Sierra Vista Bank Reports 1st Quarter 2015 Financial Results – Deposits Surge
FOLSOM, CALIFORNIA, April 30, 2015 - Sierra Vista Bank (OTCBB: SVBA) today reported net income for the 1st Quarter of $113,000, compared to net income of $176,000 for the same period last year. Earnings for the 1st Quarter 2015 were impacted by the opening of the Bank’s 3rd branch in June 2014 as well as the current interest rate environment.
Total assets grew $15.2 million during the 1st Quarter 2015 to $136.9 million, representing a 12.5% increase over the previous quarter and a 30.7% increase over the previous year. Loans increased $6.2 million in the first three months of 2015 to $91.7 million, an increase of 7.2% during the 1st Quarter and 20.6% over the past year. Total deposits increased $15.5 million in the 1st Quarter to $119.1 million, a 15.0% increase over the year-end level. This represented a very significant increase of 37.4% over the past year. The Bank ended the quarter without any borrowings. The 1st Quarter 2015 financial results are preliminary and unaudited. “We are very pleased with the strong growth in core deposits. The Bank continues to experience improvement in our deposit mix resulting in a lower overall cost of funds” stated Gary D. Gall, President/CEO.
Sierra Vista Bank continued to show a strong net interest margin of 4.36% for the 1st Quarter 2015, with a yield on earning assets of 4.67% and a total cost of funds of 0.33%. “The Bank’s growth in the 1st Quarter of 2015 in non-interest bearing accounts totaled $6.3 million to $36.6 million. This made a significant contribution in maintaining our strong net interest margin”, stated Lesa Fynes, EVP/CFO. “Non-interest bearing deposits ended the Quarter at 30.8% of total deposits as the Bank remains focused on growing its core business.”
Capital levels at March 31, 2015 remain above the regulatory “well-capitalized” minimum levels: - The Tier 1 Leverage Capital ratio: 13.25% - The Tier 1 Risk Based Capital ratio: 16.79% - The Total Risk Based Capital ratio: 18.04%
Due to continued improvement in credit quality, the Bank did not pass a provision for loan losses in the 1st Quarter of 2015. The allowance for loan losses was 1.54% of total loans as of March 31, 2015. Nonperforming assets continued to decline, totaling $971,000 as of March 31, 2015, compared to $1.1 million at the same point last year. Non-performing loans to total loans as a ratio decreased to 1.06% at March 31, 2015 compared 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.
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