Vibra Bank Reports Robust Growth and Return to Profitability in Second Quarter 2013
Bank grows 13% over the prior year and reflects a return to positive earnings
CHULA VISTA, Calif., July 25, 2013 /PRNewswire/ -- Today, Vibra Bank ("VBBK"-OTCBB) announced its unaudited financial results for the second quarter June 30, 2013. The Bank reported a net profit for the second quarter of $61,000, compared with earnings of $207,000 for the second quarter of 2012. "In the second quarter, Vibra Bank has continued its robust asset growth, and we are pleased to report that we are back in positive territory with regard to earnings," said Vibra Bank President and CEO Scott Parker. "This quarter's earnings reflect the upward trend we expect to expand upon as we continue to grow our high-quality loan portfolio within our market."
Highlights for the quarter-end June 30, 2013 compared to the prior year include:
- Growth in Total Loans of $23 million, or 28%, to $104 million
- Growth in Total Deposits of $14 million, or 14%, to $112 million
- Growth in Total Assets of $14 million, or 13%, to $126 million
Additionally, as of June 30, 2013, Vibra Bank continued to reflect a very strong capital position, with capital ratios summarized as follows:
| Well – Capitalized Standards |
Vibra Bank |
||
| Tier One Leverage |
5% |
11.5% |
|
| Tier One Risk Based |
6% |
15.6% |
|
| Total Risk Based |
10% |
16.8% |
|
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 June 30, 2013.
"This quarter's results reflect our efforts to boost production in lending throughout our market, achieved via the internal expansion of our resources toward that effort, as well as a slowly improving economy and real estate market in Southern California," said Vibra Bank Chairman Enrique R. Schon.
| Quarter ended 6/30/13 |
Quarter ended 6/30/12 |
|
| Net Profit |
$61,000 |
$207,000 |
| Balance Sheet Data: (000's) |
||
| Assets |
$125,935 |
$111,764 |
| Gross Loans |
$103,726 |
$81,126 |
| Deposits |
$112,138 |
$98,212 |
Vibra Bank offers 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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