VISALIA, Calif., July 21, 2016 /PRNewswire/ -- Suncrest Bank (OTCQX:SBKK) today announced the appointment of Ms. Jean Carandang as its new Chief Financial Officer. Ms. Carandang has been acting as the bank's interim Chief Financial Officer since April of this year, and replaces Mr. Bob Moore who has left the organization to pursue new opportunities.
Starting her career as a certified public accountant and auditor with KPMG LLP in Los Angeles, Ms. Carandang then spent the next twelve years in various finance and risk roles at Quaker City Bank in Whittier, CA before joining PFF Bank and Trust, Rancho Cucamonga, CA in 2005 as Senior Vice President and Financial Controller. In 2008, she joined NASDAQ listed Simplicity Bank in Covina, CA, serving as Chief Financial Officer until its merger with HomeStreet Bank in 2015. Ms. Carandang holds a bachelor's degree in Accounting from California State University, Los Angeles.
Mr. Ciaran McMullan, President and Chief Executive Officer of Suncrest Bank, stated, "We are delighted to be able to hire a CFO with Jean's industry experience and public accounting background." Mr. McMullan continued, "Jean has exactly the right set of skills to help lead our bank through its next phase of development." McMullan also expressed his gratitude to former CFO, Bob Moore, adding, "On behalf of myself and the Board of Directors, we want to thank Bob for his eight years of dedicated service with Suncrest, and wish him well in his future endeavors."
Suncrest also reported record net income of $677,000 for Q2 2016, a 342% improvement from $153,000 in Q2 2015. Year to date net income at June 30, 2016, was $947,000 and total assets were at $316.8 million. Other Financial Highlights for the quarter include:
- Loans increased to $231.2 million, up $22.8 million from December 31, 2015.
- Deposits increased to $275.0 million, up $18.3 million from December 31, 2015.
- Return on Average Assets (ROAA) was 0.62% annualized for the six months ended June 30, 2016, as compared to 0.36% for the same period last year.
- Year to date earnings per share is 19 cents. It was 5 cents in Q1 and 14 cents in Q2.
- Book value per share was $8.14 at June 30, 2016, while the stock price was $7.15 at the same date.
Further financial information at our website https://suncrestbank.com/
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 for the second straight year, Suncrest has been named in the top 200 Healthiest Banks in America by analysis firm, DepositsAccounts.com. 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.
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.
SOURCE Suncrest Bank