Suncrest Bank Reports Third Quarter Net Income. Surpasses $900 million in assets. ROA of 1.58%

PR Newswire

SACRAMENTO, Calif. and VISALIA, Calif., Oct. 25, 2018

SACRAMENTO, Calif. and VISALIA, Calif., Oct. 25, 2018 /PRNewswire/ -- Suncrest Bank SBKK today reported unaudited financial results for the third quarter of 2018.

"We ended the quarter with total assets of approximately $912 million which is an increase of 3% over the linked quarter and we remain on track to cross the $1 billion threshold during 2019," said President and CEO, Ciaran McMullan. "Organic growth remains strong with new loan originations during the quarter of over $40 million and an increase in total deposits of approximately $30 million or 16% annualized."

"This quarter we saw the full top-line revenue impact of our merger with Community Business Bank with net interest income increasing by more than $2.5 million or 36%. Together with improving asset yields, this helped to drive an excellent return on assets of nearly 1.6% and a sub-50% efficiency ratio," added McMullan.

Third Quarter 2018 Highlights

Return on average assets of 1.58%
Efficiency ratio of 49.10% compared to 54.24% for Q3 2017
Net income of $3.5 million, a single quarter record
Diluted EPS of $0.28, an increase of 47% over Q3 2017
Net interest margin of 4.78%
Average loan to deposit ratio of 84.32%
Non-interest bearing deposits increased by $20.6 million or 7.3% over the linked quarter
Total loan growth of $9.7 million or 1.5% over the linked quarter
Loans secured by real estate increased by $18.3 million or 3.8% over the linked quarter
New loan originations¹ of $41.8 million during the quarter
Return on average equity of 10.85%
Total risk based capital ratio was 12.55% and Tier 1 leverage ratio was 10.29%
Finalist in the category "Best IR by a Micro-cap" presented by IR Magazine

Income Statement

The comparability of third quarter net income to the linked quarter is impacted significantly by non-recurring merger expenses experienced in the second quarter. The table also identifies non-recurring income items, income resulting from the accretion of acquired loan fair value marks (as those loans continue to perform), and non-recurring costs such as merger expenses.


		Non-recurring Income
Period	Net Income	Interest recoveries(2)	Income from accretion(3)	Non- recurring costs	Core Net Interest Income(4)	Core Net Income(4)	Core NIM(4)	Core Diluted EPS(4)
Q3 2018	$ 3,502,724	$ 255,169	$ 166,167	$ -	$ 9,264,533	$ 3,207,724	4.57%	$ 0.26
Q2 2018	$ 1,408,508	$ -	$ 80,207	$ 1,446,000	$ 7,036,864	$ 2,394,508	4.41%	$ 0.28
Q3 2017	$ 1,365,183	$ 349,686	$ 193,806	$ -	$ 4,915,672	$ 1,045,338	4.21%	$ 0.15

Net income increased over the linked quarter (excluding the impact of non-recurring merger costs) by $813,000 or 34.0%. This growth is primarily attributable to the full quarter impact of our merger with Community Business Bank (CBB), which closed in May of this year but was also helped by an increase in our overall average yield on earning assets from 4.71% for the quarter ended June 30, 2018 to 5.13% for the quarter ended September 30, 2018.

Net interest income for the quarter was $9.7 million, an increase of $4.2 million or 77.4% over the same quarter last year and by $2.6 million or 36.1% over the linked quarter.

Non-interest income for the quarter was $446,000, a decrease of $262,000 or 37.0% over the linked quarter. This decrease is attributable to the fact we had no gain in sale income in the current quarter. However, income due to service charges did increase slightly by $70,000 or 18.7%.

Total non-interest expenses declined over the linked quarter by $502,000 or 9.2%. When non-recurring merger expenses are excluded, non-interest expenses increased by $944,000 or 23.4%. This increase is primarily due to the full quarter impact of CBB expense base being experienced in the third quarter.

Core net interest margin (NIM), which conservatively removes accretion of loan fair value marks and non-recurring items such as recovery of interest, was 4.57% for the quarter, an increase of 36 basis points from the same quarter last year. This improvement was driven primarily by an increase in overall yields as well as securities and loans being a higher percentage of average earning assets in the current quarter.

Our core NIM improved by 16 basis points when compared to the linked quarter primarily driven by loans being a higher percentage of average earning assets in the current quarter and an improvement in investment yields, partially offset by an increase in overall cost of funds due to the merger.

The increase in our cost of funds by 5 basis points over the linked quarter was primarily attributable to seeing the full quarter impact of the addition of the CBB higher cost deposit base. CBB's average cost of funds pre-merger was 61 basis points.

Balance Sheet

The acquisition of CBB, with total assets of approximately $320 million at March 31, 2018, which closed on May 21, 2018, will affect the comparability of balance sheet information for the quarter versus the same quarter of 2017.

Total assets at September 30, 2018 were $911.5 million representing an increase by $28.6 million or 3.2% during the quarter. The increase was driven primarily by strong growth in deposits.

Total deposits at September 30, 2018 were $776.5 million, an increase of $30.8 million or 4.0% over the linked quarter. This growth was largely driven by an increase in non-maturity deposits5, which were $658.6 million at quarter end, an increase of $35.4 million or 5.7% over the linked quarter. We also saw good growth in noninterest-bearing deposits, which increased by $20.6 million or 7.3% over the linked quarter while time deposits declined by $4.7 million or 3.8%. The decline in time deposits was driven entirely by the planned payoff of the remaining $6.7 million in brokered certificates of deposit that had been inherited from our acquisition of CBB.

The bank continues to maintain a strong focus on growing core, locally-sourced non-maturity and non-interest bearing deposit relationships and average deposits per branch were approximately $110.9 million at quarter end.

Total loans at September 30, 2018 were $640.5 million, an increase of $9.7 million or 1.5% over the linked quarter. In the third quarter we typically see seasonal pay downs in our agricultural production lines which declined by $5.5 million or 11.7% over the linked quarter. Some of the decline in this category is also explained by a reclassification of a number of acquired loans out of this category and into the farmland category. Our commercial and industrial loans also declined during the quarter by $2.8 million or 3.8% which is primarily explained by normal business fluctuations in the utilization of these lines.

Loan growth this quarter was primarily driven by increases in farmland loans and non-owner occupied commercial real estate which increased by $13.5 million and $8.6 million or 12.1% and 6.1% respectively. Total loans secured by real estate increased by 3.8% or 15.1% annualized.

Total loan originations, which include unfunded commitments, were $41.8 million during the quarter

As a result of our merger with CBB we inherited approximately $24 million in Municipal Leases. These leases are effectively tax-exempt equipment loans to high performing California Municipalities and School Districts with the majority of these loans being less than $1.0 million in outstanding balances.

The table below details the major categories of our loan portfolio as compared to the linked quarter. The percentages within all major categories remained relatively similar.

	% of Total Loans at 09/30/18	% of Total Loans at 06/30/18
Commercial & Industrial Loans	11.2%	11.8%
Farmland & Agricultural Production	25.9%	25.1%
Non Owner Occupied CRE	23.3%	22.3%
Owner Occupied CRE	14.1%	14.2%
Construction	6.1%	6.5%
1-4 and Multifamily	15.7%	16.2%

Asset Quality

Non-performing assets were $684,000 or 0.08% of total assets at September 30, 2018 compared to $2.1 million or 0.24% of total assets at June 30, 2018. This significant decrease is due to an OREO disposal in July 2018. Loans 30-89 days delinquent were 0.94% of total loans at September 30, 2018 compared to zero at June 30, 2018. This elevated level of delinquencies was driven primarily by the ongoing extension negotiations of matured loans within one single large borrowing relationship and the pending refinance of an acquired relationship. Both delinquencies are expected to be addressed in the upcoming weeks. It should be noted that data related to loans 30-89 days delinquent is not contained within this release but is detailed in the bank's Q3 UBPR (Call Report).

During the third quarter the company recorded an additional $350,000 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 1.24% at September 30, 2018 compared to 1.20% at June 30, 2018 and 1.27% at March 31, 2018.

Capital

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

At September 30, 2018 the tangible book value per common share was $6.84 with common shares issued of 12,412,300 as of the same date. This compares to a tangible book value per common share of $6.56 at June 30, 2018 and $8.11 at March 31, 2018.

Excluding the unrealized loss on securities, the tangible book value per common share at September 30, 2018 was $7.04

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


Suncrest Bank
Statements of Financial Condition
(Unaudited)
	September 30,	June 30,	December 31,	September 30,
	2018	2018	2017	2017
ASSETS
Cash and Due from Banks	$ 45,939,304	$ 33,574,685	$ 29,728,313	$ 24,718,147
Federal Funds Sold	25,447,000	20,832,000	33,006,000	74,053,000
TOTAL CASH AND CASH EQUIVALENTS	71,386,304	54,406,685	62,734,313	98,771,147

Investment Securities Available for Sale (AFS)	127,135,695	122,462,570	90,368,057	60,079,743
Loans:
Total Loans	640,515,026	630,867,230	353,368,194	347,476,766
Allowance for Loan Losses	( 4,021,747)	( 3,670,947)	( 3,412,669)	( 3,412,669)
NET LOANS	636,493,279	627,196,283	349,955,525	344,064,097

Federal Home Loan Bank and Other Bank Stock, at Cost	5,453,891	5,456,104	3,152,891	3,152,891
Premises and Equipment	6,123,388	6,118,634	5,904,262	5,943,586
Other Real Estate Owned	313,720	1,713,720	313,720	313,720
Bank Owned Life Insurance	8,231,954	8,180,146	5,238,821	5,208,420
Goodwill	41,126,689	41,230,095	3,325,220	3,325,220
Core Deposit Intangible	4,191,333	4,408,161	1,313,301	1,379,129
Accrued Interest and Other Assets	11,055,161	11,778,004	6,611,278	7,121,563
	$ 911,511,414	$ 882,950,402	$ 528,917,388	$ 529,359,516

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing Demand	$ 303,565,381	$ 283,012,411	$ 162,335,707	$ 164,528,813
Savings, NOW and Money Market Accounts	355,074,099	340,190,775	235,311,974	230,090,133
Time Deposits	117,903,291	122,566,087	69,253,295	72,822,776
TOTAL DEPOSITS	776,542,771	745,769,273	466,900,976	467,441,722
Other Borrowings	-	5,000,000	-	-
Accrued Interest and Other Liabilities	4,755,688	5,112,328	1,199,304	986,090
TOTAL LIABILITIES	781,298,459	755,881,601	468,100,280	468,427,812

Shareholders' Equity:
Common Stock - No par value	121,716,187	121,624,937	57,279,494	57,202,344
Additional Paid-in Capital	2,355,357	2,236,616	1,985,398	2,007,428
Retained Earnings (Deficit)	8,663,208	5,160,484	2,295,485	2,063,487
Accumulated Other Comprehensive Income (Loss) - Net
Unrealized Gain (Loss) on Securities AFS	( 2,521,797)	( 1,953,236)	( 743,269)	( 341,555)
TOTAL SHAREHOLDERS' EQUITY	130,212,955	127,068,801	60,817,108	60,931,704
	$ 911,511,414	$ 882,950,402	$ 528,917,388	$ 529,359,516




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

	September 30,	June 30,	September 30,
	2018	2018	2017
INTEREST INCOME
Interest and Fees on Loans	$ 9,376,674	$ 6,726,716	$ 5,245,296
Interest on Investment Securities	782,859	673,392	213,100
Interest on Federal Funds Sold and Other	238,646	199,233	245,898
TOTAL INTEREST INCOME	10,398,179	7,599,341	5,704,294

INTEREST EXPENSE
Interest on Savings Deposits, NOW and Money Market Accounts	449,095	240,816	129,746
Interest on Time Deposits	261,992	215,351	115,384
Interest on Other Borrowings	1,223	26,103	-
TOTAL INTEREST EXPENSE	712,310	482,270	245,130

NET INTEREST INCOME	9,685,869	7,117,071	5,459,164

Provision for Loan Losses	350,000	360,000	350,000
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES	9,335,869	6,757,071	5,109,164

NONINTEREST INCOME
Service Charges, Fees, and Other Income	446,104	375,976	259,989
Gain on Sale of Loans	-	332,288	157,861
	446,104	708,264	417,850

NONINTEREST EXPENSE
Salaries and Employee Benefits	2,619,448	2,236,663	1,855,584
Occupancy Expenses	539,438	420,289	370,999
Other Expenses	1,815,963	2,819,675	961,048
	4,974,849	5,476,627	3,187,631
INCOME BEFORE INCOME TAXES	4,807,124	1,988,708	2,339,383
Income Taxes	1,304,400	580,200	974,200
NET INCOME	$ 3,502,724	$ 1,408,508	$ 1,365,183




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

	September 30,	September 30,
	2018	2017
INTEREST INCOME
Interest and Fees on Loans	$ 21,003,013	$ 15,003,130
Interest on Investment Securities	1,986,265	610,261
Interest on Federal Funds Sold and Other	646,713	539,950
TOTAL INTEREST INCOME	23,635,991	16,153,341

INTEREST EXPENSE
Interest on Savings Deposits, NOW and Money Market Accounts	836,952	347,331
Interest on Time Deposits	596,844	401,260
Interest on Other Borrowings	27,325	-
TOTAL INTEREST EXPENSE	1,461,121	748,591

NET INTEREST INCOME	22,174,870	15,404,750

Provision for Loan Losses	920,000	950,000
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES	21,254,870	14,454,750

NONINTEREST INCOME
Service Charges, Fees, and Other Income	1,118,107	794,340
Gain on Sale of Loans	332,288	275,515
	1,450,395	1,069,855

NONINTEREST EXPENSE
Salaries and Employee Benefits	6,751,313	5,662,678
Occupancy Expenses	1,312,759	1,044,452
Other Expenses	5,766,970	3,186,846
	13,831,042	9,893,976
INCOME BEFORE INCOME TAXES	8,874,223	5,630,629
Income Taxes	2,506,500	2,357,100
NET INCOME	$ 6,367,723	$ 3,273,529




Suncrest Bank
Selected Financial Data & Ratios (Unaudited)

	September 30,	June 30,	September 30,
	2018	2018	2017
For the three months ended:
Return on Average Assets(ROAA)	1.58%	0.81%	1.09%
ROAA excluding non-recurring items ^{(1) (2)}	1.44%	1.38%	0.83%
Return on Average Equity(ROAE)	10.85%	5.96%	9.05%
ROAE excluding non-recurring items ^{(1) (2)}	9.94%	10.14%	6.93%
Noninterest Expense (NIE) To Average Assets	2.24%	3.14%	2.54%
NIE to Average Assets excluding non-recurring items ^{(1) (2)}	2.24%	2.31%	2.54%
Efficiency Ratio	49.10%	69.99%	54.24%
Efficiency Ratio excluding non-recurring items ^{(1) (2)}	51.23%	52.04%	59.77%
Net Interest Margin	4.78%	4.46%	4.67%
Core Net Interest Margin ^{(1) (2)}	4.57%	4.41%	4.21%
Cost of Funds	0.37%	0.32%	0.22%
Basic Earnings Per Share (EPS)	$ 0.28	$ 0.17	$ 0.19
Diluted EPS	$ 0.28	$ 0.17	$ 0.19
Diluted EPS excluding non-recurring items ^{(1) (2)}	$ 0.26	$ 0.28	$ 0.15

	September 30,	September 30,
	2018	2017
For the nine months ended:
ROAA	1.20%	0.92%
ROAA excluding non-recurring items ^{(1) (2)}	1.35%	0.68%
ROAE	9.00%	7.35%
ROAE excluding non-recurring items ^{(1) (2)}	10.11%	5.43%
NIE To Average Assets	2.61%	2.79%
NIE to Average Assets excluding non-recurring items ^{(1) (2)}	2.31%	2.72%
Efficiency Ratio	58.54%	60.06%
Efficiency Ratio excluding merger expenses ^{(1) (2)}	53.10%	65.29%
Net Interest Margin	4.58%	4.74%
Core Net Interest Margin ^{(1) (2)}	4.47%	4.22%
Cost of Funds	0.32%	0.24%
Basic EPS	$ 0.66	$ 0.47
Diluted EPS	$ 0.65	$ 0.47
Diluted EPS excluding non-recurring items ^{(1) (2)}	$ 0.73	$ 0.34

(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,
	2018	2018	2017
At Period End:
Loans to Deposits	82.48%	84.59%	74.34%
Average Loans to Average Deposits (QTD)	84.32%	81.13%	78.19%
Non-Performing Assets to Assets	0.08%	0.24%	0.37%
Outstanding Shares	12,412,300	12,410,800	7,002,594
Tangible Book Value Per Share ⁽²⁾	$ 6.84	$ 6.56	$ 8.03
Tangible Book Value Per Share excluding Unrealized Loss on Securities ⁽²⁾	$ 7.04	$ 6.72	$ 8.08
Book Value Per Share	$ 10.49	$ 10.24	$ 8.70


Regulatory Capital Ratios
Tier 1 Leverage (to average assets)	10.29%	12.72%	11.20%
Common Equity Tier 1 Capital (to risk weighted assets)	11.99%	11.66%	13.51%
Tier 1 Capital (to risk weighted assets)	11.99%	11.66%	13.51%
Total Capital (to risk weighted assets)	12.55%	12.18%	14.35%



	September 30,	June 30,	September 30,
	2018	2018	2017
Loan Composition
Commercial and Industrial:	$ 71,502,960	$ 74,289,286	$ 37,476,021
Loans to Finance Agricultural Production and Other Loans to Farmers:	41,647,206	47,141,267	21,543,264
Loans Secured by Real Estate:
Secured by Farmland	124,493,140	111,014,916	73,033,469
Construction, Land Development and Other Land	39,036,669	41,290,087	17,123,870
1-4 Family Residential Properties	55,643,334	57,231,279	45,582,496
Multifamily Residential Properties	45,148,329	45,322,224	17,832,938
Owner Occupied Nonresidential Properties	90,151,385	89,901,027	46,285,573
Non-Owner Occupied Nonresidential Properties	148,948,159	140,344,259	88,346,003
Total Loans Secured by Real Estate	503,421,016	485,103,792	288,204,349

Municipal Leases	23,662,086	23,959,085	-
Other Loans:	281,758	373,800	253,132

Total Loans	$ 640,515,026	$ 630,867,230	$ 347,476,766

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

Interest Earning Assets:
Deposits in Other Financial Institutions	$ 47,719,043	$ 238,646	1.98%	$ 42,313,551	$ 199,233	1.89%
Investment Securities	121,612,179	782,859	2.57%	123,284,813	673,392	2.18%
Loans	634,575,951	9,376,674	5.86%	481,942,732	6,726,716	5.60%
Total Interest Earning Assets	803,907,173	10,398,179	5.13%	647,541,096	7,599,341	4.71%
Noninterest Earning Assets	84,836,567			49,038,637
Total Assets	$888,743,740			$696,579,733

Interest Bearing Liabilities
Interest Bearing Transaction Accounts	$ 76,528,434	31,182	0.16%	$ 65,141,271	24,980	0.15%
Savings and Money Market Accounts	267,298,485	417,913	0.62%	216,513,889	215,836	0.40%
Time Deposits	120,286,031	261,992	0.86%	92,881,436	215,351	0.93%
Total Interest Bearing Deposits	464,112,950	711,087	0.61%	374,536,596	456,167	0.49%
Other Borrowings	2,146,739	1,223	0.23%	5,346,703	26,103	1.96%
Total Interest Bearing Liabilities	466,259,689	712,310	0.61%	379,883,299	482,270	0.51%
Noninterest Bearing Transaction Accounts	288,434,695			219,511,941
Total Funding Sources	754,694,384			599,395,240
Noninterest Bearing Liabilities	4,916,648			2,723,628
Shareholders' Equity	129,132,708			94,460,865
Total Liabilities and Shareholder's Equity	$888,743,740			$696,579,733
Net Interest Income		$ 9,685,869			$ 7,117,071
Net Interest Margin			4.78%			4.46%




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

Interest Earning Assets:
Deposits in Other Financial Institutions	$ 47,719,043	$ 238,646	1.98%	$ 71,702,935	$ 245,898	1.36%
Investment Securities	121,612,179	782,859	2.57%	47,616,726	213,100	1.79%
Loans	634,575,951	9,376,674	5.86%	343,995,185	5,245,296	6.05%
Total Interest Earning Assets	803,907,173	10,398,179	5.13%	463,314,846	5,704,294	4.88%
Noninterest Earning Assets	84,836,567			37,914,993
Total Assets	$888,743,740			$501,229,839

Interest Bearing Liabilities
Interest Bearing Transaction Accounts	$ 76,528,434	31,182	0.16%	$ 54,683,752	17,167	0.12%
Savings and Money Market Accounts	267,298,485	417,913	0.62%	165,318,981	112,579	0.27%
Time Deposits	120,286,031	261,992	0.86%	72,870,206	115,384	0.63%
Total Interest Bearing Deposits	464,112,950	711,087	0.61%	292,872,939	245,130	0.33%
Other Borrowings	2,146,739	1,223	0.23%	-	-	-
Total Interest Bearing Liabilities	466,259,689	712,310	0.61%	292,872,939	245,130	0.33%
Noninterest Bearing Transaction Accounts	288,434,695			147,076,072
Total Funding Sources	754,694,384			439,949,011
Noninterest Bearing Liabilities	4,916,648			948,545
Shareholders' Equity	129,132,708			60,332,283
Total Liabilities and Shareholder's Equity	$888,743,740			$501,229,839
Net Interest Income		$ 9,685,869			$ 5,459,164
Net Interest Margin			4.78%			4.67%




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

Interest Earning Assets:
Deposits in Other Financial Institutions	$ 45,539,444	$ 646,713	1.90%	$ 62,935,383	$ 539,950	1.15%
Investment Securities	111,239,812	1,986,265	2.38%	46,909,391	610,261	1.73%
Loans	490,780,822	21,003,013	5.72%	324,251,898	15,003,130	6.19%
Total Interest Earning Assets	647,560,078	23,635,991	4.88%	434,096,672	16,153,341	4.98%
Noninterest Earning Assets	59,958,985			38,526,376
Total Assets	$ 707,519,063			$ 472,623,048

Interest Bearing Liabilities
Interest Bearing Transaction Accounts	$ 66,430,754	73,898	0.15%	$ 53,440,858	48,385	0.12%
Savings and Money Market Accounts	220,977,556	763,054	0.46%	150,982,831	298,946	0.26%
Time Deposits	94,096,387	596,844	0.85%	79,722,368	401,260	0.67%
Total Interest Bearing Deposits	381,504,697	1,433,796	0.50%	284,146,057	748,591	0.35%
Other Borrowings	2,339,011	27,325	1.56%	-	-	-
Total Interest Bearing Liabilities	383,843,708	1,461,121	0.51%	284,146,057	748,591	0.35%
Noninterest Bearing Transaction Accounts	226,390,138			128,101,012
Total Funding Sources	610,233,846			412,247,069
Noninterest Bearing Liabilities	2,907,870			1,021,248
Shareholders' Equity	94,377,347			59,354,731
Total Liabilities and Shareholder's Equity	$ 707,519,063			$ 472,623,048
Net Interest Income		$ 22,174,870			$ 15,404,750
Net Interest Margin			4.58%			4.74%

View original content:http://www.prnewswire.com/news-releases/suncrest-bank-reports-third-quarter-net-income-surpasses-900-million-in-assets-roa-of-1-58-300737749.html

SOURCE Suncrest Bank

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