Suncrest Bank Reports Fourth Quarter and Full Year Net Income

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 8/17/2026

1. GNK
2. AZN
3. HIVE
4. SPY
5. GSAT
6. RKLB
7. OABI
8. GEMI
9. DVN
10. DSX

January 30, 2019 8:58 AM EST

SACRAMENTO, Calif. and VISALIA, Calif., Jan. 30, 2019 /PRNewswire/ -- Suncrest Bank (OTCQX: SBKK) today reported unaudited financial results for the fourth quarter and full year of 2018.

"2018 was a transformational year for Suncrest with total assets increasing by approximately $400 million through a combination of organic growth and our acquisition of the $320 million Community Business Bank in May," said Ciaran McMullan, President and CEO of Suncrest Bank. "In addition, our earnings per share have increased by over 30% when comparing our fourth quarter EPS to the quarter immediately prior to the acquisition, and we continue to demonstrate our ability to organically grow our core local funding base with non-maturity deposits increasing by 3% over the linked-quarter and 9% since June 30, 2018," McMullan added.

Full Year 2018 Highlights

  • Record net income of $9.9 million, up 191.2% over the prior year
  • Diluted full year EPS of $0.94, up 100% over the prior year
  • Return on average assets of 1.30% compared to 0.69% for the prior year
  • Return on average equity of 9.51% compared to 5.67% for the prior year
  • Successfully completed the acquisition and integration of Community Business Bank
  • Total assets increased by $399.8 million during the year or 75.6%

Fourth Quarter 2018 Highlights

  • Return on average assets of 1.55%
  • Efficiency ratio of 49.73% compared to 57.24% for Q4 2017
  • Diluted EPS of $0.28
  • Net interest margin of 4.67%
  • Total loan growth of $9.6 million or 1.5% over the linked quarter
  • New loan originations1 of $22.6 million during the quarter
  • Non-maturity deposits2 increased by $20.3 million or 3.1% over the linked quarter
  • Return on average equity of 10.62%
  • Total risk based capital ratio was 13.14% and Tier 1 leverage ratio was 10.57%

Income Statement

The comparability of fourth quarter net income to the same quarter last year is impacted significantly by one-time charges related to tax reform and non-recurring merger expenses experienced in the fourth quarter of 2017. The table also identifies non-recurring income items, income resulting from the accretion of acquired loan fair value marks (as those loans continue to perform), and non-recurring costs such as merger expenses.

Non-recurring Income

Period

Net Income

Interest recoveries3

Income from accretion4

Non-recurring costs5

Core Net Interest Income6

Core Net Income6

Core NIM6

Core Diluted EPS6

Q4 2018

$       3,489,533

$       30,194

$           107,342

$                   -

$           9,514,237

$  3,392,532

4.61%

$             0.27

Q3 2018

$       3,502,724

$     255,169

$           166,167

$                   -

$           9,264,533

$  3,207,724

4.57%

$             0.26

Q4 2017

$          111,999

$       87,694

$           346,718

$    1,430,000

$           5,096,185

$  1,285,999

4.10%

$             0.18

Core net income increased over the linked quarter (excluding non-recurring income) by $185,000 or 5.8%. This growth is primarily attributable to an increase in our overall average core net interest margin (NIM) from 4.57% for the quarter ended September 30, 2018 to 4.61% for the quarter ended December 31, 2018.

Net interest income for the quarter was $9.7 million, an increase of $4.1 million or 74.5% over the same quarter last year and was unchanged over the linked quarter. Core Net Interest Income increased $250,000 or 2.7% over the linked quarter.

Non-interest income for the quarter was $461,000, an increase of $15,000 or 3.4% over the linked quarter. This increase is attributable to an increase in service charges.

Total non-interest expenses increased over the linked quarter by $54,000 or 1.1% as a result of an increase in other professional fees.

Core net interest margin, which conservatively removes accretion of loan fair value marks and non-recurring items such as recovery of interest, was 4.61% for the quarter, an increase of 51 basis points from the same quarter last year. This improvement was driven primarily by an increase in overall yields.

Our core NIM improved by 4 basis points when compared to the linked quarter primarily driven by securities being a higher percentage of average earning assets in the current quarter.

The increase in our cost of funds by 8 basis points over the linked quarter was primarily attributable to increased customer expectations of improved yields on business interest checking and business money market accounts in particular

Balance Sheet

The acquisition of CBB, with total assets of approximately $320 million at March 31, 2018, which closed on May 21, 2018, will affect the comparability of balance sheet information for the quarter versus the same quarter of 2017.

Total assets at December 31, 2018 were $928.7 million representing an increase by $17.2 million or 1.9% during the quarter. The increase was driven primarily by strong growth in deposits.

Total deposits at December 31, 2018 were $791.0 million, an increase of $14.5 million or 1.9% over the linked quarter. This growth was largely driven by an increase in non-maturity deposits, which were $679.0 million at quarter end, an increase of $20.3 million or 3.1% over the linked quarter.

Total loans at December 31, 2018 were $650.1 million, an increase of $9.6 million or 1.5% over the linked quarter. Our agricultural production lines declined by $4.1 million or 9.9% over the linked quarter while our commercial and industrial loans increased during the quarter by $1.5 million or 2.2%. Fluctuations in both these product categories reflect normal business-cycle driven utilization of these lines.

Loan growth this quarter was primarily driven by increases in non-owner occupied commercial real estate which increased by $11.9 million or 8.0%. Total loans secured by real estate increased by 3.4% or 13.6% annualized.  New loan originations were $22.6 million which is lower than in previous quarters and we saw an elevated level of payoffs.  All new loan growth is locally sourced and has not come through purchased participations.

The table below details the major categories of our loan portfolio as compared to the linked quarter. The percentages within all major categories remained relatively similar.

% of Total Loans at 12/31/18

% of Total Loans at 09/30/18

Commercial & Industrial Loans

11.2%

11.2%

Farmland & Agricultural Production

24.9%

25.9%

Non Owner Occupied CRE

24.7%

23.3%

Owner Occupied CRE

13.6%

14.1%

Construction

6.4%

6.1%

1-4 and Multifamily

16.2%

15.7%

Asset Quality 

Non-performing assets were $1.1 million or 0.12% of total assets at December 31, 2018 compared to $684,000 or 0.08% of total assets at September 30, 2018. The resolution of smaller non-accrual loans in the fourth quarter was offset by the reclassification of one slightly larger relationship.

During the fourth quarter the company recorded an additional $350,000 provision for loan losses and the allowance for loan losses as a percentage of total loans, excluding acquired loans that have been marked to fair value, was 1.20% at December 31, 2018 compared to 1.24% at September 30, 2018 and 1.20% at June 30, 2018.

Capital

Suncrest Bank remained well capitalized at December 31, 2018. All of the Bank's capital ratios are above minimum regulatory standards for "well capitalized" institutions.

At December 31, 2018 the tangible book value per common share was $7.25 with common shares issued of 12,420,300 as of the same date. This compares to a tangible book value per common share of $6.84 at September 30, 2018 and $6.56 at June 30, 2018.

Excluding the unrealized loss on securities, the tangible book value per common share at December 31, 2018 was $7.35

About Suncrest Bank

Suncrest Bank, member FDIC, is locally owned and operated and offers a full range of commercial, small business and agribusiness loans, cash management services and personal deposit products throughout the Central Valley of California. It is regularly rated Five Stars by Bauer Financial as one of the nation's strongest financial institutions, and in 2017 and 2018 was named to the OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market. It is a Preferred Lender with the Small Business Administration and its stock can be purchased on the open market, trading on the OTCQX under the ticker symbol SBKK. For all other information, visit www.suncrestbank.com

Forward Looking Statements

Except for the historical information in this news release, the matters described herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and charge-offs, results of examinations by our banking regulators, our ability to maintain adequate levels of capital and liquidity, our ability to manage loan delinquency rates, our ability to price deposits to retain existing customers and achieve low-cost deposit growth, manage expenses and lower the efficiency ratio, expand or maintain the net interest margin, mitigate interest rate risk for changes in the interest rate environment, competitive pressures in the banking industry, access to available sources of credit to manage liquidity, the local and national economic environment, and other risks and uncertainties.  Accordingly, undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this release. Suncrest Bank undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Investors are encouraged to read the Suncrest Bank annual reports which are available on our website.

Suncrest Bank

Statements of Financial Condition

(Unaudited)

December 31,

September 30,

December 31,

2018

2018

2017

ASSETS

Cash and Due from Banks

$           54,747,273

$           45,939,304

$           29,728,313

Federal Funds Sold

18,137,000

25,447,000

33,006,000

TOTAL CASH AND CASH EQUIVALENTS

72,884,273

71,386,304

62,734,313

Investment Securities Available for Sale (AFS)

137,719,068

127,135,695

90,368,057

Loans:

   Total Loans

650,146,414

640,515,026

353,368,194

   Allowance for Loan Losses

(            4,372,547)

(            4,021,747)

(            3,412,669)

NET LOANS

645,773,867

636,493,279

349,955,525

Federal Home Loan Bank and Other Bank Stock, at Cost

5,453,891

5,453,891

3,152,891

Premises and Equipment

6,014,471

6,123,388

5,904,262

Other Real Estate Owned

313,720

313,720

313,720

Bank Owned Life Insurance

8,284,240

8,231,954

5,238,821

Goodwill

38,989,566

41,126,689

3,325,220

Core Deposit Intangible

3,974,505

4,191,333

1,313,301

Accrued Interest and Other Assets

9,269,273

11,055,161

6,611,278

$          928,676,874

$          911,511,414

$          528,917,388

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits:

   Noninterest-bearing Demand

$         292,174,413

$         303,565,381

$         162,335,707

   Savings, NOW and Money Market Accounts

386,793,012

355,074,099

235,311,974

   Time Deposits

112,050,259

117,903,291

69,253,295

TOTAL DEPOSITS

791,017,684

776,542,771

466,900,976

Other Borrowings

-

-

-

Accrued Interest and Other Liabilities

4,622,642

4,755,688

1,199,304

TOTAL LIABILITIES

795,640,326

781,298,459

468,100,280

Shareholders' Equity:

   Common Stock - No par value

119,643,464

121,716,187

57,279,494

   Additional Paid-in Capital

2,441,948

2,355,357

1,985,398

   Retained Earnings (Deficit)

12,152,741

8,663,208

2,295,485

   Accumulated Other Comprehensive Income (Loss) - Net 

      Unrealized Gain (Loss) on Securities AFS

(1,201,605)

(            2,521,797)

(               743,269)

TOTAL SHAREHOLDERS' EQUITY

133,036,548

130,212,955

60,817,108

$          928,676,874

$          911,511,414

$          528,917,388

 

Suncrest Bank

Statements of Income (Unaudited)

For the Three Months Ended

December 31,

September 30,

December 31,

2018

2018

2017

INTEREST INCOME

   Interest and Fees on Loans

$              9,333,352

$         9,376,674

$    5,170,322

   Interest on Investment Securities

913,560

782,859

368,311

   Interest on Federal Funds Sold and Other

278,425

238,646

269,180

TOTAL INTEREST INCOME

10,525,337

10,398,179

5,807,813

INTEREST EXPENSE

   Interest on Savings Deposits, NOW and Money Market Accounts

575,868

449,095

159,900

   Interest on Time Deposits

297,696

261,992

117,316

   Interest on Other Borrowings

-

1,223

-

TOTAL INTEREST EXPENSE

873,564

712,310

277,216

NET INTEREST INCOME

9,651,773

9,685,869

5,530,597

Provision for Loan Losses

350,000

350,000

-

NET INTEREST INCOME AFTER

PROVISION FOR LOAN LOSSES

9,301,773

9,335,869

5,530,597

NONINTEREST INCOME

   Service Charges, Fees, and Other Income

461,282

446,104

286,759

   Gain on Sale of Loans

-

-

-

461,282

446,104

286,759

NONINTEREST EXPENSE

   Salaries and Employee Benefits

2,546,380

2,619,448

1,862,316

   Occupancy Expenses

522,999

539,438

344,874

   Other Expenses

1,959,843

1,815,963

1,122,764

5,029,222

4,974,849

3,329,954

INCOME BEFORE INCOME TAXES

4,733,833

4,807,124

2,487,402

Income Taxes

1,244,300

1,304,400

2,375,403

NET INCOME

$               3,489,533

$          3,502,724

$        111,999

 

Suncrest Bank

Statements of Income (Unaudited)

For the Twelve Months Ended

December 31,

December 31,

2018

2017

INTEREST INCOME

   Interest and Fees on Loans

$            30,336,365

$       20,173,453

   Interest on Investment Securities

2,899,825

978,572

   Interest on Federal Funds Sold and Other

925,138

809,129

TOTAL INTEREST INCOME

34,161,328

21,961,154

INTEREST EXPENSE

   Interest on Savings Deposits, NOW and Money Market Accounts

1,412,820

507,232

   Interest on Time Deposits

894,540

518,576

   Interest on Other Borrowings

27,325

-

TOTAL INTEREST EXPENSE

2,334,685

1,025,808

NET INTEREST INCOME

31,826,643

20,935,346

Provision for Loan Losses

1,270,000

950,000

NET INTEREST INCOME AFTER

PROVISION FOR LOAN LOSSES

30,556,643

19,985,346

NONINTEREST INCOME

   Service Charges, Fees, and Other Income

1,579,389

1,081,099

   Gain on Sale of Loans

332,288

275,515

1,911,677

1,356,614

NONINTEREST EXPENSE

   Salaries and Employee Benefits

9,297,693

7,524,994

   Occupancy Expenses

1,835,758

1,389,326

   Other Expenses

7,726,813

4,309,610

18,860,264

13,223,930

INCOME BEFORE INCOME TAXES

13,608,056

8,118,030

Income Taxes

3,750,800

4,732,503

NET INCOME

$               9,857,256

$          3,385,527

 

Suncrest Bank

Selected Financial Data & Ratios (Unaudited)

December 31,

September 30,

December 31,

2018

2018

2017

For the three months ended:

Return on Average Assets(ROAA)

1.55%

1.58%

0.08%

ROAA excluding non-recurring items (1) (2)

1.51%

1.44%

0.97%

Return on Average Equity(ROAE)

10.62%

10.85%

0.73%

ROAE excluding non-recurring items (1) (2)

10.33%

9.94%

8.35%

Noninterest Expense (NIE) To Average Assets

2.23%

2.24%

2.50%

NIE to Average Assets excluding non-recurring items (1) (2)

2.23%

2.24%

2.40%

Efficiency Ratio

49.73%

49.10%

57.24%

Efficiency Ratio excluding non-recurring items (1) (2)

50.42%

51.23%

59.44%

Net Interest Margin

4.67%

4.78%

4.45%

Core Net Interest Margin (1) (2)

4.61%

4.57%

4.10%

Cost of Funds

0.45%

0.37%

0.23%

Basic Earnings Per Share (EPS)

$             0.28

$               0.28

$              0.01

Diluted EPS

$             0.28

$               0.28

$              0.01

Diluted EPS excluding non-recurring items (1) (2)

$             0.27

$               0.26

$             0.18

December 31,

December 31,

2018

2017

For the twelve months ended:

ROAA

1.30%

0.69%

ROAA excluding non-recurring items (1) (2)

1.39%

0.76%

ROAE

9.51%

5.67%

ROAE excluding non-recurring items (1) (2)

10.17%

6.20%

NIE To Average Assets

2.49%

2.71%

NIE to Average Assets excluding non-recurring items (1) (2)

2.29%

2.63%

Efficiency Ratio

55.90%

59.32%

Efficiency Ratio excluding non-recurring items (1) (2)

52.29%

63.73%

Net Interest Margin

4.59%

4.66%

Core Net Interest Margin (1) (2)

4.50%

4.19%

Cost of Funds

0.36%

0.24%

Basic EPS

$               0.95

$                 0.48

Diluted EPS

$               0.94

$                 0.47

Diluted EPS excluding non-recurring items (1) (2)

$               1.00

$                 0.52

(1)  Non-recurring items include, merger expenses, discount accretion on acquired loans and recovery of

interest on non-accrual loans.

(2)  These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited.  They

should not be considered in isolation or as a substitute for analyses of results reported under GAAP.  These non-GAAP

measures may not be comparable to similarly titled measures reported by other companies.

 

Suncrest Bank

Selected Financial Data & Ratios Continued (Unaudited)

December 31,

September 30,

December 31,

2018

2018

2017

At Period End:

Loans to Deposits

82.19%

82.48%

75.68%

Average Loans to Average Deposits (QTD)

82.99%

84.32%

73.46%

Non-Performing Assets to Assets

0.12%

0.08%

0.18%

Outstanding Shares

12,420,300

12,412,300

7,007,594

Tangible Book Value Per Share (2)

$                7.25

$                 6.84

$               8.02

Tangible Book Value Per Share excluding Unrealized Loss on Securities (2)

$                7.35

$                 7.04

$               8.12

Book Value Per Share

$              10.71

$               10.49

$               8.68

Regulatory Capital Ratios

Tier 1 Leverage (to average assets)

10.57%

10.29%

10.58%

Common Equity Tier 1 Capital (to risk weighted assets)

12.53%

11.99%

13.63%

Tier 1 Capital (to risk weighted assets)

12.53%

11.99%

13.63%

Total Capital (to risk weighted assets)

13.14%

12.55%

14.47%

December 31,

September 30,

December 31,

2018

2018

2017

Loan Composition

Commercial and Industrial:

$     73,040,907

$      71,502,960

$    39,160,436

Loans to Finance Agricultural Production and Other Loans to Farmers:

37,504,128

41,647,206

20,213,687

Loans Secured by Real Estate:

Secured by Farmland

124,326,456

124,493,140

74,503,408

Construction, Land Development and Other Land

41,740,821

39,036,669

12,383,517

1-4 Family Residential Properties

57,692,599

55,643,334

45,261,076

Multifamily Residential Properties

47,803,422

45,148,329

18,504,600

Owner Occupied Nonresidential Properties

88,176,104

90,151,385

50,715,973

Non-Owner Occupied Nonresidential Properties

160,834,825

148,948,159

92,378,431

Total Loans Secured by Real Estate

520,574,227

503,421,016

293,747,005

Municipal Leases

18,535,425

23,662,086

-

Other Loans:

491,727

281,758

247,066

Total Loans

$   650,146,414

$    640,515,026

$  353,368,194

(2)  These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited.  They

should not be considered in isolation or as a substitute for analyses of results reported under GAAP.  These non-GAAP

measures may not be comparable to similarly titled measures reported by other companies.

 

Suncrest Bank

Average Balance Sheet and Yields (Unaudited)

For the Three Months Ended

December 31, 2018

September 30, 2018

Average

Average

Average

Average

Balance

Interest

Yield/Rate

Balance

Interest

Yield/Rate

Interest Earning Assets:

Deposits in Other Financial Institutions

$  50,439,804

$        278,425

2.19%

$  47,719,043

$        238,646

1.98%

Investment Securities

134,589,141

913,560

2.72%

121,612,179

782,859

2.57%

Loans

634,520,351

9,333,352

5.84%

634,575,951

9,376,674

5.86%

Total Interest Earning Assets

819,549,296

10,525,337

5.10%

803,907,173

10,398,179

5.13%

Noninterest Earning Assets

81,342,243

84,836,567

Total Assets

$900,891,539

$888,743,740

Interest Bearing Liabilities

Interest Bearing Transaction Accounts

$  81,176,619

83,148

0.41%

$  76,528,434

31,182

0.16%

Savings and Money Market Accounts

278,309,634

492,720

0.70%

267,298,485

417,913

0.62%

Time Deposits

116,154,051

297,696

1.02%

120,286,031

261,992

0.86%

Total Interest Bearing Deposits

475,640,304

873,564

0.73%

464,112,950

711,087

0.61%

Other Borrowings

-

-

2,146,739

1,223

0.23%

Total Interest Bearing Liabilities

475,640,304

873,564

0.73%

466,259,689

712,310

0.61%

Noninterest Bearing Transaction Accounts

288,947,791

288,434,695

Total Funding Sources

764,588,095

754,694,384

Noninterest Bearing Liabilities

4,907,925

4,916,648

Shareholders' Equity

131,395,519

129,132,708

Total Liabilities and Shareholder's Equity

$900,891,539

$888,743,740

Net Interest Income

$      9,651,773

$      9,685,869

Net Interest Margin

4.67%

4.78%

 

Suncrest Bank

Average Balance Sheet and Yields (Unaudited)

For the Three Months Ended

December 31, 2018

December 31, 2017

Average

Average

Average

Average

Balance

Interest

Yield/Rate

Balance

Interest

Yield/Rate

Interest Earning Assets:

Deposits in Other Financial Institutions

$  50,439,804

$        278,425

2.19%

$  74,631,467

$        269,180

1.43%

Investment Securities

134,589,141

913,560

2.72%

73,019,626

368,311

2.02%

Loans

634,520,351

9,333,352

5.84%

345,324,119

5,170,322

5.94%

Total Interest Earning Assets

819,549,296

10,525,337

5.10%

492,975,212

5,807,813

4.67%

Noninterest Earning Assets

81,342,243

39,859,575

Total Assets

$900,891,539

$532,834,787

Interest Bearing Liabilities

Interest Bearing Transaction Accounts

$  81,176,619

83,148

0.41%

$  57,337,498

18,006

0.12%

Savings and Money Market Accounts

278,309,634

492,720

0.70%

178,504,255

141,894

0.32%

Time Deposits

116,154,051

297,696

1.02%

71,184,502

117,316

0.65%

Total Interest Bearing Deposits

475,640,304

873,564

0.73%

307,026,255

277,216

0.36%

Other Borrowings

-

-

-

-

-

Total Interest Bearing Liabilities

475,640,304

873,564

0.73%

307,026,255

277,216

0.36%

Noninterest Bearing Transaction Accounts

288,947,791

163,029,890

Total Funding Sources

764,588,095

470,056,145

Noninterest Bearing Liabilities

4,907,925

1,188,217

Shareholders' Equity

131,395,519

61,590,425

Total Liabilities and Shareholder's Equity

$900,891,539

$532,834,787

Net Interest Income

$      9,651,773

$      5,530,597

Net Interest Margin

4.67%

4.45%

 

Suncrest Bank

Average Balance Sheet and Yields (Unaudited)

For the Twelve Months Ended

December 31, 2018

December 31, 2017

Average

Average

Average

Average

Balance

Interest

Yield/Rate

Balance

Interest

Yield/Rate

Interest Earning Assets:

Deposits in Other Financial Institutions

$    49,317,617

$       925,138

1.88%

$   65,872,699

$       809,129

1.23%

Investment Securities

117,125,123

2,899,825

2.48%

53,504,090

978,572

1.83%

Loans

527,011,060

30,336,365

5.76%

329,661,707

20,173,453

6.12%

Total Interest Earning Assets

693,453,800

34,161,328

4.93%

449,038,496

21,961,154

4.89%

Noninterest Earning Assets

62,805,723

38,625,020

Total Assets

$  756,259,523

$ 487,663,516

Interest Bearing Liabilities

Interest Bearing Transaction Accounts

$    70,147,520

157,046

0.22%

$   54,413,673

66,391

0.12%

Savings and Money Market Accounts

235,428,381

1,255,774

0.53%

157,970,997

440,841

0.28%

Time Deposits

99,656,127

894,540

0.90%

77,542,385

518,576

0.67%

Total Interest Bearing Deposits

405,232,028

2,307,360

0.57%

289,927,055

1,025,808

0.35%

Other Borrowings

1,751,175

27,325

1.56%

-

-

-

Total Interest Bearing Liabilities

406,983,203

2,334,685

0.57%

289,927,055

1,025,808

0.35%

Noninterest Bearing Transaction Accounts

242,158,095

136,974,114

Total Funding Sources

649,141,298

426,901,169

Noninterest Bearing Liabilities

3,428,135

1,063,685

Shareholders' Equity

103,690,090

59,698,662

Total Liabilities and Shareholder's Equity

$  756,259,523

$ 487,663,516

Net Interest Income

$  31,826,643

$  20,935,346

Net Interest Margin

4.59%

4.66%

1 Includes unfunded commitments 2 Includes Noninterest-bearing Demand, Savings, NOW and Money Market Accounts 3 Represents interest recoveries on non-accrual loans 4 Represents accretion of acquired loan fair value marks 5 Includes $1.3 million related to tax reform and $130,000 in non-recurring merger expenses for Q4 2017 6 Excludes non-recurring income, income from accretion of fair value marks and non-recurring costs, non-GAAP financial measure

 

Cision View original content:http://www.prnewswire.com/news-releases/suncrest-bank-reports-fourth-quarter-and-full-year-net-income-300786518.html

SOURCE Suncrest Bank


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Press Releases

Related Entities

FDIC, Earnings, Definitive Agreement