Welcome!

Microsoft Cloud Authors: David H Deans, Yeshim Deniz, Janakiram MSV, 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
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
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. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to ...
Consumers increasingly expect their electronic "things" to be connected to smart phones, tablets and the Internet. When that thing happens to be a medical device, the risks and benefits of connectivity must be carefully weighed. Once the decision is made that connecting the device is beneficial, medical device manufacturers must design their products to maintain patient safety and prevent compromised personal health information in the face of cybersecurity threats. In his session at @ThingsExpo...
SYS-CON Events announced today that Massive Networks 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. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
Because IoT devices are deployed in mission-critical environments more than ever before, it’s increasingly imperative they be truly smart. IoT sensors simply stockpiling data isn’t useful. IoT must be artificially and naturally intelligent in order to provide more value In his session at @ThingsExpo, John Crupi, Vice President and Engineering System Architect at Greenwave Systems, will discuss how IoT artificial intelligence (AI) can be carried out via edge analytics and machine learning techn...
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for 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 GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of 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. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, discussed the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insights from the vast t...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
Recently, IoT seems emerging as a solution vehicle for data analytics on real-world scenarios from setting a room temperature setting to predicting a component failure of an aircraft. Compared with developing an application or deploying a cloud service, is an IoT solution unique? If so, how? How does a typical IoT solution architecture consist? And what are the essential components and how are they relevant to each other? How does the security play out? What are the best practices in formulating...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
SYS-CON Events announced today that Elastifile 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. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...