Suncrest Bank Reports Record Third Quarter Earnings of $1.37 Million and Surpasses $500 Million in Total Assets. EPS Increase of 46%.
VISALIA, Calif., Oct. 25, 2017 /PRNewswire/ -- Suncrest Bank (OTCQX: SBKK) today reported unaudited financial results for the third quarter of 2017. The acquisition of Security First Bank, which closed on December 16, 2016, will affect the comparability of financial information for the quarter versus the third quarter of 2016.
"In July of this year we surpassed $500 million in total assets, and ended the quarter at $529.4 million, an increase of $44.3 million or 9.14% over the previous quarter," said Ciaran McMullan, President and CEO of Suncrest Bank. "In addition, we posted our third consecutive quarter of record earnings with net income of $1.37 million and earnings per share of 19 cents, an increase of 46.15% over the third quarter of 2016."
"In line with our excellent growth, we have continued to improve our profitability and operational efficiency, with return on average assets for the quarter of 1.09% and efficiency ratio of 54.24%," McMullan added. "These positive trends reflect not only strong organic growth but also how quickly and effectively we have integrated and leveraged the two acquisitions we completed in 2016 and 2015."
"Total loans increased by $10.4 million during the third quarter and have grown by $40.0 million year-to-date, while total deposits increased by $42.9 million during the quarter, with $28.7 million of that growth being in noninterest-bearing demand accounts, helping to drive down our overall cost of deposits by 3 basis points to 0.22%," McMullan continued. "This is an extremely positive result given the industry's expectation of increasing upward pressure on deposit yields."
Third Quarter 2017 Highlights
- Record third quarter net income of $1.37 million, up 101.98% compared to third quarter 2016.
- Diluted EPS for the quarter of $0.19, up 46% compared to third quarter 2016.
- Efficiency ratio of 54.24% compared to 67.77% for third quarter 2016.
- Return on average assets of 1.09% compared to 0.82% for the third quarter 2016.
- Return on average equity of 9.05% compared to 6.55% for the third quarter 2016.
- Total risk based capital ratio was 14.35% and Tier 1 leverage ratio was 11.20%.
- Total assets increased by $44.3 million, or 9.14% during the quarter.
- Total deposits increased by $42.9 million, or 10.10% during the quarter.
- Costs of funds for the quarter was 0.22%, a decrease of 0.03% over the previous quarter.
- Net Interest Margin for the quarter was 4.67%.
- Total loans increased by $10.4 million, or 3.09%, during the quarter.
- New loan originations* were $34.9 million during the quarter.
*Includes unfunded commitments
Income Statement
Net income for the third quarter was a record $1.37 million or $0.19 per diluted share compared with net income of $0.68 million or $0.13 per diluted share for the third quarter of 2016. The comparability of third quarter net income to the same quarter last year and the linked quarter is impacted by the recognition of fair value discount accretion on acquired loans during the quarter of approximately $543,000 pre-tax or $0.04 per diluted share.
Net interest income for the quarter was $5.5 million, an increase of $2.1 million or 61.52% over the same quarter last year and non-interest income was $0.42 million, an increase of 9.83% over the same quarter last year. Non-interest income for the quarter includes approximately $158,000 in income generated through the gain on sale of a number of government guaranteed loans.
Noninterest expense for the quarter was $3.19 million, an increase of approximately $30,000 or less than 1% compared to the linked quarter and an increase of approximately $640,000 or 25% compared to the third quarter of 2016. The increase over the prior year is primarily due to the impact of absorbing the ongoing operational costs of the Security First Bank acquisition in December of 2016.
Core net interest margin, which removes accretion of loan fair value marks and non-recurring items such as recovery of interest, was 4.21% for the quarter, an increase of 4 basis points from the linked quarter and the third quarter of 2016. This increase was primarily due to the reduction in our cost of funds of 3 basis points.
Balance Sheet
Total assets increased during the quarter by $44.3 million, or 9.14% and have increased year-to-date by $81.7 million, or 18.25%. Year over year growth was $176.1 million, or 49.87%. This growth includes the impact of the acquisition of Security First Bank. Excluding the acquired assets, which were approximately $104 million, organic year over year growth was $72.1 million or approximately 20%.
Total loans increased by $10.4 million during the quarter or 3.09% and have grown by $40.0 million year-to-date or 12.99%. Loans secured by farmland increased by approximately $3 million during the quarter as did loans to finance agricultural production. "The bank's farmland and agricultural production portfolio is well diversified across multiple crop types including; nuts, citrus, tree fruit, grapes and row crops," said Peter Nutz, Chief Credit Officer of Suncrest Bank. "The net change in our loans to finance agricultural production during the quarter included approximately $2 million in expected annual pay downs of crop lines in our Yuba-Sutter Market. These pay downs were offset by the origination and funding of a new agricultural production loan, for an existing long term borrower of the bank, for approximately $7 million. This new loan is financing a multi-crop farming operation in the South Valley and is expected to be paid down to approximately zero through the fourth quarter."
New loan originations together with new unfunded commitments during the quarter were $34.9 million. This loan growth has all been sourced locally through direct borrower relationships rather than through purchased participations or loan pool investments.
Total deposits increased during the quarter by $42.9 million or 10.10%. Noninterest-bearing demand deposits increased by $28.7 million or 21.11% and Savings, NOW and Money Market deposits increased by $19.4 million, or 9.19%. Some of this inflow, specifically into business checking and business money market accounts, is attributable to the seasonal nature of a number of our agribusiness customers, packing and processing houses in particular, who start selling this year's harvest in the latter half of the third quarter and throughout the fourth quarter. Time deposits decreased during the quarter by $5.2 million or 6.63%.
The bank does not have any brokered deposits or CD's acquired via a wholesale listing service. All deposits are sourced locally through direct relationships with local customers.
Asset Quality
Non-performing assets were $1.95 million or 0.37% of total assets at September 30, 2017 compared with $2.41 million or 0.50% of total assets at June 30, 2017. This decrease was primarily due to the full pay off of two loans and the reclassification of another relationship.
The company recorded a loan loss provision of $350,000 for the third quarter, compared to $400,000 for the linked quarter. The allowance for loan losses as a percentage of total loans, excluding impaired loans and acquired loans that have been marked to fair value, was 1.27% at September 30, 2017 compared to 1.27% at June 30, 2017. In addition, the company allocated a specific reserve of $200,000 related to two loans of approximately $380,000 that were downgraded to non-accrual during the quarter.
Capital
Suncrest Bank remained well capitalized at September 30, 2017. All of the Bank's capital ratios are above minimum regulatory standards for "well capitalized" institutions. During the quarter we adjusted the risk weighting on our 1-4 family loan pool and as a result our Total Capital (to risk weighted assets) increased by 39 basis points.
At September 30, 2017 the tangible book value per common share was $8.03 with common shares issued of 7,002,594 as of the same date. This compares to a tangible book value per common share of $7.83 at June 30, 2017 and $7.63 at March 31, 2017. 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 was named to the 2017 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 |
||||||||
| September 30, |
June 30, |
December 31, |
September 30, |
|||||
| 2017 |
2017 |
2016 |
2016 |
|||||
| ASSETS |
||||||||
| Cash and Due from Banks |
$ 24,718,147 |
$ 23,474,487 |
$ 25,567,875 |
$ 20,547,026 |
||||
| Federal Funds Sold |
74,053,000 |
54,858,000 |
36,979,000 |
53,028,000 |
||||
| TOTAL CASH AND CASH EQUIVALENTS |
98,771,147 |
78,332,487 |
62,546,875 |
73,575,026 |
||||
| Investment Securities Available for Sale (AFS) |
60,079,743 |
46,360,233 |
53,567,064 |
47,481,118 |
||||
| Loans: |
||||||||
| Total Loans |
347,476,766 |
337,052,420 |
307,517,754 |
221,809,956 |
||||
| Allowance for Loan Losses |
( 3,412,669) |
( 3,062,669) |
( 2,496,163) |
( 2,496,163) |
||||
| NET LOANS |
344,064,097 |
333,989,751 |
305,021,591 |
219,313,793 |
||||
| Federal Home Loan Bank and Other Bank Stock, at Cost |
3,152,891 |
3,152,891 |
3,152,891 |
1,767,565 |
||||
| Premises and Equipment |
5,943,586 |
5,951,153 |
4,218,360 |
2,886,773 |
||||
| Other Real Estate Owned |
313,720 |
313,720 |
788,842 |
635,842 |
||||
| Bank Owned Life Insurance |
5,208,420 |
5,177,621 |
5,114,446 |
2,124,844 |
||||
| Goodwill |
3,325,220 |
3,325,220 |
3,325,220 |
- |
||||
| Core Deposit Intangible |
1,379,129 |
1,444,956 |
1,576,611 |
378,958 |
||||
| Accrued Interest and Other Assets |
7,121,563 |
6,994,008 |
8,340,728 |
5,057,193 |
||||
| $ 529,359,516 |
$ 485,042,040 |
$ 447,652,628 |
$ 353,221,112 |
|||||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
| Deposits: |
||||||||
| Noninterest-bearing Demand |
$ 164,528,813 |
$ 135,850,600 |
$ 122,835,165 |
$ 108,705,982 |
||||
| Savings, NOW and Money Market Accounts |
230,090,133 |
210,722,297 |
181,779,826 |
124,413,016 |
||||
| Time Deposits |
72,822,776 |
77,992,143 |
84,371,288 |
77,415,891 |
||||
| TOTAL DEPOSITS |
467,441,722 |
424,565,040 |
388,986,279 |
310,534,889 |
||||
| Accrued Interest and Other Liabilities |
986,090 |
897,859 |
1,375,691 |
1,084,024 |
||||
| TOTAL LIABILITIES |
468,427,812 |
425,462,899 |
390,361,970 |
311,618,913 |
||||
| Shareholders' Equity: |
||||||||
| Common Stock - No par value |
57,202,344 |
57,202,344 |
57,046,519 |
40,702,552 |
||||
| Additional Paid-in Capital |
2,007,428 |
1,951,059 |
1,851,183 |
1,962,183 |
||||
| Retained Earnings (Deficit) |
2,063,487 |
698,304 |
( 1,210,042) |
( 1,320,480) |
||||
| Accumulated Other Comprehensive Income (Loss) - Net |
||||||||
| Unrealized Gain (Loss) on Securities AFS |
( 341,555) |
( 272,566) |
( 397,002) |
257,944 |
||||
| TOTAL SHAREHOLDERS' EQUITY |
60,931,704 |
59,579,141 |
57,290,658 |
41,602,199 |
||||
| $ 529,359,516 |
$ 485,042,040 |
$ 447,652,628 |
$ 353,221,112 |
|||||
| Suncrest Bank |
||||||
| Statements of Income (Unaudited) |
||||||
| For the Three Months Ended |
||||||
| September 30, |
June 30, |
September 30, |
||||
| 2017 |
2017 |
2016 |
||||
| INTEREST INCOME |
||||||
| Interest and Fees on Loans |
$ 5,245,296 |
$ 5,170,236 |
$ 3,305,861 |
|||
| Interest on Investment Securities |
213,100 |
200,428 |
209,382 |
|||
| Interest on Federal Funds Sold and Other |
245,898 |
178,555 |
46,916 |
|||
| TOTAL INTEREST INCOME |
5,704,294 |
5,549,219 |
3,562,159 |
|||
| INTEREST EXPENSE |
||||||
| Interest on Savings Deposits, NOW and Money Market Accounts |
129,746 |
117,091 |
45,388 |
|||
| Interest on Time Deposits |
115,384 |
139,860 |
136,973 |
|||
| Interest on Other Borrowings |
- |
- |
- |
|||
| TOTAL INTEREST EXPENSE |
245,130 |
256,951 |
182,361 |
|||
| NET INTEREST INCOME |
5,459,164 |
5,292,268 |
3,379,798 |
|||
| Provision for Loan Losses |
350,000 |
400,000 |
- |
|||
| NET INTEREST INCOME AFTER |
||||||
| PROVISION FOR LOAN LOSSES |
5,109,164 |
4,892,268 |
3,379,798 |
|||
| NONINTEREST INCOME |
||||||
| Service Charges, Fees, and Other Income |
259,989 |
251,468 |
205,906 |
|||
| Gain on Sale of Loans |
157,861 |
104,865 |
174,544 |
|||
| 417,850 |
356,333 |
380,450 |
||||
| NONINTEREST EXPENSE |
||||||
| Salaries and Employee Benefits |
1,855,584 |
1,790,685 |
1,358,792 |
|||
| Occupancy Expenses |
370,999 |
358,573 |
356,386 |
|||
| Other Expenses |
961,048 |
1,015,611 |
832,961 |
|||
| 3,187,631 |
3,164,869 |
2,548,139 |
||||
| INCOME BEFORE INCOME TAXES |
2,339,383 |
2,083,732 |
1,212,109 |
|||
| Income Taxes |
974,200 |
870,600 |
536,200 |
|||
| NET INCOME |
$ 1,365,183 |
$ 1,213,132 |
$ 675,909 |
| Suncrest Bank |
||||
| Statements of Income (Unaudited) |
||||
| For the Nine Months Ended |
||||
| September 30, |
September 30, |
|||
| 2017 |
2016 |
|||
| INTEREST INCOME |
||||
| Interest and Fees on Loans |
$ 15,003,130 |
$ 9,558,208 |
||
| Interest on Investment Securities |
610,261 |
643,919 |
||
| Interest on Federal Funds Sold and Other |
539,950 |
81,579 |
||
| TOTAL INTEREST INCOME |
16,153,341 |
10,283,706 |
||
| INTEREST EXPENSE |
||||
| Interest on Savings Deposits, NOW and Money Market Accounts |
347,331 |
134,566 |
||
| Interest on Time Deposits |
401,260 |
309,889 |
||
| Interest on Other Borrowings |
- |
3,806 |
||
| TOTAL INTEREST EXPENSE |
748,591 |
448,261 |
||
| NET INTEREST INCOME |
15,404,750 |
9,835,445 |
||
| Provision for Loan Losses |
950,000 |
235,000 |
||
| NET INTEREST INCOME AFTER |
||||
| PROVISION FOR LOAN LOSSES |
14,454,750 |
9,600,445 |
||
| NONINTEREST INCOME |
||||
| Service Charges, Fees, and Other Income |
794,340 |
482,174 |
||
| Gain on Sale of Loans |
275,515 |
568,612 |
||
| 1,069,855 |
1,050,786 |
|||
| NONINTEREST EXPENSE |
||||
| Salaries and Employee Benefits |
5,662,678 |
4,162,790 |
||
| Occupancy Expenses |
1,044,452 |
982,933 |
||
| Other Expenses |
3,186,846 |
2,635,802 |
||
| 9,893,976 |
7,781,525 |
|||
| INCOME BEFORE INCOME TAXES |
5,630,629 |
2,869,706 |
||
| Income Taxes |
2,357,100 |
1,247,200 |
||
| NET INCOME |
$ 3,273,529 |
$ 1,622,506 |
| Suncrest Bank |
||||||
| Selected Financial Data & Ratios (Unaudited) |
||||||
| September 30, |
June 30, |
September 30, |
||||
| 2017 |
2017 |
2016 |
||||
| For the three months ended: |
||||||
| Return on Average Assets(ROAA) |
1.09% |
1.04% |
0.82% |
|||
| ROAA excluding non-recurring items (1) (2) |
0.83% |
0.63% |
0.66% |
|||
| Return on Average Equity(ROAE) |
9.05% |
8.24% |
6.55% |
|||
| ROAE excluding non-recurring items (1) (2) |
6.93% |
5.00% |
5.29% |
|||
| Noninterest Expense (NIE) To Average Assets |
2.54% |
2.71% |
3.08% |
|||
| NIE to Average Assets excluding non-recurring items (1) (2) |
2.54% |
2.71% |
3.01% |
|||
| Efficiency Ratio |
54.24% |
56.03% |
67.77% |
|||
| Efficiency Ratio excluding non-recurring items (1) (2) |
59.77% |
65.40% |
68.34% |
|||
| Net Interest Margin |
4.67% |
4.93% |
4.32% |
|||
| Core Net Interest Margin (1) (2) |
4.21% |
4.17% |
4.17% |
|||
| Cost of Funds |
0.22% |
0.25% |
0.25% |
|||
| Basic Earnings Per Share (EPS) |
$ 0.19 |
$ 0.17 |
$ 0.13 |
|||
| Diluted EPS |
$ 0.19 |
$ 0.17 |
$ 0.13 |
|||
| Diluted EPS excluding non-recurring items (1) (2) |
$ 0.15 |
$ 0.11 |
$ 0.11 |
|||
| September 30, |
September 30, |
|||||
| 2017 |
2016 |
|||||
| For the nine months ended: |
||||||
| ROAA |
0.92% |
0.70% |
||||
| ROAA excluding non-recurring items (1) (2) |
0.68% |
0.61% |
||||
| ROAE |
7.35% |
5.33% |
||||
| ROAE excluding non-recurring items (1) (2) |
5.43% |
4.63% |
||||
| NIE To Average Assets |
2.79% |
3.35% |
||||
| NIE to Average Assets excluding non-recurring items (1) (2) |
2.72% |
3.32% |
||||
| Efficiency Ratio |
60.06% |
71.48% |
||||
| Efficiency Ratio excluding non-recurring items (1) (2) |
65.29% |
72.68% |
||||
| Net Interest Margin |
4.74% |
4.56% |
||||
| Core Net Interest Margin (1) (2) |
4.22% |
4.43% |
||||
| Cost of Funds |
0.24% |
0.22% |
||||
| Basic EPS |
$ 0.47 |
$ 0.32 |
||||
| Diluted EPS |
$ 0.47 |
$ 0.32 |
||||
| Diluted EPS excluding non-recurring items (1) (2) |
$ 0.34 |
$ 0.28 |
||||
| (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 |
||||||
| 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 |
||||||||
| September 30, |
June 30, |
December 31, |
September 30, |
|||||
| 2017 |
2017 |
2016 |
2016 |
|||||
| At Period End: |
||||||||
| Loans to Deposits |
74.34% |
79.39% |
79.06% |
71.43% |
||||
| Average Loans to Average Deposits (QTD) |
78.19% |
78.74% |
72.48% |
78.35% |
||||
| Non-Performing Assets to Assets |
0.37% |
0.50% |
0.47% |
0.87% |
||||
| Outstanding Shares |
7,002,594 |
7,000,094 |
6,979,497 |
5,025,225 |
||||
| Tangible Book Value Per Share (2) |
$ 8.03 |
$ 7.83 |
$ 7.51 |
$ 8.20 |
||||
| Book Value Per Share |
$ 8.70 |
$ 8.51 |
$ 8.21 |
$ 8.28 |
||||
| Regulatory Capital Ratios |
||||||||
| Tier 1 Leverage (to average assets) |
11.20% |
11.68% |
11.70% |
12.42% |
||||
| Common Equity Tier 1 Capital (to risk weighted assets) |
13.51% |
13.21% |
13.86% |
15.13% |
||||
| Tier 1 Capital (to risk weighted assets) |
13.51% |
13.21% |
13.86% |
15.13% |
||||
| Total Capital (to risk weighted assets) |
14.35% |
13.96% |
14.52% |
16.06% |
||||
| September 30, |
June 30, |
December 31, |
September 30, |
|||||
| 2017 |
2017 |
2016 |
2016 |
|||||
| Loan Composition |
||||||||
| Commercial and Industrial: |
$ 37,476,021 |
$ 36,742,212 |
$ 47,280,544 |
$ 29,768,830 |
||||
| Loans to Finance Agricultural Production and Other Loans to Farmers: |
21,543,264 |
18,552,301 |
15,444,057 |
11,806,620 |
||||
| Loans Secured by Real Estate: |
||||||||
| Secured by Farmland |
73,033,469 |
70,416,897 |
55,832,554 |
56,820,664 |
||||
| Construction, Land Development and Other Land |
17,123,870 |
16,227,096 |
14,276,680 |
5,484,259 |
||||
| 1-4 Family Residential Properties |
45,582,496 |
46,114,444 |
38,754,918 |
32,860,175 |
||||
| Multifamily Residential Properties |
17,832,938 |
17,205,320 |
16,346,739 |
12,977,421 |
||||
| Owner Occupied Nonresidential Properties |
46,285,573 |
44,799,500 |
46,777,960 |
32,915,591 |
||||
| Non-Owner Occupied Nonresidential Properties |
88,346,003 |
86,723,872 |
72,451,421 |
38,821,711 |
||||
| Total Loans Secured by Real Estate |
288,204,349 |
281,487,129 |
244,440,272 |
179,879,821 |
||||
| Other Loans: |
253,132 |
270,778 |
352,881 |
354,685 |
||||
| Total Loans |
$ 347,476,766 |
$ 337,052,420 |
$ 307,517,754 |
$221,809,956 |
||||
| (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 |
||||||||||||
| September 30, 2017 |
June 30, 2017 |
|||||||||||
| Average |
Average |
Average |
Average |
|||||||||
| Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
|||||||
| Interest Earning Assets: |
||||||||||||
| Deposits in Other Financial Institutions |
$ 71,702,935 |
$ 245,898 |
1.36% |
$ 63,624,529 |
$ 178,555 |
1.13% |
||||||
| Investment Securities |
47,616,726 |
213,100 |
1.79% |
46,121,258 |
200,428 |
1.74% |
||||||
| Loans |
343,995,185 |
5,245,296 |
6.05% |
321,163,279 |
5,170,236 |
6.46% |
||||||
| Total Interest Earning Assets |
463,314,846 |
5,704,294 |
4.88% |
430,909,066 |
5,549,219 |
5.17% |
||||||
| Noninterest Earning Assets |
37,914,993 |
36,802,262 |
||||||||||
| Total Assets |
$501,229,839 |
$467,711,328 |
||||||||||
| Interest Bearing Liabilities |
||||||||||||
| Interest Bearing Transaction Accounts |
$ 54,683,752 |
17,167 |
0.12% |
$ 53,439,987 |
16,349 |
0.12% |
||||||
| Savings and Money Market Accounts |
165,318,981 |
112,579 |
0.27% |
150,330,207 |
100,742 |
0.27% |
||||||
| Time Deposits |
72,870,206 |
115,384 |
0.63% |
82,211,779 |
139,860 |
0.68% |
||||||
| Total Interest Bearing Deposits |
292,872,939 |
245,130 |
0.33% |
285,981,973 |
256,951 |
0.36% |
||||||
| Other Borrowings |
- |
- |
- |
- |
- |
- |
||||||
| Total Interest Bearing Liabilities |
292,872,939 |
245,130 |
0.33% |
285,981,973 |
256,951 |
0.36% |
||||||
| Noninterest Bearing Transaction Accounts |
147,076,072 |
121,918,602 |
||||||||||
| Total Funding Sources |
439,949,011 |
407,900,575 |
||||||||||
| Noninterest Bearing Liabilities |
948,545 |
895,612 |
||||||||||
| Shareholders' Equity |
60,332,283 |
58,915,141 |
||||||||||
| Total Liabilities and Shareholder's Equity |
$501,229,839 |
$467,711,328 |
||||||||||
| Net Interest Income |
$ 5,459,164 |
$ 5,292,268 |
||||||||||
| Net Interest Margin |
4.67% |
4.93% |
||||||||||
| Suncrest Bank |
||||||||||||
| Average Balance Sheet and Yields (Unaudited) |
||||||||||||
| For the Three Months Ended |
||||||||||||
| September 30, 2017 |
September 30, 2016 |
|||||||||||
| Average |
Average |
Average |
Average |
|||||||||
| Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
|||||||
| Interest Earning Assets: |
||||||||||||
| Deposits in Other Financial Institutions |
$ 71,702,935 |
$ 245,898 |
1.36% |
$ 37,130,076 |
$ 46,916 |
0.50% |
||||||
| Investment Securities |
47,616,726 |
213,100 |
1.79% |
48,060,364 |
209,382 |
1.74% |
||||||
| Loans |
343,995,185 |
5,245,296 |
6.05% |
226,045,935 |
3,305,861 |
5.82% |
||||||
| Total Interest Earning Assets |
463,314,846 |
5,704,294 |
4.88% |
311,236,375 |
3,562,159 |
4.55% |
||||||
| Noninterest Earning Assets |
37,914,993 |
19,580,472 |
||||||||||
| Total Assets |
$501,229,839 |
$330,816,847 |
||||||||||
| Interest Bearing Liabilities |
||||||||||||
| Interest Bearing Transaction Accounts |
$ 54,683,752 |
17,167 |
0.12% |
$ 31,571,601 |
9,325 |
0.12% |
||||||
| Savings and Money Market Accounts |
165,318,981 |
112,579 |
0.27% |
86,256,527 |
36,063 |
0.17% |
||||||
| Time Deposits |
72,870,206 |
115,384 |
0.63% |
76,111,726 |
136,973 |
0.72% |
||||||
| Total Interest Bearing Deposits |
292,872,939 |
245,130 |
0.33% |
193,939,854 |
182,361 |
0.37% |
||||||
| Other Borrowings |
- |
- |
- |
- |
- |
- |
||||||
| Total Interest Bearing Liabilities |
292,872,939 |
245,130 |
0.33% |
193,939,854 |
182,361 |
0.37% |
||||||
| Noninterest Bearing Transaction Accounts |
147,076,072 |
94,570,166 |
||||||||||
| Total Funding Sources |
439,949,011 |
288,510,020 |
||||||||||
| Noninterest Bearing Liabilities |
948,545 |
1,016,741 |
||||||||||
| Shareholders' Equity |
60,332,283 |
41,290,086 |
||||||||||
| Total Liabilities and Shareholder's Equity |
$501,229,839 |
$330,816,847 |
||||||||||
| Net Interest Income |
$ 5,459,164 |
$ 3,379,798 |
||||||||||
| Net Interest Margin |
4.67% |
4.32% |
||||||||||
| Suncrest Bank |
||||||||||||
| Average Balance Sheet and Yields (Unaudited) |
||||||||||||
| For the Nine Months Ended |
||||||||||||
| September 30, 2017 |
September 30, 2016 |
|||||||||||
| Average |
Average |
Average |
Average |
|||||||||
| Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
|||||||
| Interest Earning Assets: |
||||||||||||
| Deposits in Other Financial Institutions |
$ 62,935,383 |
$ 539,950 |
1.15% |
$ 20,297,498 |
$ 81,579 |
0.54% |
||||||
| Investment Securities |
46,909,391 |
610,261 |
1.73% |
48,815,121 |
643,919 |
1.76% |
||||||
| Loans |
324,251,898 |
15,003,130 |
6.19% |
219,301,420 |
9,558,208 |
5.82% |
||||||
| Total Interest Earning Assets |
434,096,672 |
16,153,341 |
4.98% |
288,414,039 |
10,283,706 |
4.76% |
||||||
| Noninterest Earning Assets |
38,526,376 |
21,457,734 |
||||||||||
| Total Assets |
$ 472,623,048 |
$ 309,871,773 |
||||||||||
| Interest Bearing Liabilities |
||||||||||||
| Interest Bearing Transaction Accounts |
$ 53,440,858 |
48,385 |
0.12% |
$ 30,432,484 |
28,546 |
0.13% |
||||||
| Savings and Money Market Accounts |
150,982,831 |
298,946 |
0.26% |
85,394,829 |
106,020 |
0.17% |
||||||
| Time Deposits |
79,722,368 |
401,260 |
0.67% |
66,449,315 |
309,889 |
0.62% |
||||||
| Total Interest Bearing Deposits |
284,146,057 |
748,591 |
0.35% |
182,276,628 |
444,455 |
0.33% |
||||||
| Other Borrowings |
- |
- |
- |
357,835 |
3,806 |
1.42% |
||||||
| Total Interest Bearing Liabilities |
284,146,057 |
748,591 |
0.35% |
182,634,463 |
448,261 |
0.33% |
||||||
| Noninterest Bearing Transaction Accounts |
128,101,012 |
85,830,371 |
||||||||||
| Total Funding Sources |
412,247,069 |
268,464,834 |
||||||||||
| Noninterest Bearing Liabilities |
1,021,248 |
835,897 |
||||||||||
| Shareholders' Equity |
59,354,731 |
40,571,042 |
||||||||||
| Total Liabilities and Shareholder's Equity |
$ 472,623,048 |
$ 309,871,773 |
||||||||||
| Net Interest Income |
$ 15,404,750 |
$ 9,835,445 |
||||||||||
| Net Interest Margin |
4.74% |
4.56% |
||||||||||
SOURCE Suncrest Bank
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