Sierra Vista Bank (fka SVBA)

[Enterprising Investor]

Sierra Vista Bank Reports Record Earnings in 1st Quarter 2014 (4/22/14)

FOLSOM, CA--(Marketwired - Apr 22, 2014) - Sierra Vista Bank (OTCQB: SVBA) today reported record pre-tax earnings of $310,000 which represented an increase of 496% from the $52,000 earned in the 1(st) Quarter of 2013. After tax earnings equaled $176,000. Earnings per share rose to 0.04c for the 1(st) Quarter 2014.

Total assets for the Quarter ended at $104.8 million, an increase of 23% over the $85.5 million in assets as of March 31, 2013. Loans increased 19% ending the Quarter at $76.1 million. Deposits for the last 12 month period increased $12.5 million or 17%. The Bank's ratio of non-interest bearing deposits to total deposits remained strong at 28.0%. The 2014 financial results are preliminary and unaudited.

The Bank continued to show a strong net interest margin of 4.77% for the 1(st) Quarter 2014, with a yield on earning assets of 5.09% and a total cost of funds of 0.36%. "Sierra Vista Bank continues to experience strong growth and market expansion. We are experiencing an excellent response to our business model of excellence in service and community support," stated Gary D. Gall, President & CEO.

Due to significant improvement in credit quality, the Bank did not need to pass any provision for loan losses for the 1(st) Quarter of 2014, compared to $70,000 in provision expense in the 1(st) Quarter of 2013. The allowance for loan losses equaled 1.92% of total loans at March 31, 2014.

Capital levels increased and remain well above the regulatory "well-capitalized" minimum levels:
-- The Tier 1 Leverage Capital ratio improved to 15.13% as of March 31,
2014, compared to 11.95% as of March 31, 2013.

-- The Tier 1 Risk Based Capital ratio improved to 20.55% as of March 31,
2014, compared to 15.24% as of March 31, 2013.

-- The Total Risk Based Capital ratio improved to 21.81% as of March 31,
2014, compared to 16.50% as of March 31, 2013.

Non-performing assets including loans classified as non-accrual totaled $1.1 million at the end of March 2014 compared to $3.8 million at the end of March 2013. Non-performing loans to total loans as a ratio decreased substantially from 3.49% on March 31, 2013 to 1.46% on March 31, 2014. All non-accruing loans are paid current under their original terms or are paying as agreed under forbearance agreements.

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 [phone].

http://online.wsj.com/article/PR-CO-20140422-904289.html