Suncrest Bank Reports Second Quarter Net Income. Core Earnings Per Share Doubled Year Over Year.

News provided by

Suncrest Bank

Aug 01, 2018, 09:00 ET

VISALIA, Calif. and SACRAMENTO, Calif., Aug. 1, 2018 /PRNewswire/ -- Suncrest Bank (OTCQX: SBKK) today reported unaudited financial results for the second quarter of 2018. The acquisition of Community Business Bank (CBB), with total assets of approximately $320 million at March 31, 2018, which closed on May 21, 2018, will affect the comparability of financial information for the quarter versus previous quarters, and financial results will also be affected by one-time merger expenses related to the acquisition.

"During the quarter we successfully completed the acquisition, and back office and systems integration, of Community Business Bank, and we are thrilled to welcome the staff and customers of CBB to our community banking family" said Ciaran McMullan, President and CEO.

"We continue to be extremely pleased with the upward earnings trajectory of our bank, with core ROAA for the quarter of 1.38%, core efficiency ratio of 52% and core EPS increasing by 6 cents or 27% over the linked quarter"

McMullan added, "We do not expect any further merger related costs going forward".

Second Quarter 2018 Highlights

  • Completed the acquisition and back office and systems integration of CBB
  • Core Net income1 of $2.39 million, an increase of 54% compared to the linked quarter
  • Core Diluted EPS1 of $0.28, an increase of 27% compared to the linked quarter
  • Core net interest margin1 for the quarter was 4.41% compared to 4.38% for the linked quarter
  • Return on average assets1 of 1.38% compared to 1.16% for the linked quarter
  • Return on average equity1 of 10.14% compared to 10.15% for the linked quarter
  • Total risk based capital ratio was 12.18% and Tier 1 leverage ratio was 12.72%2
  • Total Assets increased by $337.1 million during the quarter to $883.0 million
  • Total Deposits increased by $262.3 million during the quarter to $745.8 million
  • Total Deposits for the legacy Suncrest increased by $17.5 million, or 3.6% over the linked quarter
  • Total Loans increased by $268.0 million during the quarter to $630.9 million
  • Total Loans for the legacy Suncrest increased by $11.4 million, or 3.1% over the linked quarter
  • New loan originations3 for the legacy Suncrest were $25.5 million during the quarter

Income Statement

The comparability of second quarter net income to the same quarter last year, and the linked quarter, is impacted primarily by the one-time effect of one-time merger expenses related to our acquisition of Community Business Bank.

Period

Net Income

Non-recurring
income

Non-recurring
costs

Core Net Interest
Income(1)

Core Net
Income(1)

Core
NIM(1)

Core Diluted
EPS(1)








Q2 2018

$     1,408,508

$             80,207

$           1,446,000

$            7,036,864

$       2,394,508

4.41%

$                 0.28

Q1 2018

$     1,456,492

$             16,138

$              115,000

$            5,355,793

$       1,551,492

4.38%

$                 0.22

Q2 2017

$     1,213,132

$           809,224

$                       -

$            4,483,044

$          736,904

4.17%

$                 0.10

Core net income for the quarter, which excludes all non-recurring items, was a record $2.39 million or $0.28 per diluted share compared with core net income of $0.74 million or $0.10 per diluted share for the second quarter of 2017, and $1.55 million or $0.22 per diluted share for the linked quarter.

Core net interest income for the quarter was $7.04 million, an increase of $2.55 million or 57.0% over the same quarter last year and by $1.68 million or 31.4% over the linked quarter. 

Non-interest income for the quarter was $708,000, an increase of 139% over the linked quarter driven primary by the gain on sale of a number of government guaranteed loans at attractive premiums. Service charges also increased by approximately $80,000 or 27% due mainly to the impact of the merger.

Total non-interest expenses increased, when compared to the linked quarter, by $2.10 million. This increase includes $1.45 million of non-recurring costs related to the merger, with the remaining $0.65 million explained primarily by the addition of the CBB non-interest expense base on May 22, following the closing of the deal.

Core net interest margin (NIM), which removes accretion of loan fair value marks and non-recurring items such as recovery of interest, was 4.41% for the quarter, an increase of 24 basis points from the same quarter last year. This improvement was driven primarily by an increase in overall yields as well as securities being a higher percentage of average earning assets in the current quarter.

Our Core NIM improved by 3 basis points when compared to the linked quarter primarily driven by loans being a higher percentage of average earning assets in the current quarter, partially offset by an increase in overall cost of funds due to the merger.

The increase in our cost of funds by 9 basis points was driven by the addition of CBB deposits who's average cost of funds pre-merger was 61 basis points.

1 

Excludes non-recurring income and non-recurring costs (non-GAAP financial measure)

2

Tier 1 leverage ratio is slightly elevated due the effect of the merger on average assets for the quarter

3

Includes unfunded commitments


Balance Sheet

Significant increases in all balance sheet items are driven primarily by the acquisition of CBB during the quarter. Total assets at June 30, 2018 were $883.0 million, an increase of $337.1 million during the quarter and a year over year increase of $397.9 million, or 82.0%.

Total deposits increased during the quarter by approximately $262.3 million, or 54.3%. Non-interest bearing demand deposits increased by $111.9 million and now represent 37.9% of total deposits compared to 35.4% at March 31, 2018 (pre-merger). Savings, Now and Money Market deposits increased by $95.7 million and represent 45.6% of total deposits compared to 50.6% at the end of the previous quarter, while time deposits increased by $54.8 million and represent 16.4% of total deposits compared to 14.0% at March 31, 2018. For the legacy Suncrest, total deposits increased by $17.5 million or 3.61% during the quarter.

Total loans increased by $268.0 million during the quarter or 73.9%. Loans secured by Farmland and Agricultural Production increased by $62.4 million, while Commercial and Industrial loans increased by $42.1 million. Non-Owner Occupied CRE increased by $42.7 million and Owner Occupied CRE increased by $34.8 million. Construction loans increased by $30.9 million while 1-4 and Multifamily loans increased by $31.1 million. For the legacy Suncrest, total loans increased by $11.4 million or 3.13% during the quarter and new loan originations which include unfunded commitments were $25.5 million during the quarter.

The table below details how the makeup of the overall loan portfolio has changed as a result of the merger. The percentages within most loan categories remained relatively similar, pre and post-merger, reflecting the comparable nature of the two portfolios.

Post-merger

Pre-merger

% of Total Loans
at 06/30/18

% of Total Loans at
03/31/18

Commercial & Industrial Loans

11.8%

8.9%

Farmland & Agricultural Production

25.1%

26.4%

Non Owner Occupied CRE

22.3%

26.9%

Owner Occupied CRE

14.2%

15.2%

Construction

6.5%

2.9%

1-4 and Multifamily

16.2%

19.7%

Asset Quality 

Non-performing assets were $2.1 million or 0.24% of total assets at June 30, 2018 compared to $1.0 million or 0.19% of total assets at March 31, 2017. This increase was due to the acquisition of an Other Real Estate Owned in the CBB merger.

During the second quarter the company recorded an additional $360,000 provision for loan losses and the allowance for loan losses as a percentage of total loans, excluding acquired loans that have been marked to fair value, was 1.20% at June 30, 2018 compared to 1.27% at March 31, 2018. During the quarter we partially charged off three loans in the aggregate amount of $320,000.

Capital

Suncrest Bank remained well capitalized at June 30, 2018. All of the Bank's capital ratios are above minimum regulatory standards for "well capitalized" institutions.

At June 30, 2018 the tangible book value per common share was $6.56 with common shares issued of 12,410,800 as of the same date. This compares to a tangible book value per common share of $8.11 at March 31, 2018 and $8.02 at December 31, 2017.

Excluding the unrealized loss on securities, the tangible book value per common share at June 30, 2018 was $6.72

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)


















June 30,

March 31,

December 31,

June 30,


2018

2018

2017

2017

ASSETS







Cash and Due from Banks

$           33,574,685

$           24,572,282

$           29,728,313

$       23,474,487

Federal Funds Sold

20,832,000

34,042,000

33,006,000

54,858,000

       TOTAL CASH AND CASH EQUIVALENTS

54,406,685

58,614,282

62,734,313

78,332,487









Investment Securities Available for Sale (AFS)

122,462,570

102,543,729

90,368,057

46,360,233

Loans:







   Total Loans

630,867,230

362,834,193

353,368,194

337,052,420

   Allowance for Loan Losses

(            3,670,947)

(            3,598,647)

(            3,412,669)

(         3,062,669)

       NET LOANS

627,196,283

359,235,546

349,955,525

333,989,751









Federal Home Loan Bank and Other Bank Stock, at Cost

5,456,104

3,152,891

3,152,891

3,152,891

Premises and Equipment


6,118,634

5,855,755

5,904,262

5,951,153

Other Real Estate Owned


1,713,720

313,720

313,720

313,720

Bank Owned Life Insurance


8,180,146

5,268,420

5,238,821

5,177,621

Goodwill

41,230,095

3,325,220

3,325,220

3,325,220

Core Deposit Intangible

4,408,161

1,255,183

1,313,301

1,444,956

Accrued Interest and Other Assets

11,778,004

6,305,046

6,611,278

6,994,008


$          882,950,402

$          545,869,792

$          528,917,388

$      485,042,040









LIABILITIES AND SHAREHOLDERS' EQUITY







Deposits:







   Noninterest-bearing Demand

$         283,012,411

$         171,144,392

$         162,335,707

$     135,850,600

   Savings, NOW and Money Market Accounts

340,190,775

244,517,041

235,311,974

210,722,297

   Time Deposits

122,566,087

67,760,910

69,253,295

77,992,143

       TOTAL DEPOSITS

745,769,273

483,422,343

466,900,976

424,565,040

Other Borrowings

5,000,000

-

-

-

Accrued Interest and Other Liabilities

5,112,328

763,424

1,199,304

897,859

       TOTAL LIABILITIES

755,881,601

484,185,767

468,100,280

425,462,899









Shareholders' Equity:







   Common Stock - No par value

121,624,937

57,624,317

57,279,494

57,202,344

   Additional Paid-in Capital

2,236,616

2,101,103

1,985,398

1,951,059

   Retained Earnings (Deficit)

5,160,484

3,751,976

2,295,485

698,304

   Accumulated Other Comprehensive Income (Loss) - Net 







      Unrealized Gain (Loss) on Securities AFS

(            1,953,236)

(            1,793,371)

(               743,269)

(            272,566)

       TOTAL SHAREHOLDERS' EQUITY

127,068,801

61,684,025

60,817,108

59,579,141


$          882,950,402

$          545,869,792

$          528,917,388

$      485,042,040





















Suncrest Bank





Statements of Income (Unaudited)





For the Three Months Ended














June 30,

March 31,

June 30,


2018

2018

2017

INTEREST INCOME





   Interest and Fees on Loans

$              6,726,716

$         4,899,624

$    5,170,236

   Interest on Investment Securities

673,392

530,014

200,428

   Interest on Federal Funds Sold and Other

199,233

208,834

178,555

     TOTAL INTEREST INCOME

7,599,341

5,638,472

5,549,219







INTEREST EXPENSE





   Interest on Savings Deposits, NOW and Money Market Accounts

240,816

147,041

117,091

   Interest on Time Deposits

215,351

119,501

139,860

   Interest on Other Borrowings

26,103

-

-

     TOTAL INTEREST EXPENSE

482,270

266,542

256,951







     NET INTEREST INCOME

7,117,071

5,371,930

5,292,268







Provision for Loan Losses

360,000

210,000

400,000

     NET INTEREST INCOME AFTER





PROVISION FOR LOAN LOSSES

6,757,071

5,161,930

4,892,268







NONINTEREST INCOME





   Service Charges, Fees, and Other Income

375,976

296,026

251,468

   Gain on Sale of Loans

332,288

-

104,865


708,264

296,026

356,333







NONINTEREST EXPENSE





   Salaries and Employee Benefits

2,236,663

1,895,202

1,790,685

   Occupancy Expenses

420,289

353,032

358,573

   Other Expenses


2,819,675

1,131,331

1,015,611


5,476,627

3,379,565

3,164,869

     INCOME BEFORE INCOME TAXES

1,988,708

2,078,391

2,083,732

Income Taxes


580,200

621,900

870,600

     NET INCOME


$               1,408,508

$          1,456,491

$     1,213,132















Suncrest Bank



Statements of Income (Unaudited)



For the Six Months Ended










June 30,

June 30,


2018

2017

INTEREST INCOME



   Interest and Fees on Loans

$            11,626,340

$         9,757,834

   Interest on Investment Securities

1,203,406

397,161

   Interest on Federal Funds Sold and Other

408,066

294,052

     TOTAL INTEREST INCOME

13,237,812

10,449,047





INTEREST EXPENSE



   Interest on Savings Deposits, NOW and Money Market Accounts

387,856

217,586

   Interest on Time Deposits

334,852

285,876

   Interest on Other Borrowings

26,103

-

     TOTAL INTEREST EXPENSE

748,811

503,462





     NET INTEREST INCOME

12,489,001

9,945,585





Provision for Loan Losses

570,000

600,000

     NET INTEREST INCOME AFTER



PROVISION FOR LOAN LOSSES

11,919,001

9,345,585





NONINTEREST INCOME



   Service Charges, Fees, and Other Income

672,003

534,351

   Gain on Sale of Loans

332,288

117,654


1,004,291

652,005





NONINTEREST EXPENSE



   Salaries and Employee Benefits

4,131,866

3,807,093

   Occupancy Expenses

773,321

673,452

   Other Expenses


3,951,006

2,225,799


8,856,193

6,706,344

     INCOME BEFORE INCOME TAXES

4,067,099

3,291,246

Income Taxes


1,202,100

1,382,900

     NET INCOME


$               2,864,999

$          1,908,346
























Suncrest Bank






Selected Financial Data & Ratios (Unaudited)
















June 30,

March 31,

June 30,


2018

2018

2017

For the three months ended:






Return on Average Assets(ROAA)

0.81%

1.09%

1.04%

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

1.38%

1.16%

0.63%

Return on Average Equity(ROAE)

5.96%

9.53%

8.24%

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

10.14%

10.15%

5.00%

Noninterest Expense (NIE) To Average Assets

3.14%

2.53%

2.71%

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

2.31%

2.45%

2.71%

Efficiency Ratio

69.99%

59.63%

56.03%

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

52.04%

57.76%

65.40%

Net Interest Margin

4.46%

4.39%

4.93%

Core Net Interest Margin (1) (2)

4.41%

4.38%

4.17%

Cost of Funds

0.32%

0.23%

0.25%

Basic Earnings Per Share (EPS)

$               0.17

$                 0.21

$               0.17

Diluted EPS

$               0.17

$                 0.21

$               0.17

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

$               0.28

$                 0.22

$               0.11










June 30,

June 30,




2018

2017


For the six months ended:






ROAA

0.93%

0.83%


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

1.28%

0.65%


ROAE

7.48%

6.54%


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

10.30%

5.11%


NIE To Average Assets

2.88%

2.93%


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

2.37%

2.82%


Efficiency Ratio

65.63%

63.28%


Efficiency Ratio excluding merger expenses (1) (2)

54.45%

66.99%


Net Interest Margin

4.40%

4.78%


Core Net Interest Margin (1) (2)

4.37%

4.22%


Cost of Funds

0.28%

0.25%


Basic EPS

$               0.35

$                 0.27


Diluted EPS

$               0.34

$                 0.27


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

$               0.47

$                 0.21


















(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 (Unaudited)





















June 30,

March 31,

June 30,


2018

2018

2017

At Period End:





Loans to Deposits

84.59%

75.06%

79.39%

Average Loans to Average Deposits (QTD)

81.13%

74.81%

78.74%

Non-Performing Assets to Assets

0.24%

0.19%

0.50%

Outstanding Shares

12,410,800

7,041,577

7,000,094

Tangible Book Value Per Share (2)

$                6.56

$                 8.11

$               7.83

Tangible Book Value Per Share excluding Unrealized Loss on Securities (2)

$                6.72

$                 8.36

$               7.87

Book Value Per Share

$              10.24

$                 8.76

$               8.51














Regulatory Capital Ratios





Tier 1 Leverage (to average assets)

12.72%

11.01%

11.68%

Common Equity Tier 1 Capital (to risk weighted assets)

11.66%

13.62%

13.21%

Tier 1 Capital (to risk weighted assets)

11.66%

13.62%

13.21%

Total Capital (to risk weighted assets)

12.18%

14.47%

13.96%























June 30,

March 31,

June 30,


2018

2018

2017

Loan Composition





Commercial and Industrial:

$     74,289,286

$      32,155,128

$    36,742,212

Loans to Finance Agricultural Production and Other Loans to Farmers:

47,141,267

24,327,648

18,552,301

Loans Secured by Real Estate:





Secured by Farmland

111,014,916

71,477,138

70,416,897

Construction, Land Development and Other Land

41,290,087

10,413,014

16,227,096

1-4 Family Residential Properties

57,231,279

44,044,058

46,114,444

Multifamily Residential Properties

45,322,224

27,436,480

17,205,320

Owner Occupied Nonresidential Properties

89,901,027

55,107,107

44,799,500

Non-Owner Occupied Nonresidential Properties

140,344,259

97,670,570

86,723,872

Total Loans Secured by Real Estate

485,103,792

306,148,367

281,487,129







Municipal Leases

23,959,085

-

-

Other Loans:

373,800

203,050

270,778







Total Loans

$   630,867,230

$    362,834,193

$  337,052,420







(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













June 30, 2018

March 31, 2018


Average


Average

Average


Average


Balance

Interest

Yield/Rate

Balance

Interest

Yield/Rate













Interest Earning Assets:











Deposits in Other Financial Institutions

$  42,313,551

$        199,233

1.89%

$  45,128,356

$        208,834

1.88%

Investment Securities

123,284,813

673,392

2.18%

98,506,314

530,014

2.15%

Loans

481,942,732

6,726,716

5.60%

352,726,445

4,899,624

5.63%

Total Interest Earning Assets

647,541,096

7,599,341

4.71%

496,361,115

5,638,472

4.61%

Noninterest Earning Assets

49,038,637




37,353,245



Total Assets

$696,579,733




$533,714,360
















Interest Bearing Liabilities











Interest Bearing Transaction Accounts

$  65,141,271

24,980

0.15%

$  57,412,491

17,736

0.13%

Savings and Money Market Accounts

216,513,889

215,836

0.40%

178,140,536

129,305

0.29%

Time Deposits

92,881,436

215,351

0.93%

68,553,202

119,501

0.71%

Total Interest Bearing Deposits

374,536,596

456,167

0.49%

304,106,229

266,542

0.36%

Other Borrowings

5,346,703

26,103

1.96%

-

-

-

Total Interest Bearing Liabilities

379,883,299

482,270

0.51%

304,106,229

266,542

0.36%

Noninterest Bearing Transaction Accounts

219,511,941




167,393,658



Total Funding Sources

599,395,240




471,499,887



Noninterest Bearing Liabilities

2,723,628




1,068,364



Shareholders' Equity

94,460,865




61,146,109



Total Liabilities and Shareholder's Equity

$696,579,733




$533,714,360



Net Interest Income


$     7,117,071




$      5,371,930

Net Interest Margin




4.46%




4.39%







































Suncrest Bank











Average Balance Sheet and Yields (Unaudited)









For the Three Months Ended













June 30, 2018

June 30, 2017


Average


Average

Average


Average


Balance

Interest

Yield/Rate

Balance

Interest

Yield/Rate













Interest Earning Assets:











Deposits in Other Financial Institutions

$  42,313,551

$        199,233

1.89%

$  63,624,529

$        178,555

1.13%

Investment Securities

123,284,813

673,392

2.18%

46,121,258

200,428

1.74%

Loans

481,942,732

6,726,716

5.60%

321,163,279

5,170,236

6.46%

Total Interest Earning Assets

647,541,096

7,599,341

4.71%

430,909,066

5,549,219

5.17%

Noninterest Earning Assets

49,038,637




36,802,262



Total Assets

$696,579,733




$467,711,328
















Interest Bearing Liabilities











Interest Bearing Transaction Accounts

$  65,141,271

24,980

0.15%

$  53,439,987

16,349

0.12%

Savings and Money Market Accounts

216,513,889

215,836

0.40%

150,330,207

100,742

0.27%

Time Deposits

92,881,436

215,351

0.93%

82,211,779

139,860

0.68%

Total Interest Bearing Deposits

374,536,596

456,167

0.49%

285,981,973

256,951

0.36%

Other Borrowings

5,346,703

26,103

1.96%

-

-

-

Total Interest Bearing Liabilities

379,883,299

482,270

0.51%

285,981,973

256,951

0.36%

Noninterest Bearing Transaction Accounts

219,511,941




121,918,602



Total Funding Sources

599,395,240




407,900,575



Noninterest Bearing Liabilities

2,723,628




895,612



Shareholders' Equity

94,460,865




58,915,141



Total Liabilities and Shareholder's Equity

$696,579,733




$467,711,328



Net Interest Income


$      7,117,071




$      5,292,268

Net Interest Margin




4.46%




4.93%







































Suncrest Bank











Average Balance Sheet and Yields (Unaudited)









For the Six Months Ended













June 30, 2018

June 30, 2017


Average


Average

Average


Average


Balance

Interest

Yield/Rate

Balance

Interest

Yield/Rate













Interest Earning Assets:











Deposits in Other Financial Institutions

$     43,688,316

$        408,066

1.88%

$    58,480,636

$        294,052

1.01%

Investment Securities

110,950,200

1,203,406

2.17%

46,540,370

397,161

1.71%

Loans

417,691,540

11,626,340

5.61%

314,367,996

9,757,834

6.26%

Total Interest Earning Assets

572,330,056

13,237,812

4.66%

419,389,002

10,449,047

5.02%

Noninterest Earning Assets

42,835,991




38,305,889



Total Assets

$   615,166,047




$  457,694,891
















Interest Bearing Liabilities











Interest Bearing Transaction Accounts

$     61,298,231

42,716

0.14%

$    52,812,496

31,219

0.12%

Savings and Money Market Accounts

197,433,216

345,140

0.35%

143,778,080

186,367

0.26%

Time Deposits

80,784,524

334,852

0.84%

83,148,608

285,876

0.69%

Total Interest Bearing Deposits

339,515,971

722,708

0.43%

279,739,184

503,462

0.36%

Other Borrowings

2,686,740

26,103

1.96%

-

-

-

Total Interest Bearing Liabilities

342,202,711

748,811

0.44%

279,739,184

503,462

0.36%

Noninterest Bearing Transaction Accounts

194,853,679




118,558,781



Total Funding Sources

537,056,390




398,297,965



Noninterest Bearing Liabilities

1,511,305




1,071,343



Shareholders' Equity

76,598,352




58,325,583



Total Liabilities and Shareholder's Equity

$   615,166,047




$  457,694,891



Net Interest Income


$    12,489,001




$       9,945,585

Net Interest Margin




4.40%




4.78%

SOURCE Suncrest Bank

Related Links

http://www.suncrestbank.com

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