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Suncrest Bank Reports Third Quarter Earnings. Year over year organic asset growth of 9.4%.

SACRAMENTO, Calif. and VISALIA, Calif., Oct. 28, 2019 /PRNewswire/ -- Suncrest Bank (SBKK) today reported unaudited financial results for the third quarter of 2019.

"This quarter our total assets increased to $997 million representing a year over year organic increase of $86 million or 9.4%," said Mr. Ciaran McMullan, President and CEO of Suncrest Bank. "We continue to deliver this growth profitably and efficiently with year-to-date return on average tangible assets of 1.32% and an efficiency ratio of 53.67%."

McMullan added, "The award of an MLS franchise to Sacramento is an exciting and substantial economic opportunity for the bank and for a region that contributes over 40% of our asset base." 

Third Quarter 2019 Highlights

  • Net income of $3.07 million
  • Diluted EPS of $0.24 compared to $0.22 for the linked quarter
  • Return on average tangible assets of 1.33%
  • Efficiency ratio of 52.60%
  • New loan originations1 of $36.9 million
  • Total loans increased by $8.2 million or 1.3% over the linked quarter
  • Total deposits increased by $49.9 million or 6.3% over the linked quarter
  • Total assets increased to $997.4 million, year over year organic growth of 9.4%
  • Return on average tangible equity of 11.93%
  • Total risk-based capital ratio increased to 14.32% and Tier 1 leverage ratio decreased to 10.90%
  • Significant economic announcement: MLS franchise awarded to Sacramento

Income Statement

Net income increased by $246,000 or 8.7% over the linked quarter. This increase was mainly driven by a decrease of $350,000 in our provision for loan losses and a reduction in noninterest expense of $117,000 resulting in diluted earnings per share (EPS) of $0.24, with $0.01 attributable to expected discount accretion on acquired loans. Net income declined by $437,000 over the same quarter last year primarily due to significantly lower non-recurring income and increased provision for loan losses and noninterest expense.




Non-recurring Income






Period

Net Income

NIM

Interest recoveries2

Income from accretion3

Non-recurring costs

Core Net Interest Income4

Core Net Income4

Core NIM4

Core

Diluted EPS4

Q3 2019

$       3,065,315

4.31%

$            578

$           197,226

$                   -

$             9,406,133

$      2,923,315

4.22%

$             0.23

Q2 2019

$       2,818,869

4.60%

$         9,338

$            642,538

$                   -

$             9,126,198

$      2,358,869

4.29%

$             0.19

Q3 2018

$       3,502,724

4.78%

$     255,169

$           166,167

$                   -

$             9,264,533

$      3,207,724

4.57%

$             0.26

Core net income, which conservatively excludes recoveries and discount accretion on acquired loans, declined over the same quarter last year by $284,000 or 8.9%. This was driven primarily by an increase in salaries and employee benefit costs, which are discussed below. 

Core net interest income increased over the linked quarter and same quarter last year by $280,000 or 3.1% and $142,000 or 1.5% respectively. These increases are primarily explained by an increase in average earning assets partially offset by a decrease in core net interest margin (NIM).

Core NIM was 4.22% for the quarter, a decrease of 7 basis points (bps) from the linked quarter due primarily to an increase in overall cost of funds of 5 bps to 61 bps, and a decline in the fed funds rate of interest during the quarter. This was partially offset by an increase in core loan yield during the quarter of 8 bps to 5.57%. Core NIM declined over the same quarter last year by 35 bps due to an overall increase in cost of funds of 24 bps and loans being a lower percentage of earning assets in the current quarter as compared to the same quarter last year.

Noninterest income for the quarter did not include any income on gain on sale of loans and was steady over the linked quarter and same quarter last year.

Total noninterest expense declined over the linked quarter by $117,000 or 2.2%.  This was primarily driven by a decrease in Other Expense of approximately $90,000 related to an FDIC small bank assessment credit received in the current quarter. Noninterest expense increased over the third quarter of 2018 by $317,000 or 6.4% explained primarily by increases in salaries and employee benefit cost. Salaries and employee benefits increased due to annual cost of living adjustments, increased healthcare cost and the hiring of senior market facing business development personnel since Q3 2018.

Balance Sheet

Total assets at September 30, 2019 were $997.4 million representing an increase of $53.7 million or 5.7% over the linked quarter, and a year over year increase of $85.9 million or 9.4%. The increase over both the linked quarter and year over year, was primarily the result of an increase in deposits of $49.9 million and $66.8 million respectively.

Total deposits at September 30, 2019 were $843.3 million, an increase of $49.9 million or 6.3% driven primarily by a significant increase of $29.2 million or 10.5% in noninterest-bearing accounts. This increase reflects normal seasonal inflows in our agricultural client base.

Total deposits have increased year over year by $66.8 million or 8.6% with the growth being in non-maturity deposits5 reflecting the banks focus on growing relationship-based deposit balances, especially through our suite of cash management services. Over the same period, we have allowed certificate of deposit (CD) balances, which are less relationship-based and more price sensitive, to decline by $36.3 million or 30.8%. This strategy has been effective in helping us manage the rate of increase in our cost of funds.

Total loans at September 30, 2019 were $657.2 million, an increase of $8.2 million or 1.3% over the linked quarter. The largest increases were in the Construction and Non-owner occupied commercial real estate (CRE) categories which increased by $6.4 million or 17.9%, and $6.1 million or 3.6%, respectively.

The largest year over year increases have been in Farmland and Non-owner occupied CRE which have increased by $14.7 million or 11.8%, and $28.5 million or 19.2%, respectively.

The Commercial and Industrial (C&I) portfolio declined by $5.4 million or 9.0% during the quarter and has declined year over year by $17.5 million or 24.5%. As mentioned in previous earnings reports, this decline has been largely driven by the bank's desire to strengthen the underlying credit structures in its C&I portfolio. As a result, we chose not to renew of number of large operating lines while a number of others chose to pay off early.

All other major loan categories have remained fairly steady year over year.

Overall Loan Growth

In the five quarters since we completed the acquisition of Community Business Bank we have seen linked quarter loan growth in every quarter with the exception Q1 2019 when we experienced significantly higher levels of payoffs. In addition, we have seen consistent increases in the total value of new originations6 since the fourth quarter of 2018.

Total Loans

Q3 2019

Q2 2019

Q1 2019

Q4 2018

Q3 2018

Linked Quarter Growth

1.3%

2.1%

-2.2%

1.5%

1.5%

New Originations (millions)(6)

$36.9

$30.6

$28.4

$22.6

$41.8

Asset Quality 

Non-performing assets were $7.4 million or 0.74% of total assets at September 30, 2019 compared to $7.6 million or 0.81% at June 30, 2019. Non-performing assets declined by $184,000 due to scheduled payments received.

During the quarter, the allowance for loan loss was increased by $500,000. This was due to growth in our loan portfolio and the renewal of acquired loans, and their subsequent transition to the non-acquired loan pool which requires a reserve allocation. The allowance as a percentage of total loans, excluding acquired loans that have been marked to fair value, was 1.36% at Sept 30, 2019 compared to 1.32% at June 30, 2019.

Classified non-accrual loans declined slightly over the linked quarter due to scheduled payments received with classified accrual loans increasing due to advances on harvest lines.


Q3 2019

Q2 2019

Q3 2018

Total Classified Loans (a)

$10,840,514

$10,506,826

$9,248,946

Classified - Accrual Loans

$3,734,612

$3,217,246

$8,878,844

Classified - Non-Accrual Loans

$7,105,902

$7,289,580

$370,102

Total Classified / Total Loans

1.65%

1.62%

1.44%



(a)  

Includes classified accrual loans and non-accrual loans

Capital

Suncrest Bank remained well capitalized at September 30, 2019. All of the bank's capital ratios are above minimum regulatory standards for "well capitalized" institutions.

At September 30, 2019 tangible book value per common share was $8.31 with common shares issued of 12,434,800 as of the same date. This compares to a tangible book value per common share of $7.99 at June 30, 2019.

MLS franchise awarded to Sacramento

On October 21, 2019, Major League Soccer (MLS) awarded its 29th franchise to Sacramento representing a significant economic opportunity for both the area and the bank. The Sacramento region represents approximately 35% of banks deposit base and 45% of our commercial loan portfolio. The announcement kick-starts the construction of a new state-of-the art stadium in downtown and the development of the surrounding area, less than three miles from our main Sacramento branch. A report undertaken by the Capitol Public Finance Group estimates a total economic impact of approximately $1.6 billion including; over 2,500 jobs created during stadium construction, an additional 130 to 220 jobs during ongoing operations, $320 million of gross economic activity during the construction phase, and $39 million of annual economic activity in the City of Sacramento alone, together with entertainment for an anticipated 500,000 annual visitors. In addition, in October 2016, the Sacramento City Council approved planning entitlements for the area including; 6,000 to 10,000 dwelling units, 500,000 square feet (sf) of retail, 2.8 to 3.8 million sf of office use, 1.3 million sf of medical campus, 1,100 hotel rooms and 500,000 sf for historic and cultural uses. MLS will be Sacramento's second major league franchise. 

About Suncrest Bank

Suncrest Bank, member FDIC, is locally owned and operated and offers a full range of commercial, small business and agribusiness loans, cash management services and personal deposit products throughout the Central Valley of California. 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.

1

Includes unfunded commitments

2

Represents interest recoveries on non-accrual loans

3

Represents accretion of acquired loan fair value marks

4

Excludes non-recurring income, income from accretion of fair value marks and non-recurring costs, non-GAAP financial measure

5

Includes Noninterest-bearing Demand, Savings, NOW and Money Market Accounts

6

Includes unfunded commitments

 

Suncrest Bank








Statements of Financial Condition (Unaudited)


















September 30,


June 30,


September 30,




2019


2019


2018


ASSETS








Cash and Due from Banks


$               35,955,286


$               29,654,947


$               45,939,304


Federal Funds Sold


49,599,000


33,204,000


25,447,000


TOTAL CASH AND CASH EQUIVALENTS


85,554,286


62,858,947


71,386,304










Investment Securities Available for Sale (AFS)


186,336,686


163,188,023


127,135,695


Loans:








   Total Loans


657,223,581


648,985,053


640,515,026


   Allowance for Loan Losses


(5,988,203)


(5,473,135)


(4,021,747)


NET LOANS


651,235,378


643,511,918


636,493,279










Federal Home Loan Bank and Other Bank Stock, at Cost

5,472,491


5,472,491


5,453,891


Premises and Equipment


10,409,258


9,883,776


6,123,388


Other Real Estate Owned


313,720


313,720


313,720


Bank Owned Life Insurance


8,438,162


8,385,617


8,231,954


Goodwill


38,989,566


38,989,566


38,989,566


Core Deposit Intangible


3,378,466


3,563,022


4,191,333


Accrued Interest and Other Assets


7,284,576


7,525,226


13,192,284




$              997,412,589


$              943,692,306


$              911,511,414










LIABILITIES AND SHAREHOLDERS' EQUITY








Deposits:








   Noninterest-bearing Demand


$               57,182,913


$               48,287,484


$             303,565,381


   Noninterest-bearing Demand reclassified








     as noninterest-bearing MMA


248,986,589


228,668,062


-


   Savings, NOW and Money Market Accounts


455,549,521


431,065,423


355,074,099


   Time Deposits


81,606,567


85,400,880


117,903,291


TOTAL DEPOSITS


843,325,590


793,421,849


776,542,771


Accrued Interest and Other Liabilities


8,361,487


8,332,164


4,755,688


TOTAL LIABILITIES


851,687,077


801,754,013


781,298,459










Shareholders' Equity:








   Common Stock - No par value


119,743,464


119,743,464


121,716,187


   Additional Paid-in Capital


2,843,756


2,711,909


2,355,357


   Retained Earnings


21,025,310


17,959,995


8,663,208


   Accumulated Other Comprehensive Income (Loss) - Net 






      Unrealized Gain (Loss) on Securities AFS


2,112,982


1,522,925


(2,521,797)


TOTAL SHAREHOLDERS' EQUITY


145,725,512


141,938,293


130,212,955




$              997,412,589


$              943,692,306


$              911,511,414










 

Suncrest Bank








Statements of Income (Unaudited)








For the Three Months Ended


















September 30,


June 30,


September 30,




2019


2019


2018


INTEREST INCOME








   Interest and Fees on Loans


$         9,289,213


$         9,426,583


$         9,376,674


   Interest on Investment Securities


1,185,810


1,114,847


782,859


   Interest on Federal Funds Sold and Other


377,710


339,046


238,646


TOTAL INTEREST INCOME


10,852,733


10,880,476


10,398,179










INTEREST EXPENSE








   Interest on Savings Deposits, NOW and Money Market Accounts

1,007,223


859,741


449,095


   Interest on Time Deposits


241,573


242,661


261,992


   Interest on Other Borrowings


-


-


1,223


TOTAL INTEREST EXPENSE


1,248,796


1,102,402


712,310










NET INTEREST INCOME


9,603,937


9,778,074


9,685,869










Provision for Loan Losses


500,000


850,000


350,000


NET INTEREST INCOME AFTER








PROVISION FOR LOAN LOSSES


9,103,937


8,928,074


9,335,869










NONINTEREST INCOME








   Service Charges, Fees, and Other Income


456,593


434,439


446,104


   Gain on Sale of Loans


-


-


-




456,593


434,439


446,104










NONINTEREST EXPENSE








   Salaries and Employee Benefits


2,796,181


2,820,144


2,619,448


   Occupancy Expenses


577,580


551,401


539,438


   Other Expenses


1,918,154


2,037,399


1,815,963




5,291,915


5,408,944


4,974,849


INCOME BEFORE INCOME TAXES


4,268,615


3,953,569


4,807,124


Income Taxes


1,203,300


1,134,700


1,304,400


NET INCOME


$          3,065,315


$          2,818,869


$          3,502,724


























 

Suncrest Bank






Statements of Income (Unaudited)






For the Nine Months Ended














September 30,


September 30,




2019


2018


INTEREST INCOME






   Interest and Fees on Loans


$            27,656,607


$       21,003,013


   Interest on Investment Securities


3,290,148


1,986,265


   Interest on Federal Funds Sold and Other


1,074,530


646,713


TOTAL INTEREST INCOME


32,021,285


23,635,991








INTEREST EXPENSE






   Interest on Savings Deposits, NOW and Money Market Accounts


2,556,708


836,952


   Interest on Time Deposits


725,313


596,844


   Interest on Other Borrowings


-


27,325


TOTAL INTEREST EXPENSE


3,282,021


1,461,121








NET INTEREST INCOME


28,739,264


22,174,870








Provision for Loan Losses


1,600,000


920,000


NET INTEREST INCOME AFTER






PROVISION FOR LOAN LOSSES


27,139,264


21,254,870








NONINTEREST INCOME






   Service Charges, Fees, and Other Income


1,310,745


1,118,107


   Gain on Sale of Loans


-


332,288




1,310,745


1,450,395








NONINTEREST EXPENSE






   Salaries and Employee Benefits


8,610,865


6,751,313


   Occupancy Expenses


1,675,077


1,312,759


   Other Expenses


5,842,697


5,766,970




16,128,639


13,831,042


INCOME BEFORE INCOME TAXES


12,321,370


8,874,223


Income Taxes


3,448,800


2,506,500


NET INCOME


$               8,872,570


$          6,367,723




 

Suncrest Bank








Selected Financial Data & Ratios (Unaudited)










September 30,


June 30,


September 30,




2019


2019


2018


For the three months ended:








Return on Average Assets(ROAA)


1.27%


1.21%


1.58%


ROAA excluding non-recurring items (1) (2)


1.21%


1.01%


1.44%


Return on Average Tangible Assets (2)


1.33%


1.27%


1.66%


Return on Average Equity(ROAE)


8.51%


8.07%


10.85%


ROAE excluding non-recurring items (1) (2)


8.11%


6.76%


9.94%


Return on Average Tangible Equity (2)


11.93%


11.51%


16.13%


Noninterest Expense (NIE) To Average Assets


2.19%


2.32%


2.24%


NIE to Average Assets excluding non-recurring items (1) (2)


2.19%


2.32%


2.24%


Efficiency Ratio


52.60%


52.96%


49.10%


Efficiency Ratio excluding non-recurring items (1) (2)


53.66%


56.58%


51.23%


Net Interest Margin


4.31%


4.60%


4.78%


Core Net Interest Margin (1) (2)


4.22%


4.29%


4.57%


Cost of Funds


0.61%


0.56%


0.37%


Basic Earnings Per Share (EPS)


$               0.25


$                 0.23


$               0.28


Diluted EPS


$               0.24


$                 0.22


$               0.28


Diluted EPS excluding non-recurring items (1) (2)


$               0.23


$                 0.19


$               0.26












September 30,


September 30,






2019


2018




For the nine months ended:








ROAA


1.26%


1.20%




ROAA excluding non-recurring items (1) (2)


1.17%


1.35%




Return on Average Tangible Assets (2)


1.32%


1.24%




ROAE


8.47%


9.00%




ROAE excluding non-recurring items (1) (2)


7.87%


10.11%




Return on Average Tangible Equity (2)


12.04%


11.98%




NIE To Average Assets


2.30%


2.61%




NIE to Average Assets excluding non-recurring items (1) (2)


2.30%


2.31%




Efficiency Ratio


53.67%


58.54%




Efficiency Ratio excluding non-recurring items (1) (2)


55.32%


53.10%




Net Interest Margin


4.49%


4.58%




Core Net Interest Margin (1) (2)


4.35%


4.47%




Cost of Funds


0.56%


0.32%




Basic EPS


$               0.71


$                 0.66




Diluted EPS


$               0.71


$                 0.65




Diluted EPS excluding non-recurring items (1) (2)


$               0.66


$                 0.73












(1)  Non-recurring items include merger expenses, discount accretion on acquired loans and recovery of




interest on non-accrual loans.








(2)  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)


















September 30,


June 30,


September 30,




2019


2019


2018


At Period End:








Loans to Deposits


77.93%


81.80%


82.48%


Average Loans to Average Deposits (QTD)


79.64%


81.53%


84.32%


Non-Performing Assets to Assets


0.74%


0.81%


0.08%


Outstanding Shares


12,434,800


12,433,300


12,412,300


Tangible Book Value Per Share (BVPS) (2)


$                8.31


$                 7.99


$               6.84


Tangible BVPS excluding Unrealized Gain (Loss) on Securities (2)

$                8.14


$                 7.87


$               7.04


Book Value Per Share


$              11.72


$               11.42


$             10.49


















Regulatory Capital Ratios








Tier 1 Leverage (to average assets)


10.90%


10.91%


10.29%


Common Equity Tier 1 Capital (to risk weighted assets)


13.50%


13.29%


11.99%


Tier 1 Capital (to risk weighted assets)


13.50%


13.29%


11.99%


Total Capital (to risk weighted assets)


14.32%


14.05%


12.55%




























September 30,


June 30,


September 30,




2019


2019


2018


Loan Composition








Commercial and Industrial:


$     54,001,348


$      59,366,842


$    71,502,960


Loans to Finance Agricultural Production and Other Loans to Farmers:


39,207,688


38,622,774


41,647,206


Loans Secured by Real Estate:








Secured by Farmland


139,167,050


135,339,361


124,493,140


Construction, Land Development and Other Land


42,376,121


35,943,146


39,036,669


1-4 Family Residential Properties


47,642,776


51,759,914


55,643,334


Multifamily Residential Properties


43,850,002


42,719,058


45,148,329


Owner Occupied Nonresidential Properties


91,316,105


94,035,588


90,151,385


Non-Owner Occupied Nonresidential Properties


177,481,492


171,361,023


148,948,159


Total Loans Secured by Real Estate


541,833,546


531,158,090


503,421,016










Municipal Leases:


21,889,871


19,596,422


23,662,086


Other Loans:


291,128


240,925


281,758










Total Loans


$   657,223,581


$    648,985,053


$  640,515,026










(2)  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















September 30, 2019


June 30, 2019



Average




Average


Average




Average



Balance


Interest


Yield/Rate


Balance


Interest


Yield/Rate














Interest Earning Assets:













Deposits in Other Financial Institutions


$   66,235,223


$        377,710


2.26%


$   53,826,806


$        339,046


2.53%

Investment Securities


170,128,601


1,185,810


2.79%


158,173,939


1,114,847


2.82%

Loans


647,802,385


9,289,213


5.69%


640,506,723


9,426,583


5.90%

Total Interest Earning Assets


884,166,209


10,852,733


4.87%


852,507,468


10,880,476


5.12%

Noninterest Earning Assets


81,814,739






81,120,229





Total Assets


$ 965,980,948






$ 933,627,697


















Interest Bearing Liabilities













Interest Bearing Transaction Accounts


$ 125,805,706


277,724


0.88%


$ 103,039,731


170,050


0.66%

Savings and Money Market Accounts


311,362,668


729,499


0.93%


307,778,084


689,691


0.90%

Time Deposits


83,727,219


241,573


1.14%


91,964,284


242,661


1.06%

Total Interest Bearing Deposits


520,895,593


1,248,796


0.95%


502,782,099


1,102,402


0.88%

Other Borrowings


-


-


-


-


-


-

Total Interest Bearing Liabilities


520,895,593


1,248,796


0.95%


502,782,099


1,102,402


0.88%

Noninterest Bearing Transaction Accounts (3)

292,501,786






282,794,851





Total Funding Sources


813,397,379






785,576,950





Noninterest Bearing Liabilities


8,459,265






8,410,437





Shareholders' Equity


144,124,304






139,640,310





Total Liabilities and Shareholder's Equity


$ 965,980,948






$ 933,627,697





Net Interest Income




$     9,603,937






$     9,778,074



Net Interest Margin






4.31%






4.60%














(3)  Includes Noninterest Bearing Demand reclassified











        as Noninterest Bearing MMA







































 

Suncrest Bank













Average Balance Sheet and Yields (Unaudited)












For the Three Months Ended















September 30, 2019


September 30, 2018



Average




Average


Average




Average



Balance


Interest


Yield/Rate


Balance


Interest


Yield/Rate














Interest Earning Assets:













Deposits in Other Financial Institutions


$  66,235,223


$        377,710


2.26%


$  47,719,043


$        238,646


1.98%

Investment Securities


170,128,601


1,185,810


2.79%


121,612,179


782,859


2.57%

Loans


647,802,385


9,289,213


5.69%


634,575,951


9,376,674


5.86%

Total Interest Earning Assets


884,166,209


10,852,733


4.87%


803,907,173


10,398,179


5.13%

Noninterest Earning Assets


81,814,739






84,836,567





Total Assets


$965,980,948






$888,743,740


















Interest Bearing Liabilities













Interest Bearing Transaction Accounts


$125,805,706


277,724


0.88%


$  76,528,434


31,182


0.16%

Savings and Money Market Accounts


311,362,668


729,499


0.93%


267,298,485


417,913


0.62%

Time Deposits


83,727,219


241,573


1.14%


120,286,031


261,992


0.86%

Total Interest Bearing Deposits


520,895,593


1,248,796


0.95%


464,112,950


711,087


0.61%

Other Borrowings


-


-


-


2,146,739


1,223


0.23%

Total Interest Bearing Liabilities


20,895,593


1,248,796


0.95%


466,259,689


712,310


0.61%

Noninterest Bearing Transaction Accounts (3)


292,501,786






288,434,695





Total Funding Sources


813,397,379






754,694,384





Noninterest Bearing Liabilities


8,459,265






4,916,648





Shareholders' Equity


144,124,304






129,132,708





Total Liabilities and Shareholder's Equity


$965,980,948






$888,743,740





Net Interest Income




$    9,603,937






$    9,685,869



Net Interest Margin






4.31%






4.78%














(3)  Includes Noninterest Bearing Demand reclassified












        as Noninterest Bearing MMA


















































Suncrest Bank













Average Balance Sheet and Yields (Unaudited)












For the Nine Months Ended















September 30, 2019


September 30, 2018



Average




Average


Average




Average



Balance


Interest


Yield/Rate


Balance


Interest


Yield/Rate














Interest Earning Assets:













Deposits in Other Financial Institutions


$59,321,012


$1,074,530


2.42%


$45,539,444


$646,713


1.90%

Investment Securities


157,637,114


3,290,148


2.78%


111,239,812


1,986,265


2.38%

Loans


638,373,647


27,656,607


5.79%


490,780,822


21,003,013


5.72%

Total Interest Earning Assets


855,331,773


32,021,285


5.01%


647,560,078


23,635,991


4.88%

Noninterest Earning Assets


81,006,373






59,958,985





Total Assets


$936,338,146






$707,519,063


















Interest Bearing Liabilities













Interest Bearing Transaction Accounts


$108,180,748


563,784


0.70%


$ 66,430,754


73,898


0.15%

Savings and Money Market Accounts


303,680,421


1,992,924


0.88%


220,977,556


763,054


0.46%

Time Deposits


90,867,700


725,313


1.07%


94,096,387


596,844


0.85%

Total Interest Bearing Deposits


502,728,869


3,282,021


0.87%


381,504,697


1,433,796


0.50%

Other Borrowings


-


-


-


2,339,011


27,325


1.56%

Total Interest Bearing Liabilities


502,728,869


3,282,021


0.87%


383,843,708


1,461,121


0.51%

Noninterest Bearing Transaction Accounts (3)


285,921,489






226,390,138





Total Funding Sources


788,650,358






610,233,846





Noninterest Bearing Liabilities


8,091,897






2,907,870





Shareholders' Equity


139,595,891






94,377,347





Total Liabilities and Shareholder's Equity


$936,338,146






$707,519,063





Net Interest Income




$  28,739,264






$  22,174,870



Net Interest Margin






4.49%






4.58%














(3)  Includes Noninterest Bearing Demand reclassified












        as Noninterest Bearing MMA





































 

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