53,235,202 |
85,554,286 |
72,884,273 |
|||
Investment Securities Available for Sale (AFS) |
195,057,652 |
186,336,686 |
137,719,068 |
|||
Loans: |
||||||
Total Loans |
667,478,993 |
657,223,581 |
650,146,414 |
|||
Allowance for Loan Losses |
(5,488,657) |
(5,988,203) |
(4,372,547) |
|||
NET LOANS |
661,990,336 |
651,235,378 |
645,773,867 |
|||
Federal Home Loan Bank and Other Bank Stock, at Cost |
5,471,141 |
5,472,491 |
5,453,891 |
|||
Premises and Equipment |
10,228,120 |
10,409,258 |
6,014,471 |
|||
Other Real Estate Owned |
313,720 |
313,720 |
313,720 |
|||
Bank Owned Life Insurance |
8,492,003 |
8,438,162 |
8,284,240 |
|||
Goodwill |
38,989,566 |
38,989,566 |
38,989,566 |
|||
Core Deposit Intangible |
3,194,010 |
3,378,466 |
3,974,505 |
|||
Accrued Interest and Other Assets |
7,926,389 |
7,284,576 |
9,269,273 |
|||
$ 984,898,139 |
$ 997,412,589 |
$ 928,676,874 |
||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||
Deposits: |
||||||
Noninterest-bearing Demand |
$ 84,864,480 |
$ 57,182,913 |
$ 292,174,413 |
|||
Noninterest-bearing Demand reclassified |
||||||
as noninterest-bearing MMA |
243,575,223 |
248,986,589 |
- |
|||
Savings, NOW and Money Market Accounts |
421,833,613 |
455,549,521 |
386,793,012 |
|||
Time Deposits |
78,285,729 |
81,606,567 |
112,050,259 |
|||
TOTAL DEPOSITS |
828,559,045 |
843,325,590 |
791,017,684 |
|||
Accrued Interest and Other Liabilities |
8,160,798 |
8,361,487 |
4,622,643 |
|||
TOTAL LIABILITIES |
836,719,843 |
851,687,077 |
795,640,327 |
|||
Shareholders' Equity: |
||||||
Common Stock - No par value |
119,816,864 |
119,743,464 |
119,643,464 |
|||
Additional Paid-in Capital |
2,920,953 |
2,843,756 |
2,441,948 |
|||
Retained Earnings |
24,061,588 |
21,025,310 |
12,152,740 |
|||
Accumulated Other Comprehensive Income (Loss) - Net |
||||||
Unrealized Gain (Loss) on Securities AFS |
1,378,891 |
2,112,982 |
(1,201,605) |
|||
TOTAL SHAREHOLDERS' EQUITY |
148,178,296 |
145,725,512 |
133,036,547 |
|||
$ 984,898,139 |
$ 997,412,589 |
$ 928,676,874 |
||||
Suncrest Bank |
||||||
Statements of Income (Unaudited) |
||||||
For the Three Months Ended |
||||||
December 31, |
September 30, |
December 31, |
||||
2019 |
2019 |
2018 |
||||
INTEREST INCOME |
||||||
Interest and Fees on Loans |
$ 9,269,770 |
$ 9,289,213 |
$ 9,333,352 |
|||
Interest on Investment Securities |
1,272,126 |
1,185,810 |
913,560 |
|||
Interest on Federal Funds Sold and Other |
282,044 |
377,710 |
278,425 |
|||
TOTAL INTEREST INCOME |
10,823,940 |
10,852,733 |
10,525,337 |
|||
INTEREST EXPENSE |
||||||
Interest on Savings Deposits, NOW and Money Market Accounts |
1,033,695 |
1,007,223 |
575,868 |
|||
Interest on Time Deposits |
242,532 |
241,573 |
297,696 |
|||
Interest on Other Borrowings |
- |
- |
- |
|||
TOTAL INTEREST EXPENSE |
1,276,227 |
1,248,796 |
873,564 |
|||
NET INTEREST INCOME |
9,547,713 |
9,603,937 |
9,651,773 |
|||
Provision for Loan Losses |
500,000 |
500,000 |
350,000 |
|||
NET INTEREST INCOME AFTER |
||||||
PROVISION FOR LOAN LOSSES |
9,047,713 |
9,103,937 |
9,301,773 |
|||
NONINTEREST INCOME |
||||||
Service Charges, Fees, and Other Income |
457,312 |
456,593 |
461,282 |
|||
Gain on Sale of Loans |
50,012 |
- |
- |
|||
507,324 |
456,593 |
461,282 |
||||
NONINTEREST EXPENSE |
||||||
Salaries and Employee Benefits |
2,787,137 |
2,796,181 |
2,546,380 |
|||
Occupancy Expenses |
574,771 |
577,580 |
522,999 |
|||
Other Expenses |
1,976,551 |
1,918,154 |
1,959,843 |
|||
5,338,459 |
5,291,915 |
5,029,222 |
||||
INCOME BEFORE INCOME TAXES |
4,216,578 |
4,268,615 |
4,733,833 |
|||
Income Taxes |
1,180,300 |
1,203,300 |
1,244,300 |
|||
NET INCOME |
$ 3,036,278 |
$ 3,065,315 |
$ 3,489,533 |
|||
Suncrest Bank |
||||
Statements of Income (Unaudited) |
||||
For the Twelve Months Ended |
||||
December 31, |
December 31, |
|||
2019 |
2018 |
|||
INTEREST INCOME |
||||
Interest and Fees on Loans |
$ 36,926,377 |
$ 30,336,366 |
||
Interest on Investment Securities |
4,562,274 |
2,899,825 |
||
Interest on Federal Funds Sold and Other |
1,356,575 |
925,138 |
||
TOTAL INTEREST INCOME |
42,845,226 |
34,161,329 |
||
INTEREST EXPENSE |
||||
Interest on Savings Deposits, NOW and Money Market Accounts |
3,590,402 |
1,412,820 |
||
Interest on Time Deposits |
967,845 |
894,540 |
||
Interest on Other Borrowings |
- |
27,325 |
||
TOTAL INTEREST EXPENSE |
4,558,247 |
2,334,685 |
||
NET INTEREST INCOME |
38,286,979 |
31,826,644 |
||
Provision for Loan Losses |
2,100,000 |
1,270,000 |
||
NET INTEREST INCOME AFTER |
||||
PROVISION FOR LOAN LOSSES |
36,186,979 |
30,556,644 |
||
NONINTEREST INCOME |
||||
Service Charges, Fees, and Other Income |
1,768,056 |
1,579,388 |
||
Gain on Sale of Loans |
50,012 |
332,288 |
||
1,818,068 |
1,911,676 |
|||
NONINTEREST EXPENSE |
||||
Salaries and Employee Benefits |
11,398,002 |
9,297,693 |
||
Occupancy Expenses |
2,249,848 |
1,835,758 |
||
Other Expenses |
7,819,249 |
7,726,814 |
||
21,467,099 |
18,860,265 |
|||
INCOME BEFORE INCOME TAXES |
16,537,948 |
13,608,055 |
||
Income Taxes |
4,629,100 |
3,750,800 |
||
NET INCOME |
$ 11,908,848 |
$ 9,857,255 |
Suncrest Bank |
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Selected Financial Data & Ratios (Unaudited) |
||||||
December 31, |
September 30, |
December 31, |
||||
2019 |
2019 |
2018 |
||||
For the three months ended: |
||||||
Return on Average Assets(ROAA) |
1.22% |
1.27% |
1.55% |
|||
ROAA excluding non-recurring items (1) (2) |
1.17% |
1.21% |
1.51% |
|||
Return on Average Tangible Assets (2) |
1.27% |
1.33% |
1.63% |
|||
Return on Average Equity(ROAE) |
8.23% |
8.51% |
10.62% |
|||
ROAE excluding non-recurring items (1) (2) |
7.91% |
8.11% |
10.33% |
|||
Return on Average Tangible Equity (2) |
11.54% |
11.93% |
15.80% |
|||
Noninterest Expense (NIE) To Average Assets |
2.15% |
2.19% |
2.23% |
|||
NIE to Average Assets excluding non-recurring items (1) (2) |
2.15% |
2.19% |
2.23% |
|||
Efficiency Ratio |
53.09% |
52.60% |
49.73% |
|||
Efficiency Ratio excluding non-recurring items (1) (2) |
53.98% |
53.66% |
50.42% |
|||
Net Interest Margin |
4.14% |
4.31% |
4.67% |
|||
Core Net Interest Margin (1) (2) |
4.07% |
4.22% |
4.61% |
|||
Cost of Funds |
0.60% |
0.61% |
0.45% |
|||
Basic Earnings Per Share (EPS) |
$ 0.24 |
$ 0.25 |
$ 0.28 |
|||
Diluted EPS |
$ 0.24 |
$ 0.24 |
$ 0.28 |
|||
Diluted EPS excluding non-recurring items (1) (2) |
$ 0.23 |
$ 0.23 |
$ 0.27 |
|||
December 31, |
December 31, |
|||||
2019 |
2018 |
|||||
For the twelve months ended: |
||||||
ROAA |
1.25% |
1.30% |
||||
ROAA excluding non-recurring items (1) (2) |
1.17% |
1.39% |
||||
Return on Average Tangible Assets (2) |
1.31% |
1.36% |
||||
ROAE |
8.41% |
9.51% |
||||
ROAE excluding non-recurring items (1) (2) |
7.88% |
10.17% |
||||
Return on Average Tangible Equity (2) |
12.02% |
13.26% |
||||
NIE To Average Assets |
2.26% |
2.49% |
||||
NIE to Average Assets excluding non-recurring items (1) (2) |
2.26% |
2.29% |
||||
Efficiency Ratio |
53.53% |
55.90% |
||||
Efficiency Ratio excluding non-recurring items (1) (2) |
54.98% |
52.29% |
||||
Net Interest Margin |
4.44% |
4.59% |
||||
Core Net Interest Margin (1) (2) |
4.32% |
4.50% |
||||
Cost of Funds |
0.57% |
0.36% |
||||
Basic EPS |
$ 0.96 |
$ 0.95 |
||||
Diluted EPS |
$ 0.95 |
$ 0.94 |
||||
Diluted EPS excluding non-recurring items (1) (2) |
$ 0.89 |
$ 1.00 |
||||
(1) Non-recurring items include 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 |
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should not be considered in isolation or as a substitute for analyses of results reported under GAAP. These non-GAAP |
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measures may not be comparable to similarly titled measures reported by other companies. |
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Suncrest Bank |
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Selected Financial Data & Ratios Continued (Unaudited) |
||||||
December 31, |
September 30, |
December 31, |
||||
2019 |
2019 |
2018 |
||||
At Period End: |
||||||
Loans to Deposits |
80.56% |
77.93% |
82.19% |
|||
Average Loans to Average Deposits (QTD) |
78.36% |
79.64% |
82.99% |
|||
Non-Performing Assets to Assets |
0.56% |
0.74% |
0.12% |
|||
Outstanding Shares |
12,442,800 |
12,434,800 |
12,420,300 |
|||
Tangible Book Value Per Share (2) |
$ 8.52 |
$ 8.31 |
$ 7.25 |
|||
Tangible Book Value Per Share excluding Unrealized Gain on Securities (2) |
$ 8.41 |
$ 8.14 |
$ 7.35 |
|||
Book Value Per Share |
$ 11.91 |
$ 11.72 |
$ 10.71 |
|||
Regulatory Capital Ratios |
||||||
Tier 1 Leverage (to average assets) |
10.91% |
10.90% |
10.57% |
|||
Common Equity Tier 1 Capital (to risk weighted assets) |
14.02% |
13.50% |
12.53% |
|||
Tier 1 Capital (to risk weighted assets) |
14.02% |
13.50% |
12.53% |
|||
Total Capital (to risk weighted assets) |
14.77% |
14.32% |
13.14% |
|||
December 31, |
September 30, |
December 31, |
||||
2019 |
2019 |
2018 |
||||
Loan Composition |
||||||
Commercial and Industrial: |
$ 44,523,301 |
$ 54,001,348 |
$ 73,040,907 |
|||
Loans to Finance Agricultural Production and Other Loans to Farmers: |
34,156,321 |
39,207,688 |
37,504,128 |
|||
Loans Secured by Real Estate: |
||||||
Secured by Farmland |
143,797,280 |
139,167,050 |
124,326,456 |
|||
Construction, Land Development and Other Land |
42,445,905 |
42,376,121 |
41,740,821 |
|||
1-4 Family Residential Properties |
44,378,455 |
47,642,776 |
57,692,599 |
|||
Multifamily Residential Properties |
46,969,544 |
43,850,002 |
47,803,422 |
|||
Owner Occupied Nonresidential Properties |
95,098,253 |
91,316,105 |
88,176,104 |
|||
Non-Owner Occupied Nonresidential Properties |
194,467,766 |
177,481,492 |
160,834,825 |
|||
Total Loans Secured by Real Estate |
567,157,203 |
541,833,546 |
520,574,227 |
|||
Municipal Leases: |
21,461,996 |
21,889,871 |
18,535,425 |
|||
Other Loans: |
180,172 |
291,128 |
491,727 |
|||
Total Loans |
$ 667,478,993 |
$ 657,223,581 |
$ 650,146,414 |
|||
(2) These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They |
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should not be considered in isolation or as a substitute for analyses of results reported under GAAP. These non-GAAP |
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measures may not be comparable to similarly titled measures reported by other companies. |
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Suncrest Bank |
||||||||||||
Average Balance Sheet and Yields (Unaudited) |
||||||||||||
For the Three Months Ended |
||||||||||||
December 31, 2019 |
September 30, 2019 |
|||||||||||
Average |
Average |
Average |
Average |
|||||||||
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
|||||||
Interest Earning Assets: |
||||||||||||
Deposits in Other Financial Institutions |
$ 65,973,893 |
$ 282,044 |
1.70% |
$ 66,235,223 |
$ 377,710 |
2.26% |
||||||
Investment Securities |
190,343,303 |
1,272,126 |
2.67% |
170,128,601 |
1,185,810 |
2.79% |
||||||
Loans |
657,817,950 |
9,269,770 |
5.59% |
647,802,385 |
9,289,213 |
5.69% |
||||||
Total Interest Earning Assets |
914,135,146 |
10,823,940 |
4.70% |
884,166,209 |
10,852,733 |
4.87% |
||||||
Noninterest Earning Assets |
81,284,432 |
81,814,739 |
||||||||||
Total Assets |
$995,419,578 |
$965,980,948 |
||||||||||
Interest Bearing Liabilities |
||||||||||||
Interest Bearing Transaction Accounts |
$133,928,030 |
311,637 |
0.92% |
$125,805,706 |
277,724 |
0.88% |
||||||
Savings and Money Market Accounts |
315,941,175 |
722,058 |
0.91% |
311,362,668 |
729,499 |
0.93% |
||||||
Time Deposits |
80,070,952 |
242,532 |
1.20% |
83,727,219 |
241,573 |
1.14% |
||||||
Total Interest Bearing Deposits |
529,940,157 |
1,276,227 |
0.96% |
520,895,593 |
1,248,796 |
0.95% |
||||||
Other Borrowings |
- |
- |
- |
- |
- |
- |
||||||
Total Interest Bearing Liabilities |
529,940,157 |
1,276,227 |
0.96% |
520,895,593 |
1,248,796 |
0.95% |
||||||
Noninterest Bearing Transaction Accounts(3) |
309,493,329 |
292,501,786 |
||||||||||
Total Funding Sources |
839,433,486 |
813,397,379 |
||||||||||
Noninterest Bearing Liabilities |
8,439,702 |
8,459,265 |
||||||||||
Shareholders' Equity |
147,546,390 |
144,124,304 |
||||||||||
Total Liabilities and Shareholder's Equity |
$995,419,578 |
$965,980,948 |
||||||||||
Net Interest Income |
$ 9,547,713 |
$ 9,603,937 |
||||||||||
Net Interest Margin |
4.14% |
4.31% |
||||||||||
(3) Includes Noninterest Bearing Demand reclassified |
||||||||||||
as Noninterest Bearing MMA |
||||||||||||
Suncrest Bank |
||||||||||||
Average Balance Sheet and Yields (Unaudited) |
||||||||||||
For the Three Months Ended |
||||||||||||
December 31, 2019 |
December 31, 2018 |
|||||||||||
Average |
Average |
Average |
Average |
|||||||||
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
|||||||
Interest Earning Assets: |
||||||||||||
Deposits in Other Financial Institutions |
$ 65,973,893 |
$ 282,044 |
1.70% |
$ 50,439,804 |
$ 278,425 |
2.19% |
||||||
Investment Securities |
190,343,303 |
1,272,126 |
2.67% |
134,589,141 |
913,560 |
2.72% |
||||||
Loans |
657,817,950 |
9,269,770 |
5.59% |
634,520,351 |
9,333,352 |
5.84% |
||||||
Total Interest Earning Assets |
914,135,146 |
10,823,940 |
4.70% |
819,549,296 |
10,525,337 |
5.10% |
||||||
Noninterest Earning Assets |
81,284,432 |
81,342,243 |
||||||||||
Total Assets |
$995,419,578 |
$900,891,539 |
||||||||||
Interest Bearing Liabilities |
||||||||||||
Interest Bearing Transaction Accounts |
$133,928,030 |
311,637 |
0.92% |
$ 81,176,619 |
83,148 |
0.41% |
||||||
Savings and Money Market Accounts |
315,941,175 |
722,058 |
0.91% |
278,309,634 |
492,720 |
0.70% |
||||||
Time Deposits |
80,070,952 |
242,532 |
1.20% |
116,154,051 |
297,696 |
1.02% |
||||||
Total Interest Bearing Deposits |
529,940,157 |
1,276,227 |
0.96% |
475,640,304 |
873,564 |
0.73% |
||||||
Other Borrowings |
- |
- |
- |
- |
- |
- |
||||||
Total Interest Bearing Liabilities |
529,940,157 |
1,276,227 |
0.96% |
475,640,304 |
873,564 |
0.73% |
||||||
Noninterest Bearing Transaction Accounts(3) |
309,493,329 |
288,947,791 |
||||||||||
Total Funding Sources |
839,433,486 |
764,588,095 |
||||||||||
Noninterest Bearing Liabilities |
8,439,702 |
4,907,925 |
||||||||||
Shareholders' Equity |
147,546,390 |
131,395,519 |
||||||||||
Total Liabilities and Shareholder's Equity |
$995,419,578 |
$900,891,539 |
||||||||||
Net Interest Income |
$ 9,547,713 |
$ 9,651,773 |
||||||||||
Net Interest Margin |
4.14% |
4.67% |
||||||||||
(3) Includes Noninterest Bearing Demand reclassified |
||||||||||||
as Noninterest Bearing MMA |
||||||||||||
Suncrest Bank |
||||||||||||
Average Balance Sheet and Yields (Unaudited) |
||||||||||||
For the Twelve Months Ended |
||||||||||||
December 31, 2019 |
December 31, 2018 |
|||||||||||
Average |
Average |
Average |
Average |
|||||||||
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
|||||||
Interest Earning Assets: |
||||||||||||
Deposits in Other Financial Institutions |
$ 52,922,647 |
$ 1,356,575 |
2.56% |
$ 49,317,617 |
$ 925,138 |
1.88% |
||||||
Investment Securities |
165,880,866 |
4,562,274 |
2.75% |
117,125,123 |
2,899,825 |
2.48% |
||||||
Loans |
643,274,677 |
36,926,377 |
5.74% |
527,011,060 |
30,336,366 |
5.76% |
||||||
Total Interest Earning Assets |
862,078,190 |
42,845,226 |
4.97% |
693,453,800 |
34,161,329 |
4.93% |
||||||
Noninterest Earning Assets |
87,655,473 |
62,805,723 |
||||||||||
Total Assets |
$949,733,663 |
$756,259,523 |
||||||||||
Interest Bearing Liabilities |
||||||||||||
Interest Bearing Transaction Accounts |
$112,226,061 |
280,922 |
0.25% |
$ 70,147,520 |
157,046 |
0.22% |
||||||
Savings and Money Market Accounts |
316,067,953 |
3,309,480 |
1.05% |
235,428,381 |
1,255,774 |
0.53% |
||||||
Time Deposits |
88,146,328 |
967,845 |
1.10% |
99,656,127 |
894,540 |
0.90% |
||||||
Total Interest Bearing Deposits |
516,440,342 |
4,558,247 |
0.88% |
405,232,028 |
2,307,360 |
0.57% |
||||||
Other Borrowings |
- |
- |
- |
1,751,175 |
27,325 |
1.56% |
||||||
Total Interest Bearing Liabilities |
516,440,342 |
4,558,247 |
0.88% |
406,983,203 |
2,334,685 |
0.57% |
||||||
Noninterest Bearing Transaction Accounts(3) |
283,514,990 |
242,158,095 |
||||||||||
Total Funding Sources |
799,955,332 |
649,141,298 |
||||||||||
Noninterest Bearing Liabilities |
8,179,605 |
3,428,135 |
||||||||||
Shareholders' Equity |
141,598,726 |
103,690,090 |
||||||||||
Total Liabilities and Shareholder's Equity |
$949,733,663 |
$756,259,523 |
||||||||||
Net Interest Income |
$ 38,286,979 |
$ 31,826,644 |
||||||||||
Net Interest Margin |
4.44% |
4.59% |
||||||||||
(3) Includes Noninterest Bearing Demand reclassified |
||||||||||||
as Noninterest Bearing MMA |
||||||||||||
1 Includes unfunded commitments
2 Represents interest recoveries on non-accrual loans
3 Represents accretion of acquired loan fair value marks
4 Excludes non-recurring income, income from accretion of fair value marks and non-recurring costs, non-GAAP financial measure
5 Includes noninterest-bearing Demand, Savings, NOW and Money Market Accounts
6 Includes unfunded commitments
SOURCE Suncrest Bank
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