SACRAMENTO, Calif. and VISALIA, Calif., Oct. 26, 2021 /PRNewswire/ -- Suncrest Bank (OTCQX: SBKK) today reported unaudited financial results for the third quarter of 2021.
Third Quarter 2021 Highlights
- Announced agreement to merge with CVB Financial Corp. on July 27, 2021
- Net income of $4.3 million, an increase of $1.1 million over Q3 2020
- Diluted EPS of $0.34, an increase of 30.8% over Q3 2020
- New originations1 during the quarter (excluding PPP) of $32.6 million
- QTD total loan growth (excluding PPP) of $2.0 million2
- YTD total loan growth (excluding PPP) of $56.9 million or 8.10%
- QTD total deposits (excluding brokered) increased $56.2 million or 4.9%
- YTD total deposits (excluding brokered) increased $167.5 million or 16.18%
- Return on average tangible assets of 1.27%
- Return on average tangible equity of 12.74%
- Efficiency ratio of 53.20%
- Tier 1 leverage ratio of 9.50%
| _______________________________ |
|
| 1 |
Includes unfunded commitments |
| 2. |
Includes a decline of approximately $6.0 million in a borrower LOC exclusively to fund PPP loans |
Income Statement
Net income for the quarter was $4.3 million compared to $4.5 million for the linked quarter and $3.2 million for the same quarter last year. The decrease over the linked quarter is primarily due to merger expenses of $389,000 before tax or $348,000 after tax. The increase over the third quarter of 2020 is mostly driven by an increase in net interest income and the reduction in provision for loan losses, partially offset by an increase in noninterest expense.
Interest income increased to $12.8 million versus $12.5 million for the linked quarter and increased from $11.3 million compared to the third quarter of 2020. The increase over the linked quarter is primarily a result of an increase in the loan yield from 4.80% in the linked quarter to 4.95% for the quarter ended September 30, 2021. Interest expense declined to $484,000 as compared to $490,000 over the linked quarter due to a decline in our cost of funds to 16 basis points (bps) from 17 bps last quarter. In addition, the decrease in interest expense was $220,000 over the same quarter last year due to a decline in our cost of funds by 9 basis points.
Included in interest income are fees earned on Paycheck Protection Program ("PPP") Loans of approximately $878,000 in the third quarter versus $764,000 in the linked quarter and $449,000 in the third quarter of 2020.
Net interest Margin (NIM) declined slightly to 3.72% compared to 3.82% for the linked quarter and increased as compared to 3.47% for the third quarter of 2020. NIM improved over the same quarter last year primarily due to the decrease in the cost of funds by 9 basis points. Yield on loans improved to 4.95% in Q3 from 4.80% for the linked quarter.
Total noninterest expense increased over the linked quarter by 7.1% or $452,000, and increased over the same quarter last year by approximately $1.2 million. The increase over the linked quarter was primarily a result of merger expenses of $389,000. The increase over the same quarter last year is predominantly a result of increased employee expenses. We continue to maintain our key expense ratios at consistently low levels with efficiency ratio being 53.20% in Q3 while our burden ratio and noninterest expense to average assets were 1.82% and 1.96% respectively.
Balance Sheet
Total assets at September 30, 2021 increased to $1.42 billion as compared to $1.37 billion for the linked quarter. The increase was $44.2 million or 3.22% as a result of an increase in total federal funds sold and were funded by an increase in deposits.
Total deposits (excluding brokered deposits) at September 30, 2021 were $1.20 billion, an increase of $56.2 million or 4.90% over the linked quarter. Total deposits (excluding brokered deposits) increased year to date by $167.5 million or 16.18%.
During the quarter ended March 31, 2021 the bank acquired $60.0 million in low cost brokered deposits to partially fund PPP loans and pay down advances from the Federal Home Loan Bank. Brokered deposits at September 30, 2021 were $30.0 million.
Total loans (excluding PPP loans) at September 30, 2021 were $759.5 million, an increase of $2.0 million over the linked quarter and $56.9 million or 8.10% year to date. The increase over the linked quarter includes a reduction of approximately $6.0 million in a line of credit provided to a local partner CDFI specifically and exclusively for the funding of PPP loans.
Total PPP loans were $61.4 million at September 30, 2021 compared to $111.3 million at June 30, 2021.
Asset Quality
Non-performing assets decreased to $4.5 million or 0.31% of total assets at September 30, 2021 compared to 0.35% at June 30, 2021.
Based on our standard analysis of portfolio trends and considerations for stabilizing economic conditions of our primary industries, we determined a provision for loan losses was not required for the quarter. As a result, our allowance as a percentage of total loans (excluding both PPP and acquired loans) declined to 1.34% at September 30, 2021 compared to 1.36% at June 30, 2021.
At the end of the third quarter all loans that were previously in our payment deferral program have resumed scheduled payments.
Per the table below, both classified accrual and classified nonaccrual loan balances declined through the quarter. Total classified loans as a percentage of total loans, excluding PPP loans, declined to 1.60%. The percentage including PPP loans slightly increased to 1.48% due to the reduction in PPP loans in the third quarter.
| |
Q3 2021 |
Q2 2021 |
Q4 2020 |
Q3 2020 |
| Total Classified Loans (a) |
$12,189,182 |
$12,533,580 |
$12,928,632 |
$14,370,053 |
| Classified - Accrual Loans |
$7,730,350 |
$7,864,816 |
$9,176,720 |
$10,111,838 |
| Classified - Non-Accrual Loans |
$4,458,832 |
$4,668,764 |
$3,751,912 |
$4,258,215 |
| Total Classified / Total Loans |
1.48% |
1.44% |
1.58% |
1.78% |
| Total Classified / Total Loans |
1.60% |
1.65% |
1.84% |
2.12% |
| |
| (a) Includes classified accrual loans and non-accrual loans |
Capital
Suncrest Bank remained well capitalized at September 30, 2021. All of the bank's capital ratios are above minimum regulatory standards for "well capitalized" institutions.
At September 30, 2021 tangible book value per common share was $10.91 with common shares issued of 12,251,000 as of the same date.
About Suncrest Bank
Suncrest Bank, member FDIC, 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) |
|
|
|
|
|
|
| |
|
September 30, |
|
June 30, |
|
September 30, |
| |
|
2021 |
|
2021 |
|
2020 |
| ASSETS |
|
|
|
|
|
|
| Cash and Due from Banks |
|
$ 21,931,450 |
|
$ 15,578,565 |
|
$ 44,079,328 |
| Federal Funds Sold |
|
134,380,000 |
|
41,425,000 |
|
44,895,000 |
| TOTAL CASH AND CASH EQUIVALENTS |
|
156,311,450 |
|
57,003,565 |
|
88,974,328 |
| |
|
|
|
|
|
|
| Investment Securities Available for Sale (AFS) |
|
373,683,522 |
|
379,724,228 |
|
326,352,206 |
| Loans: |
|
|
|
|
|
|
| Total Loans |
|
820,909,341 |
|
868,818,328 |
|
809,529,778 |
| Allowance for Loan Losses |
|
(8,502,685) |
|
(8,502,239) |
|
(8,259,802) |
| NET LOANS |
|
812,406,656 |
|
860,316,089 |
|
801,269,976 |
| |
|
|
|
|
|
|
| Federal Home Loan Bank and Other Bank Stock, at Cost |
|
5,366,684 |
|
5,366,684 |
|
5,862,141 |
| Premises and Equipment |
|
5,846,699 |
|
5,990,719 |
|
6,318,134 |
| Other Real Estate Owned |
|
- |
|
- |
|
129,644 |
| Bank Owned Life Insurance |
|
8,894,306 |
|
8,835,996 |
|
8,665,725 |
| Goodwill |
|
38,989,566 |
|
38,989,566 |
|
38,989,566 |
| Core Deposit Intangible |
|
2,099,076 |
|
2,232,796 |
|
2,687,236 |
| Accrued Interest and Other Assets |
|
12,561,061 |
|
13,524,738 |
|
11,119,069 |
| |
|
$ 1,416,159,020 |
|
$ 1,371,984,381 |
|
$ 1,290,368,025 |
| |
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
| Noninterest-bearing Demand |
|
$ 535,404,805 |
|
$ 528,012,539 |
|
$ 463,293,142 |
| Savings, NOW and Money Market Accounts |
|
605,771,974 |
|
552,252,423 |
|
514,649,377 |
| Time Deposits - Retail |
|
61,911,688 |
|
66,582,888 |
|
72,677,647 |
| Time Deposits - Wholesale |
|
30,000,000 |
|
45,000,000 |
|
- |
| TOTAL DEPOSITS |
|
1,233,088,467 |
|
1,191,847,850 |
|
1,050,620,166 |
| Accrued Interest and Other Liabilities |
|
8,283,875 |
|
7,621,556 |
|
7,586,690 |
| Other Borrowings |
|
- |
|
- |
|
68,559,008 |
| TOTAL LIABILITIES |
|
1,241,372,342 |
|
1,199,469,406 |
|
1,126,765,864 |
| |
|
|
|
|
|
|
| Shareholders' Equity: |
|
|
|
|
|
|
| Common Stock - No par value |
|
118,210,416 |
|
118,199,166 |
|
118,088,766 |
| Additional Paid-in Capital |
|
3,885,288 |
|
3,741,305 |
|
3,331,027 |
| Retained Earnings |
|
46,920,609 |
|
42,624,814 |
|
32,843,797 |
| Accumulated Other Comprehensive Income - Net |
|
|
|
|
|
|
| Unrealized Gain on Securities AFS |
|
5,770,365 |
|
7,949,690 |
|
9,338,571 |
| TOTAL SHAREHOLDERS' EQUITY |
|
174,786,678 |
|
172,514,975 |
|
163,602,161 |
| |
|
$ 1,416,159,020 |
|
$ 1,371,984,381 |
|
$ 1,290,368,025 |
| Suncrest Bank |
|
|
|
|
|
|
| Statements of Income (Unaudited) |
|
|
|
|
|
|
| For the Three Months Ended |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
September 30, |
|
June 30, |
|
September 30, |
| |
|
2021 |
|
2021 |
|
2020 |
| INTEREST INCOME |
|
|
|
|
|
|
| Interest and Fees on Loans |
|
$ 10,593,539 |
|
$ 10,334,296 |
|
$ 9,621,006 |
| Interest on Investment Securities |
|
2,176,940 |
|
2,184,839 |
|
1,620,278 |
| Interest on Federal Funds Sold and Other |
|
30,752 |
|
13,995 |
|
39,284 |
| TOTAL INTEREST INCOME |
|
12,801,231 |
|
12,533,130 |
|
11,280,568 |
| |
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
| Interest on Savings Deposits, NOW and Money Market Accounts |
|
384,204 |
|
397,994 |
|
451,276 |
| Interest on Time Deposits - Retail |
|
90,719 |
|
80,198 |
|
191,864 |
| Interest on Time Deposits - Wholesale |
|
8,989 |
|
11,342 |
|
- |
| Interest on Other Borrowings |
|
- |
|
- |
|
60,757 |
| TOTAL INTEREST EXPENSE |
|
483,912 |
|
489,534 |
|
703,897 |
| |
|
|
|
|
|
|
| NET INTEREST INCOME |
|
12,317,319 |
|
12,043,596 |
|
10,576,671 |
| |
|
|
|
|
|
|
| Provision for Loan Losses |
|
- |
|
- |
|
1,000,000 |
| NET INTEREST INCOME AFTER |
|
|
|
|
|
|
| PROVISION FOR LOAN LOSSES |
|
12,317,319 |
|
12,043,596 |
|
9,576,671 |
| |
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
| Service Charges, Fees, and Other Income |
|
484,266 |
|
438,819 |
|
407,018 |
| Gain on Sale of Loans |
|
- |
|
28,273 |
|
- |
| |
|
484,266 |
|
467,092 |
|
407,018 |
| |
|
|
|
|
|
|
| NONINTEREST EXPENSE |
|
|
|
|
|
|
| Salaries and Employee Benefits |
|
3,576,488 |
|
3,536,175 |
|
3,148,861 |
| Occupancy Expenses |
|
593,456 |
|
591,437 |
|
587,021 |
| Other Expenses |
|
2,640,644 |
|
2,231,227 |
|
1,895,345 |
| |
|
6,810,588 |
|
6,358,839 |
|
5,631,227 |
| INCOME BEFORE INCOME TAXES |
|
5,990,997 |
|
6,151,849 |
|
4,352,462 |
| Income Taxes |
|
1,695,200 |
|
1,664,600 |
|
1,144,000 |
| NET INCOME |
|
$ 4,295,797 |
|
$ 4,487,249 |
|
$ 3,208,462 |
| Suncrest Bank |
|
|
|
|
| Statements of Income (Unaudited) |
|
|
|
|
| For the Nine Months Ended |
|
|
|
|
| |
|
|
|
|
| |
|
September 30, |
|
September 30, |
| |
|
2021 |
|
2020 |
| INTEREST INCOME |
|
|
|
|
| Interest and Fees on Loans |
|
$ 30,395,689 |
|
$ 27,975,918 |
| Interest on Investment Securities |
|
6,407,199 |
|
4,439,179 |
| Interest on Federal Funds Sold and Other |
|
59,767 |
|
333,081 |
| TOTAL INTEREST INCOME |
|
36,862,655 |
|
32,748,178 |
| |
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
| Interest on Savings Deposits, NOW and Money Market Accounts |
|
1,180,719 |
|
1,851,301 |
| Interest on Time Deposits - Retail |
|
274,875 |
|
650,650 |
| Interest on Time Deposits - Wholesale |
|
30,278 |
|
- |
| Interest on Other Borrowings |
|
5,302 |
|
97,680 |
| TOTAL INTEREST EXPENSE |
|
1,491,174 |
|
2,599,631 |
| |
|
|
|
|
| NET INTEREST INCOME |
|
35,371,481 |
|
30,148,547 |
| |
|
|
|
|
| Provision for Loan Losses |
|
- |
|
3,300,000 |
| NET INTEREST INCOME AFTER |
|
|
|
|
| PROVISION FOR LOAN LOSSES |
|
35,371,481 |
|
26,848,547 |
| |
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
| Service Charges, Fees, and Other Income |
|
1,385,881 |
|
1,177,288 |
| Gain on Sale of Loans |
|
28,273 |
|
- |
| |
|
1,414,154 |
|
1,177,288 |
| |
|
|
|
|
| NONINTEREST EXPENSE |
|
|
|
|
| Salaries and Employee Benefits |
|
10,479,590 |
|
9,100,782 |
| Occupancy Expenses |
|
1,769,297 |
|
1,745,487 |
| Other Expenses |
|
6,902,598 |
|
5,694,756 |
| |
|
19,151,485 |
|
16,541,025 |
| INCOME BEFORE INCOME TAXES |
|
17,634,150 |
|
11,484,810 |
| Income Taxes |
|
4,846,500 |
|
2,702,600 |
| NET INCOME |
|
$ 12,787,650 |
|
$ 8,782,210 |
| Suncrest Bank |
|
|
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| Selected Financial Data & Ratios (Unaudited) |
|
|
|
|
|
|
| |
|
September 30, |
|
June 30, |
|
September 30, |
| |
|
2021 |
|
2021 |
|
2020 |
| For the three months ended: |
|
|
|
|
|
|
| Return on Average Assets(ROAA) |
|
1.23% |
|
1.33% |
|
0.99% |
| Return on Average Tangible Assets (1) |
|
1.27% |
|
1.37% |
|
1.03% |
| Return on Average Equity(ROAE) |
|
9.77% |
|
10.65% |
|
7.84% |
| Return on Average Tangible Equity (1) |
|
12.74% |
|
14.10% |
|
10.52% |
| Noninterest Expense (NIE) To Average Assets |
|
1.96% |
|
1.89% |
|
1.74% |
| Efficiency Ratio |
|
53.20% |
|
50.83% |
|
51.27% |
| Burden Ratio |
|
1.82% |
|
1.75% |
|
1.62% |
| Net Interest Margin |
|
3.72% |
|
3.82% |
|
3.47% |
| Cost of Funds |
|
0.16% |
|
0.17% |
|
0.25% |
| Basic Earnings Per Share (EPS) |
|
$ 0.35 |
|
$ 0.37 |
|
$ 0.26 |
| Diluted EPS |
|
$ 0.34 |
|
$ 0.36 |
|
$ 0.26 |
| |
|
|
|
|
|
|
| |
|
September 30, |
|
September 30, |
|
|
| |
|
2021 |
|
2020 |
|
|
| For the nine months ended: |
|
|
|
|
|
|
| Return on Average Assets(ROAA) |
|
1.27% |
|
1.00% |
|
|
| Return on Average Tangible Assets (1) |
|
1.31% |
|
1.04% |
|
|
| Return on Average Equity(ROAE) |
|
9.97% |
|
7.42% |
|
|
| Return on Average Tangible Equity (1) |
|
13.13% |
|
10.09% |
|
|
| Noninterest Expense (NIE) To Average Assets |
|
1.90% |
|
1.89% |
|
|
| Efficiency Ratio |
|
52.06% |
|
52.80% |
|
|
| Burden Ratio |
|
1.76% |
|
1.75% |
|
|
| Net Interest Margin |
|
3.74% |
|
3.70% |
|
|
| Cost of Funds |
|
0.17% |
|
0.35% |
|
|
| Basic Earnings Per Share (EPS) |
|
$ 1.04 |
|
$ 0.71 |
|
|
| Diluted EPS |
|
$ 1.02 |
|
$ 0.70 |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
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| (1) These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be |
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| considered in isolation or as a substitute for analyses of results reported under GAAP. These non-GAAP measures may not be |
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| 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) |
|
|
|
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| |
|
|
|
|
|
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| |
|
September 30, |
|
June 30, |
|
September 30, |
| |
|
2021 |
|
2021 |
|
2020 |
| At Period End: |
|
|
|
|
|
|
| Loans to Deposits |
|
66.57% |
|
72.90% |
|
77.05% |
| Average Loans to Average Deposits (QTD) |
|
70.27% |
|
73.64% |
|
76.22% |
| Non-Performing Assets to Assets |
|
0.31% |
|
0.35% |
|
0.34% |
| Outstanding Shares |
|
12,251,000 |
|
12,249,500 |
|
12,235,500 |
| Tangible Book Value Per Share (1) |
|
$ 10.91 |
|
$ 10.72 |
|
$ 9.96 |
| Tangible Book Value Per Share excluding Unrealized Gain on Securities (1) |
|
$ 10.44 |
|
$ 10.07 |
|
$ 9.20 |
| Book Value Per Share |
|
$ 14.27 |
|
$ 14.08 |
|
$ 13.37 |
| |
|
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|
| |
|
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|
|
| Regulatory Capital Ratios |
|
|
|
|
|
|
| Tier 1 Leverage (to average assets) |
|
9.50% |
|
9.45% |
|
9.50% |
| Common Equity Tier 1 Capital (to risk weighted assets) |
|
13.73% |
|
13.86% |
|
13.72% |
| Tier 1 Capital (to risk weighted assets) |
|
13.73% |
|
13.86% |
|
13.72% |
| Total Capital (to risk weighted assets) |
|
14.66% |
|
14.84% |
|
14.74% |
| |
|
|
|
|
|
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| |
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|
|
| |
|
|
|
|
|
|
| |
|
September 30, |
|
June 30, |
|
September 30, |
| |
|
2021 |
|
2021 |
|
2020 |
| Loan Composition |
|
|
|
|
|
|
| Commercial and Industrial: |
|
$ 33,897,330 |
|
$ 39,134,449 |
|
$ 45,755,958 |
| Paycheck Protection Program: |
|
61,419,920 |
|
111,280,895 |
|
130,394,846 |
| Loans to Finance Agricultural Production and Other Loans to Farmers: |
|
37,679,663 |
|
40,194,038 |
|
38,392,086 |
| Loans Secured by Real Estate: |
|
|
|
|
|
|
| Secured by Farmland |
|
133,994,326 |
|
130,397,870 |
|
138,428,801 |
| Construction, Land Development and Other Land |
|
21,716,590 |
|
21,182,675 |
|
26,641,282 |
| 1-4 Family Residential Properties |
|
53,128,911 |
|
53,532,531 |
|
41,388,691 |
| Multifamily Residential Properties |
|
50,070,051 |
|
49,661,004 |
|
45,446,188 |
| Owner Occupied Nonresidential Properties |
|
102,148,976 |
|
110,743,084 |
|
93,084,165 |
| Non-Owner Occupied Nonresidential Properties |
|
308,410,748 |
|
293,982,408 |
|
230,224,802 |
| Total Loans Secured by Real Estate |
|
669,469,602 |
|
659,499,572 |
|
575,213,929 |
| |
|
|
|
|
|
|
| Municipal Leases: |
|
18,323,150 |
|
18,584,601 |
|
19,626,108 |
| Other Loans: |
|
119,676 |
|
124,773 |
|
146,851 |
| |
|
|
|
|
|
|
| Total Loans |
|
$ 820,909,341 |
|
$ 868,818,328 |
|
$ 809,529,778 |
| |
|
|
|
|
|
|
| (1) These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They |
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|
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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. |
|
|
|
|
||
| Suncrest Bank |
|
|
|
|
|
|
|
|
|
|
|
|
| Average Balance Sheet and Yields (Unaudited) |
|
|
|
|
|
|
|
|
|
|
||
| For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
September 30, 2021 |
|
June 30, 2021 |
||||||||
| |
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
| |
|
Balance |
|
Interest |
|
Yield/Rate |
|
Balance |
|
Interest |
|
Yield/Rate |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits in Other Financial Institutions |
|
$ 80,895,754 |
|
$ 30,752 |
|
0.15% |
|
$ 35,405,889 |
|
$ 13,995 |
|
0.16% |
| Investment Securities |
|
382,461,945 |
|
2,176,940 |
|
2.28% |
|
367,244,025 |
|
2,184,839 |
|
2.38% |
| Loans |
|
849,690,018 |
|
10,593,539 |
|
4.95% |
|
862,921,793 |
|
10,334,296 |
|
4.80% |
| Total Interest Earning Assets |
|
1,313,047,717 |
|
12,801,231 |
|
3.87% |
|
1,265,571,707 |
|
12,533,130 |
|
3.97% |
| Noninterest Earning Assets |
|
79,883,114 |
|
|
|
|
|
82,474,013 |
|
|
|
|
| Total Assets |
|
$ 1,392,930,831 |
|
|
|
|
|
$ 1,348,045,720 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Bearing Transaction Accounts |
|
$ 164,148,322 |
|
167,499 |
|
0.40% |
|
$ 158,481,231 |
|
171,063 |
|
0.43% |
| Savings and Money Market Accounts |
|
423,094,624 |
|
216,705 |
|
0.20% |
|
400,437,784 |
|
226,931 |
|
0.23% |
| Time Deposits - Retail |
|
64,067,178 |
|
90,719 |
|
0.56% |
|
69,314,072 |
|
80,198 |
|
0.46% |
| Time Deposits - Wholesale |
|
34,076,127 |
|
8,989 |
|
0.10% |
|
49,120,942 |
|
11,342 |
|
0.09% |
| Total Interest Bearing Deposits |
|
685,386,251 |
|
483,912 |
|
0.28% |
|
677,354,029 |
|
489,534 |
|
0.29% |
| Other Borrowings and FLHB Advances |
|
- |
|
- |
|
0.00% |
|
- |
|
- |
|
0.00% |
| Total Interest Bearing Liabilities |
|
685,386,251 |
|
483,912 |
|
0.28% |
|
677,354,029 |
|
489,534 |
|
0.29% |
| Noninterest Bearing Transaction Accounts |
|
523,774,669 |
|
|
|
|
|
494,517,122 |
|
|
|
|
| Total Funding Sources |
|
1,209,160,920 |
|
|
|
|
|
1,171,871,151 |
|
|
|
|
| Noninterest Bearing Liabilities |
|
7,806,527 |
|
|
|
|
|
7,664,587 |
|
|
|
|
| Shareholders' Equity |
|
175,963,384 |
|
|
|
|
|
168,509,982 |
|
|
|
|
| Total Liabilities and Shareholder's Equity |
|
$ 1,392,930,831 |
|
|
|
|
|
$ 1,348,045,720 |
|
|
|
|
| Net Interest Income |
|
|
|
$12,317,319 |
|
|
|
|
|
$ 12,043,596 |
|
|
| Net Interest Margin |
|
|
|
|
|
3.72% |
|
|
|
|
|
3.82% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Suncrest Bank |
|
|
|
|
|
|
|
|
|
|
|
|
| Average Balance Sheet and Yields (Unaudited) |
|
|
|
|
|
|
|
|
|
|
||
| For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
September 30, 2021 |
|
September 30, 2020 |
||||||||
| |
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
| |
|
Balance |
|
Interest |
|
Yield/Rate |
|
Balance |
|
Interest |
|
Yield/Rate |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits in Other Financial Institutions |
|
$ 80,895,754 |
|
$ 30,752 |
|
0.15% |
|
$ 134,317,994 |
|
$ 39,284 |
|
0.12% |
| Investment Securities |
|
382,461,945 |
|
2,176,940 |
|
2.28% |
|
277,443,763 |
|
1,620,278 |
|
2.34% |
| Loans |
|
849,690,018 |
|
10,593,539 |
|
4.95% |
|
801,674,194 |
|
9,621,006 |
|
4.77% |
| Total Interest Earning Assets |
|
1,313,047,717 |
|
12,801,231 |
|
3.87% |
|
1,213,435,951 |
|
11,280,568 |
|
3.70% |
| Noninterest Earning Assets |
|
79,883,114 |
|
|
|
|
|
78,283,592 |
|
|
|
|
| Total Assets |
|
$ 1,392,930,831 |
|
|
|
|
|
$ 1,291,719,543 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Bearing Transaction Accounts |
|
$ 164,148,322 |
|
167,499 |
|
0.40% |
|
$ 149,384,315 |
|
165,969 |
|
0.44% |
| Savings and Money Market Accounts |
|
423,094,624 |
|
216,705 |
|
0.20% |
|
364,811,548 |
|
285,307 |
|
0.31% |
| Time Deposits - Retail |
|
64,067,178 |
|
90,719 |
|
0.56% |
|
74,361,165 |
|
191,864 |
|
1.03% |
| Time Deposits - Wholesale |
|
34,076,127 |
|
8,989 |
|
0.10% |
|
- |
|
- |
|
0.00% |
| Total Interest Bearing Deposits |
|
685,386,251 |
|
483,912 |
|
0.28% |
|
588,557,028 |
|
643,140 |
|
0.43% |
| Other Borrowings and FLHB Advances |
|
- |
|
- |
|
0.00% |
|
68,563,899 |
|
60,757 |
|
0.35% |
| Total Interest Bearing Liabilities |
|
685,386,251 |
|
483,912 |
|
0.28% |
|
657,120,927 |
|
703,897 |
|
0.43% |
| Noninterest Bearing Transaction Accounts |
|
523,774,669 |
|
|
|
|
|
463,248,302 |
|
|
|
|
| Total Funding Sources |
|
1,209,160,920 |
|
|
|
|
|
1,120,369,229 |
|
|
|
|
| Noninterest Bearing Liabilities |
|
7,806,527 |
|
|
|
|
|
7,730,135 |
|
|
|
|
| Shareholders' Equity |
|
175,963,384 |
|
|
|
|
|
163,620,179 |
|
|
|
|
| Total Liabilities and Shareholder's Equity |
|
$ 1,392,930,831 |
|
|
|
|
|
$ 1,291,719,543 |
|
|
|
|
| Net Interest Income |
|
|
|
$12,317,319 |
|
|
|
|
|
$ 10,576,671 |
|
|
| Net Interest Margin |
|
|
|
|
|
3.72% |
|
|
|
|
|
3.47% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Suncrest Bank |
|
|
|
|
|
|
|
|
|
|
|
|
| Average Balance Sheet and Yields (Unaudited) |
|
|
|
|
|
|
|
|
|
|
||
| For the Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
September 30, 2021 |
|
September 30, 2020 |
||||||||
| |
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
| |
|
Balance |
|
Interest |
|
Yield/Rate |
|
Balance |
|
Interest |
|
Yield/Rate |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits in Other Financial Institutions |
|
$ 52,811,090 |
|
$ 59,767 |
|
0.15% |
|
$ 106,016,940 |
|
$ 333,081 |
|
0.42% |
| Investment Securities |
|
363,748,840 |
|
6,407,199 |
|
2.35% |
|
242,738,055 |
|
4,439,179 |
|
2.44% |
| Loans |
|
847,995,236 |
|
30,395,689 |
|
4.79% |
|
740,923,105 |
|
27,975,918 |
|
5.04% |
| Total Interest Earning Assets |
|
1,264,555,166 |
|
36,862,655 |
|
3.90% |
|
1,089,678,100 |
|
32,748,178 |
|
4.01% |
| Noninterest Earning Assets |
|
55,443,016 |
|
|
|
|
|
80,211,321 |
|
|
|
|
| Total Assets |
|
$ 1,344,575,852 |
|
|
|
|
|
$ 1,169,889,421 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Bearing Transaction Accounts |
|
$ 158,178,277 |
|
496,416 |
|
0.42% |
|
$ 138,419,679 |
|
314,028 |
|
0.30% |
| Savings and Money Market Accounts |
|
399,517,542 |
|
684,303 |
|
0.23% |
|
359,887,691 |
|
1,537,273 |
|
0.57% |
| Time Deposits - Retail |
|
68,471,206 |
|
274,875 |
|
0.54% |
|
77,858,739 |
|
650,650 |
|
1.12% |
| Time Deposits - Wholesale |
|
41,923,143 |
|
30,278 |
|
0.10% |
|
- |
|
- |
|
0.00% |
| Total Interest Bearing Deposits |
|
668,090,168 |
|
1,485,872 |
|
0.30% |
|
576,166,109 |
|
2,501,951 |
|
0.58% |
| Other Borrowings and FLHB Advances |
|
3,848,246 |
|
5,302 |
|
0.18% |
|
37,179,040 |
|
97,680 |
|
0.35% |
| Total Interest Bearing Liabilities |
|
671,938,414 |
|
1,491,174 |
|
0.30% |
|
613,345,149 |
|
2,599,631 |
|
0.57% |
| Noninterest Bearing Transaction |
|
493,776,669 |
|
|
|
|
|
391,224,164 |
|
|
|
|
| Total Funding Sources |
|
1,165,715,083 |
|
|
|
|
|
1,004,569,313 |
|
|
|
|
| Noninterest Bearing Liabilities |
|
7,904,884 |
|
|
|
|
|
7,608,560 |
|
|
|
|
| Shareholders' Equity |
|
170,955,885 |
|
|
|
|
|
157,711,548 |
|
|
|
|
| Total Liabilities and Shareholder's Equity |
|
$ 1,344,575,852 |
|
|
|
|
|
$ 1,169,889,421 |
|
|
|
|
| Net Interest Income |
|
|
|
$35,371,481 |
|
|
|
|
|
$ 30,148,547 |
|
|
| Net Interest Margin |
|
|
|
|
|
3.74% |
|
|
|
|
|
3.70% |
SOURCE Suncrest Bank
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