Sierra Vista Bank (fka SVBA)

[56Chevy]

Sierra Vista Bank Reports Record 2013 Results

Bang!

Sierra Vista Bank (c (SVBA)
$3.40 up 0.5 (17.24%)
Volume: 3,500

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

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*Congratulations are in order to the bank and its management team. They fought the good fight and prevailed!