Vibra Bank Reports Change in Chairman and Second Quarter Results
CHULA VISTA, Calif., July 31, 2014 /PRNewswire/ -- Vibra Bank ("VBBK"-OTCBB), today reported that founding director and veteran banking analyst Howard B. Levenson was elected Chairman of the Board of Directors, replacing Enrique Schon, Chairman since the Bank's founding in 2008. Mr. Schon continues to serve as a director and a major shareholder of the Bank.
Mr. Levenson said, "I sincerely appreciate the Board's confidence and look forward to working collectively to maximize our shareholders' interests." Frank J. Mercardante, President & CEO since mid-February, said, "Howard and I have served on the same bank board together since the mid 1980's and I am happy to be working with him again. Vibra Bank has one of the strongest boards of directors of any community bank in California."
The Bank also reported that it recorded a loss for the second quarter of 2014 of $26 thousand, or ($0.03) per share, compared to earnings of $61 thousand, or $0.08 per share, for the second quarter of 2013. For the first six months, the Bank recorded a profit of $25 thousand, or $0.03 per share, compared to losses of $301 thousand, or ($0.41) per share, for the first half of 2013.
The balance sheet continued to expand as the Bank reported growth from the second quarter of 2013 in:
- Total Deposits of $24 million, or 22%, to $137 million
- Total Assets of $25 million, or 20%, to $151 million
Mercardante said, "Growth in deposits continued to exceed growth in loans during the quarter, which also saw a higher level of prepayments on existing loans than what was forecasted. The total of overnight Fed Funds increased to $41.9 million from $17.4 million, which negatively impacted the net interest margin."
The Bank said that its capital ratios continue to exceed regulatory requirements and total nonperforming loans remain negligible as a percentage to total assets. For the period ended June 30, 2014, the Bank's Tier One Leverage ratio equaled 8.76%, vs. a minimum of 5% required to maintain a Well–Capitalized designation. Its Tier One Risk-Based and Total Risk-Based capital ratios stood at 15.80% and 17.05%, respectively, compared to minimums of 6% and 10% required for a Well–Capitalized designation.
Vibra Bank is a full-service community bank offering a wide variety of deposit and loan services to meet their customers' needs. Deposit offerings include, among others, state-of-the-art online banking and remote deposit capture. As an SBA Preferred Lender, Vibra's lending is focused on loans to small businesses and professionals, commercial real estate, and high net-worth individuals. Please visit our website at www.vibrabank.com for more information, or call us at (619) 422-5300. SE HABLA ESPANOL
Certain statements in this press release, including statements regarding the anticipated development and expansion of Vibra Bank's business, and the intent, belief or current expectations of Vibra Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, Vibra Bank's performance and implementation of its business plans, loan performance, interest rates, and regulatory matters.
Vibra Bank |
|||||||||
Statements of Income (unaudited) |
|||||||||
Three Months Ended |
Six Months Ended |
||||||||
($ in thousands,except per share data) |
June 30, 2014 |
June 30, 2013 |
June 30, 2014 |
June 30, 2013 |
|||||
Total Interest Income |
$ 1,721 |
$ 1,525 |
$ 3,332 |
$ 2,922 |
|||||
Total Interest Expense |
197 |
169 |
400 |
330 |
|||||
Net Interest Income |
1,524 |
1,356 |
2,932 |
2,592 |
|||||
Provision for Loan Losses |
- |
- |
- |
231 |
|||||
Net Interest Income After Provision |
1,524 |
1,356 |
2,932 |
2,361 |
|||||
Total Non-Interest Income |
156 |
274 |
508 |
479 |
|||||
Total Non-Interest Expense |
1,705 |
1,568 |
3,415 |
3,141 |
|||||
Net Operating Income |
(25) |
62 |
26 |
(300) |
|||||
Income Taxes |
1 |
1 |
1 |
1 |
|||||
Net Income After Taxes |
$ (26) |
$ 61 |
$ 25 |
$ (301) |
|||||
Earnings per share - basic |
$ (0.03) |
$ 0.08 |
$ 0.03 |
$ (0.41) |
|||||
Weighted average shares |
738,865 |
738,865 |
738,865 |
738,865 |
|||||
Return on Average Equity (annualized) |
-0.8% |
1.8% |
0.4% |
-4.5% |
|||||
Return on Average Assets (annualized) |
-0.1% |
0.2% |
0.03% |
-0.5% |
|||||
Net Interest Margin |
4.19% |
4.97% |
4.05% |
4.75% |
|||||
Efficiency Ratio |
101.5% |
96.2% |
99.3% |
102.3% |
|||||
Vibra Bank |
|||||||||
Balance Sheet (unaudited) |
|||||||||
For the Period Ended |
|||||||||
($ in thousands,except per share data) |
June 30, 2014 |
June 30, 2013 |
% Change |
||||||
Assets |
|||||||||
Cash and Cash Equivalents |
$ 2,352 |
$ 2,676 |
-12% |
||||||
Total Investment Securities |
3,881 |
1,361 |
185% |
||||||
Federal Funds Sold |
41,917 |
17,395 |
141% |
||||||
Loans, Net of Unearned Income |
100,526 |
102,892 |
-2% |
||||||
Allowance for Loan Losses |
(1,364) |
(1,530) |
-11% |
||||||
Other Assets |
3,337 |
3,142 |
6% |
||||||
TOTAL ASSETS |
$ 150,648 |
$ 125,935 |
20% |
||||||
Liabilities and Equity |
|||||||||
Total Deposits |
$ 136,554 |
$ 112,138 |
22% |
||||||
Other Liabilities |
625 |
538 |
|||||||
Total Liabilities |
137,179 |
112,676 |
22% |
||||||
Total Equity |
13,469 |
13,259 |
2% |
||||||
TOTAL LIABILITIES AND EQUITY |
$ 150,648 |
$ 125,935 |
20% |
||||||
Book Value per Share at end of period |
$ 18.23 |
$ 17.95 |
|||||||
Non-Performing Assets (net of SBA gty) |
$ 868 |
$ - |
|||||||
Non-Performing Assets (% of Assets) |
0.6% |
0.0% |
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Media Contact:
Frank J. Mercardante
(619) 422-5300
[email protected]
SOURCE Vibra Bank
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