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published on October 31, 2016 - 4:05 AM
Written by The Business Journal Staff
Visalia’s Suncrest Bank announced net income of $676,000 for the third quarter, more than double the income for the same quarter last year.

 

The 129-percent increase comes after the completed $9.4 million acquisition of Sutter Community Bank in Yuba City and after the proposed $18.1 million acquisition of Fresno’s Security First Bank was announced last month.

“The integration of the former Sutter Community Bank has been successfully completed and we look forward to further building our business in the northern Central Valley,” said Ciaran McMullan, president and CEO of Suncrest Bank, in a statement. “The improvement in our efficiency ratio, non-interest expense as a percentage of average assets, and tangible book value per share when compared to the same period last year, just prior to the acquisition, demonstrates how quickly and effectively we have leveraged this merger.”

Total assets for the third quarter were $353.2 million, up 11.5 percent over the second quarter of this year and up 62 percent from the third quarter of 2015.


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