Welcome!

Microsoft Cloud Authors: Janakiram MSV, Yeshim Deniz, David H Deans, Andreas Grabner, Stackify Blog

News Feed Item

Sierra Vista Bank Reports Earnings in 4Q12

FOLSOM, CA -- (Marketwire) -- 01/28/13 -- Sierra Vista Bank (OTCQB: SVBA) today reported earnings of $38,000, for the fourth quarter of 2012, compared to $64,000 for fourth quarter 2011. Sierra Vista Bank has now been profitable for nine consecutive months, including the second, third and fourth quarter of 2012. The Bank showed a net loss of $485,000 for the year ending December 31, 2012 due to a large loan loss provision and a specific reserve in the first quarter. All financial results are preliminary and unaudited.

The Bank continued to show a strong net interest margin of 5.07% for the fourth quarter 2012 and 4.92% for the year, fueled by a yield on earning assets of 5.29% and a cost of funds of 0.24%. "We are finding opportunity as our market area continues to experience slow but steady economic improvement," stated Gregory Patton, President & CEO.

In the third quarter of 2012 the Bank completed a Public Offering increasing capital by over $2 million with an additional $235,000 contributed during the fourth quarter of the year from an Accredited Investor whom the Bank has entered in to an agreement with for an additional $1.4 million subject to regulatory approval. The capital received has substantially strengthened the Bank's balance sheet and increased the capital level on December 31, 2012 to $10 million creating a leverage ratio of 12.48%. This compares to a leverage ratio of 9.02% on March 31, 2012 and 10.01% on December 31, 2011.

Financial Highlights (at or for the quarter ended December 31, 2012)

  • The net interest margin was 5.07% for the fourth quarter and 4.92% for the year.
  • Non-interest bearing deposits represented 31.7% of total deposits at December 31, 2012.
  • Provisions for loan losses for the quarter were $80,000, well below the $165,000 one year earlier.
  • Capital levels increased and remain well above the regulatory "well-capitalized" minimum levels:
    • The Tier 1 Leverage Capital ratio improved to 12.48% compared to 10.01% as of December 31, 2011.
    • The Tier 1 Risk Based Capital ratio improved to 15.92% compared to 13.46% as of December 31, 2011.
    • The Total Risk Based Capital ratio improved to 17.19% compared to 14.74% as of December 31, 2011.

Sierra Vista Bank had total assets of $78.8 million at December 31, 2012, compared to $77.9 million at September 30, 2012. Net loans increased to $59.6 million at the end of December compared to $58.4 million at September 30, 2012. Deposits totaled $66.0 million at December 31, 2012, compared to $66.8 million at September 30, 2012.

Non-performing assets totaled $4.1 million at the end of December 2012 compared to $4.4 million at the end of December 2011. Non-performing assets include loans classified as non-accrual of $2.5 million and real estate owned of $1.6 million at December 31, 2012. The real estate owned balance of $1.6 million includes the Bank's headquarters totaling $1.5 million. Non-performing loans to total loans as a ratio decreased substantially from 6.67% on December 31, 2011 to 4.07% on December 31, 2012. With the exception of $482,000, all non-accruing loans are current under their original terms or are paying as agreed under forbearance agreements.

About Sierra Vista Bank
Sierra Vista Bank is a locally owned community bank headquartered at 1710 Prairie City Road in Folsom, California since March 2007 and has a branch located in the Sam's Town Center in Cameron Park. The Bank prides itself on serving the financial needs of small businesses and professionals in Folsom and throughout the Highway 50 Corridor while remaining committed to community philanthropy. Additional information about Sierra Vista Bank can be found at www.sierravistabank.com or by calling (916) 850-1500.

Forward Looking Statement:
In addition to historical information, this press release includes forward-looking statements, such as statements regarding increases in non-interest income, future profitability, the bank's ability to address challenges impacting economy in which it operates and future loan losses, which reflect management's current expectations for the bank's future financial results and business prospects. Forward-looking statements are inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to: (a) changes in competitive pressures among depository and other financial institutions or in the bank's ability to compete effectively against larger financial institutions in its banking market; (b) actions of government regulators or changes in laws, regulations or accounting standards, that adversely affect the bank's business; (c) changes in interest rates and/or inflation; (d) changes in general economic or business conditions and the real estate market in the bank's market; and (e) other unexpected developments or changes in the bank's business or its customers' businesses. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. You should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

                             SIERRA VISTA BANK
                        CONSOLIDATED BALANCE SHEETS
                                (unaudited)

($000s)                                   12/31/12    09/30/12    12/31/11
                                         ----------  ----------  ----------
ASSETS
Cash and due from banks                  $    3,053  $    2,856  $    4,545
Federal funds sold                            1,460         970       4,160
Investment securities, available-for-
 sale                                        11,858      12,762      10,938

Gross loans                                  61,025      59,805      61,130
  Net deferred (fees)                           (31)        (33)        (39)
  Allowance for loan losses                  (1,391)     (1,343)     (2,033)
                                         ----------  ----------  ----------
    Net loans                                59,603      58,429      59,058
Premises and equipment, net                     735         750         813
Accrued interest receivable                     277         247         253
Other real estate                             1,571       1,581         339
Other assets                                    234         307         427
                                         ----------  ----------  ----------
                            TOTAL ASSETS $   78,791  $   77,902  $   80,533
                                         ==========  ==========  ==========

LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing demand deposits      $   20,926  $   23,416  $   22,024
Interest-bearing demand deposits              2,846       2,714       1,865
Savings and money market deposits            13,699      13,439      14,226
Time deposits                                28,487      27,266      31,837
                                         ----------  ----------  ----------
                          TOTAL DEPOSITS     65,958      66,835      69,952

FHLB borrowings                               2,500       1,000       2,000
Accrued interest payable                         16          17          31
Accounts payable and other liabilities          366         349         377
                                         ----------  ----------  ----------
                       TOTAL LIABILITIES     68,840      68,201      72,360

Common stock                                 19,961      19,727      17,727
Additional paid-in capital                      377         377         377
Accumulated deficit                         (10,476)    (10,517)    (10,001)
Accumulated other comprehensive income           89         114          70
                                         ----------  ----------  ----------
              TOTAL STOCKHOLDERS' EQUITY      9,951       9,701       8,173
                                         ----------  ----------  ----------
     TOTAL LIABILITIES AND STOCKHOLDERS'
                                  EQUITY $   78,791  $   77,902  $   80,533
                                         ==========  ==========  ==========



                             SIERRA VISTA BANK
                       CONSOLIDATED INCOME STATEMENTS
                                (unaudited)

                                   For the Three           For the Twelve
                                   Months Ended:            Months Ended:
                           ----------------------------  ------------------
($000s, except per share
 data)                     12/31/12   9/30/12  12/31/11  12/31/12  12/31/11
                           --------  --------  --------  --------  --------
Interest income
  Loans                    $    931  $    896  $    995  $  3,653  $  4,147
  Investment securities          67        67        63       291       339
  Federal Funds sold              2         2         3        11        11
                           --------  --------  --------  --------  --------
    Total interest income     1,000       965     1,061     3,955     4,497
                           --------  --------  --------  --------  --------

Interest expense
  Deposits                       41        43        73       207       412
  FHLB borrowings                 1         0         1         2        33
                           --------  --------  --------  --------  --------
    Total interest expense       42        43        74       209       445
                           --------  --------  --------  --------  --------
    Net interest income         958       922       987     3,746     4,052
Provision for loan and
 lease losses                    80        60       165     1,030       645
                           --------  --------  --------  --------  --------
    Net interest income
     after provision for
     loan losses                878       862       822     2,716     3,407

Noninterest income
  Customer service and
   other fees                   100       121        66       432       234
  Gain (loss) on sale of
   loans                          0         0         0         0        15
  Gain (loss) on sale of
   other real estate              0         0         0        56         6
  Gain (loss) on
   available-for-sale
   securities                    41        20        77       193       301
                           --------  --------  --------  --------  --------
    Total noninterest
     income                     141       141       143       681       556
                           --------  --------  --------  --------  --------

Noninterest expense
  Salaries and employee
   benefits                     479       495       453     2,036     1,877
  Occupancy and equipment       156       157       159       619       665
  Other general and
   administrative               346       283       289     1,227     1,262
                           --------  --------  --------  --------  --------
    Total noninterest
     expense                    981       935       901     3,882     3,804
                           --------  --------  --------  --------  --------

    Net income (loss)      $     38  $     68  $     64  $   (485) $    159
                           ========  ========  ========  ========  ========

Earnings (loss) per share  $   0.01  $   0.03  $   0.03  $  (0.20) $   0.08
Tangible book value per
 share                     $   2.96  $   3.00  $   4.02  $   2.96  $   4.02
Net interest margin            5.07%     4.93%     5.10%     4.92%     5.04%

Asset Quality:
Non-performing loans to
 total loans                   4.07%     3.66%     6.67%     4.07%     6.67%
Non-performing assets to
 total loans and ORE           6.47%     6.14%     7.18%     6.47%     7.18%
Non-performing assets to
 total assets                  5.14%     4.84%     5.48%     5.14%     5.48%
Allowance for loan losses
 to total loans                2.28%     2.25%     3.33%     2.28%     3.33%
Allowance for loan losses
 to non-performing loans      56.04%    61.30%    49.89%    56.04%    49.89%
Other real estate          $  1,571  $  1,581  $    339  $  1,571  $    339

Selected Financial Ratios:
Tier 1 leverage capital
 ratio                        12.48%    12.16%    10.01%    12.48%    10.01%
Tier 1 risk-based capital
 ratio                        15.92%    15.66%    13.46%    15.92%    13.46%
Total risk-based capital
 ratio                        17.19%    16.92%    14.74%    17.19%    14.74%

Contacts:
Gregory Patton
President/CEO
Sierra Vista Bank
(916) 850-1515
Email Contact

Lesa Fynes
EVP/CFO
Sierra Vista Bank
(916) 850-1505
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics gr...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things’). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing? IoT is not about the devices, it’s about the data consumed and generated. The devices are tools, mechanisms, conduits. In his session at Internet of Things at Cloud Expo | DXWor...
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution. In his session at @ThingsExpo, Akvelon expert and IoT industry leader Sergey Grebnov provided an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...