Sierra Vista Bank Reports Record 2013 Results
January 30 2014 - 8:45AM
Marketwired
Sierra Vista Bank Reports Record 2013 Results
FOLSOM, CA--(Marketwired - Jan 30, 2014) - Sierra Vista Bank
(OTCQB: SVBA) today reported net income of $4.7 million and pre-tax
earnings of $671,000 for the year 2013. This makes 2013 the best
performing year since the Bank opened in 2007, and compares to a
loss of ($485,000) in the previous year. The Bank was able to
realize a one time accounting adjustment to its deferred tax
valuation allowance of approximately $4.0 million during the year.
The increase in core earnings to $671,000 is reflective of
significant growth, a strong net interest margin, operational
efficiencies, as well as continued improvement in the Bank's loan
portfolio.
Net income for the 4th quarter of 2013 totaled $4.2 million, and
pre-tax income totaled $220,000, an increase of 479% compared to
pre-tax income of $38,000 in the 4th quarter of 2012. The Bank
reported earnings per share of $1.25 for the year 2013 compared to
a loss of ($.20) per share in 2012. Earnings per share for 2013
without the benefit of the deferred tax adjustment totaled $.18,
compared to a loss of ($.20) in 2012.
Assets grew $23.0 million or 29.1% ending 2013 at $101.7 million
compared to $78.8 million at year end 2012. Total loans increased
27.8% to $78.0 million at December 31, 2013 compared to $61.0
million at December 31, 2012. Deposits grew $17.6 million in 2013
to a total of $83.6 million compared to $66.0 million at the end of
2012.
"We are very pleased with the significant improvement in the
operating results for 2013" stated Gary D. Gall, President/CEO,
"the great efforts of our professional team have paid off in a big
way and have positioned us for future growth".
Financial Highlights (at or for the year ended December 31,
2013)
- The net interest margin was 4.99% at December 31, 2013
- Non-interest bearing deposits represented 30.3% of total
deposits
- Capital levels increased and remain well above the regulatory
"well-capitalized" minimum levels:
- The Tier 1 Leverage Capital ratio increased to 16.63% compared
to 12.48% as of December 31, 2012.
- The Tier 1 Risk Based Capital ratio improved to 19.98% compared
to 15.92% as of December 31, 2012.
- The Total Risk Based Capital ratio improved to 21.24% compared
to 17.19% as of December 31, 2012.
- Non-performing assets as a percent of total assets were 1.12%.
compared to 5.14% at December 31, 2012
- The Bank had no OREO at December 31, 2013 compared to $1.6
million at December 31, 2012
Non-performing assets totaled $1.1 million at December 31, 2013
compared to $4.1 million at the end of December 2012. The largest
component of the decrease was the sale of the final OREO properties
totaling $1.6 million. At December 31, 2013, all non-performing
assets are performing either under their original terms as agreed
or under a forbearance agreement.
About Sierra Vista Bank Sierra Vista Bank is a locally owned
community bank headquartered at 1710 Prairie City Road in Folsom,
California since March 2007 and has a branch located in the Sam's
Town Center in Cameron Park. The Bank prides itself on serving the
financial needs of small businesses and professionals in Folsom and
throughout the Highway 50 Corridor while remaining committed to
community philanthropy. Additional information about Sierra Vista
Bank can be found at www.sierravistabank.com or by calling (916)
850-1500.
Forward Looking Statement: In addition to historical
information, this press release includes forward-looking
statements, such as statements regarding increases in non-interest
income, future profitability, the bank's ability to address
challenges impacting economy in which it operates and future loan
losses, which reflect management's current expectations for the
bank's future financial results and business prospects.
Forward-looking statements are inherently subject to risks and
uncertainties, and actual results could differ materially from
those currently anticipated due to a number of factors, which
include, but are not limited to: (a) changes in competitive
pressures among depository and other financial institutions or in
the bank's ability to compete effectively against larger financial
institutions in its banking market; (b) actions of government
regulators or changes in laws, regulations or accounting standards,
that adversely affect the bank's business; (c) changes in interest
rates and/or inflation; (d) changes in general economic or business
conditions and the real estate market in the bank's market; and (e)
other unexpected developments or changes in the bank's business or
its customers' businesses. Such risks and uncertainties could cause
results for subsequent interim periods or for the entire year to
differ materially from those indicated. You should not place undue
reliance on the forward-looking statements, which reflect
management's view only as of the date hereof. The Bank undertakes
no obligation to publicly revise these forward-looking statements
to reflect subsequent events or circumstances.
|
|
|
|
SIERRA VISTA BANK |
|
CONSOLIDATED BALANCE SHEETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
($000s) |
|
12/31/13 |
|
|
9/30/13 |
|
|
12/31/12 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
4,093 |
|
|
$ |
3,071 |
|
|
$ |
3,053 |
|
Federal funds sold |
|
|
515 |
|
|
|
7,325 |
|
|
|
1,460 |
|
Investment securities, available-for-sale |
|
|
15,310 |
|
|
|
13,246 |
|
|
|
11,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans |
|
|
77,996 |
|
|
|
68,853 |
|
|
|
61,025 |
|
|
Net deferred (fees) |
|
|
4 |
|
|
|
(47 |
) |
|
|
(31 |
) |
|
Allowance for loan losses |
|
|
(1,447 |
) |
|
|
(1,443 |
) |
|
|
(1,391 |
) |
|
|
Net
loans |
|
|
76,553 |
|
|
|
67,363 |
|
|
|
59,603 |
|
Premises and equipment, net |
|
|
558 |
|
|
|
592 |
|
|
|
735 |
|
Accrued interest receivable |
|
|
342 |
|
|
|
279 |
|
|
|
277 |
|
Other real estate |
|
|
0 |
|
|
|
0 |
|
|
|
1,571 |
|
Other assets |
|
|
4,377 |
|
|
|
310 |
|
|
|
234 |
|
TOTAL ASSETS |
|
$ |
101,748 |
|
|
$ |
92,186 |
|
|
$ |
78,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
$ |
25,335 |
|
|
$ |
24,377 |
|
|
|
20,926 |
|
Interest-bearing demand deposits |
|
|
4,648 |
|
|
|
5,111 |
|
|
|
2,846 |
|
Savings and money market deposits |
|
|
14,291 |
|
|
|
15,992 |
|
|
|
13,699 |
|
Time deposits |
|
|
39,290 |
|
|
|
35,163 |
|
|
|
28,487 |
|
TOTAL DEPOSITS |
|
|
83,564 |
|
|
|
80,643 |
|
|
|
65,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB borrowings |
|
|
2,500 |
|
|
|
0 |
|
|
|
2,500 |
|
Accrued interest payable |
|
|
28 |
|
|
|
22 |
|
|
|
16 |
|
Accounts payable and other liabilities |
|
|
198 |
|
|
|
229 |
|
|
|
366 |
|
TOTAL LIABILITIES |
|
|
86,290 |
|
|
|
80,894 |
|
|
|
68,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
21,189 |
|
|
|
21,187 |
|
|
|
19,961 |
|
Additional paid-in capital |
|
|
377 |
|
|
|
377 |
|
|
|
377 |
|
Accumulated deficit |
|
|
(5,750 |
) |
|
|
(10,006 |
) |
|
|
(10,476 |
) |
Accumulated other comprehensive income |
|
|
(358 |
) |
|
|
(266 |
) |
|
|
89 |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
15,458 |
|
|
|
11,292 |
|
|
|
9,951 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
101,748 |
|
|
$ |
92,186 |
|
|
$ |
78,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIERRA VISTA BANK |
|
|
|
|
CONSOLIDATED INCOME STATEMENTS |
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended: |
|
|
For the Twelve Months Ended: |
|
($000s, except per share data) |
|
12/31/13 |
|
|
9/30/13 |
|
|
12/31/12 |
|
|
12/31/13 |
|
|
12/31/12 |
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
1,098 |
|
|
$ |
1,085 |
|
|
$ |
931 |
|
|
$ |
4,188 |
|
|
$ |
3,653 |
|
|
Investment securities |
|
|
101 |
|
|
|
80 |
|
|
|
67 |
|
|
|
326 |
|
|
|
291 |
|
|
Federal Funds sold |
|
|
3 |
|
|
|
2 |
|
|
|
2 |
|
|
|
9 |
|
|
|
11 |
|
|
|
Total
interest income |
|
|
1,202 |
|
|
|
1,167 |
|
|
|
1,000 |
|
|
|
4,523 |
|
|
|
3,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
67 |
|
|
|
58 |
|
|
|
41 |
|
|
|
217 |
|
|
|
207 |
|
|
FHLB borrowings |
|
|
0 |
|
|
|
0 |
|
|
|
1 |
|
|
|
3 |
|
|
|
2 |
|
|
|
Total
interest expense |
|
|
67 |
|
|
|
58 |
|
|
|
42 |
|
|
|
220 |
|
|
|
209 |
|
|
|
Net
interest income |
|
|
1,135 |
|
|
|
1,109 |
|
|
|
958 |
|
|
|
4,303 |
|
|
|
3,746 |
|
Provision for loan and lease losses |
|
|
0 |
|
|
|
0 |
|
|
|
80 |
|
|
|
180 |
|
|
|
1,030 |
|
|
|
Net
interest income after provision for loan losses |
|
|
1,135 |
|
|
|
1,109 |
|
|
|
878 |
|
|
|
4,123 |
|
|
|
2,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service and other fees |
|
|
86 |
|
|
|
135 |
|
|
|
100 |
|
|
|
433 |
|
|
|
432 |
|
|
Gain (loss) on sale of loans |
|
|
0 |
|
|
|
7 |
|
|
|
0 |
|
|
|
29 |
|
|
|
0 |
|
|
Gain (loss) on sale of other real estate |
|
|
0 |
|
|
|
5 |
|
|
|
0 |
|
|
|
4 |
|
|
|
56 |
|
|
Gain (loss) on available-for-sale securities |
|
|
0 |
|
|
|
0 |
|
|
|
41 |
|
|
|
0 |
|
|
|
193 |
|
|
|
Total
noninterest income |
|
|
86 |
|
|
|
147 |
|
|
|
141 |
|
|
|
466 |
|
|
|
681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
564 |
|
|
|
500 |
|
|
|
479 |
|
|
|
2,021 |
|
|
|
2,036 |
|
|
Occupancy and equipment |
|
|
170 |
|
|
|
180 |
|
|
|
156 |
|
|
|
682 |
|
|
|
619 |
|
|
Other general and administrative |
|
|
267 |
|
|
|
348 |
|
|
|
346 |
|
|
|
1,215 |
|
|
|
1,227 |
|
|
|
Total
noninterest expense |
|
|
1,001 |
|
|
|
1,028 |
|
|
|
981 |
|
|
|
3,918 |
|
|
|
3,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before taxes |
|
$ |
220 |
|
|
$ |
228 |
|
|
$ |
38 |
|
|
$ |
671 |
|
|
$ |
(485 |
) |
|
|
Taxes |
|
|
(4,019 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(4,019 |
) |
|
|
0 |
|
|
|
Net
income (loss) |
|
$ |
4,239 |
|
|
$ |
228 |
|
|
$ |
38 |
|
|
$ |
4,690 |
|
|
$ |
(485 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share |
|
$ |
1.06 |
|
|
$ |
0.06 |
|
|
$ |
0.01 |
|
|
$ |
1.25 |
|
|
$ |
(0.20 |
) |
Tangible book value per share |
|
$ |
3.94 |
|
|
$ |
2.88 |
|
|
$ |
2.96 |
|
|
$ |
3.94 |
|
|
$ |
2.96 |
|
Net interest margin |
|
|
4.87 |
% |
|
|
5.06 |
% |
|
|
5.07 |
% |
|
|
5.04 |
% |
|
|
4.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans |
|
|
1.46 |
% |
|
|
2.65 |
% |
|
|
4.07 |
% |
|
|
1.46 |
% |
|
|
4.07 |
% |
Non-performing assets to total loans and ORE |
|
|
1.46 |
% |
|
|
2.65 |
% |
|
|
6.47 |
% |
|
|
1.46 |
% |
|
|
6.47 |
% |
Non-performing assets to total assets |
|
|
1.12 |
% |
|
|
1.98 |
% |
|
|
5.14 |
% |
|
|
1.12 |
% |
|
|
5.14 |
% |
Allowance for loan losses to total loans |
|
|
1.86 |
% |
|
|
2.10 |
% |
|
|
2.28 |
% |
|
|
1.86 |
% |
|
|
2.28 |
% |
Allowance for loan losses to non-performing loans |
|
|
126.71 |
% |
|
|
79.16 |
% |
|
|
56.04 |
% |
|
|
126.71 |
% |
|
|
56.04 |
% |
Other real estate |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
1,571 |
|
|
$ |
0 |
|
|
$ |
1,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital ratio |
|
|
16.63 |
% |
|
|
12.80 |
% |
|
|
12.48 |
% |
|
|
16.63 |
% |
|
|
12.48 |
% |
Tier 1 risk-based capital ratio |
|
|
19.98 |
% |
|
|
16.83 |
% |
|
|
15.92 |
% |
|
|
19.98 |
% |
|
|
15.92 |
% |
Total risk-based capital ratio |
|
|
21.24 |
% |
|
|
18.09 |
% |
|
|
17.19 |
% |
|
|
21.24 |
% |
|
|
17.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts: Gary D. Gall President/CEO Sierra Vista Bank (916)
850-1590 Email Contact Lesa Fynes EVP/CFO Sierra Vista Bank (916)
850-1505 Email Contact