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SYS-CON MEDIA Authors: Elizabeth White, Joe Pruitt, Carmen Gonzalez, Liz McMillan, Kevin Jackson

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Sierra Vista Bank Reports Record 2013 Results

FOLSOM, CA -- (Marketwired) -- 01/30/14 -- Sierra Vista Bank (OTCQB: SVBA) today reported net income of $4.7 million and pre-tax earnings of $671,000 for the year 2013. This makes 2013 the best performing year since the Bank opened in 2007, and compares to a loss of ($485,000) in the previous year. The Bank was able to realize a one time accounting adjustment to its deferred tax valuation allowance of approximately $4.0 million during the year. The increase in core earnings to $671,000 is reflective of significant growth, a strong net interest margin, operational efficiencies, as well as continued improvement in the Bank's loan portfolio.

Net income for the 4th quarter of 2013 totaled $4.2 million, and pre-tax income totaled $220,000, an increase of 479% compared to pre-tax income of $38,000 in the 4th quarter of 2012. The Bank reported earnings per share of $1.25 for the year 2013 compared to a loss of ($.20) per share in 2012. Earnings per share for 2013 without the benefit of the deferred tax adjustment totaled $.18, compared to a loss of ($.20) in 2012.

Assets grew $23.0 million or 29.1% ending 2013 at $101.7 million compared to $78.8 million at year end 2012. Total loans increased 27.8% to $78.0 million at December 31, 2013 compared to $61.0 million at December 31, 2012. Deposits grew $17.6 million in 2013 to a total of $83.6 million compared to $66.0 million at the end of 2012.

"We are very pleased with the significant improvement in the operating results for 2013" stated Gary D. Gall, President/CEO, "the great efforts of our professional team have paid off in a big way and have positioned us for future growth".

Financial Highlights (at or for the year ended December 31, 2013)

  • The net interest margin was 4.99% at December 31, 2013
  • Non-interest bearing deposits represented 30.3% of total deposits
  • Capital levels increased and remain well above the regulatory "well-capitalized" minimum levels:
    • The Tier 1 Leverage Capital ratio increased to 16.63% compared to 12.48% as of December 31, 2012.
    • The Tier 1 Risk Based Capital ratio improved to 19.98% compared to 15.92% as of December 31, 2012.
    • The Total Risk Based Capital ratio improved to 21.24% compared to 17.19% as of December 31, 2012.
  • Non-performing assets as a percent of total assets were 1.12%. compared to 5.14% at December 31, 2012
  • The Bank had no OREO at December 31, 2013 compared to $1.6 million at December 31, 2012

Non-performing assets totaled $1.1 million at December 31, 2013 compared to $4.1 million at the end of December 2012. The largest component of the decrease was the sale of the final OREO properties totaling $1.6 million. At December 31, 2013, all non-performing assets are performing either under their original terms as agreed or under a forbearance agreement.

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)                                      12/31/13   9/30/13    12/31/12
                                            ---------  ---------  ---------
ASSETS
Cash and due from banks                     $   4,093  $   3,071  $   3,053
Federal funds sold                                515      7,325      1,460
Investment securities, available-for-sale      15,310     13,246     11,858

Gross loans                                    77,996     68,853     61,025
  Net deferred (fees)                               4        (47)       (31)
  Allowance for loan losses                    (1,447)    (1,443)    (1,391)
                                            ---------  ---------  ---------
    Net loans                                  76,553     67,363     59,603
Premises and equipment, net                       558        592        735
Accrued interest receivable                       342        279        277
Other real estate                                   0          0      1,571
Other assets                                    4,377        310        234
                                            ---------  ---------  ---------
                               TOTAL ASSETS $ 101,748  $  92,186  $  78,791
                                            =========  =========  =========

LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing demand deposits         $  25,335  $  24,377     20,926
Interest-bearing demand deposits                4,648      5,111      2,846
Savings and money market deposits              14,291     15,992     13,699
Time deposits                                  39,290     35,163     28,487
                                            ---------  ---------  ---------
                             TOTAL DEPOSITS    83,564     80,643     65,958

FHLB borrowings                                 2,500          0      2,500
Accrued interest payable                           28         22         16
Accounts payable and other liabilities            198        229        366
                                            ---------  ---------  ---------
                          TOTAL LIABILITIES    86,290     80,894     68,840

Common stock                                   21,189     21,187     19,961
Additional paid-in capital                        377        377        377
Accumulated deficit                            (5,750)   (10,006)   (10,476)
Accumulated other comprehensive income           (358)      (266)        89
                                            ---------  ---------  ---------
                 TOTAL STOCKHOLDERS' EQUITY    15,458     11,292      9,951
                                            ---------  ---------  ---------
 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 101,748  $  92,186  $  78,791
                                            =========  =========  =========




                   SIERRA VISTA BANK
             CONSOLIDATED INCOME STATEMENTS
                      (unaudited)

                                   For the Three           For the Twelve
                                   Months Ended:            Months Ended:
                           ----------------------------  ------------------
($000s, except per share
 data)                     12/31/13   9/30/13  12/31/12  12/31/13  12/31/12
                           --------  --------  --------  --------  --------
Interest income
  Loans                    $  1,098  $  1,085  $    931  $  4,188  $  3,653
  Investment securities         101        80        67       326       291
  Federal Funds sold              3         2         2         9        11
                           --------  --------  --------  --------  --------
    Total interest income     1,202     1,167     1,000     4,523     3,955
                           --------  --------  --------  --------  --------

Interest expense
  Deposits                       67        58        41       217       207
  FHLB borrowings                 0         0         1         3         2
                           --------  --------  --------  --------  --------
    Total interest expense       67        58        42       220       209
                           --------  --------  --------  --------  --------
    Net interest income       1,135     1,109       958     4,303     3,746
Provision for loan and
 lease losses                     0         0        80       180     1,030
                           --------  --------  --------  --------  --------
    Net interest income
     after provision for
     loan losses              1,135     1,109       878     4,123     2,716

Noninterest income
  Customer service and
   other fees                    86       135       100       433       432
  Gain (loss) on sale of
   loans                          0         7         0        29         0
  Gain (loss) on sale of
   other real estate              0         5         0         4        56
  Gain (loss) on
   available-for-sale
   securities                     0         0        41         0       193
                           --------  --------  --------  --------  --------
    Total noninterest
     income                      86       147       141       466       681
                           --------  --------  --------  --------  --------

Noninterest expense
  Salaries and employee
   benefits                     564       500       479     2,021     2,036
  Occupancy and equipment       170       180       156       682       619
  Other general and
   administrative               267       348       346     1,215     1,227
                           --------  --------  --------  --------  --------
    Total noninterest
     expense                  1,001     1,028       981     3,918     3,882
                           --------  --------  --------  --------  --------

    Income (loss) before
     taxes                 $    220  $    228  $     38  $    671  $   (485)
                           --------  --------  --------  --------  --------
    Taxes                    (4,019)        0         0    (4,019)        0
                           --------  --------  --------  --------  --------
    Net income (loss)      $  4,239  $    228  $     38  $  4,690  $   (485)
                           ========  ========  ========  ========  ========

Earnings (loss) per share  $   1.06  $   0.06  $   0.01  $   1.25  $  (0.20)
Tangible book value per
 share                     $   3.94  $   2.88  $   2.96  $   3.94  $   2.96
Net interest margin            4.87%     5.06%     5.07%     5.04%     4.92%

Asset Quality:
Non-performing loans to
 total loans                   1.46%     2.65%     4.07%     1.46%     4.07%
Non-performing assets to
 total loans and ORE           1.46%     2.65%     6.47%     1.46%     6.47%
Non-performing assets to
 total assets                  1.12%     1.98%     5.14%     1.12%     5.14%
Allowance for loan losses
 to total loans                1.86%     2.10%     2.28%     1.86%     2.28%
Allowance for loan losses
 to non-performing loans     126.71%    79.16%    56.04%   126.71%    56.04%
Other real estate          $      0  $      0  $  1,571  $      0  $  1,571

Selected Financial Ratios:
Tier 1 leverage capital
 ratio                        16.63%    12.80%    12.48%    16.63%    12.48%
Tier 1 risk-based capital
 ratio                        19.98%    16.83%    15.92%    19.98%    15.92%
Total risk-based capital
 ratio                        21.24%    18.09%    17.19%    21.24%    17.19%


Contacts:
Gary D. Gall
President/CEO
Sierra Vista Bank
(916) 850-1590
Email Contact

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

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