Vibra Bank Reports Results For Third Quarter 2014
Bank reports growth in earnings and assets for the period.
CHULA VISTA, Calif., Oct. 23, 2014 /PRNewswire/ -- Vibra Bank ("VBBK"-OTCQB), today reported third quarter earnings of $305,000, or $0.41 per share, compared to earnings of $134,000, or $0.18 per share for the third quarter of 2013. Earnings for the third quarter represent an annualized return on average equity and average assets of 9.0% and 0.8% respectively compared with 4.0% and 0.4% respectively, for the third quarter of 2013. Year-to-date, the bank reported earnings of $330,000, or $0.45 per share compared to a loss of $168,000, or ($0.23) per share for the first nine months of 2013.
"The Bank achieved growth in both deposits and loans during the period and asset quality and loan pipeline remain strong," said President and CEO, Frank J. Mercardante.
The Bank also reported that its capital ratios continue to exceed regulatory minimums. For the period ended September 30, 2014, the Bank's Tier One Leverage ratio equaled 8.66%, 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 15.02% and 16.27%, 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 ESPAÑOL
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.
Media Contact:
Frank J. Mercardante
(619) 422-5300
[email protected]
| Vibra Bank |
|||||||||
| Statements of Income (unaudited) |
|||||||||
| Nine Months Ended |
Three Months Ended |
||||||||
| ($ in thousands,except per share data) |
Sept 30, 2014 |
Sept 30, 2013 |
Sept 30, 2014 |
Sept 30, 2013 |
|||||
| Total Interest Income |
$ 4,975 |
$ 4,527 |
$ 1,642 |
$ 1,605 |
|||||
| Total Interest Expense |
581 |
523 |
181 |
194 |
|||||
| Net Interest Income |
4,394 |
4,003 |
1,461 |
1,411 |
|||||
| Provision for Loan Losses |
20 |
231 |
20 |
- |
|||||
| Net Interest Income After Provision |
4,374 |
3,772 |
1,441 |
1,411 |
|||||
| Total Non-Interest Income |
833 |
901 |
325 |
421 |
|||||
| Total Non-Interest Expense |
4,978 |
4,840 |
1,564 |
1,699 |
|||||
| Net Operating Income |
228 |
(167) |
202 |
134 |
|||||
| Income Taxes |
(102) |
1 |
(103) |
- |
|||||
| Net Income After Taxes |
$ 330 |
$ (168) |
$ 305 |
$ 134 |
|||||
| Earnings per share - basic |
$ 0.45 |
$ (0.23) |
$ 0.41 |
$ 0.18 |
|||||
| Weighted average shares |
738,865 |
738,865 |
738,865 |
738,865 |
|||||
| Return on Average Equity (annualized) |
3.3% |
-1.7% |
9.0% |
4.0% |
|||||
| Return on Average Assets (annualized) |
0.3% |
-0.2% |
0.8% |
0.4% |
|||||
| Net Interest Margin |
4.02% |
4.64% |
3.95% |
4.94% |
|||||
| Efficiency Ratio |
95.3% |
98.7% |
87.5% |
92.7% |
|||||
| Vibra Bank |
|||||||||
| Balance Sheet (unaudited) |
|||||||||
| For the Period Ended |
% Change |
||||||||
| ($ in thousands,except per share data) |
Sept 30, 2014 |
Sept 30, 2013 |
Sept 2013 |
||||||
| Assets |
|||||||||
| Cash and Cash Equivalents |
$ 2,982 |
$ 2,201 |
36% |
||||||
| Total Investment Securities |
3,803 |
1,273 |
199% |
||||||
| Federal Funds Sold |
35,412 |
30,300 |
17% |
||||||
| Loans, Net of Unearned Income |
103,713 |
101,179 |
3% |
||||||
| Allowance for Loan Losses |
(1,364) |
(1,519) |
-10% |
||||||
| Other Assets |
3,553 |
3,164 |
12% |
||||||
| TOTAL ASSETS |
$ 148,101 |
$ 136,597 |
8% |
||||||
| Liabilities and Equity |
|||||||||
| Total Deposits |
$ 133,583 |
$ 122,617 |
9% |
||||||
| Other Liabilities |
674 |
587 |
|||||||
| Total Liabilities |
134,256 |
123,204 |
9% |
||||||
| Total Equity |
13,844 |
13,394 |
3% |
||||||
| TOTAL LIABILITIES AND EQUITY |
$ 148,101 |
$ 136,597 |
8% |
||||||
| Book Value per Share at end of period |
$ 18.74 |
$ 18.13 |
|||||||
| Non-Performing Assets (net of SBA gty) |
$ 207 |
$ - |
|||||||
| Non-Performing Assets (% of Assets) |
0.1% |
0.0% |
|||||||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vibra-bank-reports-results-for-third-quarter-2014-465398066.html
SOURCE Vibra Bank
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