Sun Community Bancorp Reports Continued Operating Improvement, Building On 2000's Positive Trends, Fueled by Robust Balance Sheet Growth

Apr 16, 2001, 01:00 ET from Sun Community Bancorp Limited

    PHOENIX, April 16 /PRNewswire/ -- Today, Sun Community Bancorp Limited
 (Nasdaq:   SCBL) reported continued earnings improvements tied to the ongoing
 maturation within its family of affiliate community banks.  First quarter 2001
 earnings of $316,000 easily eclipsed 2000's comparable period figure of
 $116,000, representing a three-fold increase on a per share basis year-over-
 year ($0.06 in the first three months of 2001, versus the $0.02 recorded in
 last year's opening quarter).  This represents the fifth consecutive quarter
 of bottom-line earnings improvement, which is particularly notable in light of
 Sun Community launching its 14th affiliate organization (Sunrise Bank of
 San Diego) in mid-January, 2001.
     Balance sheet expansion, reflected in the continued vibrant annualized
 growth rates recorded in total assets (+65%), portfolio loans (+55%) and
 deposits (+70%) during the first quarter of 2001, has fueled the evolving core
 development of the Corporation.  Total assets stood at approximately $612
 million at March 31, 2001 and have more than doubled from the $300 million
 registered at the end of 1999.
     Net operating revenues, which were a record $8.7 million in the first
 quarter of 2001, showed a 66% increase from last year's comparable period.
     In discussing the achievements for this interim period, Sun Community
 Bancorp Chairman and CEO, Joseph D. Reid, stated, "As 2001 unfolds we are
 optimistic that we can continue to generate solid growth in operating results
 while prudently exploiting development opportunities for our affiliate
 franchise."
 
     About the Corporation
     Sun Community Bancorp Limited is a bank development company.  It is the
 only company of its kind headquartered in Arizona.  In an era of bank
 consolidation, Sun's business is the development of community banks.
     Sun Community Bancorp Limited is a uniquely structured affiliation of
 community banks.  Each of its banks typically has only one location, and is
 focused on meeting the banking needs of entrepreneurs, professionals and other
 individuals seeking individually-tailored service.  Each bank has full local
 decision-making authority in making loans and the delivery of other banking
 services.  Each bank is managed by an on-site president and management team
 under the direction of its local board of directors which is comprised of
 business leaders from that bank's community.
     Sun's bank development philosophy is one of "shared vision," which
 encompasses a commitment to community banking emphasizing local leadership and
 investment, with the shared resources of efficient management.
 
     Sun's affiliate banks include:
                                        Year Formed          Community
     In Arizona:
       Arrowhead Community Bank            2000              Glendale
       Bank of Tucson                      1996              Tucson
       Camelback Community Bank            1998              Phoenix
       East Valley Community Bank          1999              Chandler
       Mesa Bank                           1998              Mesa
       Southern Arizona Community Bank     1998              Tucson
       Sunrise Bank of Arizona        1998              Phoenix
       Valley First Community Bank         1997              Scottsdale
       Yuma Community Bank                 2000              Yuma
     In California:
       Sunrise Bank of San Diego           2001              San Diego
     In Nevada:
       Black Mountain Community Bank       2000              Henderson
       Desert Community Bank               1999              Las Vegas
       Red Rock Community Bank             1999              Las Vegas
     In New Mexico:
       Sunrise Bank of Albuquerque         2000              Albuquerque
 
 
                             SUN COMMUNITY BANCORP LIMITED
                                 Financial Highlights
                    (in thousands, except share and per share data)
 
                                                          Three Months Ended
                                                                 March 31
                                                             2001       2000
        CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
        Interest income                                   $13,845     $7,243
        Interest expense                                    5,483      2,246
                Net interest income                         8,362      4,997
        Provision for loan losses                             881        632
                Net interest income after
                 provision for loan losses                  7,481      4,365
        Noninterest income                                    309        243
        Noninterest expense                                 7,243      4,432
                Income before federal
                 income taxes                                 547        176
        Federal income taxes                                  231         60
 
                NET INCOME                                   $316       $116
 
                NET INCOME PER SHARE:
                       Basic                                $0.06      $0.02
                       Diluted                              $0.06      $0.02
        Weighted average number of common shares
         outstanding for purposes of computing basic
          net income per share                          5,671,217  5,503,870
 
 
                                                        March 31   December 31
                                                          2001         2000
 
        BALANCE SHEET DATA
        Total assets                                    $612,146     $526,833
        Portfolio loans                                  480,740      422,344
        Deposits                                         519,653      442,563
        Stockholders' equity                              53,037       52,694
 
        Number of common shares
         outstanding                                   5,809,317    5,809,317
 
 
     Forward-Looking Statements
     This press release contains certain forward-looking statements within the
 meaning of the Private Securities Litigation Reform Act of 1995.  Forward-
 looking statements include expressions such as "expects," "intends,"
 "believes" and "should" which are necessarily statements of belief as to the
 expected outcomes of future events.  Actual results could materially differ
 from those presented due to a variety of internal and external factors.
 Actual results could materially differ from those contained in, or implied by
 such statements.  Sun Community Bancorp Limited undertakes no obligation to
 release revisions to these forward-looking statements or reflect events or
 circumstances after the date of this release.
 
 

SOURCE Sun Community Bancorp Limited
    PHOENIX, April 16 /PRNewswire/ -- Today, Sun Community Bancorp Limited
 (Nasdaq:   SCBL) reported continued earnings improvements tied to the ongoing
 maturation within its family of affiliate community banks.  First quarter 2001
 earnings of $316,000 easily eclipsed 2000's comparable period figure of
 $116,000, representing a three-fold increase on a per share basis year-over-
 year ($0.06 in the first three months of 2001, versus the $0.02 recorded in
 last year's opening quarter).  This represents the fifth consecutive quarter
 of bottom-line earnings improvement, which is particularly notable in light of
 Sun Community launching its 14th affiliate organization (Sunrise Bank of
 San Diego) in mid-January, 2001.
     Balance sheet expansion, reflected in the continued vibrant annualized
 growth rates recorded in total assets (+65%), portfolio loans (+55%) and
 deposits (+70%) during the first quarter of 2001, has fueled the evolving core
 development of the Corporation.  Total assets stood at approximately $612
 million at March 31, 2001 and have more than doubled from the $300 million
 registered at the end of 1999.
     Net operating revenues, which were a record $8.7 million in the first
 quarter of 2001, showed a 66% increase from last year's comparable period.
     In discussing the achievements for this interim period, Sun Community
 Bancorp Chairman and CEO, Joseph D. Reid, stated, "As 2001 unfolds we are
 optimistic that we can continue to generate solid growth in operating results
 while prudently exploiting development opportunities for our affiliate
 franchise."
 
     About the Corporation
     Sun Community Bancorp Limited is a bank development company.  It is the
 only company of its kind headquartered in Arizona.  In an era of bank
 consolidation, Sun's business is the development of community banks.
     Sun Community Bancorp Limited is a uniquely structured affiliation of
 community banks.  Each of its banks typically has only one location, and is
 focused on meeting the banking needs of entrepreneurs, professionals and other
 individuals seeking individually-tailored service.  Each bank has full local
 decision-making authority in making loans and the delivery of other banking
 services.  Each bank is managed by an on-site president and management team
 under the direction of its local board of directors which is comprised of
 business leaders from that bank's community.
     Sun's bank development philosophy is one of "shared vision," which
 encompasses a commitment to community banking emphasizing local leadership and
 investment, with the shared resources of efficient management.
 
     Sun's affiliate banks include:
                                        Year Formed          Community
     In Arizona:
       Arrowhead Community Bank            2000              Glendale
       Bank of Tucson                      1996              Tucson
       Camelback Community Bank            1998              Phoenix
       East Valley Community Bank          1999              Chandler
       Mesa Bank                           1998              Mesa
       Southern Arizona Community Bank     1998              Tucson
       Sunrise Bank of Arizona        1998              Phoenix
       Valley First Community Bank         1997              Scottsdale
       Yuma Community Bank                 2000              Yuma
     In California:
       Sunrise Bank of San Diego           2001              San Diego
     In Nevada:
       Black Mountain Community Bank       2000              Henderson
       Desert Community Bank               1999              Las Vegas
       Red Rock Community Bank             1999              Las Vegas
     In New Mexico:
       Sunrise Bank of Albuquerque         2000              Albuquerque
 
 
                             SUN COMMUNITY BANCORP LIMITED
                                 Financial Highlights
                    (in thousands, except share and per share data)
 
                                                          Three Months Ended
                                                                 March 31
                                                             2001       2000
        CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
        Interest income                                   $13,845     $7,243
        Interest expense                                    5,483      2,246
                Net interest income                         8,362      4,997
        Provision for loan losses                             881        632
                Net interest income after
                 provision for loan losses                  7,481      4,365
        Noninterest income                                    309        243
        Noninterest expense                                 7,243      4,432
                Income before federal
                 income taxes                                 547        176
        Federal income taxes                                  231         60
 
                NET INCOME                                   $316       $116
 
                NET INCOME PER SHARE:
                       Basic                                $0.06      $0.02
                       Diluted                              $0.06      $0.02
        Weighted average number of common shares
         outstanding for purposes of computing basic
          net income per share                          5,671,217  5,503,870
 
 
                                                        March 31   December 31
                                                          2001         2000
 
        BALANCE SHEET DATA
        Total assets                                    $612,146     $526,833
        Portfolio loans                                  480,740      422,344
        Deposits                                         519,653      442,563
        Stockholders' equity                              53,037       52,694
 
        Number of common shares
         outstanding                                   5,809,317    5,809,317
 
 
     Forward-Looking Statements
     This press release contains certain forward-looking statements within the
 meaning of the Private Securities Litigation Reform Act of 1995.  Forward-
 looking statements include expressions such as "expects," "intends,"
 "believes" and "should" which are necessarily statements of belief as to the
 expected outcomes of future events.  Actual results could materially differ
 from those presented due to a variety of internal and external factors.
 Actual results could materially differ from those contained in, or implied by
 such statements.  Sun Community Bancorp Limited undertakes no obligation to
 release revisions to these forward-looking statements or reflect events or
 circumstances after the date of this release.
 
 SOURCE  Sun Community Bancorp Limited