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Suncrest Bank (SBKK) reported its Q3 2021 financial results, revealing a net income of $4.3 million, a year-over-year increase of $1.1 million. Diluted EPS rose by 30.8% to $0.34. Year-to-date loan growth, excluding PPP, was $56.9 million, or 8.1%. Total deposits also increased significantly by 16.18% year-to-date. The bank's return on average tangible assets stood at 1.27%, with a net interest margin of 3.72%. Total classified loans decreased to 1.48% of total loans, reflecting improvement in asset quality. The merger agreement with CVB Financial Corp. was previously announced.
Suncrest Bank (OTCQX: SBKK) reported strong second quarter 2021 financials with net income of $4.5 million, a 63.6% increase year-over-year, and diluted EPS of $0.36. Total non-PPP loans grew by 4.88%, while deposits increased by 3.66%. Additionally, the bank has announced a merger with Citizens Business Bank, targeting completion later this year or early next year. Key metrics include a return on average tangible equity of 14.10% and a Tier 1 leverage ratio of 9.45%. The bank maintains a healthy asset quality with non-performing assets at 0.35% of total assets.
Suncrest Bank (OTCQX: SBKK) reported strong Q1 2021 results, with net income rising to $4.0 million, a 39.1% increase in diluted EPS to $0.32 compared to Q1 2020. Total loans increased by $42.9 million (5.23%), while deposits surged by $70.8 million (6.84%). The bank's return on average tangible assets was 1.28%, and the efficiency ratio was 52.14%. Suncrest has hired new loan officers, enhancing organic growth. Notably, they paid a special dividend of $0.25 and launched a grant program for women-owned businesses.
Suncrest Bank (OTCQX: SBKK) will host its first quarter earnings webcast on April 27, 2021, following the release of its earnings report after market closes on April 26, 2021. The webcast starts at 11:00 AM EDT / 8:00 AM PDT and allows investors to submit questions in real-time. A recording will be available for 90 days. The bank, known for its commercial and agribusiness loans, is recognized as a strong financial institution, consistently rated Five Stars by Bauer Financial.
Suncrest Bank (OTCQX: SBKK) declared a special one-time cash dividend of $0.25 per share on its outstanding common stock, payable on March 1, 2021. Shareholders of record as of February 22, 2021 will receive the dividend. This decision is part of the bank's capital management strategy, reflecting its strong performance and dedication to enhancing shareholder value, according to President and CEO Ciaran McMullan. The bank is known for offering a range of financial services in California and consistently earns high ratings for its strength.
