Vibra Bank Reports Continued Earnings Growth And Asset Expansion In Third Quarter 2013

CHULA VISTA, Calif., Oct. 31, 2013 /PRNewswire/ -- Today, Vibra Bank ("VBBK"-OTCBB) announced its unaudited financial results for the third quarter ended September 30, 2013. The Bank reported a net profit for the third quarter of $134,000, compared with net profit of $61,000 for the second quarter this year, and a loss of ($362,000) for the first quarter of 2013. "We are pleased to report continued improvement in earnings for the third quarter," said Vibra Bank President and CEO Scott Parker. The Bank continues to expand its loan portfolio, displaying year-over-year growth in excess of 20% every quarter this year. "A gradually improving economy, coupled with a rebounding real estate market, has allowed Vibra Bank to keep up a robust pace of lending, and we continue to find high-quality opportunities throughout Southern California," said Parker. "We are also realizing the benefit of several excellent additions to our banking team over the past several months," he said.

Highlights for the quarter-end September 30, 2013 compared to the prior year include:

• Growth in Total Loans of $18 million, or 21%, to $102 million
• Growth in Total Deposits of $21 million, or 21%, to $123 million
• Growth in Total Assets of $21 million, or 18%, to $137 million

Additionally, as of September 30, 2013, Vibra Bank continued to reflect a very strong capital position, with capital ratios summarized as follows:

The Bank continues to reflect a very high quality of assets, with no loans past-due 30 days or more and no foreclosed real estate loans as of September 30, 2013. 

"The growth we have achieved has allowed Vibra Bank to mitigate the higher regulatory burden we face in the banking industry today, and we are focused on continuing to expand our balance sheet and improve our earnings to benefit all of our shareholders," said Vibra Bank Chairman Enrique R. Schon. "We feel that now, more than ever, Vibra Bank brings significant value to its clients, particularly within the Hispanic community." He added "We are very proud to be the only locally-headquartered bank in the area to specialize in serving the Hispanic community, and we feel that we have a great opportunity to grow while many local banks are consolidating."   

Vibra Bank offers a full menu 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, or 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