Market Overview

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

Share:

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 /PRNewswire/ -- Suncrest Bank (OTCQX: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%

 

Cision 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

View Comments and Join the Discussion!