/EINPresswire.com/ -- FOLSOM, CA -- (Marketwired) -- 04/19/16 -- Sierra Vista Bank (OTCBB: SVBA) today reported Pre-tax profits for the 1st Quarter of 2016 totaled $216,000 compared to $194,000 for the same quarter a year ago, an increase of 11.3%. Net income for the 1st Quarter of 2016 totaled $119,000, compared to net income of $113,000 for the same period a year ago, an increase of 5.3%.

The Bank's total assets grew $1.2 million during the 1st Quarter 2016 and $19.2 million over the last year to a total of $156.1 million, representing a 14.0% increase over the previous year. Loans increased $5.8 million in the 1st Quarter and $27.6 million over the last year to $119.3 million, an increase of 30.1% over the past year. Total deposits increased $1.4 million in the 1st Quarter and $15.7 million over the last year to $134.7 million, a 13.2% increase over March 31, 2015. The 1st Quarter 2016 financial results are preliminary and unaudited.

Net interest income for the 1st Quarter 2016 totaled $1,582,000, compared to $1,274,000 for the same period in 2015, an increase of 24.2%. Sierra Vista Bank continues to show a strong net interest margin which equaled 4.30% for the 1st Quarter 2016, with a yield on earning assets of 4.58% and a total cost of funds of 0.30%. Non-interest bearing deposits totaled $44.9 million as of the end of the 1st Quarter 2016, an increase of 22.6% over the same point last year. Non-interest bearing deposits ended the quarter at 33.3% of total deposits. "The Bank has continued to experience core deposit and loan growth over the past 12 months," stated Gary D. Gall, President/CEO. "We are pleased with the results and its impact on the Bank's overall profitability."

Capital levels at March 31, 2016 remain above the regulatory "well-capitalized" minimum levels:

• The Tier 1 Leverage ratio: 9.93%
• The Common Equity Tier 1 Capital ratio: 12.28%
• The Tier 1 Capital ratio: 12.28%
• The Total Capital ratio: 13.55%

The Bank experienced growth of $222,000 in Shareholders' Equity to a total of $18.1 million during the 3 months since December 31, 2015.

Credit quality continued to improve in the 1st Quarter 2016, with non-performing assets decreasing to $215,000 as of March 31, 2016, compared to $971,000 for the same period last year. Non-performing loans to total loans as a ratio decreased to .18% at quarter end, compared to 1.06% on March 31, 2015. The Bank passed $50,000 in loan loss provision during the 1st Quarter, had no charge offs, and realized $12,000 in loan loss recoveries. The allowance for loan losses equaled 1.42% of total loans as of March 31, 2016.

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. The Bank has a branch located in the Sam's Town Center in Cameron Park, and opened its newest branch in Fair Oaks Village in June 2014. 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 may contain forward looking statements, such as, among others, statements about plans, expectations and goals concerning future growth and performance. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent periods or years to differ materially from those indicated. Readers should not place undue reliance on 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)                                      3/31/16    12/31/15   3/31/15
                                            ---------  ---------  ---------
ASSETS
Cash and due from banks                     $   3,866  $   3,307  $   3,580
Federal funds sold                              3,745     11,835     15,265
Investment securities, available-for-sale      23,371     19,756     19,602

Gross loans                                   119,342    113,586     91,734
  Net deferred (fees)                             177        200         51
  Allowance for loan losses                    (1,691)    (1,629)    (1,412)
                                            -------------------------------
    Net loans                                 117,828    112,157     90,373
Premises and equipment, net                       923        979      1,003
Accrued interest receivable                       493        469        394
Other real estate                                   0          0          0
Other assets                                    5,891      6,419      6,701
                                            -------------------------------
                TOTAL ASSETS                $ 156,117  $ 154,922  $ 136,918
                                            ===============================

LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing demand deposits         $  44,900  $  44,326  $  36,614
Interest-bearing demand deposits                6,999      7,398      5,511
Savings and money market deposits              29,149     23,074     19,894
Time deposits                                  53,698     58,540     57,035
                                            -------------------------------
               TOTAL DEPOSITS                 134,746    133,338    119,054

FHLB borrowings                                 3,000      3,000          0
Accrued interest payable                           50         38         53
Accounts payable and other liabilities            268        715        676
                                            -------------------------------
             TOTAL LIABILITIES                138,064    137,091    119,783

Common stock                                   21,885     21,883     21,759
Additional paid-in capital                        377        377        377
Accumulated deficit                            (4,218)    (4,361)    (5,050)
Accumulated other comprehensive income              9        (68)        49
                                            -------------------------------
         TOTAL STOCKHOLDERS' EQUITY            18,053     17,831     17,135
                                            -------------------------------
 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 156,117  $ 154,922  $ 136,918
                                            ===============================


                             SIERRA VISTA BANK
                       CONSOLIDATED INCOME STATEMENTS
                                (unaudited)

                                              For the Three Months Ended:
                                            -------------------------------
($000s, except per share data)               3/31/16    12/31/15   3/31/15
                                            -------------------------------
Interest income
  Loans                                     $   1,544  $   1,672  $   1,245
  Investment securities                           129        108        112
  Federal Funds sold                               12          7          7
                                            -------------------------------
    Total interest income                       1,685      1,787      1,364
                                            -------------------------------

Interest expense
  Deposits                                        100         99         89
  FHLB borrowings                                   3          1          1
                                            -------------------------------
    Total interest expense                        103        100         90
                                            -------------------------------
    Net interest income                         1,582      1,687      1,274
Provision for loan and lease losses                50          0          0
                                            -------------------------------
    Net interest income after provision for
     loan losses                                1,532      1,687      1,274

Noninterest income
  Customer service and other fees                  99        105         95
  Gain (loss) on sale of loans                      0          0          6
  Gain (loss) on sale of other real estate          0         33          0
  Gain (loss) on available-for-sale
   securities                                       0          0          0
                                            -------------------------------
    Total noninterest income                       99        138        101
                                            -------------------------------

Noninterest expense
  Salaries and employee benefits                  788        702        581
  Occupancy and equipment                         247        235        222
  Other general and administrative                380        355        378
                                            -------------------------------
    Total noninterest expense                   1,415      1,292      1,181
                                            -------------------------------

    Income (loss) before taxes              $     216  $     533  $     194
                                            -------------------------------
    Taxes                                          97        221         81
                                            -------------------------------
    Net income (loss)                       $     119  $     312  $     113
                                            ===============================

Earnings (loss) per share                   $    0.03  $    0.07  $    0.03
Tangible book value per share               $    4.26  $    4.22  $    4.09
Net interest margin                              4.30%      4.65%      4.36%

Asset Quality:
Non-performing loans to total loans              0.18%      0.21%      1.06%
Non-performing assets to total loans and
 ORE                                             0.18%      0.21%      1.06%
Non-performing assets to total assets            0.14%      0.15%      0.71%
Allowance for loan losses to total loans         1.42%      1.43%      1.54%
Allowance for loan losses to non-performing
 loans                                         786.51%    699.14%    145.42%
Other real estate                           $       0  $       0  $       0

Selected Financial Ratios:
Regulatory Tier 1 leverage capital ratio         9.93%     10.01%     11.03%
Regulatory Tier 1 risk-based capital ratio      12.28%     12.48%     13.62%
Regulatory Total risk-based capital ratio       13.55%     13.75%     14.87%

CContacts:
Gary D. Gall
President/CEO
Sierra Vista Bank
(916) 850-1500
Email Contact



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