Vibra Bank Reports Results For Third Quarter 2014

Bank reports growth in earnings and assets for the period.

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Oct 23, 2014, 09:00 ET

CHULA VISTA, Calif., Oct. 23, 2014 /PRNewswire/ -- Vibra Bank ("VBBK"-OTCQB), today reported third quarter earnings of $305,000, or $0.41 per share, compared to earnings of $134,000, or $0.18 per share for the third quarter of 2013. Earnings for the third quarter represent an annualized return on average equity and average assets of 9.0% and 0.8% respectively compared with 4.0% and 0.4% respectively, for the third quarter of 2013. Year-to-date, the bank reported earnings of $330,000, or $0.45 per share compared to a loss of $168,000, or ($0.23) per share for the first nine months of 2013.

"The Bank achieved growth in both deposits and loans during the period and asset quality and loan pipeline remain strong," said President and CEO, Frank J. Mercardante.

The Bank also reported that its capital ratios continue to exceed regulatory minimums. For the period ended September 30, 2014, the Bank's Tier One Leverage ratio equaled 8.66%, vs. a minimum of 5% required to maintain a Well–Capitalized designation. Its Tier One Risk-Based and Total Risk-Based capital ratios stood at 15.02% and 16.27%, respectively, compared to minimums of 6% and 10% required for a Well–Capitalized designation.

Vibra Bank is a full-service community bank offering a wide variety of deposit and loan services to meet their customers' needs. Deposit offerings include, among others, state-of-the-art online banking and remote deposit capture. As an SBA Preferred Lender, Vibra's lending is focused on loans to small businesses and professionals, commercial real estate, and high net-worth individuals. Please visit our website at www.vibrabank.com for more information, or call us at (619) 422-5300. SE HABLA ESPAÑOL

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:
Frank J. Mercardante
(619) 422-5300
[email protected]

Vibra Bank
Statements of Income *(unaudited)*

	Nine Months Ended		Three Months Ended
*($ in thousands,except per share data)*	Sept 30, 2014	Sept 30, 2013	Sept 30, 2014	Sept 30, 2013
Total Interest Income	$ 4,975	$ 4,527	$ 1,642	$ 1,605
Total Interest Expense	581	523	181	194
Net Interest Income	4,394	4,003	1,461	1,411
Provision for Loan Losses	20	231	20	-
Net Interest Income After Provision	4,374	3,772	1,441	1,411
Total Non-Interest Income	833	901	325	421
Total Non-Interest Expense	4,978	4,840	1,564	1,699
Net Operating Income	228	(167)	202	134
Income Taxes	(102)	1	(103)	-
Net Income After Taxes	$ 330	$ (168)	$ 305	$ 134

Earnings per share - basic	$ 0.45	$ (0.23)	$ 0.41	$ 0.18
Weighted average shares	738,865	738,865	738,865	738,865

Return on Average Equity *(annualized)*	3.3%	-1.7%	9.0%	4.0%
Return on Average Assets *(annualized)*	0.3%	-0.2%	0.8%	0.4%
Net Interest Margin	4.02%	4.64%	3.95%	4.94%
Efficiency Ratio	95.3%	98.7%	87.5%	92.7%

Vibra Bank
Balance Sheet *(unaudited)*

	For the Period Ended		% Change
*($ in thousands,except per share data)*	Sept 30, 2014	Sept 30, 2013	Sept 2013
Assets
Cash and Cash Equivalents	$ 2,982	$ 2,201	36%
Total Investment Securities	3,803	1,273	199%
Federal Funds Sold	35,412	30,300	17%
Loans, Net of Unearned Income	103,713	101,179	3%
Allowance for Loan Losses	(1,364)	(1,519)	-10%
Other Assets	3,553	3,164	12%
TOTAL ASSETS	$ 148,101	$ 136,597	8%

Liabilities and Equity
Total Deposits	$ 133,583	$ 122,617	9%
Other Liabilities	674	587
Total Liabilities	134,256	123,204	9%

Total Equity	13,844	13,394	3%

TOTAL LIABILITIES AND EQUITY	$ 148,101	$ 136,597	8%

Book Value per Share at end of period	$ 18.74	$ 18.13
Non-Performing Assets *(net of SBA gty)*	$ 207	$ -
Non-Performing Assets *(% of Assets)*	0.1%	0.0%