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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 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

($000s)                                   12/31/12    09/30/12    12/31/11
                                         ----------  ----------  ----------
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
                                         ==========  ==========  ==========

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
                                         ----------  ----------  ----------
                                  EQUITY $   78,791  $   77,902  $   80,533
                                         ==========  ==========  ==========

                             SIERRA VISTA BANK

                                   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
   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%

Gregory Patton
Sierra Vista Bank
(916) 850-1515
Email Contact

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

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