FOLSOM, CA--(Marketwire - Jan 28, 2013) - Sierra Vista Bank (
The Bank continued to show a strong net interest margin of 5.07% for the fourth quarter 2012 and 4.92% for the year, fueled by a yield on earning assets of 5.29% and a cost of funds of 0.24%. "We are finding opportunity as our market area continues to experience slow but steady economic improvement," stated Gregory Patton, President & CEO.
In the third quarter of 2012 the Bank completed a Public Offering increasing capital by over $2 million with an additional $235,000 contributed during the fourth quarter of the year from an Accredited Investor whom the Bank has entered in to an agreement with for an additional $1.4 million subject to regulatory approval. The capital received has substantially strengthened the Bank's balance sheet and increased the capital level on December 31, 2012 to $10 million creating a leverage ratio of 12.48%. This compares to a leverage ratio of 9.02% on March 31, 2012 and 10.01% on December 31, 2011.
Financial Highlights (at or for the quarter ended December 31, 2012)
- The net interest margin was 5.07% for the fourth quarter and 4.92% for the year.
- Non-interest bearing deposits represented 31.7% of total deposits at December 31, 2012.
- Provisions for loan losses for the quarter were $80,000, well below the $165,000 one year earlier.
- Capital levels increased and remain well above the regulatory "well-capitalized" minimum levels:
- The Tier 1 Leverage Capital ratio improved to 12.48% compared to 10.01% as of December 31, 2011.
- The Tier 1 Risk Based Capital ratio improved to 15.92% compared to 13.46% as of December 31, 2011.
- The Total Risk Based Capital ratio improved to 17.19% compared to 14.74% as of December 31, 2011.
Sierra Vista Bank had total assets of $78.8 million at December 31, 2012, compared to $77.9 million at September 30, 2012. Net loans increased to $59.6 million at the end of December compared to $58.4 million at September 30, 2012. Deposits totaled $66.0 million at December 31, 2012, compared to $66.8 million at September 30, 2012.
Non-performing assets totaled $4.1 million at the end of December 2012 compared to $4.4 million at the end of December 2011. Non-performing assets include loans classified as non-accrual of $2.5 million and real estate owned of $1.6 million at December 31, 2012. The real estate owned balance of $1.6 million includes the Bank's headquarters totaling $1.5 million. Non-performing loans to total loans as a ratio decreased substantially from 6.67% on December 31, 2011 to 4.07% on December 31, 2012. With the exception of $482,000, all non-accruing loans are 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 (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|
|Cash and due from banks||$||3,053||$||2,856||$||4,545|
|Federal funds sold||1,460||970||4,160|
|Investment securities, available-for-sale||11,858||12,762||10,938|
|Net deferred (fees)||(31||)||(33||)||(39||)|
|Allowance for loan losses||(1,391||)||(1,343||)||(2,033||)|
|Premises and equipment, net||735||750||813|
|Accrued interest receivable||277||247||253|
|Other real estate||1,571||1,581||339|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Noninterest-bearing demand deposits||$||20,926||$||23,416||$||22,024|
|Interest-bearing demand deposits||2,846||2,714||1,865|
|Savings and money market deposits||13,699||13,439||14,226|
|Accrued interest payable||16||17||31|
|Accounts payable and other liabilities||366||349||377|
|Additional paid-in capital||377||377||377|
|Accumulated other comprehensive income||89||114||70|
|TOTAL STOCKHOLDERS' EQUITY||9,951||9,701||8,173|
|TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY||$||78,791||$||77,902||$||80,533|
|SIERRA VISTA BANK|
|CONSOLIDATED INCOME STATEMENTS|
|For the Three |
|For the Twelve Months Ended:|
|($000s, except per share data)||12/31/12||9/30/12||12/31/11||12/31/12||12/31/11|
|Federal Funds sold||2||2||3||11||11|
|Total interest income||1,000||965||1,061||3,955||4,497|
|Total interest expense||42||43||74||209||445|
|Net interest income||958||922||987||3,746||4,052|
|Provision for loan and lease losses||80||60||165||1,030||645|
|Net interest income after provision for loan losses||878||862||822||2,716||3,407|
|Customer service and other fees||100||121||66||432||234|
|Gain (loss) on sale of loans||0||0||0||0||15|
|Gain (loss) on sale of other real estate||0||0||0||56||6|
|Gain (loss) on available-for-sale securities||41||20||77||193||301|
|Total noninterest income||141||141||143||681||556|
|Salaries and employee benefits||479||495||453||2,036||1,877|
|Occupancy and equipment||156||157||159||619||665|
|Other general and administrative||346||283||289||1,227||1,262|
|Total noninterest expense||981||935||901||3,882||3,804|
|Net income (loss)||$||38||$||68||$||64||$||(485||)||$||159|
|Earnings (loss) per share||$||0.01||$||0.03||$||0.03||$||(0.20||)||$||0.08|
|Tangible book value per share||$||2.96||$||3.00||$||4.02||$||2.96||$||4.02|
|Net interest margin||5.07||%||4.93||%||5.10||%||4.92||%||5.04||%|
|Non-performing loans to total loans||4.07||%||3.66||%||6.67||%||4.07||%||6.67||%|
|Non-performing assets to total loans and ORE||6.47||%||6.14||%||7.18||%||6.47||%||7.18||%|
|Non-performing assets to total assets||5.14||%||4.84||%||5.48||%||5.14||%||5.48||%|
|Allowance for loan losses to total loans||2.28||%||2.25||%||3.33||%||2.28||%||3.33||%|
|Allowance for loan losses to non-performing loans||56.04||%||61.30||%||49.89||%||56.04||%||49.89||%|
|Other real estate||$||1,571||$||1,581||$||339||$||1,571||$||339|
|Selected Financial Ratios:|
|Tier 1 leverage capital ratio||12.48||%||12.16||%||10.01||%||12.48||%||10.01||%|
|Tier 1 risk-based capital ratio||15.92||%||15.66||%||13.46||%||15.92||%||13.46||%|
|Total risk-based capital ratio||17.19||%||16.92||%||14.74||%||17.19||%||14.74||%|