Sierra Vista Bank (fka SVBA)

[56Chevy]

Sierra Vista Bank Reports Earnings Growth of 54% through 9 Months of 2014

FOLSOM, CALIFORNIA, November 3, 2014 - Sierra Vista Bank (OTCBB: SVBA) today reported pre- tax earnings of $696,000 for the nine month period ending September 30, 2014, a 54.3% increase over the same nine month period in 2013 of $451,000. Pre-tax earnings for the 3rd Quarter 2014 totaling $166,000 were impacted by the opening of the Bank’s 3rd branch in June 2014. The 3rd Quarter 2014 earnings were $12,000 or 6.7% lower than 3rd Quarter 2013 adjusted pre-tax earnings totaling $178,000 (adjusted for a one time $50,000 gain). The Bank reported year to date net income of $388,000 as of September 30, 2014, and net income of $90,000 for the 3rd Quarter of 2014. Total assets grew $6.9 million or 6.0% in the 3rd Quarter of 2014 to $121.4 million, representing a 31.7% increase over one year ago. Loans increased $5.4 million or 6.6% during the 3rd Quarter to a total of $86.0 million, an increase of 24.9% over the last year. Total deposits increased $6.6 million or 6.8% to $103.5 million during the Quarter, 28.4% higher than one year ago. The 2014 financial results are preliminary and unaudited. “The Bank experienced strong growth in the 3rd Quarter 2014 as we continued to expand our market share” stated Gary D. Gall, President/CEO. “The opening of our 3rd branch in Fair Oaks Village in late June 2014 has been met with excellent results.” Sierra Vista Bank continued to show a strong net interest margin of 4.28% for the 3rd Quarter 2014, with a yield on earning assets of 4.64% and a total cost of funds of 0.38%. “Although the interest rate environment remains challenging, the Bank continues to show a strong earning asset yield and low cost of funds”, stated Lesa Fynes, EVP/CFO. “While we have experienced some net interest margin compression, we believe the Bank’s interest margin will continue to outperform peers.”

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Capital levels at September 30, 2014 remain above the regulatory “well-capitalized” minimum levels:

The Tier 1 Leverage Capital ratio: 13.54%
The Tier 1 Risk Based Capital ratio: 18.57%
The Total Risk Based Capital ratio: 19.83%

Tangible Book Value: $4.04

http://www.sierravistabank.com/news.html

Marker:
Sierra Vista Bank (c (SVBA)
$4.40 0.0 (0.00%)
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*Superb Q3 Report!