Press Release

Suncrest Bank Reports Second Quarter Earnings. Annualized loan growth of 8.4%

Company Release - 7/25/2019 4:10 PM ET

SACRAMENTO, Calif. and VISALIA, Calif., July 25, 2019 /PRNewswire/ -- Suncrest Bank (OTCQX: SBKK) today reported unaudited financial results for the second quarter of 2019.

"This quarter saw annualized loan growth of 8.4% and annualized non-maturity deposit growth of 9.2% while our lower cost funding position remained strong with an average loan to deposit ratio of approximately 81.5%," said Mr. Ciaran McMullan, President and CEO of Suncrest Bank. "Earnings remained consistent with Q1 as increased interest income offset one-time, elevated credit charges."

Second Quarter 2019 Highlights

  • Total loan growth of $13.1 million or 2.1% over the linked quarter
  • New loan originations1 of $30.6 million
  • Total deposits increased by $7.6 million or 1.0% over the linked quarter
  • Non-maturity depositsincreased by $15.7 million or 2.3% over the linked quarter
  • Net interest margin of 4.60%
  • Efficiency ratio of 52.96%
  • Return on average equity of 8.07%
  • Total risk-based capital ratio increased to 14.05% and Tier 1 leverage ratio increased to 10.91%
  • Named in DepositsAccounts.com Top 200 Healthiest Banks for second year in a row

Income Statement

Net income declined slightly by approximately $170,000 or 5.67% over the linked quarter. This decline was mainly driven by an increase of $600,000 in our provision for loan losses related to the downgrade of a lending relationship brought about by borrower fraud which is discussed further in the Asset Quality section below. This elevated provision expense was offset by an increase in net interest income of $421,000 or 4.5% due to improved returns on our investment securities and approximately $643,000 in income resulting from the accelerated accretion of fair value marks on several acquired loans that paid off during the quarter. Net income increased over the same quarter in 2018 by $1.41 million or 100.1% primarily due to heightened non-recurring costs in Q2 2018 related to our merger with Community Business Bank in May 2018.



Non-recurring Income






Period

Net Income

Interest recoveries3

Income from accretion4

Non-recurring costs

Core Net Interest Income5

Core Net Income5

Core NIM5

Core Diluted EPS5

Q2 2019

$       2,818,869

$         9,338

$            642,538

$                   -

$             9,126,198

$      2,358,869

4.29%

$             0.19

Q1 2019

$       2,988,386

$         6,545

$             36,967

$                   -

$             9,313,740

$      2,957,386

4.56%

$             0.24

Q2 2018

$       1,408,508

$               -

$             80,207

$       1,446,000

$             7,036,864

$      2,394,508

4.36%

$             0.28

Core net interest income, which conservatively excludes interest recoveries and income from acquired loan mark accretion, was moderately lower than the linked quarter by $188,000 or 2.0% caused primarily by an increase in interest expense of $172,000.

Core net interest margin ("NIM"), was 4.29% for the quarter, a decrease of 7 basis points ("bps") from the same quarter last year due primarily to an increase in overall cost of funds due to the merger, partially offset by an increase in yields on investments.  Core NIM declined over the linked quarter by 27 bps due to a combination of factors; an increase in our cost of funds by 7 bps, a decline in average portfolio core loan yield of 17 bps, and increased amortization of deferred loan costs. Approximately 7 bps of loan yield decline was driven by the increase in non-accrual loans and reduced prepayment fee income. The remainder is explained by payoffs within our commercial & industrial ("C&I") portfolio together with several larger construction loans refinancing into lower rate term structures.

Non-interest income for the quarter did not include any income on gain on sale of loans and was steady over the linked quarter showing a slight increase of $15,000.

Total non-interest expenses declined over the linked quarter by $19,000 or 0.3%.  Salaries and employee benefit expense declined by $174,000 or 5.8% while other expenses increased by 150,000 or 8.0%. The increase in other expenses was driven mainly by an increase in professional services costs.

Balance Sheet

The acquisition of the $320 million Community Business Bank will affect the comparability of balance sheet information for the quarter versus the same quarter of 2018.

Total assets at June 30, 2019 were $943.7 million representing an increase of $12.5 million or 1.34% during the quarter. The increase was primarily the result of an increase in loans.

Total loans at June 30, 2019 were $649.0 million, an increase of $13.1 million or 2.1% over the linked quarter. Total loans secured by real estate increased by $16.0 million or 3.1 % with the largest increases being in farmland and non-owner occupied real estate which increased by $10.8 million and $16.4 million respectively. Our C&I portfolio declined by $7.5 million or 11.2% due to payoffs, and our construction portfolio declined by $9.9 million or 21.6% as several projects were completed and refinanced into real estate term loans. Agricultural production loans increased as expected in advance of the upcoming growing season. 

Agricultural Loan Portfolio
Suncrest's agricultural loan portfolio is highly diversified providing financing to farmers, ranchers and agribusinesses across approximately 20 different crop types including citrus, nuts, wine grapes, table grapes, tree fruit, tomatoes, rice and others. Each of these sectors are exposed to different local and international markets and are not currently significantly impacted by ongoing international tariff issues. "Credit quality in our farmland and agricultural production portfolio remains strong and reflects the diversified nature and financial strength of the agriculture sector in California," said Mr. Peter Nutz, Chief Credit Officer.

Total deposits at June 30, 2019 were $793.4 million, an increase of $7.6 million or 0.97% over the linked quarter due to an increase in total non-maturity deposits of $15.7 million and a decrease in time deposits of $8.1 million. Total Noninterest-bearing demand6 deposits declined by $5.2 million or 1.8% over the linked quarter which we attribute partially to tax liability related payments but also the movement of funds into interest bearing products.

Asset Quality 

Non-performing assets were $7.6 million or 0.81% of total assets at June 30, 2019 compared to $1.3 million or 0.14% at March 31, 2019. This increase was driven by a lending relationship of approximately $6.74 million being placed on non-accrual status during the quarter.

The relationship is made up of several loans which have been cross collateralized using a combination of owner occupied and non-owner occupied real estate, farmland and other non-real estate business assets. We took the decision to downgrade the entire relationship due to; (1) the discovery that the primary borrower had provided falsified financial information which substantially misrepresented the financial condition of their manufacturing business, (2) the borrower's decision to terminate the operation of this business during the quarter. While the fraud was isolated to a C&I loan made to the manufacturing business it was prudent to downgrade the entire relationship. The borrower has listed various properties for sale to repay the outstanding debt through an orderly liquidation. However, based on our current analysis we estimate there will remain a shortfall and have therefore increased the total reserve allocated to this credit to $1.3 million. The issues noted above are confined to this specific relationship and are not indicative of broader loss exposure in the portfolio.

During the quarter the allowance for loan loss was increased by $850,000. The allowance as a percentage of total loans, excluding acquired loans that have been marked to fair value, was 1.32% at June 30, 2019 compared to 1.25% at March 31, 2019. The increase in the provision over the linked quarter was driven by growth in our loan portfolio and additional reserves allocated to the non-accrual relationship discussed above.

The table below provides a four-quarter trend in classified loans. Classified accruing loans declined substantially during the quarter primarily as a result of the non-accrual downgrade discussed above. Total classified loans have remained steady over the last twelve months and declined as a percentage of total loans over the linked quarter.


Q2 2019

Q1 2019

Q4 2018

Q3 2018

Total Classified Loans (1)

$10,506,826

$10,867,132

$9,618,692

$9,248,946

Classified - Accrual Loans

$3,217,246

$9,870,331

$8,834,752

$8,878,844

Classified - Non-Accrual Loans

$7,289,580

$996,801

$783,940

$370,102

Total Classified / Total Loans

1.62%

1.71%

1.48%

1.44%

(1)  Includes classified accrual loans and non-accrual loans

Capital

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

At June 30, 2019 tangible book value per common share was $7.99 with common shares issued of 12,433,300 as of the same date. This compares to a tangible book value per common share of $7.62 at March 31, 2019.

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

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

3

Represents interest recoveries on non-accrual loans

4

Represents accretion of acquired loan fair value marks

5

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

6

Including reclassified demand deposits. On a quarterly basis the bank reclassifies a portion it's non-interest bearing demand deposits in order to reduce its reserve requirements with the Federal Reserve.

 

Suncrest Bank








Statements of Financial Condition








 (Unaudited)


















June 30,


March 31,


June 30,




2019


2019


2018


ASSETS








Cash and Due from Banks


$               29,654,947


$               56,669,233


$               33,574,685


Federal Funds Sold


33,204,000


13,175,000


20,832,000


TOTAL CASH AND CASH EQUIVALENTS


62,858,947


69,844,233


54,406,685










Investment Securities Available for Sale (AFS)


163,188,023


155,130,413


122,462,570


Loans:








   Total Loans


648,985,053


635,877,677


630,867,230


   Allowance for Loan Losses


(5,473,135)


(4,622,547)


(3,670,947)


NET LOANS


643,511,918


631,255,130


627,196,283










Federal Home Loan Bank and Other Bank Stock, at Cost

5,472,491


5,453,891


5,456,104


Premises and Equipment


9,883,776


9,968,213


6,118,634


Other Real Estate Owned


313,720


313,720


1,713,720


Bank Owned Life Insurance


8,385,617


8,332,960


8,180,146


Goodwill


38,989,566


38,989,566


38,989,566


Core Deposit Intangible


3,563,022


3,764,477


4,408,161


Accrued Interest and Other Assets


7,525,226


8,182,326


14,018,533




$              943,692,306


$              931,234,929


$              882,950,402










LIABILITIES AND SHAREHOLDERS' EQUITY








Deposits:








   Noninterest-bearing Demand


$               48,287,484


$                 7,488,373


$             283,012,411


   Noninterest-bearing Demand reclassified as MMA


228,668,062


274,659,316


-


   Savings, NOW and Money Market Accounts


431,065,423


410,203,806


340,190,775


   Time Deposits


85,400,880


93,446,984


122,566,087


TOTAL DEPOSITS


793,421,849


785,798,479


745,769,273


Accrued Interest and Other Liabilities


8,332,164


8,074,782


10,112,328


TOTAL LIABILITIES


801,754,013


793,873,261


755,881,601










Shareholders' Equity:








   Common Stock - No par value


119,743,464


119,643,464


121,624,937


   Additional Paid-in Capital


2,711,909


2,576,929


2,236,616


   Retained Earnings


17,959,995


15,141,126


5,160,484


   Accumulated Other Comprehensive Income (Loss) - Net 






      Unrealized Gain (Loss) on Securities AFS


1,522,925


149


(1,953,236)


TOTAL SHAREHOLDERS' EQUITY


141,938,293


137,361,668


127,068,801




$              943,692,306


$              931,234,929


$              882,950,402



 

Suncrest Bank







Statements of Income (Unaudited)







For the Three Months Ended
















June 30,


March 31,


June 30,



2019


2019


2018

INTEREST INCOME







   Interest and Fees on Loans


$              9,426,583


$         8,940,810


$    6,726,716

   Interest on Investment Securities


1,114,847


989,491


673,392

   Interest on Federal Funds Sold and Other


339,046


357,774


199,233

TOTAL INTEREST INCOME


10,880,476


10,288,075


7,599,341








INTEREST EXPENSE







   Interest on Savings Deposits, NOW and Money Market Accounts

859,741


689,744


240,816

   Interest on Time Deposits


242,661


241,079


215,351

   Interest on Other Borrowings


-


-


26,103

TOTAL INTEREST EXPENSE


1,102,402


930,823


482,270








NET INTEREST INCOME


9,778,074


9,357,252


7,117,071








Provision for Loan Losses


850,000


250,000


360,000

NET INTEREST INCOME AFTER







PROVISION FOR LOAN LOSSES


8,928,074


9,107,252


6,757,071








NONINTEREST INCOME







   Service Charges, Fees, and Other Income


434,439


419,713


375,976

   Gain on Sale of Loans


-


-


332,288



434,439


419,713


708,264








NONINTEREST EXPENSE







   Salaries and Employee Benefits


2,820,144


2,994,541


2,236,663

   Occupancy Expenses


551,401


546,096


420,289

   Other Expenses


2,037,399


1,887,142


2,819,675



5,408,944


5,427,779


5,476,627

INCOME BEFORE INCOME TAXES


3,953,569


4,099,186


1,988,708

Income Taxes


1,134,700


1,110,800


580,200

NET INCOME


$               2,818,869


$          2,988,386


$     1,408,508








 

Suncrest Bank






Statements of Income (Unaudited)






For the Six Months Ended














June 30,


June 30,




2019


2018


INTEREST INCOME






   Interest and Fees on Loans


$            18,367,393


$       11,626,340


   Interest on Investment Securities


2,104,338


1,203,406


   Interest on Federal Funds Sold and Other


696,821


408,066


TOTAL INTEREST INCOME


21,168,552


13,237,812








INTEREST EXPENSE






   Interest on Savings Deposits, NOW and Money Market Accounts


1,549,485


387,856


   Interest on Time Deposits


483,740


334,852


   Interest on Other Borrowings


-


26,103


TOTAL INTEREST EXPENSE


2,033,225


748,811








NET INTEREST INCOME


19,135,327


12,489,001








Provision for Loan Losses


1,100,000


570,000


NET INTEREST INCOME AFTER






PROVISION FOR LOAN LOSSES


18,035,327


11,919,001








NONINTEREST INCOME






   Service Charges, Fees, and Other Income


854,151


672,003


   Gain on Sale of Loans


-


332,288




854,151


1,004,291








NONINTEREST EXPENSE






   Salaries and Employee Benefits


5,814,684


4,131,866


   Occupancy Expenses


1,097,497


773,321


   Other Expenses


3,924,542


3,951,006




10,836,723


8,856,193


INCOME BEFORE INCOME TAXES


8,052,755


4,067,099


Income Taxes


2,245,500


1,202,100


NET INCOME


$               5,807,255


$          2,864,999









 

Suncrest Bank







Selected Financial Data & Ratios (Unaudited)
















June 30,


March 31,


June 30,



2019


2019


2018

For the three months ended:







Return on Average Assets(ROAA)


1.21%


1.32%


0.81%

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


1.01%


1.30%


1.38%

Return on Average Equity(ROAE)


8.07%


8.86%


5.96%

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


6.76%


8.77%


10.14%

Noninterest Expense (NIE) To Average Assets


2.32%


2.39%


3.14%

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


2.32%


2.39%


2.31%

Efficiency Ratio


52.96%


55.52%


69.99%

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


56.58%


55.76%


52.04%

Net Interest Margin


4.60%


4.58%


4.41%

Core Net Interest Margin (1) (2)


4.29%


4.56%


4.36%

Cost of Funds


0.56%


0.49%


0.32%

Basic Earnings Per Share (EPS)


$               0.23


$                 0.24


$               0.17

Diluted EPS


$               0.22


$                 0.24


$               0.17

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


$               0.19


$                 0.24


$               0.28










June 30,


June 30,





2019


2018



For the six months ended:







ROAA


1.26%


0.93%



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


1.16%


1.28%



ROAE


8.46%


7.48%



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


7.74%


10.30%



NIE To Average Assets


2.36%


2.88%



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


2.36%


2.37%



Efficiency Ratio


54.21%


65.63%



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


56.17%


54.45%



Net Interest Margin


4.59%


4.40%



Core Net Interest Margin (1) (2)


4.42%


4.37%



Cost of Funds


0.53%


0.28%



Basic EPS


$               0.47


$                 0.35



Diluted EPS


$               0.46


$                 0.34



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


$               0.42


$                 0.47

















(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,




2019


2019


2018


At Period End:








Loans to Deposits


81.80%


80.92%


84.59%


Average Loans to Average Deposits (QTD)


81.53%


81.76%


81.13%


Non-Performing Assets to Assets


0.81%


0.14%


0.24%


Outstanding Shares


12,433,300


12,420,300


12,410,800


Tangible Book Value Per Share (2)


$                7.99


$                 7.62


$               6.56


Tangible Book Value Per Share excluding Unrealized Loss on Securities (2)

$                7.87


$                 7.62


$               6.72


Book Value Per Share


$              11.42


$               11.06


$             10.24


















Regulatory Capital Ratios








Tier 1 Leverage (to average assets)


10.91%


10.87%


12.72%


Common Equity Tier 1 Capital (to risk weighted assets)


13.29%


13.08%


11.66%


Tier 1 Capital (to risk weighted assets)


13.29%


13.08%


11.66%


Total Capital (to risk weighted assets)


14.05%


13.73%


12.18%




























June 30,


March 31,


June 30,




2019


2019


2018


Loan Composition








Commercial and Industrial:


$     59,366,842


$      66,886,659


$    74,289,286


Loans to Finance Agricultural Production and Other Loans to Farmers:


38,622,774


35,050,152


47,141,267


Loans Secured by Real Estate:








Secured by Farmland


135,339,361


124,540,890


111,014,916


Construction, Land Development and Other Land


35,943,146


45,816,965


41,290,087


1-4 Family Residential Properties


51,759,914


54,136,828


57,231,279


Multifamily Residential Properties


42,719,058


46,422,542


45,322,224


Owner Occupied Nonresidential Properties


94,035,588


89,282,286


89,901,027


Non-Owner Occupied Nonresidential Properties


171,361,023


154,916,233


140,344,259


Total Loans Secured by Real Estate


531,158,090


515,115,744


485,103,792










Municipal Leases:


19,596,422


18,337,495


23,959,085


Other Loans:


240,925


487,627


373,800










Total Loans


$   648,985,053


$    635,877,677


$  630,867,230










(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, 2019


March 31, 2019



Average




Average


Average




Average



Balance


Interest


Yield/Rate


Balance


Interest


Yield/Rate














Interest Earning Assets:













Deposits in Other Financial Institutions


$   53,826,806


$         339,046


2.53%


$   56,797,292


$         357,774


2.55%

Investment Securities


158,173,939


1,114,847


2.82%


144,325,249


989,491


2.74%

Loans


640,506,723


9,426,583


5.90%


626,578,607


8,940,810


5.79%

Total Interest Earning Assets


852,507,468


10,880,476


5.12%


827,701,148


10,288,075


5.04%

Noninterest Earning Assets


81,120,229






81,105,917





Total Assets


$933,627,697






$908,807,065


















Interest Bearing Liabilities













Interest Bearing Transaction Accounts


$103,039,731


170,050


0.66%


$   92,485,967


116,010


0.51%

Savings and Money Market Accounts


307,778,084


689,691


0.90%


305,932,201


573,734


0.76%

Time Deposits


91,964,284


242,661


1.06%


97,058,091


241,079


1.01%

Total Interest Bearing Deposits


502,782,099


1,102,402


0.88%


495,476,259


930,823


0.76%

Other Borrowings


-


-


-


-


-


-

Total Interest Bearing Liabilities


502,782,099


1,102,402


0.88%


495,476,259


930,823


0.76%

Noninterest Bearing Transaction Accounts (3)


282,794,851






270,857,257





Total Funding Sources


785,576,950






766,333,516





Noninterest Bearing Liabilities


8,410,437






7,531,653





Shareholders' Equity


139,640,310






134,941,896





Total Liabilities and Shareholder's Equity


$933,627,697






$908,807,065





Net Interest Income




$      9,778,074






$     9,357,252



Net Interest Margin






4.60%






4.58%














(3)  Includes Noninterest Bearing Demand reclassified as MMA











 

Suncrest Bank













Average Balance Sheet and Yields (Unaudited)











For the Three Months Ended















June 30, 2019


June 30, 2018



Average




Average


Average




Average



Balance


Interest


Yield/Rate


Balance


Interest


Yield/Rate














Interest Earning Assets:













Deposits in Other Financial Institutions


$   53,826,806


$         339,046


2.53%


$   42,313,551


$         199,233


1.89%

Investment Securities


158,173,939


1,114,847


2.82%


123,284,813


673,392


2.18%

Loans


640,506,723


9,426,583


5.90%


481,942,732


6,726,716


5.60%

Total Interest Earning Assets


852,507,468


10,880,476


5.12%


647,541,096


7,599,341


4.71%

Noninterest Earning Assets


81,120,229






49,038,637





Total Assets


$933,627,697






$696,579,733


















Interest Bearing Liabilities













Interest Bearing Transaction Accounts


$103,039,731


170,050


0.66%


$   65,141,271


24,980


0.15%

Savings and Money Market Accounts


307,778,084


689,691


0.90%


216,513,889


215,836


0.40%

Time Deposits


91,964,284


242,661


1.06%


92,881,436


215,351


0.93%

Total Interest Bearing Deposits


502,782,099


1,102,402


0.88%


374,536,596


456,167


0.49%

Other Borrowings


-


-


-


5,346,703


26,103


1.96%

Total Interest Bearing Liabilities


502,782,099


1,102,402


0.88%


379,883,299


482,270


0.51%

Noninterest Bearing Transaction Accounts (3)


282,794,851






219,511,941





Total Funding Sources


785,576,950






599,395,240





Noninterest Bearing Liabilities


8,410,437






2,723,628





Shareholders' Equity


139,640,310






94,460,865





Total Liabilities and Shareholder's Equity


$933,627,697






$696,579,733





Net Interest Income




$     9,778,074






$     7,117,071



Net Interest Margin






4.60%






4.41%














(3)  Includes Noninterest Bearing Demand reclassified as MMA











 

Suncrest Bank













Average Balance Sheet and Yields (Unaudited)











For the Six Months Ended















June 30, 2019


June 30, 2018



Average




Average


Average




Average



Balance


Interest


Yield/Rate


Balance


Interest


Yield/Rate














Interest Earning Assets:













Deposits in Other Financial Institutions


$      55,806,606


$         696,821


2.52%


$     43,688,316


$         408,066


1.88%

Investment Securities


151,287,850


2,104,338


2.78%


110,950,200


1,203,406


2.17%

Loans


633,581,140


18,367,393


5.85%


417,691,540


11,626,340


5.61%

Total Interest Earning Assets


840,675,596


21,168,552


5.08%


572,330,056


13,237,812


4.66%

Noninterest Earning Assets


77,580,396






42,835,991





Total Assets


$    918,255,992






$  615,166,047


















Interest Bearing Liabilities













Interest Bearing Transaction Accounts


$      97,792,003


286,060


0.59%


$     61,298,231


42,716


0.14%

Savings and Money Market Accounts


306,860,242


1,263,425


0.83%


197,433,216


345,140


0.35%

Time Deposits


94,497,116


483,740


1.03%


80,784,524


334,852


0.84%

Total Interest Bearing Deposits


499,149,361


2,033,225


0.82%


339,515,971


722,708


0.43%

Other Borrowings


-


-


-


2,686,740


26,103


1.96%

Total Interest Bearing Liabilities


499,149,361


2,033,225


0.82%


342,202,711


748,811


0.44%

Noninterest Bearing Transaction Accounts (3)


273,907,307






194,853,679





Total Funding Sources


773,056,668






537,056,390





Noninterest Bearing Liabilities


7,905,168






1,511,305





Shareholders' Equity


137,294,156






76,598,352





Total Liabilities and Shareholder's Equity


$   918,255,992






$  615,166,047





Net Interest Income




$    19,135,327






$    12,489,001



Net Interest Margin






4.59%






4.40%














(3)  Includes Noninterest Bearing Demand reclassified as MMA











 

Cision View original content:http://www.prnewswire.com/news-releases/suncrest-bank-reports-second-quarter-earnings-annualized-loan-growth-of-8-4-300890733.html

SOURCE Suncrest Bank