Suncrest Bank continues to rewrite its financial record book after its third straight quarter of record-breaking earnings and surpassing the half-billion mark in assets for second straight quarter.
On Oct. 25, the Visalia-based bank announced its un-audited financial results for the third quarter of 2017.
Highlights included a third quarter net income of $1.37 million, the second straight quarter over $1 million and the third straight quarter of record earnings, as well as ending the third quarter with total assets of $529.4 million, and increase of 9.4% over the previous quarter and the second straight quarter surpassing the $500 million mark.
“These positive trends reflect not only strong organic growth but also how quickly and effectively we have integrated and leveraged the two acquisitions we completed in 2016 and 2015," said Ciaran McMullan, President and CEO of Suncrest Bank.
Total assets increased during the quarter by $44.3 million, or 9.14% and have increased year-to-date by $81.7 million, or 18.25%. Year over year growth was $176.1 million, or 49.87%. This growth includes the impact of Suncrest’s acquisition of Security First Bank, a deal that closed on Dec. 16, 2016.
Net income for the third quarter was a record $1.37 million or $0.19 per diluted share compared with net income of $0.68 million or $0.13 per diluted share for the third quarter of 2016.
Total loans increased by $10.4 million during the quarter or 3.09% and have grown by $40.0 million year-to-date or 12.99%. Loans secured by farmland increased by approximately $3 million during the quarter as did loans to finance agricultural production.
“The bank’s farmland and agricultural production portfolio is well diversified across multiple crop types including; nuts, citrus, tree fruit, grapes and row crops,” said Peter Nutz, Chief Credit Officer of Suncrest Bank."
"The net change in our loans to finance agricultural production during the quarter included approximately $2 million in expected annual pay downs of crop lines in our Yuba-Sutter Market. These pay downs were offset by the origination and funding of a new agricultural production loan, for an existing long term borrower of the bank, for approximately $7 million."
"This new loan is financing a multi-crop farming operation in the South Valley and is expected to be paid down to approximately zero through the fourth quarter."
Source: thesungazette.com
