Suncrest Bank Reports Third Quarter Net Income. Surpasses $900 million in assets. ROA of 1.58%
SACRAMENTO, Calif. and VISALIA, Calif., Oct. 25, 2018 /PRNewswire/ -- Suncrest Bank (OTCQX: SBKK) today reported unaudited financial results for the third quarter of 2018.
"We ended the quarter with total assets of approximately $912 million which is an increase of 3% over the linked quarter and we remain on track to cross the $1 billion threshold during 2019," said President and CEO, Ciaran McMullan. "Organic growth remains strong with new loan originations during the quarter of over $40 million and an increase in total deposits of approximately $30 million or 16% annualized."
"This quarter we saw the full top-line revenue impact of our merger with Community Business Bank with net interest income increasing by more than $2.5 million or 36%. Together with improving asset yields, this helped to drive an excellent return on assets of nearly 1.6% and a sub-50% efficiency ratio," added McMullan.
Third Quarter 2018 Highlights
- Return on average assets of 1.58%
- Efficiency ratio of 49.10% compared to 54.24% for Q3 2017
- Net income of $3.5 million, a single quarter record
- Diluted EPS of $0.28, an increase of 47% over Q3 2017
- Net interest margin of 4.78%
- Average loan to deposit ratio of 84.32%
- Non-interest bearing deposits increased by $20.6 million or 7.3% over the linked quarter
- Total loan growth of $9.7 million or 1.5% over the linked quarter
- Loans secured by real estate increased by $18.3 million or 3.8% over the linked quarter
- New loan originations1 of $41.8 million during the quarter
- Return on average equity of 10.85%
- Total risk based capital ratio was 12.55% and Tier 1 leverage ratio was 10.29%
- Finalist in the category "Best IR by a Micro-cap" presented by IR Magazine
Income Statement
The comparability of third quarter net income to the linked quarter is impacted significantly by non-recurring merger expenses experienced in the second quarter. The table also identifies non-recurring income items, income resulting from the accretion of acquired loan fair value marks (as those loans continue to perform), and non-recurring costs such as merger expenses.
Non-recurring Income |
||||||||
Period |
Net Income |
Interest |
Income from |
Non- |
Core Net Interest |
Core Net |
Core |
Core |
Q3 2018 |
$ 3,502,724 |
$ 255,169 |
$ 166,167 |
$ - |
$ 9,264,533 |
$ 3,207,724 |
4.57% |
$ 0.26 |
Q2 2018 |
$ 1,408,508 |
$ - |
$ 80,207 |
$ 1,446,000 |
$ 7,036,864 |
$ 2,394,508 |
4.41% |
$ 0.28 |
Q3 2017 |
$ 1,365,183 |
$ 349,686 |
$ 193,806 |
$ - |
$ 4,915,672 |
$ 1,045,338 |
4.21% |
$ 0.15 |
Net income increased over the linked quarter (excluding the impact of non-recurring merger costs) by $813,000 or 34.0%. This growth is primarily attributable to the full quarter impact of our merger with Community Business Bank (CBB), which closed in May of this year but was also helped by an increase in our overall average yield on earning assets from 4.71% for the quarter ended June 30, 2018 to 5.13% for the quarter ended September 30, 2018.
Net interest income for the quarter was $9.7 million, an increase of $4.2 million or 77.4% over the same quarter last year and by $2.6 million or 36.1% over the linked quarter.
Non-interest income for the quarter was $446,000, a decrease of $262,000 or 37.0% over the linked quarter. This decrease is attributable to the fact we had no gain in sale income in the current quarter. However, income due to service charges did increase slightly by $70,000 or 18.7%.
Total non-interest expenses declined over the linked quarter by $502,000 or 9.2%. When non-recurring merger expenses are excluded, non-interest expenses increased by $944,000 or 23.4%. This increase is primarily due to the full quarter impact of CBB expense base being experienced in the third quarter.
Core net interest margin (NIM), which conservatively removes accretion of loan fair value marks and non-recurring items such as recovery of interest, was 4.57% for the quarter, an increase of 36 basis points from the same quarter last year. This improvement was driven primarily by an increase in overall yields as well as securities and loans being a higher percentage of average earning assets in the current quarter.
Our core NIM improved by 16 basis points when compared to the linked quarter primarily driven by loans being a higher percentage of average earning assets in the current quarter and an improvement in investment yields, partially offset by an increase in overall cost of funds due to the merger.
The increase in our cost of funds by 5 basis points over the linked quarter was primarily attributable to seeing the full quarter impact of the addition of the CBB higher cost deposit base. CBB's average cost of funds pre-merger was 61 basis points.
Balance Sheet
The acquisition of CBB, with total assets of approximately $320 million at March 31, 2018, which closed on May 21, 2018, will affect the comparability of balance sheet information for the quarter versus the same quarter of 2017.
Total assets at September 30, 2018 were $911.5 million representing an increase by $28.6 million or 3.2% during the quarter. The increase was driven primarily by strong growth in deposits.
Total deposits at September 30, 2018 were $776.5 million, an increase of $30.8 million or 4.0% over the linked quarter. This growth was largely driven by an increase in non-maturity deposits5, which were $658.6 million at quarter end, an increase of $35.4 million or 5.7% over the linked quarter. We also saw good growth in noninterest-bearing deposits, which increased by $20.6 million or 7.3% over the linked quarter while time deposits declined by $4.7 million or 3.8%. The decline in time deposits was driven entirely by the planned payoff of the remaining $6.7 million in brokered certificates of deposit that had been inherited from our acquisition of CBB.
The bank continues to maintain a strong focus on growing core, locally-sourced non-maturity and non-interest bearing deposit relationships and average deposits per branch were approximately $110.9 million at quarter end.
Total loans at September 30, 2018 were $640.5 million, an increase of $9.7 million or 1.5% over the linked quarter. In the third quarter we typically see seasonal pay downs in our agricultural production lines which declined by $5.5 million or 11.7% over the linked quarter. Some of the decline in this category is also explained by a reclassification of a number of acquired loans out of this category and into the farmland category. Our commercial and industrial loans also declined during the quarter by $2.8 million or 3.8% which is primarily explained by normal business fluctuations in the utilization of these lines.
Loan growth this quarter was primarily driven by increases in farmland loans and non-owner occupied commercial real estate which increased by $13.5 million and $8.6 million or 12.1% and 6.1% respectively. Total loans secured by real estate increased by 3.8% or 15.1% annualized.
Total loan originations, which include unfunded commitments, were $41.8 million during the quarter
As a result of our merger with CBB we inherited approximately $24 million in Municipal Leases. These leases are effectively tax-exempt equipment loans to high performing California Municipalities and School Districts with the majority of these loans being less than $1.0 million in outstanding balances.
The table below details the major categories of our loan portfolio as compared to the linked quarter. The percentages within all major categories remained relatively similar.
% of Total Loans |
% of Total Loans |
|
Commercial & Industrial Loans |
11.2% |
11.8% |
Farmland & Agricultural Production |
25.9% |
25.1% |
Non Owner Occupied CRE |
23.3% |
22.3% |
Owner Occupied CRE |
14.1% |
14.2% |
Construction |
6.1% |
6.5% |
1-4 and Multifamily |
15.7% |
16.2% |
Asset Quality
Non-performing assets were $684,000 or 0.08% of total assets at September 30, 2018 compared to $2.1 million or 0.24% of total assets at June 30, 2018. This significant decrease is due to an OREO disposal in July 2018. Loans 30-89 days delinquent were 0.94% of total loans at September 30, 2018 compared to zero at June 30, 2018. This elevated level of delinquencies was driven primarily by the ongoing extension negotiations of matured loans within one single large borrowing relationship and the pending refinance of an acquired relationship. Both delinquencies are expected to be addressed in the upcoming weeks. It should be noted that data related to loans 30-89 days delinquent is not contained within this release but is detailed in the bank's Q3 UBPR (Call Report).
During the third quarter the company recorded an additional $350,000 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 1.24% at September 30, 2018 compared to 1.20% at June 30, 2018 and 1.27% at March 31, 2018.
Capital
Suncrest Bank remained well capitalized at September 30, 2018. All of the Bank's capital ratios are above minimum regulatory standards for "well capitalized" institutions.
At September 30, 2018 the tangible book value per common share was $6.84 with common shares issued of 12,412,300 as of the same date. This compares to a tangible book value per common share of $6.56 at June 30, 2018 and $8.11 at March 31, 2018.
Excluding the unrealized loss on securities, the tangible book value per common share at September 30, 2018 was $7.04
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.
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
Suncrest Bank |
|||||||
Statements of Financial Condition |
|||||||
(Unaudited) |
|||||||
September 30, |
June 30, |
December 31, |
September 30, |
||||
2018 |
2018 |
2017 |
2017 |
||||
ASSETS |
|||||||
Cash and Due from Banks |
$ 45,939,304 |
$ 33,574,685 |
$ 29,728,313 |
$ 24,718,147 |
|||
Federal Funds Sold |
25,447,000 |
20,832,000 |
33,006,000 |
74,053,000 |
|||
TOTAL CASH AND CASH EQUIVALENTS |
71,386,304 |
54,406,685 |
62,734,313 |
98,771,147 |
|||
Investment Securities Available for Sale (AFS) |
127,135,695 |
122,462,570 |
90,368,057 |
60,079,743 |
|||
Loans: |
|||||||
Total Loans |
640,515,026 |
630,867,230 |
353,368,194 |
347,476,766 |
|||
Allowance for Loan Losses |
( 4,021,747) |
( 3,670,947) |
( 3,412,669) |
( 3,412,669) |
|||
NET LOANS |
636,493,279 |
627,196,283 |
349,955,525 |
344,064,097 |
|||
Federal Home Loan Bank and Other Bank Stock, at Cost |
5,453,891 |
5,456,104 |
3,152,891 |
3,152,891 |
|||
Premises and Equipment |
6,123,388 |
6,118,634 |
5,904,262 |
5,943,586 |
|||
Other Real Estate Owned |
313,720 |
1,713,720 |
313,720 |
313,720 |
|||
Bank Owned Life Insurance |
8,231,954 |
8,180,146 |
5,238,821 |
5,208,420 |
|||
Goodwill |
41,126,689 |
41,230,095 |
3,325,220 |
3,325,220 |
|||
Core Deposit Intangible |
4,191,333 |
4,408,161 |
1,313,301 |
1,379,129 |
|||
Accrued Interest and Other Assets |
11,055,161 |
11,778,004 |
6,611,278 |
7,121,563 |
|||
$ 911,511,414 |
$ 882,950,402 |
$ 528,917,388 |
$ 529,359,516 |
||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||
Deposits: |
|||||||
Noninterest-bearing Demand |
$ 303,565,381 |
$ 283,012,411 |
$ 162,335,707 |
$ 164,528,813 |
|||
Savings, NOW and Money Market Accounts |
355,074,099 |
340,190,775 |
235,311,974 |
230,090,133 |
|||
Time Deposits |
117,903,291 |
122,566,087 |
69,253,295 |
72,822,776 |
|||
TOTAL DEPOSITS |
776,542,771 |
745,769,273 |
466,900,976 |
467,441,722 |
|||
Other Borrowings |
- |
5,000,000 |
- |
- |
|||
Accrued Interest and Other Liabilities |
4,755,688 |
5,112,328 |
1,199,304 |
986,090 |
|||
TOTAL LIABILITIES |
781,298,459 |
755,881,601 |
468,100,280 |
468,427,812 |
|||
Shareholders' Equity: |
|||||||
Common Stock - No par value |
121,716,187 |
121,624,937 |
57,279,494 |
57,202,344 |
|||
Additional Paid-in Capital |
2,355,357 |
2,236,616 |
1,985,398 |
2,007,428 |
|||
Retained Earnings (Deficit) |
8,663,208 |
5,160,484 |
2,295,485 |
2,063,487 |
|||
Accumulated Other Comprehensive Income (Loss) - Net |
|||||||
Unrealized Gain (Loss) on Securities AFS |
( 2,521,797) |
( 1,953,236) |
( 743,269) |
( 341,555) |
|||
TOTAL SHAREHOLDERS' EQUITY |
130,212,955 |
127,068,801 |
60,817,108 |
60,931,704 |
|||
$ 911,511,414 |
$ 882,950,402 |
$ 528,917,388 |
$ 529,359,516 |
Suncrest Bank |
|||||
Statements of Income (Unaudited) |
|||||
For the Three Months Ended |
|||||
September 30, |
June 30, |
September 30, |
|||
2018 |
2018 |
2017 |
|||
INTEREST INCOME |
|||||
Interest and Fees on Loans |
$ 9,376,674 |
$ 6,726,716 |
$ 5,245,296 |
||
Interest on Investment Securities |
782,859 |
673,392 |
213,100 |
||
Interest on Federal Funds Sold and Other |
238,646 |
199,233 |
245,898 |
||
TOTAL INTEREST INCOME |
10,398,179 |
7,599,341 |
5,704,294 |
||
INTEREST EXPENSE |
|||||
Interest on Savings Deposits, NOW and Money Market Accounts |
449,095 |
240,816 |
129,746 |
||
Interest on Time Deposits |
261,992 |
215,351 |
115,384 |
||
Interest on Other Borrowings |
1,223 |
26,103 |
- |
||
TOTAL INTEREST EXPENSE |
712,310 |
482,270 |
245,130 |
||
NET INTEREST INCOME |
9,685,869 |
7,117,071 |
5,459,164 |
||
Provision for Loan Losses |
350,000 |
360,000 |
350,000 |
||
NET INTEREST INCOME AFTER |
|||||
PROVISION FOR LOAN LOSSES |
9,335,869 |
6,757,071 |
5,109,164 |
||
NONINTEREST INCOME |
|||||
Service Charges, Fees, and Other Income |
446,104 |
375,976 |
259,989 |
||
Gain on Sale of Loans |
- |
332,288 |
157,861 |
||
446,104 |
708,264 |
417,850 |
|||
NONINTEREST EXPENSE |
|||||
Salaries and Employee Benefits |
2,619,448 |
2,236,663 |
1,855,584 |
||
Occupancy Expenses |
539,438 |
420,289 |
370,999 |
||
Other Expenses |
1,815,963 |
2,819,675 |
961,048 |
||
4,974,849 |
5,476,627 |
3,187,631 |
|||
INCOME BEFORE INCOME TAXES |
4,807,124 |
1,988,708 |
2,339,383 |
||
Income Taxes |
1,304,400 |
580,200 |
974,200 |
||
NET INCOME |
$ 3,502,724 |
$ 1,408,508 |
$ 1,365,183 |
Suncrest Bank |
||||
Statements of Income (Unaudited) |
||||
For the Nine Months Ended |
||||
September 30, |
September 30, |
|||
2018 |
2017 |
|||
INTEREST INCOME |
||||
Interest and Fees on Loans |
$ 21,003,013 |
$ 15,003,130 |
||
Interest on Investment Securities |
1,986,265 |
610,261 |
||
Interest on Federal Funds Sold and Other |
646,713 |
539,950 |
||
TOTAL INTEREST INCOME |
23,635,991 |
16,153,341 |
||
INTEREST EXPENSE |
||||
Interest on Savings Deposits, NOW and Money Market Accounts |
836,952 |
347,331 |
||
Interest on Time Deposits |
596,844 |
401,260 |
||
Interest on Other Borrowings |
27,325 |
- |
||
TOTAL INTEREST EXPENSE |
1,461,121 |
748,591 |
||
NET INTEREST INCOME |
22,174,870 |
15,404,750 |
||
Provision for Loan Losses |
920,000 |
950,000 |
||
NET INTEREST INCOME AFTER |
||||
PROVISION FOR LOAN LOSSES |
21,254,870 |
14,454,750 |
||
NONINTEREST INCOME |
||||
Service Charges, Fees, and Other Income |
1,118,107 |
794,340 |
||
Gain on Sale of Loans |
332,288 |
275,515 |
||
1,450,395 |
1,069,855 |
|||
NONINTEREST EXPENSE |
||||
Salaries and Employee Benefits |
6,751,313 |
5,662,678 |
||
Occupancy Expenses |
1,312,759 |
1,044,452 |
||
Other Expenses |
5,766,970 |
3,186,846 |
||
13,831,042 |
9,893,976 |
|||
INCOME BEFORE INCOME TAXES |
8,874,223 |
5,630,629 |
||
Income Taxes |
2,506,500 |
2,357,100 |
||
NET INCOME |
$ 6,367,723 |
$ 3,273,529 |
Suncrest Bank |
|||||
Selected Financial Data & Ratios (Unaudited) |
|||||
September 30, |
June 30, |
September 30, |
|||
2018 |
2018 |
2017 |
|||
For the three months ended: |
|||||
Return on Average Assets(ROAA) |
1.58% |
0.81% |
1.09% |
||
ROAA excluding non-recurring items (1) (2) |
1.44% |
1.38% |
0.83% |
||
Return on Average Equity(ROAE) |
10.85% |
5.96% |
9.05% |
||
ROAE excluding non-recurring items (1) (2) |
9.94% |
10.14% |
6.93% |
||
Noninterest Expense (NIE) To Average Assets |
2.24% |
3.14% |
2.54% |
||
NIE to Average Assets excluding non-recurring items (1) (2) |
2.24% |
2.31% |
2.54% |
||
Efficiency Ratio |
49.10% |
69.99% |
54.24% |
||
Efficiency Ratio excluding non-recurring items (1) (2) |
51.23% |
52.04% |
59.77% |
||
Net Interest Margin |
4.78% |
4.46% |
4.67% |
||
Core Net Interest Margin (1) (2) |
4.57% |
4.41% |
4.21% |
||
Cost of Funds |
0.37% |
0.32% |
0.22% |
||
Basic Earnings Per Share (EPS) |
$ 0.28 |
$ 0.17 |
$ 0.19 |
||
Diluted EPS |
$ 0.28 |
$ 0.17 |
$ 0.19 |
||
Diluted EPS excluding non-recurring items (1) (2) |
$ 0.26 |
$ 0.28 |
$ 0.15 |
||
September 30, |
September 30, |
||||
2018 |
2017 |
||||
For the nine months ended: |
|||||
ROAA |
1.20% |
0.92% |
|||
ROAA excluding non-recurring items (1) (2) |
1.35% |
0.68% |
|||
ROAE |
9.00% |
7.35% |
|||
ROAE excluding non-recurring items (1) (2) |
10.11% |
5.43% |
|||
NIE To Average Assets |
2.61% |
2.79% |
|||
NIE to Average Assets excluding non-recurring items (1) (2) |
2.31% |
2.72% |
|||
Efficiency Ratio |
58.54% |
60.06% |
|||
Efficiency Ratio excluding merger expenses (1) (2) |
53.10% |
65.29% |
|||
Net Interest Margin |
4.58% |
4.74% |
|||
Core Net Interest Margin (1) (2) |
4.47% |
4.22% |
|||
Cost of Funds |
0.32% |
0.24% |
|||
Basic EPS |
$ 0.66 |
$ 0.47 |
|||
Diluted EPS |
$ 0.65 |
$ 0.47 |
|||
Diluted EPS excluding non-recurring items (1) (2) |
$ 0.73 |
$ 0.34 |
|||
(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) |
|||||
September 30, |
June 30, |
September 30, |
|||
2018 |
2018 |
2017 |
|||
At Period End: |
|||||
Loans to Deposits |
82.48% |
84.59% |
74.34% |
||
Average Loans to Average Deposits (QTD) |
84.32% |
81.13% |
78.19% |
||
Non-Performing Assets to Assets |
0.08% |
0.24% |
0.37% |
||
Outstanding Shares |
12,412,300 |
12,410,800 |
7,002,594 |
||
Tangible Book Value Per Share (2) |
$ 6.84 |
$ 6.56 |
$ 8.03 |
||
Tangible Book Value Per Share excluding Unrealized Loss on Securities (2) |
$ 7.04 |
$ 6.72 |
$ 8.08 |
||
Book Value Per Share |
$ 10.49 |
$ 10.24 |
$ 8.70 |
||
Regulatory Capital Ratios |
|||||
Tier 1 Leverage (to average assets) |
10.29% |
12.72% |
11.20% |
||
Common Equity Tier 1 Capital (to risk weighted assets) |
11.99% |
11.66% |
13.51% |
||
Tier 1 Capital (to risk weighted assets) |
11.99% |
11.66% |
13.51% |
||
Total Capital (to risk weighted assets) |
12.55% |
12.18% |
14.35% |
||
September 30, |
June 30, |
September 30, |
|||
2018 |
2018 |
2017 |
|||
Loan Composition |
|||||
Commercial and Industrial: |
$ 71,502,960 |
$ 74,289,286 |
$ 37,476,021 |
||
Loans to Finance Agricultural Production and Other Loans to Farmers: |
41,647,206 |
47,141,267 |
21,543,264 |
||
Loans Secured by Real Estate: |
|||||
Secured by Farmland |
124,493,140 |
111,014,916 |
73,033,469 |
||
Construction, Land Development and Other Land |
39,036,669 |
41,290,087 |
17,123,870 |
||
1-4 Family Residential Properties |
55,643,334 |
57,231,279 |
45,582,496 |
||
Multifamily Residential Properties |
45,148,329 |
45,322,224 |
17,832,938 |
||
Owner Occupied Nonresidential Properties |
90,151,385 |
89,901,027 |
46,285,573 |
||
Non-Owner Occupied Nonresidential Properties |
148,948,159 |
140,344,259 |
88,346,003 |
||
Total Loans Secured by Real Estate |
503,421,016 |
485,103,792 |
288,204,349 |
||
Municipal Leases |
23,662,086 |
23,959,085 |
- |
||
Other Loans: |
281,758 |
373,800 |
253,132 |
||
Total Loans |
$ 640,515,026 |
$ 630,867,230 |
$ 347,476,766 |
||
(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, 2018 |
June 30, 2018 |
||||||||||
Average |
Average |
Average |
Average |
||||||||
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
||||||
Interest Earning Assets: |
|||||||||||
Deposits in Other Financial Institutions |
$ 47,719,043 |
$ 238,646 |
1.98% |
$ 42,313,551 |
$ 199,233 |
1.89% |
|||||
Investment Securities |
121,612,179 |
782,859 |
2.57% |
123,284,813 |
673,392 |
2.18% |
|||||
Loans |
634,575,951 |
9,376,674 |
5.86% |
481,942,732 |
6,726,716 |
5.60% |
|||||
Total Interest Earning Assets |
803,907,173 |
10,398,179 |
5.13% |
647,541,096 |
7,599,341 |
4.71% |
|||||
Noninterest Earning Assets |
84,836,567 |
49,038,637 |
|||||||||
Total Assets |
$888,743,740 |
$696,579,733 |
|||||||||
Interest Bearing Liabilities |
|||||||||||
Interest Bearing Transaction Accounts |
$ 76,528,434 |
31,182 |
0.16% |
$ 65,141,271 |
24,980 |
0.15% |
|||||
Savings and Money Market Accounts |
267,298,485 |
417,913 |
0.62% |
216,513,889 |
215,836 |
0.40% |
|||||
Time Deposits |
120,286,031 |
261,992 |
0.86% |
92,881,436 |
215,351 |
0.93% |
|||||
Total Interest Bearing Deposits |
464,112,950 |
711,087 |
0.61% |
374,536,596 |
456,167 |
0.49% |
|||||
Other Borrowings |
2,146,739 |
1,223 |
0.23% |
5,346,703 |
26,103 |
1.96% |
|||||
Total Interest Bearing Liabilities |
466,259,689 |
712,310 |
0.61% |
379,883,299 |
482,270 |
0.51% |
|||||
Noninterest Bearing Transaction Accounts |
288,434,695 |
219,511,941 |
|||||||||
Total Funding Sources |
754,694,384 |
599,395,240 |
|||||||||
Noninterest Bearing Liabilities |
4,916,648 |
2,723,628 |
|||||||||
Shareholders' Equity |
129,132,708 |
94,460,865 |
|||||||||
Total Liabilities and Shareholder's Equity |
$888,743,740 |
$696,579,733 |
|||||||||
Net Interest Income |
$ 9,685,869 |
$ 7,117,071 |
|||||||||
Net Interest Margin |
4.78% |
4.46% |
|||||||||
Suncrest Bank |
|||||||||||
Average Balance Sheet and Yields (Unaudited) |
|||||||||||
For the Three Months Ended |
|||||||||||
September 30, 2018 |
September 30, 2017 |
||||||||||
Average |
Average |
Average |
Average |
||||||||
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
||||||
Interest Earning Assets: |
|||||||||||
Deposits in Other Financial Institutions |
$ 47,719,043 |
$ 238,646 |
1.98% |
$ 71,702,935 |
$ 245,898 |
1.36% |
|||||
Investment Securities |
121,612,179 |
782,859 |
2.57% |
47,616,726 |
213,100 |
1.79% |
|||||
Loans |
634,575,951 |
9,376,674 |
5.86% |
343,995,185 |
5,245,296 |
6.05% |
|||||
Total Interest Earning Assets |
803,907,173 |
10,398,179 |
5.13% |
463,314,846 |
5,704,294 |
4.88% |
|||||
Noninterest Earning Assets |
84,836,567 |
37,914,993 |
|||||||||
Total Assets |
$888,743,740 |
$501,229,839 |
|||||||||
Interest Bearing Liabilities |
|||||||||||
Interest Bearing Transaction Accounts |
$ 76,528,434 |
31,182 |
0.16% |
$ 54,683,752 |
17,167 |
0.12% |
|||||
Savings and Money Market Accounts |
267,298,485 |
417,913 |
0.62% |
165,318,981 |
112,579 |
0.27% |
|||||
Time Deposits |
120,286,031 |
261,992 |
0.86% |
72,870,206 |
115,384 |
0.63% |
|||||
Total Interest Bearing Deposits |
464,112,950 |
711,087 |
0.61% |
292,872,939 |
245,130 |
0.33% |
|||||
Other Borrowings |
2,146,739 |
1,223 |
0.23% |
- |
- |
- |
|||||
Total Interest Bearing Liabilities |
466,259,689 |
712,310 |
0.61% |
292,872,939 |
245,130 |
0.33% |
|||||
Noninterest Bearing Transaction Accounts |
288,434,695 |
147,076,072 |
|||||||||
Total Funding Sources |
754,694,384 |
439,949,011 |
|||||||||
Noninterest Bearing Liabilities |
4,916,648 |
948,545 |
|||||||||
Shareholders' Equity |
129,132,708 |
60,332,283 |
|||||||||
Total Liabilities and Shareholder's Equity |
$888,743,740 |
$501,229,839 |
|||||||||
Net Interest Income |
$ 9,685,869 |
$ 5,459,164 |
|||||||||
Net Interest Margin |
4.78% |
4.67% |
|||||||||
Suncrest Bank |
|||||||||||
Average Balance Sheet and Yields (Unaudited) |
|||||||||||
For the Nine Months Ended |
|||||||||||
September 30, 2018 |
September 30, 2017 |
||||||||||
Average |
Average |
Average |
Average |
||||||||
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
||||||
Interest Earning Assets: |
|||||||||||
Deposits in Other Financial Institutions |
$ 45,539,444 |
$ 646,713 |
1.90% |
$ 62,935,383 |
$ 539,950 |
1.15% |
|||||
Investment Securities |
111,239,812 |
1,986,265 |
2.38% |
46,909,391 |
610,261 |
1.73% |
|||||
Loans |
490,780,822 |
21,003,013 |
5.72% |
324,251,898 |
15,003,130 |
6.19% |
|||||
Total Interest Earning Assets |
647,560,078 |
23,635,991 |
4.88% |
434,096,672 |
16,153,341 |
4.98% |
|||||
Noninterest Earning Assets |
59,958,985 |
38,526,376 |
|||||||||
Total Assets |
$ 707,519,063 |
$ 472,623,048 |
|||||||||
Interest Bearing Liabilities |
|||||||||||
Interest Bearing Transaction Accounts |
$ 66,430,754 |
73,898 |
0.15% |
$ 53,440,858 |
48,385 |
0.12% |
|||||
Savings and Money Market Accounts |
220,977,556 |
763,054 |
0.46% |
150,982,831 |
298,946 |
0.26% |
|||||
Time Deposits |
94,096,387 |
596,844 |
0.85% |
79,722,368 |
401,260 |
0.67% |
|||||
Total Interest Bearing Deposits |
381,504,697 |
1,433,796 |
0.50% |
284,146,057 |
748,591 |
0.35% |
|||||
Other Borrowings |
2,339,011 |
27,325 |
1.56% |
- |
- |
- |
|||||
Total Interest Bearing Liabilities |
383,843,708 |
1,461,121 |
0.51% |
284,146,057 |
748,591 |
0.35% |
|||||
Noninterest Bearing Transaction Accounts |
226,390,138 |
128,101,012 |
|||||||||
Total Funding Sources |
610,233,846 |
412,247,069 |
|||||||||
Noninterest Bearing Liabilities |
2,907,870 |
1,021,248 |
|||||||||
Shareholders' Equity |
94,377,347 |
59,354,731 |
|||||||||
Total Liabilities and Shareholder's Equity |
$ 707,519,063 |
$ 472,623,048 |
|||||||||
Net Interest Income |
$ 22,174,870 |
$ 15,404,750 |
|||||||||
Net Interest Margin |
4.58% |
4.74% |
|||||||||
SOURCE Suncrest Bank
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