Suncrest Bank file photo
Written by The Business Journal Staff
Visalia-based Suncrest Bank announced record net income of $4.7 million for 2017, a 170-percent increase from the year prior.
As have other corporations, Suncrest Bank took a one-time charge of $1.3 million in December as it revalued its deferred tax assets due to the drop in the federal corporate income tax from 35 percent to 21 percent as part of the Tax Cuts and Job Act.
“2017 was an outstanding year in terms of organic balance sheet growth,” said Ciaran McMullan, president and CEO of Suncrest Bank. “We finished the year with approximately $530 million in total assets, an 18.2% increase over the previous year, while total deposits increased by 20.0% and total loans by 14.9%.”
“Our pre ‘Tax Act’ net income set new records of $4.7 million for the full year and $1.4 million for the quarter, resulting in diluted earnings per share (excluding the one-time Tax Act expense) for the year of 65 cents, a year-over year increase of over 90%.”
McMullan added, “Our anticipated merger with Community Business Bank is progressing extremely well and we are excited by the opportunities that will come with a significantly expanded presence in the Greater Sacramento and Lodi markets.”
Suncrest announced the Community Business Bank merger in November. It is expected to close in the second quarter, bringing in an additional $325.5 million in assets as of September.
Excluding the Tax Act expense, for the fourth quarter, Suncrest reported record income of $1.4 million, up 3.4 percent from the prior quarter.
Total assets increased on an annual basis by $81.3 million, or 18.2 percent, to $532.8 million.