Written by The Business Journal Staff
Suncrest Bank reported unaudited financial results for the third quarter, showing significant gains following its merger with Community Business Bank in Sacramento.
This included closing the quarter with total assets of approximately $912 million, a 3 percent increase over previous quarter. According to Ciaran McMullan, CEO and president of Suncrest, the bank is on the fast track to cross the $1 billion threshold next year in terms of total assets.
“This quarter, we saw the full top-line revenue impact of our merger with Community Business Bank with net interest income increasing by more than $2.5 million or 36 percent,” McMullan said. “Together with improving asset yields, this helped to drive an excellent return on assets of nearly 1.6 percent and a sub-50 percent efficiency ratio.”
Some of the key takeaways from the Q3 report include a return on average assets of 1.58 percent, net income of $3.5 million (a single-quarter record), and a net interest margin of 4.78 percent.
Income was up 138 percent for the quarter compared to the same period last year.
Based in Visalia, Suncrest Bank is locally owned and operated.