Vibra Bank Finishes 2011 With Record Earnings and Strong Growth
Bank continues to find lending opportunities locally
CHULA VISTA, Calif., Jan. 20, 2012 /PRNewswire/ -- Today, Vibra Bank ("VBBK"-OTCBB) announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2011, reporting a net profit of $1,286,000 for the year, compared with a loss of ($543,000) for the previous year. For the quarter ending December 31, 2011, the bank reported a net profit of $576,000, compared to a net profit of $51,000 for the same quarter of the prior year.
Highlights for the fourth quarter of 2011 compared to the prior year include:
- Growth in Total Loans of $22 million, or 40%, to $76.7 million
- Growth in Total Deposits of $30 million, or 50%, to $90 million
- Growth in Total Assets of $30 million, or 41%, to $104.4 million
- Growth in Equity of $1.4 million, or 12%, to $12.4 million
Additionally, as of December 31, 2011, Vibra Bank continues to reflect a strong Capital position, with capital ratios summarized as follows:
|
|
Well-Capitalized Standards |
Vibra Bank |
| Tier One Leverage |
5% |
13% |
| Tier One Risk Based |
6% |
20% |
| Total Risk Based |
10% |
21% |
Vibra Bank opened for business in July 2008, focusing on the business and professional market, and emphasizing its bi-cultural focus. The bank, headquartered in Chula Vista, CA, is FDIC insured and operates solely in the U.S., concentrating on serving the Hispanic business and professional market in San Diego County.
"We are very pleased with the positive results we are able to report for 2011," said Vibra Bank Chairman Enrique Schon. "We are proud to be able to continue to support the local economy by funding loans to qualified borrowers, which in turn generates a healthy return for our shareholders." Vibra Bank was ranked #3 among local banks in SBA lending last year by the San Diego District SBA Office, based on the gross dollar amount of loans funded.
"Thanks to the efforts of our entire team, Vibra Bank continues to reflect solid results," said Vibra Bank President and CEO Scott Parker. "Additionally, we are gratified by the recognition we have received for our performance from sources such as Bauer Financial." This year, Vibra Bank earned the highest rating, Five Stars, from the well-known bank rating agency.
| 000's |
12/31/11 |
12/31/10 |
| Net Profit – Q4 |
$576 |
$51 |
| Net Profit – Full Year |
$1,286 |
($543) |
| Assets |
$104,425 |
$73,984 |
| Loans |
$76,731 |
$54,710 |
| Deposits |
$89,982 |
$59,969 |
| Equity |
$12,369 |
$11,009 |
| Return on Avg. Assets |
1.51 |
(0.86) |
| Return on Avg. Equity |
11.16 |
(4.86) |
Vibra Bank offers customers a wide range of deposit services to meet their customers' needs, including online banking and remote deposit capture. Vibra Bank's lending is focused on loans to businesses, business owners, and professionals with a full range of loan products. The bank is also a Preferred Lender for SBA loans. More information about Vibra Bank may be found at www.vibrabank.com, and by contacting Scott Parker at 619-651-9411.
Certain statements in this press release, including statements regarding the anticipated development and expansion of Vibra Bank's business, and the intent, belief or current expectations of Vibra Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, Vibra Bank's performance and implementation of its business plans, loan performance, interest rates, and regulatory matters.
Media Contact:
Scott Parker
619-651-9411
[email protected]
SOURCE Vibra Bank
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