Suncrest Bank Reports Second Quarter Net Income. Core Earnings Per Share Doubled Year Over Year.

PR Newswire

VISALIA, Calif. and SACRAMENTO, Calif., Aug. 1, 2018

VISALIA, Calif. and SACRAMENTO, Calif., Aug. 1, 2018 /PRNewswire/ -- Suncrest Bank SBKK today reported unaudited financial results for the second quarter of 2018. The acquisition of Community Business Bank (CBB), with total assets of approximately $320 million at March 31, 2018, which closed on May 21, 2018, will affect the comparability of financial information for the quarter versus previous quarters, and financial results will also be affected by one-time merger expenses related to the acquisition.

"During the quarter we successfully completed the acquisition, and back office and systems integration, of Community Business Bank, and we are thrilled to welcome the staff and customers of CBB to our community banking family" said Ciaran McMullan, President and CEO.

"We continue to be extremely pleased with the upward earnings trajectory of our bank, with core ROAA for the quarter of 1.38%, core efficiency ratio of 52% and core EPS increasing by 6 cents or 27% over the linked quarter"

McMullan added, "We do not expect any further merger related costs going forward".

Second Quarter 2018 Highlights

Completed the acquisition and back office and systems integration of CBB
Core Net income¹ of $2.39 million, an increase of 54% compared to the linked quarter
Core Diluted EPS¹ of $0.28, an increase of 27% compared to the linked quarter
Core net interest margin¹ for the quarter was 4.41% compared to 4.38% for the linked quarter
Return on average assets¹ of 1.38% compared to 1.16% for the linked quarter
Return on average equity¹ of 10.14% compared to 10.15% for the linked quarter
Total risk based capital ratio was 12.18% and Tier 1 leverage ratio was 12.72%²
Total Assets increased by $337.1 million during the quarter to $883.0 million
Total Deposits increased by $262.3 million during the quarter to $745.8 million
Total Deposits for the legacy Suncrest increased by $17.5 million, or 3.6% over the linked quarter
Total Loans increased by $268.0 million during the quarter to $630.9 million
Total Loans for the legacy Suncrest increased by $11.4 million, or 3.1% over the linked quarter
New loan originations³ for the legacy Suncrest were $25.5 million during the quarter

Income Statement

The comparability of second quarter net income to the same quarter last year, and the linked quarter, is impacted primarily by the one-time effect of one-time merger expenses related to our acquisition of Community Business Bank.

Period	Net Income	Non-recurring income	Non-recurring costs	Core Net Interest Income(1)	Core Net Income(1)	Core NIM(1)	Core Diluted EPS(1)

Q2 2018	$ 1,408,508	$ 80,207	$ 1,446,000	$ 7,036,864	$ 2,394,508	4.41%	$ 0.28
Q1 2018	$ 1,456,492	$ 16,138	$ 115,000	$ 5,355,793	$ 1,551,492	4.38%	$ 0.22
Q2 2017	$ 1,213,132	$ 809,224	$ -	$ 4,483,044	$ 736,904	4.17%	$ 0.10

Core net income for the quarter, which excludes all non-recurring items, was a record $2.39 million or $0.28 per diluted share compared with core net income of $0.74 million or $0.10 per diluted share for the second quarter of 2017, and $1.55 million or $0.22 per diluted share for the linked quarter.

Core net interest income for the quarter was $7.04 million, an increase of $2.55 million or 57.0% over the same quarter last year and by $1.68 million or 31.4% over the linked quarter.

Non-interest income for the quarter was $708,000, an increase of 139% over the linked quarter driven primary by the gain on sale of a number of government guaranteed loans at attractive premiums. Service charges also increased by approximately $80,000 or 27% due mainly to the impact of the merger.

Total non-interest expenses increased, when compared to the linked quarter, by $2.10 million. This increase includes $1.45 million of non-recurring costs related to the merger, with the remaining $0.65 million explained primarily by the addition of the CBB non-interest expense base on May 22, following the closing of the deal.

Core net interest margin (NIM), which removes accretion of loan fair value marks and non-recurring items such as recovery of interest, was 4.41% for the quarter, an increase of 24 basis points from the same quarter last year. This improvement was driven primarily by an increase in overall yields as well as securities being a higher percentage of average earning assets in the current quarter.

Our Core NIM improved by 3 basis points when compared to the linked quarter primarily driven by loans being a higher percentage of average earning assets in the current quarter, partially offset by an increase in overall cost of funds due to the merger.

The increase in our cost of funds by 9 basis points was driven by the addition of CBB deposits who's average cost of funds pre-merger was 61 basis points.


¹	Excludes non-recurring income and non-recurring costs (non-GAAP financial measure)
²	Tier 1 leverage ratio is slightly elevated due the effect of the merger on average assets for the quarter
³	Includes unfunded commitments

Balance Sheet

Significant increases in all balance sheet items are driven primarily by the acquisition of CBB during the quarter. Total assets at June 30, 2018 were $883.0 million, an increase of $337.1 million during the quarter and a year over year increase of $397.9 million, or 82.0%.

Total deposits increased during the quarter by approximately $262.3 million, or 54.3%. Non-interest bearing demand deposits increased by $111.9 million and now represent 37.9% of total deposits compared to 35.4% at March 31, 2018 (pre-merger). Savings, Now and Money Market deposits increased by $95.7 million and represent 45.6% of total deposits compared to 50.6% at the end of the previous quarter, while time deposits increased by $54.8 million and represent 16.4% of total deposits compared to 14.0% at March 31, 2018. For the legacy Suncrest, total deposits increased by $17.5 million or 3.61% during the quarter.

Total loans increased by $268.0 million during the quarter or 73.9%. Loans secured by Farmland and Agricultural Production increased by $62.4 million, while Commercial and Industrial loans increased by $42.1 million. Non-Owner Occupied CRE increased by $42.7 million and Owner Occupied CRE increased by $34.8 million. Construction loans increased by $30.9 million while 1-4 and Multifamily loans increased by $31.1 million. For the legacy Suncrest, total loans increased by $11.4 million or 3.13% during the quarter and new loan originations which include unfunded commitments were $25.5 million during the quarter.

The table below details how the makeup of the overall loan portfolio has changed as a result of the merger. The percentages within most loan categories remained relatively similar, pre and post-merger, reflecting the comparable nature of the two portfolios.

	Post-merger	Pre-merger
	% of Total Loans at 06/30/18	% of Total Loans at 03/31/18
Commercial & Industrial Loans	11.8%	8.9%
Farmland & Agricultural Production	25.1%	26.4%
Non Owner Occupied CRE	22.3%	26.9%
Owner Occupied CRE	14.2%	15.2%
Construction	6.5%	2.9%
1-4 and Multifamily	16.2%	19.7%

Asset Quality

Non-performing assets were $2.1 million or 0.24% of total assets at June 30, 2018 compared to $1.0 million or 0.19% of total assets at March 31, 2017. This increase was due to the acquisition of an Other Real Estate Owned in the CBB merger.

During the second quarter the company recorded an additional $360,000 provision for loan losses and the allowance for loan losses as a percentage of total loans, excluding acquired loans that have been marked to fair value, was 1.20% at June 30, 2018 compared to 1.27% at March 31, 2018. During the quarter we partially charged off three loans in the aggregate amount of $320,000.

Capital

Suncrest Bank remained well capitalized at June 30, 2018. All of the Bank's capital ratios are above minimum regulatory standards for "well capitalized" institutions.

At June 30, 2018 the tangible book value per common share was $6.56 with common shares issued of 12,410,800 as of the same date. This compares to a tangible book value per common share of $8.11 at March 31, 2018 and $8.02 at December 31, 2017.

Excluding the unrealized loss on securities, the tangible book value per common share at June 30, 2018 was $6.72

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.

Suncrest Bank
Statements of Financial Condition (Unaudited)

	June 30,	March 31,	December 31,	June 30,
	2018	2018	2017	2017
ASSETS
Cash and Due from Banks	$ 33,574,685	$ 24,572,282	$ 29,728,313	$ 23,474,487
Federal Funds Sold	20,832,000	34,042,000	33,006,000	54,858,000
TOTAL CASH AND CASH EQUIVALENTS	54,406,685	58,614,282	62,734,313	78,332,487

Investment Securities Available for Sale (AFS)	122,462,570	102,543,729	90,368,057	46,360,233
Loans:
Total Loans	630,867,230	362,834,193	353,368,194	337,052,420
Allowance for Loan Losses	( 3,670,947)	( 3,598,647)	( 3,412,669)	( 3,062,669)
NET LOANS	627,196,283	359,235,546	349,955,525	333,989,751

Federal Home Loan Bank and Other Bank Stock, at Cost	5,456,104	3,152,891	3,152,891	3,152,891
Premises and Equipment	6,118,634	5,855,755	5,904,262	5,951,153
Other Real Estate Owned	1,713,720	313,720	313,720	313,720
Bank Owned Life Insurance	8,180,146	5,268,420	5,238,821	5,177,621
Goodwill	41,230,095	3,325,220	3,325,220	3,325,220
Core Deposit Intangible	4,408,161	1,255,183	1,313,301	1,444,956
Accrued Interest and Other Assets	11,778,004	6,305,046	6,611,278	6,994,008
	$ 882,950,402	$ 545,869,792	$ 528,917,388	$ 485,042,040

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing Demand	$ 283,012,411	$ 171,144,392	$ 162,335,707	$ 135,850,600
Savings, NOW and Money Market Accounts	340,190,775	244,517,041	235,311,974	210,722,297
Time Deposits	122,566,087	67,760,910	69,253,295	77,992,143
TOTAL DEPOSITS	745,769,273	483,422,343	466,900,976	424,565,040
Other Borrowings	5,000,000	-	-	-
Accrued Interest and Other Liabilities	5,112,328	763,424	1,199,304	897,859
TOTAL LIABILITIES	755,881,601	484,185,767	468,100,280	425,462,899

Shareholders' Equity:
Common Stock - No par value	121,624,937	57,624,317	57,279,494	57,202,344
Additional Paid-in Capital	2,236,616	2,101,103	1,985,398	1,951,059
Retained Earnings (Deficit)	5,160,484	3,751,976	2,295,485	698,304
Accumulated Other Comprehensive Income (Loss) - Net
Unrealized Gain (Loss) on Securities AFS	( 1,953,236)	( 1,793,371)	( 743,269)	( 272,566)
TOTAL SHAREHOLDERS' EQUITY	127,068,801	61,684,025	60,817,108	59,579,141
	$ 882,950,402	$ 545,869,792	$ 528,917,388	$ 485,042,040




Suncrest Bank
Statements of Income (Unaudited)
For the Three Months Ended

	June 30,	March 31,	June 30,
	2018	2018	2017
INTEREST INCOME
Interest and Fees on Loans	$ 6,726,716	$ 4,899,624	$ 5,170,236
Interest on Investment Securities	673,392	530,014	200,428
Interest on Federal Funds Sold and Other	199,233	208,834	178,555
TOTAL INTEREST INCOME	7,599,341	5,638,472	5,549,219

INTEREST EXPENSE
Interest on Savings Deposits, NOW and Money Market Accounts	240,816	147,041	117,091
Interest on Time Deposits	215,351	119,501	139,860
Interest on Other Borrowings	26,103	-	-
TOTAL INTEREST EXPENSE	482,270	266,542	256,951

NET INTEREST INCOME	7,117,071	5,371,930	5,292,268

Provision for Loan Losses	360,000	210,000	400,000
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES	6,757,071	5,161,930	4,892,268

NONINTEREST INCOME
Service Charges, Fees, and Other Income	375,976	296,026	251,468
Gain on Sale of Loans	332,288	-	104,865
	708,264	296,026	356,333

NONINTEREST EXPENSE
Salaries and Employee Benefits	2,236,663	1,895,202	1,790,685
Occupancy Expenses	420,289	353,032	358,573
Other Expenses	2,819,675	1,131,331	1,015,611
	5,476,627	3,379,565	3,164,869
INCOME BEFORE INCOME TAXES	1,988,708	2,078,391	2,083,732
Income Taxes	580,200	621,900	870,600
NET INCOME	$ 1,408,508	$ 1,456,491	$ 1,213,132




Suncrest Bank
Statements of Income (Unaudited)
For the Six Months Ended

	June 30,	June 30,
	2018	2017
INTEREST INCOME
Interest and Fees on Loans	$ 11,626,340	$ 9,757,834
Interest on Investment Securities	1,203,406	397,161
Interest on Federal Funds Sold and Other	408,066	294,052
TOTAL INTEREST INCOME	13,237,812	10,449,047

INTEREST EXPENSE
Interest on Savings Deposits, NOW and Money Market Accounts	387,856	217,586
Interest on Time Deposits	334,852	285,876
Interest on Other Borrowings	26,103	-
TOTAL INTEREST EXPENSE	748,811	503,462

NET INTEREST INCOME	12,489,001	9,945,585

Provision for Loan Losses	570,000	600,000
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES	11,919,001	9,345,585

NONINTEREST INCOME
Service Charges, Fees, and Other Income	672,003	534,351
Gain on Sale of Loans	332,288	117,654
	1,004,291	652,005

NONINTEREST EXPENSE
Salaries and Employee Benefits	4,131,866	3,807,093
Occupancy Expenses	773,321	673,452
Other Expenses	3,951,006	2,225,799
	8,856,193	6,706,344
INCOME BEFORE INCOME TAXES	4,067,099	3,291,246
Income Taxes	1,202,100	1,382,900
NET INCOME	$ 2,864,999	$ 1,908,346




Suncrest Bank
Selected Financial Data & Ratios (Unaudited)

	June 30,	March 31,	June 30,
	2018	2018	2017
For the three months ended:
Return on Average Assets(ROAA)	0.81%	1.09%	1.04%
ROAA excluding non-recurring items ^{(1) (2)}	1.38%	1.16%	0.63%
Return on Average Equity(ROAE)	5.96%	9.53%	8.24%
ROAE excluding non-recurring items ^{(1) (2)}	10.14%	10.15%	5.00%
Noninterest Expense (NIE) To Average Assets	3.14%	2.53%	2.71%
NIE to Average Assets excluding non-recurring items ^{(1) (2)}	2.31%	2.45%	2.71%
Efficiency Ratio	69.99%	59.63%	56.03%
Efficiency Ratio excluding non-recurring items ^{(1) (2)}	52.04%	57.76%	65.40%
Net Interest Margin	4.46%	4.39%	4.93%
Core Net Interest Margin ^{(1) (2)}	4.41%	4.38%	4.17%
Cost of Funds	0.32%	0.23%	0.25%
Basic Earnings Per Share (EPS)	$ 0.17	$ 0.21	$ 0.17
Diluted EPS	$ 0.17	$ 0.21	$ 0.17
Diluted EPS excluding non-recurring items ^{(1) (2)}	$ 0.28	$ 0.22	$ 0.11

	June 30,	June 30,
	2018	2017
For the six months ended:
ROAA	0.93%	0.83%
ROAA excluding non-recurring items ^{(1) (2)}	1.28%	0.65%
ROAE	7.48%	6.54%
ROAE excluding non-recurring items ^{(1) (2)}	10.30%	5.11%
NIE To Average Assets	2.88%	2.93%
NIE to Average Assets excluding non-recurring items ^{(1) (2)}	2.37%	2.82%
Efficiency Ratio	65.63%	63.28%
Efficiency Ratio excluding merger expenses ^{(1) (2)}	54.45%	66.99%
Net Interest Margin	4.40%	4.78%
Core Net Interest Margin ^{(1) (2)}	4.37%	4.22%
Cost of Funds	0.28%	0.25%
Basic EPS	$ 0.35	$ 0.27
Diluted EPS	$ 0.34	$ 0.27
Diluted EPS excluding non-recurring items ^{(1) (2)}	$ 0.47	$ 0.21


(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)


	June 30,	March 31,	June 30,
	2018	2018	2017
At Period End:
Loans to Deposits	84.59%	75.06%	79.39%
Average Loans to Average Deposits (QTD)	81.13%	74.81%	78.74%
Non-Performing Assets to Assets	0.24%	0.19%	0.50%
Outstanding Shares	12,410,800	7,041,577	7,000,094
Tangible Book Value Per Share ⁽²⁾	$ 6.56	$ 8.11	$ 7.83
Tangible Book Value Per Share excluding Unrealized Loss on Securities ⁽²⁾	$ 6.72	$ 8.36	$ 7.87
Book Value Per Share	$ 10.24	$ 8.76	$ 8.51


Regulatory Capital Ratios
Tier 1 Leverage (to average assets)	12.72%	11.01%	11.68%
Common Equity Tier 1 Capital (to risk weighted assets)	11.66%	13.62%	13.21%
Tier 1 Capital (to risk weighted assets)	11.66%	13.62%	13.21%
Total Capital (to risk weighted assets)	12.18%	14.47%	13.96%



	June 30,	March 31,	June 30,
	2018	2018	2017
Loan Composition
Commercial and Industrial:	$ 74,289,286	$ 32,155,128	$ 36,742,212
Loans to Finance Agricultural Production and Other Loans to Farmers:	47,141,267	24,327,648	18,552,301
Loans Secured by Real Estate:
Secured by Farmland	111,014,916	71,477,138	70,416,897
Construction, Land Development and Other Land	41,290,087	10,413,014	16,227,096
1-4 Family Residential Properties	57,231,279	44,044,058	46,114,444
Multifamily Residential Properties	45,322,224	27,436,480	17,205,320
Owner Occupied Nonresidential Properties	89,901,027	55,107,107	44,799,500
Non-Owner Occupied Nonresidential Properties	140,344,259	97,670,570	86,723,872
Total Loans Secured by Real Estate	485,103,792	306,148,367	281,487,129

Municipal Leases	23,959,085	-	-
Other Loans:	373,800	203,050	270,778

Total Loans	$ 630,867,230	$ 362,834,193	$ 337,052,420

(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
	June 30, 2018			March 31, 2018
	Average		Average	Average		Average
	Balance	Interest	Yield/Rate	Balance	Interest	Yield/Rate

Interest Earning Assets:
Deposits in Other Financial Institutions	$ 42,313,551	$ 199,233	1.89%	$ 45,128,356	$ 208,834	1.88%
Investment Securities	123,284,813	673,392	2.18%	98,506,314	530,014	2.15%
Loans	481,942,732	6,726,716	5.60%	352,726,445	4,899,624	5.63%
Total Interest Earning Assets	647,541,096	7,599,341	4.71%	496,361,115	5,638,472	4.61%
Noninterest Earning Assets	49,038,637			37,353,245
Total Assets	$696,579,733			$533,714,360

Interest Bearing Liabilities
Interest Bearing Transaction Accounts	$ 65,141,271	24,980	0.15%	$ 57,412,491	17,736	0.13%
Savings and Money Market Accounts	216,513,889	215,836	0.40%	178,140,536	129,305	0.29%
Time Deposits	92,881,436	215,351	0.93%	68,553,202	119,501	0.71%
Total Interest Bearing Deposits	374,536,596	456,167	0.49%	304,106,229	266,542	0.36%
Other Borrowings	5,346,703	26,103	1.96%	-	-	-
Total Interest Bearing Liabilities	379,883,299	482,270	0.51%	304,106,229	266,542	0.36%
Noninterest Bearing Transaction Accounts	219,511,941			167,393,658
Total Funding Sources	599,395,240			471,499,887
Noninterest Bearing Liabilities	2,723,628			1,068,364
Shareholders' Equity	94,460,865			61,146,109
Total Liabilities and Shareholder's Equity	$696,579,733			$533,714,360
Net Interest Income		$ 7,117,071			$ 5,371,930
Net Interest Margin			4.46%			4.39%




Suncrest Bank
Average Balance Sheet and Yields (Unaudited)
For the Three Months Ended
	June 30, 2018			June 30, 2017
	Average		Average	Average		Average
	Balance	Interest	Yield/Rate	Balance	Interest	Yield/Rate

Interest Earning Assets:
Deposits in Other Financial Institutions	$ 42,313,551	$ 199,233	1.89%	$ 63,624,529	$ 178,555	1.13%
Investment Securities	123,284,813	673,392	2.18%	46,121,258	200,428	1.74%
Loans	481,942,732	6,726,716	5.60%	321,163,279	5,170,236	6.46%
Total Interest Earning Assets	647,541,096	7,599,341	4.71%	430,909,066	5,549,219	5.17%
Noninterest Earning Assets	49,038,637			36,802,262
Total Assets	$696,579,733			$467,711,328

Interest Bearing Liabilities
Interest Bearing Transaction Accounts	$ 65,141,271	24,980	0.15%	$ 53,439,987	16,349	0.12%
Savings and Money Market Accounts	216,513,889	215,836	0.40%	150,330,207	100,742	0.27%
Time Deposits	92,881,436	215,351	0.93%	82,211,779	139,860	0.68%
Total Interest Bearing Deposits	374,536,596	456,167	0.49%	285,981,973	256,951	0.36%
Other Borrowings	5,346,703	26,103	1.96%	-	-	-
Total Interest Bearing Liabilities	379,883,299	482,270	0.51%	285,981,973	256,951	0.36%
Noninterest Bearing Transaction Accounts	219,511,941			121,918,602
Total Funding Sources	599,395,240			407,900,575
Noninterest Bearing Liabilities	2,723,628			895,612
Shareholders' Equity	94,460,865			58,915,141
Total Liabilities and Shareholder's Equity	$696,579,733			$467,711,328
Net Interest Income		$ 7,117,071			$ 5,292,268
Net Interest Margin			4.46%			4.93%




Suncrest Bank
Average Balance Sheet and Yields (Unaudited)
For the Six Months Ended
	June 30, 2018			June 30, 2017
	Average		Average	Average		Average
	Balance	Interest	Yield/Rate	Balance	Interest	Yield/Rate

Interest Earning Assets:
Deposits in Other Financial Institutions	$ 43,688,316	$ 408,066	1.88%	$ 58,480,636	$ 294,052	1.01%
Investment Securities	110,950,200	1,203,406	2.17%	46,540,370	397,161	1.71%
Loans	417,691,540	11,626,340	5.61%	314,367,996	9,757,834	6.26%
Total Interest Earning Assets	572,330,056	13,237,812	4.66%	419,389,002	10,449,047	5.02%
Noninterest Earning Assets	42,835,991			38,305,889
Total Assets	$ 615,166,047			$ 457,694,891

Interest Bearing Liabilities
Interest Bearing Transaction Accounts	$ 61,298,231	42,716	0.14%	$ 52,812,496	31,219	0.12%
Savings and Money Market Accounts	197,433,216	345,140	0.35%	143,778,080	186,367	0.26%
Time Deposits	80,784,524	334,852	0.84%	83,148,608	285,876	0.69%
Total Interest Bearing Deposits	339,515,971	722,708	0.43%	279,739,184	503,462	0.36%
Other Borrowings	2,686,740	26,103	1.96%	-	-	-
Total Interest Bearing Liabilities	342,202,711	748,811	0.44%	279,739,184	503,462	0.36%
Noninterest Bearing Transaction Accounts	194,853,679			118,558,781
Total Funding Sources	537,056,390			398,297,965
Noninterest Bearing Liabilities	1,511,305			1,071,343
Shareholders' Equity	76,598,352			58,325,583
Total Liabilities and Shareholder's Equity	$ 615,166,047			$ 457,694,891
Net Interest Income		$ 12,489,001			$ 9,945,585
Net Interest Margin			4.40%			4.78%

View original content:http://www.prnewswire.com/news-releases/suncrest-bank-reports-second-quarter-net-income-core-earnings-per-share-doubled-year-over-year-300690006.html

SOURCE Suncrest Bank

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Suncrest Bank Reports Second Quarter Net Income. Core Earnings Per Share Doubled Year Over Year.

Suncrest Bank Reports Second Quarter Net Income. Core Earnings Per Share Doubled Year Over Year.

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