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Suncrest Bank Reports Third Quarter Earnings. Net Income Increased by 19%.


News provided by

Suncrest Bank

Oct 26, 2020, 22:24 ET

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SACRAMENTO, Calif. and VISALIA, Calif., Oct. 26, 2020 /PRNewswire/ -- Suncrest Bank (OTCQX: SBKK) today reported unaudited financial results for the third quarter of 2020.

"We are delighted to report an increase in core net income of 19% over the linked quarter and 10% over the same quarter last year," said Mr. Ciaran McMullan, President and CEO of Suncrest Bank. "This strong result was driven by increased net interest income and slightly reduced loan loss provision when compared to the linked quarter"

"We have also seen a significant reduction in the number of borrowers utilizing our loan modification program with only 1.4% of our total loans still on a deferred payment plan."

"During the quarter we began assisting our PPP borrowers through the loan forgiveness application and over 30% of our customers have started the forgiveness process to date," McMullan added. "We also began growing our relationship with the approximately 180 new customers assisted through the PPP, gaining over $11 million in new deposits exclusive of PPP funds, and over $16 million in new loan opportunities."

"In addition, we were honored this quarter to receive a number of prestigious awards including The Corporate Citizenship Award for Economic Opportunity for our work promoting financial inclusion throughout our communities."

Third Quarter 2020 Highlights

  • Net income of $3.21 million, an increase of 19.3% over the linked quarter
  • Diluted EPS of $0.26 compared to $0.22 for the linked quarter
  • Total loans (excluding PPP loans) increased by $2.8 million during the quarter
  • New originations1 (excluding PPP loans) of $40.2 million
  • Return on average tangible assets of 1.03%
  • Return on average tangible equity of 10.52%
  • Efficiency ratio of 51.27%
  • Tangible book value per share of $9.96, an increase of 34 cents during the quarter
  • Tier 1 leverage ratio of 9.50%
  • Repurchased 209,800 shares, average price of $8.32
  • Corporate Citizenship Award 2020 – Sacramento Business Journal
  • Best Places to Work 2020 - Sacramento Business Journal
  • Readers' Choice Award for Best Bank 2020 – Porterville Recorder

Income Statement

Net income for the quarter was $3.21 million compared to $2.69 million for the linked quarter and $3.07 million for the same quarter last year. The increase over the linked quarter is primarily due to an increase in net interest income of approximately $673,000 and a reduction in provision for loan losses of $200,000. The increase over Q3 2019 is mostly driven by an increase in net interest income partially offset by an increase in the provision for loan losses from $500,000 in Q3 2019 to $1.0 million in the current quarter. Core net income, which excludes non-recurring items, increased by approximately 10% over the third quarter of 2019 driven by improved net interest income.

Interest income increased to $11.3 million versus $10.6 million for the linked quarter and $10.9 million for the third quarter of 2019. These increases are primarily due to the impact of increased average loans outstanding during the quarter (primarily Paycheck Protection Program "PPP" loans).  Interest expense declined to $704,000 as compared to $750,000 over the linked quarter due to a decline in our cost of funds to 25 basis points (bps) from 29 bps last quarter.  In addition, the decrease in interest expense was $545,000 over the same quarter last year due to a decline in our cost of funds by 36 basis points.

Net interest Margin (NIM) declined to 3.47% for the quarter, a decrease of 9 bps over the linked quarter and 75 bps over the same quarter last year, primarily due to the decrease in yields on earning assets as well as the impact of PPP loans earning a note rate of 1%.  Excluding PPP loans, our NIM would have been 3.56% for the quarter. Per the table below, we saw minimal non-recurring income during the quarter.




Non-recurring Income






Period

Net Income

NIM

Interest
recoveries2

Income from
accretion3

Non-
recurring
costs

Core Net Interest
Income4

Core Net
Income4

Core
NIM4

Core

Diluted EPS4

Q3 2020

$      3,208,462

3.47%

$        8,956

$           (14,727)

$                   -

$           10,582,442

$      3,212,527

3.47%

$             0.26

Q2 2020

$      2,688,843

3.56%

$        6,663

$           (28,495)

$                   -

$             9,879,346

$      2,704,221

3.56%

$             0.22

Q3 2019

$       3,065,315

4.31%

$           578

$           197,226

$                   -

$             9,406,133

$      2,923,315

4.22%

$             0.23

Noninterest income increased over the linked quarter by approximately $87,000 driven in part by a loss on sale of securities of $54,000 recorded in the linked quarter together with an increase in service charges. 

Total noninterest expense increased over the linked quarter and the same quarter last year by approximately $282,000 and $339,000 respectively. While noninterest expense increased, our key cost management performance ratios all improved during the quarter. Our efficiency ratio declined to 51.27% while our burden ratio and noninterest expense to average assets improved to 1.62% and 1.74% respectively.

Balance Sheet

Total assets at September 30, 2020 remained unchanged at $1.29 billion as compared to the linked quarter.  Total assets increased $293.0 million or 29.4% over the same quarter last year as a result of an increase in loans of $152.3 million, including PPP loans of $130.4 million.  Investment Securities increased $140.0 million over the same quarter last year and were funded by an increase in deposits. 

Total deposits at September 30, 2020 were $1.051 billion, an increase of $1.7 million or 0.2% over the linked quarter. Total deposits increased year over year by $207.3 million or 24.6% with the growth being in non-maturity deposits5 of $216.2 million or 28.4%. Over the same period certificate of deposit (CD) balances declined by $8.9 million or 10.9%.

In order to encourage involvement in the Paycheck Protection Program, the Federal Reserve provided a liquidity facility to participating financial institutions, in the form of term financing backed by PPP loans.  The PPP Liquidity Facility carries an interest rate of 35 bps and at September 30, 2020 the bank had drawn $68.6 million on the facility. 

Total loans at September 30, 2020 were $809.5 million, an increase of $4.9 million or 0.6% over the linked quarter.

Total loans (excluding PPP loans) increased by $21.9 million or 3.33% over Q3, 2019. The largest year over year increases have been in Non-Owner Occupied CRE which increased by $52.7 million or approximately 29.7%.

Additional Business Generated Through PPP

Through our participation in the PPP the bank was able to assist approximately 180 new customers. During the quarter we started to expand our relationship with these customers beyond their PPP loan. To date, approximately 50 of these customers have established additional non-PPP related business with the bank, including over $11 million in new deposits (exclusive of PPP funds), approximately $7.0 million in new loan commitments booked and an additional $9.0 million in the pipeline. 

PPP Loan Forgiveness

During the quarter we began assisting our PPP borrowers through the loan forgiveness application. To date, over 30% of our customers have started the forgiveness process utilizing the bank's dedicated online portal. In addition, 46% of all PPP loans funded by Suncrest are under $150,000 and could qualify for automatic or further simplified loan forgiveness in the future.

Asset Quality 

Non-performing assets remained at $4.4 million or 0.34% of total assets at September 30, 2020 compared to the same percentage at June 30, 2020.

Based on our scenario analyses of potential COVID-19 impacts on the economy in general and on the Bank's portfolio in particular, we increased our provision for loan losses by $1.0 million during the quarter. Our allowance as a percentage of total loans (excluding PPP loans and acquired loans that have been marked to fair value) was 1.60% at September 30, 2020 compared to 1.43% at June 30, 2020.  

Per the table below, classified loans remained stable over the quarter and are 1.78% of total loans.


Q3 2020

Q2 2020

Q1 2020

Q4 2019

Total Classified Loans (a)

$14,370,053

$14,399,989

$7,691,907

$8,513,450

Classified - Accrual Loans

$10,111,838

$10,102,519

$3,394,437

$3,327,728

Classified - Non-Accrual Loans

$4,258,215

$4,297,470

$4,297,470

$5,185,722

Total Classified / Total Loans

1.78%

1.79%

1.13%

1.28%

Total Classified / Total Loans (excluding PPP)

2.12%

2.13%

1.13%

1.28%


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

Loan Modification Program

During the quarter we saw a significant reduction in the number of borrowers utilizing the banks Covid-19 loan modification program. Per the table below, only 23 borrowers or 1.4% of total loans remain on a deferred payment plan. All other borrowers with approved loan modifications have resumed payments in full.

 Industry Sector

Loans Modified

Loans on Deferred
Payment 9/30/20

Hotels

$ 20,792,810

7

$                 -

0

Non Owner Occupied (NOO) CRE – Retail

$ 17,138,466

18

$  4,980,233

7

C&I / Owner Occupied CRE

$ 13,914,698

45

$  3,542,943

9

NOO CRE-Other

$ 12,331,232

6

$                 -

0

Multi-Family

$   4,046,357

5

$     480,591

1

Restaurants

$   2,160,460

5

$  1,549,891

4

SFR Secured

$      492,079

2

$     492,079

2

Agribusiness

$      792,583

1

$                 -

0

Total Payment Relief

$ 71,668,685

89

$ 11,045,737

23

% of Total Portfolio

8.9%


1.4%


% of Total Portfolio (excluding PPP)

10.6%


1.6%


SBA Loans

Per the CARES Act, the Small Business Administration (SBA) was empowered to make all required payments on the Bank's eligible SBA loans for six months. This program expired in September 2020. As of September 30, 2020, the bank's SBA loan portfolio comprised 40 loans with a principal balance of $18.5 million. All of these SBA borrowers have resumed payments with the exception of two loans with a principal balance of $0.4 million. We expect both loans to resume normal payments in October.

Capital

Suncrest Bank remained well capitalized at September 30, 2020. All of the bank's capital ratios are above minimum regulatory standards for "well capitalized" institutions.

During the quarter the bank repurchased 209,800 shares at an average price of $8.32 per share.

At September 30, 2020 tangible book value per common share was $9.96 with common shares issued of 12,235,500 as of the same date. This compares to a tangible book value per common share of $9.62 at June 30, 2020.

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 and the Greater Sacramento Region. 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)



September 30,


June 30,


September 30,



2020


2020


2019

ASSETS







Cash and Due from Banks


$               44,079,328


$               13,228,364


$               35,955,286

Federal Funds Sold


44,895,000


142,930,000


49,599,000

TOTAL CASH AND CASH EQUIVALENTS


88,974,328


156,158,364


85,554,286








Investment Securities Available for Sale (AFS)


326,352,206


256,315,062


186,336,686

Loans:







   Total Loans


809,529,778


804,668,120


657,223,581

   Allowance for Loan Losses


(                8,259,802)


(                7,261,565)


(                5,988,203)

NET LOANS


801,269,976


797,406,555


651,235,378








Federal Home Loan Bank and Other Bank Stock, at Cost


5,862,141


5,862,141


5,472,491

Premises and Equipment


6,318,134


6,465,203


10,409,258

Other Real Estate Owned


129,644


129,644


313,720

Bank Owned Life Insurance


8,665,725


8,607,800


8,438,162

Goodwill


38,989,566


38,989,566


38,989,566

Core Deposit Intangible


2,687,236


2,844,243


3,378,466

Accrued Interest and Other Assets


11,119,069


13,738,199


7,284,576



$           1,290,368,025


$           1,286,516,777


$              997,412,589








LIABILITIES AND SHAREHOLDERS' EQUITY







Deposits:







   Noninterest-bearing Demand


$             403,423,298


$             417,386,498


$             306,169,502

   Savings, NOW and Money Market Accounts


574,519,221


555,112,706


455,549,521

   Time Deposits


72,677,647


76,411,399


81,606,567

TOTAL DEPOSITS


1,050,620,166


1,048,910,603


843,325,590

Accrued Interest and Other Liabilities


7,586,690


7,503,426


8,361,487

Other Borrowings


68,559,008


68,559,008


-

TOTAL LIABILITIES


1,126,765,864


1,124,973,037


851,687,077








Shareholders' Equity:







   Common Stock - No par value


118,088,766


119,676,119


119,743,464

   Additional Paid-in Capital


3,331,027


3,201,835


2,843,756

   Retained Earnings


32,843,797


29,635,334


21,025,310

   Accumulated Other Comprehensive Income (Loss) - Net 







      Unrealized Gain (Loss) on Securities AFS


9,338,571


9,030,452


2,112,982

TOTAL SHAREHOLDERS' EQUITY


163,602,161


161,543,740


145,725,512



$           1,290,368,025


$           1,286,516,777


$              997,412,589

Suncrest Bank







Statements of Income (Unaudited)







For the Three Months Ended
















September 30,


June 30,


September 30,



2020


2020


2019

INTEREST INCOME







   Interest and Fees on Loans


$         9,621,006


$         9,043,344


$         9,289,213

   Interest on Investment Securities


1,620,278


1,533,208


1,185,810

   Interest on Federal Funds Sold and Other


39,284


31,418


377,710

TOTAL INTEREST INCOME


11,280,568


10,607,970


10,852,733








INTEREST EXPENSE







   Interest on Savings Deposits, NOW and Money Market Accounts


451,276


492,277


1,007,223

   Interest on Time Deposits


191,864


221,256


241,573

   Interest on Other Borrowings


60,757


36,923


-

TOTAL INTEREST EXPENSE


703,897


750,456


1,248,796








NET INTEREST INCOME


10,576,671


9,857,514


9,603,937








Provision for Loan Losses


1,000,000


1,200,000


500,000

NET INTEREST INCOME AFTER







PROVISION FOR LOAN LOSSES


9,576,671


8,657,514


9,103,937








NONINTEREST INCOME







   Service Charges, Fees, and Other Income


407,018


320,080


456,593

   Gain on Sale of Loans


-


-


-



407,018


320,080


456,593








NONINTEREST EXPENSE







   Salaries and Employee Benefits


3,148,861


2,910,755


2,796,181

   Occupancy Expenses


587,021


570,479


577,580

   Other Expenses


1,895,345


1,867,817


1,918,154



5,631,227


5,349,051


5,291,915

INCOME BEFORE INCOME TAXES


4,352,462


3,628,543


4,268,615

Income Taxes


1,144,000


939,700


1,203,300

NET INCOME


$          3,208,462


$          2,688,843


$          3,065,315

Suncrest Bank





Statements of Income (Unaudited)





For the Nine Months Ended












September 30,


September 30,



2020


2019

INTEREST INCOME





   Interest and Fees on Loans


$            27,975,918


$       27,656,607

   Interest on Investment Securities


4,439,179


3,290,148

   Interest on Federal Funds Sold and Other


333,081


1,074,530

TOTAL INTEREST INCOME


32,748,178


32,021,285






INTEREST EXPENSE





   Interest on Savings Deposits, NOW and Money Market Accounts


1,851,301


2,556,708

   Interest on Time Deposits


650,650


725,313

   Interest on Other Borrowings


97,680


-

TOTAL INTEREST EXPENSE


2,599,631


3,282,021






NET INTEREST INCOME


30,148,547


28,739,264






Provision for Loan Losses


3,300,000


1,600,000

NET INTEREST INCOME AFTER





PROVISION FOR LOAN LOSSES


26,848,547


27,139,264






NONINTEREST INCOME





   Service Charges, Fees, and Other Income


1,177,288


1,310,745

   Gain on Sale of Loans


-


-



1,177,288


1,310,745






NONINTEREST EXPENSE





   Salaries and Employee Benefits


9,100,782


8,610,865

   Occupancy Expenses


1,745,487


1,675,077

   Other Expenses


5,694,756


5,842,697



16,541,025


16,128,639

INCOME BEFORE INCOME TAXES


11,484,810


12,321,370

Income Taxes


2,702,600


3,448,800

NET INCOME


$               8,782,210


$          8,872,570

Suncrest Bank

Selected Financial Data & Ratios (Unaudited)



September 30,


June 30,


September 30,




2020


2020


2019


For the three months ended:








Return on Average Assets(ROAA)


0.99%


0.90%


1.27%


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


0.99%


0.90%


1.21%


Return on Average Tangible Assets (2)


1.03%


0.93%


1.33%


Return on Average Equity(ROAE)


7.84%


6.83%


8.51%


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


7.85%


6.87%


8.11%


Return on Average Tangible Equity (2)


10.52%


9.31%


11.93%


Noninterest Expense (NIE) To Average Assets


1.74%


1.79%


2.19%


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


1.74%


1.79%


2.19%


Efficiency Ratio


51.27%


52.56%


52.60%


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


51.24%


52.44%


53.66%


Burden Ratio


1.62%


1.68%


2.00%


Net Interest Margin


3.47%


3.56%


4.31%


Core Net Interest Margin (1) (2)


3.47%


3.56%


4.22%


Cost of Funds


0.25%


0.29%


0.61%


Basic Earnings Per Share (EPS)


$               0.26


$                 0.22


$               0.25


Diluted EPS


$               0.26


$                 0.22


$               0.24


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


$               0.26


$                 0.22


$               0.23












September 30,


September 30,






2020


2019




For the nine months ended:








Return on Average Assets(ROAA)


1.00%


1.26%




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


0.97%


1.17%




Return on Average Tangible Assets (2)


1.04%


1.32%




Return on Average Equity(ROAE)


7.42%


8.47%




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


7.19%


7.87%




Return on Average Tangible Equity (2)


10.09%


12.04%




Noninterest Expense (NIE) To Average Assets


1.89%


2.30%




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


1.75%


2.30%




Efficiency Ratio


52.80%


53.67%




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


53.48%


55.32%




Burden Ratio


1.75%


2.11%




Net Interest Margin


3.70%


4.49%




Core Net Interest Margin (1) (2)


3.65%


4.35%




Cost of Funds


0.35%


0.56%




Basic Earnings Per Share (EPS)


$               0.71


$                 0.71




Diluted EPS


$               0.70


$                 0.71




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


$               0.68


$                 0.66





(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,



2020


2020


2019

At Period End:







Loans to Deposits


77.05%


76.71%


77.93%

Average Loans to Average Deposits (QTD)


76.22%


76.80%


79.64%

Non-Performing Assets to Assets


0.34%


0.34%


0.74%

Outstanding Shares


12,235,500


12,443,800


12,434,800

Tangible Book Value Per Share (2)


$                     9.96


$                 9.62


$                     8.31

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


$                     9.20


$                 8.90


$                     8.14

Book Value Per Share


$                   13.37


$               12.98


$                   11.72















Regulatory Capital Ratios







Tier 1 Leverage (to average assets)


9.50%


9.93%


10.90%

Common Equity Tier 1 Capital (to risk weighted assets)


13.72%


13.61%


13.50%

Tier 1 Capital (to risk weighted assets)


13.72%


13.61%


13.50%

Total Capital (to risk weighted assets)


14.74%


14.52%


14.32%
























September 30,


June 30,


September 30,



2020


2020


2019

Loan Composition







Commercial and Industrial:


$          45,755,958


$      48,655,792


$          54,001,348

Paycheck Protection Program:


130,394,846


128,358,805


$                          -

Loans to Finance Agricultural Production and Other Loans to Farmers:


38,392,086


36,941,792


39,207,688

Loans Secured by Real Estate:







Secured by Farmland


138,428,801


139,799,353


139,167,050

Construction, Land Development and Other Land


26,641,282


28,680,776


42,376,121

1-4 Family Residential Properties


41,388,691


41,713,258


47,642,776

Multifamily Residential Properties


45,446,188


45,975,886


43,850,002

Owner Occupied Nonresidential Properties


93,084,165


93,341,233


91,316,105

Non-Owner Occupied Nonresidential Properties


230,224,802


222,079,538


177,481,492

Total Loans Secured by Real Estate


575,213,929


571,590,044


541,833,546








Municipal Leases:


19,626,108


18,961,522


21,889,871

Other Loans:


146,851


160,165


291,128








Total Loans


$        809,529,778


$    804,668,120


$        657,223,581


(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, 2020


June 30, 2020



Average




Average


Average




Average



Balance


Interest


Yield/Rate


Balance


Interest


Yield/Rate














Interest Earning Assets:













Deposits in Other Financial Institutions


$    134,317,994


$      39,284


0.12%


$    104,997,550


$        31,418


0.12%

Investment Securities


277,443,763


1,620,278


2.34%


248,509,748


1,533,208


2.47%

Loans


801,674,194


9,621,006


4.77%


761,220,714


9,043,344


4.78%

Total Interest Earning Assets


1,213,435,951


11,280,568


3.70%


1,114,728,012


10,607,970


3.83%

Noninterest Earning Assets


78,283,592






81,563,032





Total Assets


$ 1,291,719,543






$ 1,196,291,044


















Interest Bearing Liabilities













Interest Bearing Transaction Accounts


$    205,419,584


165,969


0.32%


$    173,993,644


114,631


0.26%

Savings and Money Market Accounts


364,811,548


285,307


0.31%


361,680,471


377,646


0.42%

Time Deposits


74,361,165


191,864


1.03%


78,902,446


221,256


1.13%

Total Interest Bearing Deposits


644,592,297


643,140


0.40%


614,576,561


713,533


0.47%

Other Borrowings


68,563,899


60,757


0.35%


42,628,331


36,923


0.35%

Total Interest Bearing Liabilities


713,156,196


703,897


0.39%


657,204,892


750,456


0.46%

Noninterest Bearing Transaction Accounts


407,213,033






374,417,383





Total Funding Sources


1,120,369,229






1,031,622,275





Noninterest Bearing Liabilities


7,730,135






7,260,169





Shareholders' Equity


163,620,179






157,408,600





Total Liabilities and Shareholder's Equity


$ 1,291,719,543






$ 1,196,291,044





Net Interest Income




$10,576,671






$   9,857,514



Net Interest Margin






3.47%






3.56%

Suncrest Bank

Average Balance Sheet and Yields (Unaudited)

For the Three Months Ended



September 30, 2020


September 30, 2019



Average




Average


Average




Average



Balance


Interest


Yield/Rate


Balance


Interest


Yield/Rate














Interest Earning Assets:













Deposits in Other Financial Institutions


$    134,317,994


$       39,284


0.12%


$     66,235,223


$     377,710


2.26%

Investment Securities


277,443,763


1,620,278


2.34%


170,128,601


1,185,810


2.79%

Loans


801,674,194


9,621,006


4.77%


647,802,385


9,289,213


5.69%

Total Interest Earning Assets


1,213,435,951


11,280,568


3.70%


884,166,209


10,852,733


4.87%

Noninterest Earning Assets


78,283,592






81,814,739





Total Assets


$ 1,291,719,543






$  965,980,948


















Interest Bearing Liabilities













Interest Bearing Transaction Accounts


$    205,419,584


165,969


0.32%


$   125,805,706


277,724


0.88%

Savings and Money Market Accounts


364,811,548


285,307


0.31%


311,362,668


729,499


0.93%

Time Deposits


74,361,165


191,864


1.03%


83,727,219


241,573


1.14%

Total Interest Bearing Deposits


644,592,297


643,140


0.40%


520,895,593


1,248,796


0.95%

Other Borrowings


68,563,899


60,757


0.35%


-


-


-

Total Interest Bearing Liabilities


713,156,196


703,897


0.39%


520,895,593


1,248,796


0.95%

Noninterest Bearing Transaction Accounts


407,213,033






292,501,786





Total Funding Sources


1,120,369,229






813,397,379





Noninterest Bearing Liabilities


7,730,135






8,459,265





Shareholders' Equity


163,620,179






144,124,304





Total Liabilities and Shareholder's Equity


$ 1,291,719,543






$   965,980,948





Net Interest Income




$ 10,576,671






$  9,603,937



Net Interest Margin






3.47%






4.31%

Suncrest Bank

Average Balance Sheet and Yields (Unaudited)

For the Nine Months Ended



September 30, 2020


September 30, 2019



Average




Average


Average




Average



Balance


Interest


Yield/Rate


Balance


Interest


Yield/Rate














Interest Earning Assets:













Deposits in Other Financial Institutions


$    106,016,940


$     333,081


0.42%


$   59,321,012


$  1,074,530


2.42%

Investment Securities


242,738,055


4,439,179


2.44%


157,637,114


3,290,148


2.78%

Loans


740,923,105


27,975,918


5.04%


638,373,647


27,656,607


5.79%

Total Interest Earning Assets


1,089,678,100


32,748,178


4.01%


855,331,773


32,021,285


5.01%

Noninterest Earning Assets


80,211,321






81,006,373





Total Assets


$ 1,169,889,421






$ 936,338,146


















Interest Bearing Liabilities













Interest Bearing Transaction Accounts


$    169,564,411


314,028


0.25%


$ 108,180,748


563,784


0.70%

Savings and Money Market Accounts


359,887,691


1,537,273


0.57%


303,680,421


1,992,924


0.88%

Time Deposits


77,858,739


650,650


1.12%


90,867,700


725,313


1.07%

Total Interest Bearing Deposits


607,310,841


2,501,951


0.55%


502,728,869


3,282,021


0.87%

Other Borrowings


37,179,040


97,680


0.35%


-


-


-

Total Interest Bearing Liabilities


644,489,881


2,599,631


0.54%


502,728,869


3,282,021


0.87%

Noninterest Bearing Transaction Accounts


360,079,432






285,921,489





Total Funding Sources


1,004,569,313






788,650,358





Noninterest Bearing Liabilities


7,608,560






8,091,897





Shareholders' Equity


157,711,548






139,595,891





Total Liabilities and Shareholder's Equity


$ 1,169,889,421






$ 936,338,146





Net Interest Income




$ 30,148,547






$ 28,739,264



Net Interest Margin






3.70%






4.49%


________________________________

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

SOURCE Suncrest Bank

Related Links

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