Written by The Business Journal Staff
Visalia’s Suncrest Bank announced fourth quarter 2016 earnings of $110,000, down from $265,000 in the same quarter of 2015.
The drop is due to expenses associated with the December 2016 acquisition of Fresno’s Security First Bank.
“We are pleased to have completed our second acquisition in a year, following our acquisition of Sutter Community Bank in December 2015,” said Ciaran McMullan, president and CEO of Suncrest Bank. “We are also pleased to report significantly improved earnings and return on average assets through 2016, reflecting our commitment to not only grow the balance sheet but to steadily improve our profitability at the same time.”
The bank’s total assets on Dec. 31, 2016 were $448 million, compared to $297 million at the same period of 2015.