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Suncrest Bank Reports Fourth Quarter and Full Year Earnings. Net Income of $13.1 million. EPS Increased year-over-year by 12%. Annualized non-PPP loan growth of 14%.

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·24 min read
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SACRAMENTO, Calif. and VISALIA, Calif., Jan. 27, 2021 /PRNewswire/ -- Suncrest Bank (OTCQX: SBKK) today reported unaudited financial results for the fourth quarter and full year of 2020.

"Suncrest Bank has delivered an exceptionally strong year despite the challenges faced in 2020. We posted net income of over $13 million, increased EPS by almost 12% to $1.06, our return on average tangible assets was 1.14%, and our efficiency ratio was under 52% for the year," said Mr. Ciaran McMullan, President and CEO of Suncrest Bank.

"Our momentum continued to build through year-end with fourth quarter earnings of $4.35 million up nearly 36% over the linked quarter, organic non-PPP loan growth of 3.45% or approximately 14% annualized, and $59 million in new originations which is a single-quarter record."

"Asset quality improved even further with NPAs declining to 0.31% and at quarter-end we had only one borrower utilizing our deferred payment program in the amount of $2.8 million," McMullan added.

"We believe this momentum can be maintained through 2021 as our region benefits from the emerging work-from-home model that is driving significant migration of home-buyers and tech workers away from high cost coastal cities and toward Central California, with Sacramento ranking as the most popular destination in the U.S. for homebuyers looking to move to a different metro area."

Full Year 2020 Highlights

  • Net income of $13.1 million, up 10.3% over the prior year

  • Diluted EPS of $1.06, an increase of $0.11 or 11.6% over the prior year

  • Return on average tangible assets of 1.14%

  • Return on average tangible equity of 11.11%

  • Total deposits increased by $207.0 million or 24.98%

  • Total organic loan growth (excluding PPP) of $35.1 million or 5.26%

  • New originations1 (excluding PPP) of $190.0 million compared to $143.7 for 2019

  • Efficiency ratio of 51.73%

  • Repurchased 209,800 shares, average price of $8.32

Fourth Quarter 2020 Highlights

  • Net income of $4.35 million, an increase of 35.6% over the linked quarter

  • Diluted EPS of $0.35 compared to $0.26 for the linked quarter

  • Total organic loan growth (excluding PPP) of $23.4 million or 3.45% which is 13.8% annualized

  • New originations1 (excluding PPP) of $58.9 million

  • Return on average tangible assets of 1.40%

  • Return on average tangible equity of 14.02%

  • Efficiency ratio of 48.98%

  • Tangible book value per share of $10.41, an increase of 45 cents during the quarter

  • Tier 1 leverage ratio of 9.42%

  • Partnered with FHLB to provide $60,000 in Covid-19 and wildfire relief aid.

Positive Economic Impact of Remote Working for Central California

The emerging work-from-home business model, brought about by the impact of the ongoing pandemic, is driving significant intra-state migration within California. This unique phenomenon is creating both immediate and long term economic benefits for Central California and the Greater Sacramento region in particular. Our region ranks number one in the nation in a recent study2 undertaken by Redfin (www.redfin.com). The study is based on a sample of more than 1.5 million consumers who searched for homes across 87 metro areas and shows Sacramento as the most popular destination for homebuyers looking to move to a different metro area. A further study3 undertaken by LinkedIn (www.linkedIn.com) examines where several hundred thousand tech workers in the U.S. are moving to and finds that Sacramento is one of the top three beneficiaries in the nation. Finally, research carried out by the Greater Sacramento Economic Council (www.greatersacramento.com) has found that more than 300 Facebook employees now live in the region having relocated from the high cost Bay Area and Silicon Valley as a result of the company's decision to allow employees to permanently work from home. While these trends are having an immediate and positive economic impact we believe they will also be long lasting due to both the livability and affordability of our Central California communities.

Income Statement

Net income for the quarter was $4.35 million compared to $3.21 million for the linked quarter and $3.04 million for the same quarter last year. The increase over the linked quarter is primarily due to an increase in net interest income of approximately $540,000, a reduction in provision for loan losses of $750,000 and gain on sale of correspondent bank stock of approximately $611,000. The increase over the fourth quarter of 2019 is mostly driven by an increase in net interest income and gain on sale of correspondent bank stock partially offset by an increase in noninterest expense.

Interest income increased to $11.8 million versus $11.3 million for the linked quarter and $10.8 million for the fourth quarter of 2019. These increases are primarily due to the impact of increased average loans and investment securities outstanding during the quarter. Interest expense declined to $648,000 as compared to $704,000 over the linked quarter due to a decline in our cost of funds to 23 basis points (bps) from 25 bps last quarter. In addition, the decrease in interest expense was $628,000 over the same quarter last year due to a decline in our cost of funds by 37 basis points.

Included in interest income are fees earned on Paycheck Protection Program ("PPP") Loans of approximately $600,000 in the fourth quarter, $400,000 in the linked quarter and $400,000 in Q2 for a total of $1.4 million for the year.

Premium amortization from acquired loans was minimal totaling approximately $29,000 during the quarter with core net interest income of $11.1 million.

Net interest Margin (NIM) improved to 3.68% for the quarter, an increase of 21 bps over the linked quarter as the yield on earning assets improved due to an increase in the average balance of investment securities during the quarter. In addition, the yield on loans improved to 4.78% in Q4 from 4.77% for the linked quarter. Excluding PPP Loans, our loan yield would have been 5.11% in Q4 compared to 5.17% for the linked quarter. Excluding PPP Loans, our NIM would have been 3.75% in Q4 and 3.56% for the linked quarter. NIM declined over the same quarter last year primarily due to the decrease in yields on earning assets due to declining rates during the year.

Noninterest income increased over the linked quarter by approximately $636,000 driven by a gain on sale of correspondent bank stock of $611,000.

Total noninterest expense increased over the linked quarter and the same quarter last year by approximately $324,000 and $617,000 respectively. The increase during the quarter is partly a result of an increase in retirement plan expenses due to a change in the discount rate. While noninterest expense increased, our key cost management performance ratios remained low during the quarter. Our efficiency ratio declined to 48.98% while our burden ratio and noninterest expense to average assets were 1.53% and 1.86% respectively.

Balance Sheet

Total assets at December 31, 2020 declined to $1.25 billion as compared to $1.29 billion for the linked quarter. The decline in assets over the linked quarter is primarily a result of paying down borrowings of approximately $35.0 million with available liquidity. Total assets increased $261.5 million or 26.5% over the same quarter last year as a result of an increase in loans of $153.0 million. Investment Securities increased $145.7 million over the same quarter last year and were funded by an increase in deposits.

Total deposits at December 31, 2020 were $1.036 billion, a decrease of $15.1 million or 1.43% over the linked quarter. Total deposits increased year over year by $207.0 million or 24.98%.

At December 31, 2020 the bank had drawn $30.0 million from the Federal Home Loan Bank to partially fund PPP loans.

Total loans at December 31, 2020 were $820.5 million, an increase of $10.9 million or 1.4% over the linked quarter. Total loans (excluding PPP loans) increased by $35.1 million or 5.26% over Q4, 2019. Total PPP loans were $117.9 million at December 31, 2020 compared to $130.4 million at September 30, 2020.

PPP Loan Forgiveness and PPP Round Two

We have continued assisting our PPP borrowers through the loan forgiveness application. To date, over 60% of our customers have started the forgiveness process and $14.4 million has been forgiven representing approximately 11% of total PPP loans funded. We are also participating in PPP Round Two and to date have received applications for just over $45 million including 25 first draw customers and 145 second draw customers.

We have continued to track new business generated as a result of the approximately 180 new customers we acquired through PPP Round One. To date, approximately 30% of these customers have established additional non-PPP related business with the bank, including over $12 million in new deposits (exclusive of PPP funds), approximately $11.0 million in new loan commitments booked, and an additional $12.0 million in the pipeline.

Asset Quality

Non-performing assets declined to $3.9 million or 0.31% of total assets at December 31, 2020 compared to 0.34% at September 30, 2020.

Based on our analysis of various portfolio trends and a stabilization in economic conditions of our primary industries, we determined a provision for loan losses of $250,000 was required for the quarter. As a result, our allowance as a percentage of total loans (excluding PPP loans and acquired loans that have been marked to fair value) declined slightly to 1.55% at December 31, 2020 from 1.60% at September 30, 2020.

As of year-end, the loan modification program was limited to one Non-Owner Occupied CRE loan in the amount of $2.8 million. Following the approval of the Economic Aid Act we expect the SBA to resume making all required payments for the bank's SBA loan portfolio of approximately 40 loans with a principal balance of approximately $18 million. Prior to the approval of the new act all of these SBA borrowers had resumed payments.

Per the table below, classified loans declined by $1.4 million during the quarter and now stand at 1.58% of total loans. Non-accrual loans declined by $506,000 due to successful collection efforts and a reclassification of one relationship back to accrual.


Q4 2020

Q3 2020

Q2 2020

Q1 2020

Total Classified Loans (a)

$12,928,632

$14,370,053

$14,399,989

$7,691,907

Classified - Accrual Loans

$9,176,720

$10,111,838

$10,102,519

$3,394,437

Classified - Non-Accrual Loans

$3,751,912

$4,258,215

$4,297,470

$4,297,470

Total Classified / Total Loans

1.58%

1.78%

1.79%

1.13%

Total Classified / Total Loans (excluding PPP)

1.84%

2.12%

2.13%

1.13%


(a) Includes classified accrual loans and non-accrual loans

Capital

Suncrest Bank remained well capitalized at December 31, 2020. All of the bank's capital ratios are above minimum regulatory standards for "well capitalized" institutions.

During the year the bank repurchased 209,800 shares at an average price of $8.32 per share.

At December 31, 2020 tangible book value per common share was $10.41 with common shares issued of 12,240,500 as of the same date. This compares to a tangible book value per common share of $9.96 at September 30, 2020.

About Suncrest Bank

Suncrest Bank, member FDIC, offers a full range of commercial, small business and agribusiness loans, cash management services and personal deposit products throughout the Central Valley of California and the Greater Sacramento Region. It is regularly rated Five Stars by Bauer Financial as one of the nation's strongest financial institutions, and in 2017 and 2018 was named to the OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market. It is a Preferred Lender with the Small Business Administration and its stock can be purchased on the open market, trading on the OTCQX under the ticker symbol SBKK. For all other information, visit www.suncrestbank.com

Forward Looking Statements

Except for the historical information in this news release, the matters described herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and charge-offs, results of examinations by our banking regulators, our ability to maintain adequate levels of capital and liquidity, our ability to manage loan delinquency rates, our ability to price deposits to retain existing customers and achieve low-cost deposit growth, manage expenses and lower the efficiency ratio, expand or maintain the net interest margin, mitigate interest rate risk for changes in the interest rate environment, competitive pressures in the banking industry, access to available sources of credit to manage liquidity, the local and national economic environment, and other risks and uncertainties. Accordingly, undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this release. Suncrest Bank undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Investors are encouraged to read the Suncrest Bank annual reports which are available on our website.

Suncrest Bank







Statements of Financial Condition







(Unaudited)









December 31,


September 30,


December 31,



2020


2020


2019

ASSETS







Cash and Due from Banks


$ 20,862,501


$ 44,079,328


$ 33,905,202

Federal Funds Sold


-


44,895,000


19,330,000

TOTAL CASH AND CASH EQUIVALENTS


20,862,501


88,974,328


53,235,202








Investment Securities Available for Sale (AFS)


340,755,773


326,352,206


195,057,652

Loans:







Total Loans


820,473,565


809,529,778


667,478,993

Allowance for Loan Losses


( 8,503,324)


( 8,259,802)


( 5,488,657)

NET LOANS


811,970,241


801,269,976


661,990,336








Federal Home Loan Bank and Other Bank Stock, at Cost


4,253,700


5,862,141


5,471,141

Premises and Equipment


6,204,548


6,318,134


10,228,120

Other Real Estate Owned


129,644


129,644


313,720

Bank Owned Life Insurance


8,723,607


8,665,725


8,492,003

Goodwill


38,989,566


38,989,566


38,989,566

Core Deposit Intangible


2,530,229


2,687,236


3,194,010

Accrued Interest and Other Assets


11,948,865


11,119,069


7,926,389



$ 1,246,368,674


$ 1,290,368,025


$ 984,898,139








LIABILITIES AND SHAREHOLDERS' EQUITY







Deposits:







Noninterest-bearing Demand


$ 398,406,475


$ 403,423,298


$ 328,439,703

Savings, NOW and Money Market Accounts


565,956,832


574,519,221


421,833,613

Time Deposits


71,187,653


72,677,647


78,285,729

TOTAL DEPOSITS


1,035,550,960


1,050,620,166


828,559,045

Accrued Interest and Other Liabilities


8,470,511


7,586,690


8,160,798

Other Borrowings


33,437,000


68,559,008


-

TOTAL LIABILITIES


1,077,458,471


1,126,765,864


836,719,843








Shareholders' Equity:







Common Stock - No par value


118,132,166


118,088,766


119,816,864

Additional Paid-in Capital


3,428,068


3,331,027


2,920,953

Retained Earnings


37,194,084


32,843,797


24,061,588

Accumulated Other Comprehensive Income (Loss) - Net







Unrealized Gain (Loss) on Securities AFS


10,155,885


9,338,571


1,378,891

TOTAL SHAREHOLDERS' EQUITY


168,910,203


163,602,161


148,178,296



$ 1,246,368,674


$ 1,290,368,025


$ 984,898,139

Suncrest Bank







Statements of Income (Unaudited)







For the Three Months Ended
















December 31,


September 30,


December 31,



2020


2020


2019

INTEREST INCOME







Interest and Fees on Loans


$ 9,745,145


$ 9,621,006


$ 9,269,770

Interest on Investment Securities


1,999,162


1,620,278


1,272,126

Interest on Federal Funds Sold and Other


20,329


39,284


282,044

TOTAL INTEREST INCOME


11,764,636


11,280,568


10,823,940








INTEREST EXPENSE







Interest on Savings Deposits, NOW and Money Market Accounts


451,578


451,276


1,033,695

Interest on Time Deposits


150,042


191,864


242,532

Interest on Other Borrowings


46,456


60,757


-

TOTAL INTEREST EXPENSE


648,076


703,897


1,276,227








NET INTEREST INCOME


11,116,560


10,576,671


9,547,713








Provision for Loan Losses


250,000


1,000,000


500,000

NET INTEREST INCOME AFTER







PROVISION FOR LOAN LOSSES


10,866,560


9,576,671


9,047,713








NONINTEREST INCOME







Service Charges, Fees, and Other Income


432,728


407,018


457,312

Gain on Sale of Other Bank Stock


610,658


-


-

Gain on Sale of Loans


-


-


50,012



1,043,386


407,018


507,324








NONINTEREST EXPENSE







Salaries and Employee Benefits


3,477,410


3,148,861


2,787,137

Occupancy Expenses


592,851


587,021


574,771

Other Expenses


1,885,398


1,895,345


1,976,551



5,955,659


5,631,227


5,338,459

INCOME BEFORE INCOME TAXES


5,954,287


4,352,462


4,216,578

Income Taxes


1,604,000


1,144,000


1,180,300

NET INCOME


$ 4,350,287


$ 3,208,462


$ 3,036,278

Suncrest Bank





Statements of Income (Unaudited)





For the Twelve Months Ended












December 31,


December 31,



2020


2019

INTEREST INCOME





Interest and Fees on Loans


$ 37,721,063


$ 36,926,377

Interest on Investment Securities


6,438,341


4,562,274

Interest on Federal Funds Sold and Other


353,410


1,356,575

TOTAL INTEREST INCOME


44,512,814


42,845,226






INTEREST EXPENSE





Interest on Savings Deposits, NOW and Money Market Accounts


2,302,879


3,590,402

Interest on Time Deposits


800,693


967,845

Interest on Other Borrowings


144,135


-

TOTAL INTEREST EXPENSE


3,247,707


4,558,247






NET INTEREST INCOME


41,265,107


38,286,979






Provision for Loan Losses


3,550,000


2,100,000

NET INTEREST INCOME AFTER





PROVISION FOR LOAN LOSSES


37,715,107


36,186,979






NONINTEREST INCOME





Service Charges, Fees, and Other Income


1,610,017


1,768,056

Gain on Sale of Other Bank Stock


610,658


-

Gain on Sale of Loans


-


50,012



2,220,675


1,818,068






NONINTEREST EXPENSE





Salaries and Employee Benefits


12,578,192


11,398,002

Occupancy Expenses


2,338,338


2,249,848

Other Expenses


7,580,154


7,819,249



22,496,684


21,467,099

INCOME BEFORE INCOME TAXES


17,439,098


16,537,948

Income Taxes


4,306,600


4,629,100

NET INCOME


$ 13,132,498


$ 11,908,848

Suncrest Bank







Selected Financial Data & Ratios (Unaudited)









December 31,


September 30,


December 31,



2020


2020


2019

For the three months ended:







Return on Average Assets(ROAA)


1.36%


0.99%


1.22%

Return on Average Tangible Assets (1)


1.40%


1.03%


1.27%

Return on Average Equity(ROAE)


10.50%


7.84%


8.23%

Return on Average Tangible Equity (1)


14.02%


10.52%


11.54%

Noninterest Expense (NIE) To Average Assets


1.86%


1.74%


2.15%

Efficiency Ratio


48.98%


51.27%


53.09%

Burden Ratio


1.53%


1.62%


1.94%

Net Interest Margin


3.68%


3.47%


4.14%

Cost of Funds


0.23%


0.25%


0.60%

Basic Earnings Per Share (EPS)


$ 0.36


$ 0.26


$ 0.24

Diluted EPS


$ 0.35


$ 0.26


$ 0.24
























December 31,


December 31,





2020


2019



For the twelve months ended:







Return on Average Assets(ROAA)


1.10%


1.25%



Return on Average Tangible Assets (1)


1.14%


1.31%



Return on Average Equity(ROAE)


8.22%


8.41%



Return on Average Tangible Equity (1)


11.11%


12.02%



Noninterest Expense (NIE) To Average Assets


1.88%


2.26%



Efficiency Ratio


51.73%


53.53%



Burden Ratio


2.26%


2.76%



Net Interest Margin


3.69%


4.44%



Cost of Funds


0.32%


0.57%



Basic Earnings Per Share (EPS)


$ 1.06


$ 0.96



Diluted EPS


$ 1.06


$ 0.95











(1) These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be

considered in isolation or as a substitute for analyses of results reported under GAAP. These non-GAAP measures may not be

comparable to similarly titled measures reported by other companies.







Suncrest Bank







Selected Financial Data & Ratios Continued (Unaudited)
















December 31,


September 30,


December 31,



2020


2020


2019

At Period End:







Loans to Deposits


79.23%


77.05%


80.56%

Average Loans to Average Deposits (QTD)


77.21%


76.22%


78.36%

Non-Performing Assets to Assets


0.31%


0.34%


0.56%

Outstanding Shares


12,240,500


12,235,500


12,442,800

Tangible Book Value Per Share (1)


$ 10.41


$ 9.96


$ 8.52

Tangible Book Value Per Share excluding Unrealized Gain on Securities (1)


$ 9.58


$ 9.20


$ 8.41

Book Value Per Share


$ 13.80


$ 13.37


$ 11.91















Regulatory Capital Ratios







Tier 1 Leverage (to average assets)


9.42%


9.50%


10.91%

Common Equity Tier 1 Capital (to risk weighted assets)


13.90%


13.72%


14.02%

Tier 1 Capital (to risk weighted assets)


13.90%


13.72%


14.02%

Total Capital (to risk weighted assets)


14.93%


14.74%


14.77%
























December 31,


September 30,


December 31,



2020


2020


2019

Loan Composition







Commercial and Industrial:


$ 41,671,086


$ 45,755,958


$ 44,523,301

Paycheck Protection Program:


117,911,108


130,394,846


-

Loans to Finance Agricultural Production and Other Loans to Farmers:


34,312,187


38,392,086


34,156,321

Loans Secured by Real Estate:







Secured by Farmland


135,255,152


138,428,801


143,797,280

Construction, Land Development and Other Land


14,612,147


26,641,282


42,445,905

1-4 Family Residential Properties


46,450,212


41,388,691


44,378,455

Multifamily Residential Properties


45,401,137


45,446,188


46,969,544

Owner Occupied Nonresidential Properties


90,947,431


93,084,165


95,098,253

Non-Owner Occupied Nonresidential Properties


274,522,865


230,224,802


194,467,766

Total Loans Secured by Real Estate


607,188,944


575,213,929


567,157,203








Municipal Leases:


19,254,129


19,626,108


21,461,996

Other Loans:


136,111


146,851


180,172








Total Loans


$ 820,473,565


$ 809,529,778


$ 667,478,993








(1) These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They



should not be considered in isolation or as a substitute for analyses of results reported under GAAP. These non-GAAP



measures may not be comparable to similarly titled measures reported by other companies.





Suncrest Bank













Average Balance Sheet and Yields (Unaudited)











For the Three Months Ended















December 31, 2020


September 30, 2020



Average




Average


Average




Average



Balance


Interest


Yield/Rate


Balance


Interest


Yield/Rate














Interest Earning Assets:













Deposits in Other Financial Institutions


$ 47,590,750


$ 20,329


0.17%


$ 134,317,994


$ 39,284


0.12%

Investment Securities


344,949,171


1,999,162


2.32%


277,443,763


1,620,278


2.34%

Loans


810,828,554


9,745,145


4.78%


801,674,194


9,621,006


4.77%

Total Interest Earning Assets


1,203,368,475


11,764,636


3.89%


1,213,435,951


11,280,568


3.70%

Noninterest Earning Assets


78,795,091






78,283,592





Total Assets


$ 1,282,163,566






$ 1,291,719,543


















Interest Bearing Liabilities













Interest Bearing Transaction Accounts


$ 213,001,824


173,075


0.32%


$ 205,419,584


165,969


0.32%

Savings and Money Market Accounts


364,667,246


278,503


0.30%


364,811,548


285,307


0.31%

Time Deposits


71,656,172


150,042


0.83%


74,361,165


191,864


1.03%

Total Interest Bearing Deposits


649,325,242


601,620


0.37%


644,592,297


643,140


0.40%

Other Borrowings


58,683,391


46,456


0.31%


68,563,899


60,757


0.35%

Total Interest Bearing Liabilities


708,008,633


648,076


0.36%


713,156,196


703,897


0.39%

Noninterest Bearing Transaction Accounts


400,896,026






407,213,033





Total Funding Sources


1,108,904,659






1,120,369,229





Noninterest Bearing Liabilities


7,607,718






7,730,135





Shareholders' Equity


165,651,189






163,620,179





Total Liabilities and Shareholder's Equity


$ 1,282,163,566






$ 1,291,719,543





Net Interest Income




$11,116,560






$ 10,576,671



Net Interest Margin






3.68%






3.47%

Suncrest Bank













Average Balance Sheet and Yields (Unaudited)











For the Three Months Ended















December 31, 2020


December 31, 2019



Average




Average


Average




Average



Balance


Interest


Yield/Rate


Balance


Interest


Yield/Rate














Interest Earning Assets:













Deposits in Other Financial Institutions


$ 47,590,750


$ 20,329


0.17%


$ 65,973,893


$ 282,044


1.70%

Investment Securities


344,949,171


1,999,162


2.32%


190,343,303


1,272,126


2.67%

Loans


810,828,554


9,745,145


4.78%


657,817,950


9,269,770


5.59%

Total Interest Earning Assets


1,203,368,475


11,764,636


3.89%


914,135,146


10,823,940


4.70%

Noninterest Earning Assets


78,795,091






81,284,432





Total Assets


$ 1,282,163,566






$ 995,419,578


















Interest Bearing Liabilities













Interest Bearing Transaction Accounts


$ 213,001,824


173,075


0.32%


$ 133,928,030


311,637


0.92%

Savings and Money Market Accounts


364,667,246


278,503


0.30%


315,941,175


722,058


0.91%

Time Deposits


71,656,172


150,042


0.83%


80,070,952


242,532


1.20%

Total Interest Bearing Deposits


649,325,242


601,620


0.37%


529,940,157


1,276,227


0.96%

Other Borrowings


58,683,391


46,456


0.31%


-


-


-

Total Interest Bearing Liabilities


708,008,633


648,076


0.36%


529,940,157


1,276,227


0.96%

Noninterest Bearing Transaction Accounts


400,896,026






309,493,329





Total Funding Sources


1,108,904,659






839,433,486





Noninterest Bearing Liabilities


7,607,718






8,439,702





Shareholders' Equity


165,651,189






147,546,390





Total Liabilities and Shareholder's Equity


$ 1,282,163,566






$ 995,419,578





Net Interest Income




$11,116,560






$ 9,547,713



Net Interest Margin






3.68%






4.14%

Suncrest Bank













Average Balance Sheet and Yields (Unaudited)











For the Twelve Months Ended















December 31, 2020


December 31, 2019



Average




Average


Average




Average



Balance


Interest


Yield/Rate


Balance


Interest


Yield/Rate














Interest Earning Assets:













Deposits in Other Financial Institutions


$ 91,330,575


$ 353,410


0.39%


$ 52,922,647


$ 1,356,575


2.56%

Investment Securities


268,430,467


6,438,341


2.40%


165,880,866


4,562,274


2.75%

Loans


758,494,966


37,721,063


4.97%


643,274,677


36,926,377


5.74%

Total Interest Earning Assets


1,118,256,008


44,512,814


3.98%


862,078,190


42,845,226


4.97%

Noninterest Earning Assets


79,855,330






87,655,473





Total Assets


$ 1,198,111,338






$ 949,733,663


















Interest Bearing Liabilities













Interest Bearing Transaction Accounts


$ 180,483,105


487,103


0.27%


$ 112,226,061


280,922


0.25%

Savings and Money Market Accounts


361,089,110


1,815,776


0.50%


316,067,953


3,309,480


1.05%

Time Deposits


76,299,624


800,693


1.05%


88,146,328


967,845


1.10%

Total Interest Bearing Deposits


617,871,839


3,103,572


0.50%


516,440,342


4,558,247


0.88%

Other Borrowings


42,584,505


144,135


0.34%


-


-


-

Total Interest Bearing Liabilities


660,456,344


3,247,707


0.49%


516,440,342


4,558,247


0.88%

Noninterest Bearing Transaction Accounts


370,339,341






283,514,990





Total Funding Sources


1,030,795,685






799,955,332





Noninterest Bearing Liabilities


7,608,348






8,179,605





Shareholders' Equity


159,707,305






141,598,726





Total Liabilities and Shareholder's Equity


$ 1,198,111,338






$ 949,733,663





Net Interest Income




$ 41,265,107






$ 38,286,979



Net Interest Margin






3.69%






4.44%

1 Includes unfunded commitments
2 Redfin Report: Sacramento Was the Most Popular Migration Destination in July
3 LinkedIn Report: Where Tech Workers Are Moving

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SOURCE Suncrest Bank