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28.10.2019 23:08:00
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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 (OTCQX: 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 | |||||||||||||||||||||||
View original content:http://www.prnewswire.com/news-releases/suncrest-bank-reports-third-quarter-earnings-year-over-year-organic-asset-growth-of-9-4-300946697.html
SOURCE Suncrest Bank
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