Suncrest Bank announced record income for 2017.
Written by David Castellon
Visalia-based Suncrest Bank is again proving itself to be the little bank that could, reporting record earnings of $1.2 million in the second quarter of this year.
“The second quarter of 2017 was a very strong quarter for Suncrest Bank, with earnings surpassing $1 million for the first time in the bank’s history,” Suncrest’s president and CEO, Ciaran McMullan, said in a written statement.
“This growth includes the impact of the acquisition of Security First Bank,” he said, referring to the deal involving the Fresno bank that closed in December.
In comparison, Suncrest reported net income of $676,686 in the second quarter of last year and $696,214 in the first quarter of this year.
Total assets increased $33.4 million in the second quarter to $457.7 million, while loans increased by 6.5 percent to $321.2 million over the same period, the bank reports.
Suncrest started in 2008 and currently has branches in Visalia, Porterville, Kingsburg, Fresno and Yuba City. In its relatively short time in existence, it has gained a strong reputation for financial stability that includes being named in the OTCQX Best 50.
The list is an annual ranking of the top 50 U.S. and international companies traded on the OTCQX market, a broker-dealer trading platform operated by OTC Markets Group, Inc.
Correction: This article originally misstated that Suncrest’s total assets increased by about 53 percent to $168.3 million in the second quarter, compared to a year earlier, and that total loans were up 7 percent to $33.4 million. It has been corrected.