Written by The Business Journal Staff
United Security Bancshares, parent company of Fresno’s United Security Bank, reported income of $7.4 million last year, up more than 8 percent compared to 2015.
For the fourth quarter of 2016, net income was $1.55 million, downs lightly from $1.63 million in the fourth quarter of 2015.
“We have consistently exceeded our goals of loan growth and core earnings growth for the last three years, while maintaining strong liquidity and capital levels. Core earnings grew 10% in 2016 and our credit quality metrics continue to improve while our reserve levels remain strong. We plan to continue this momentum into 2017,” said Dennis R. Woods, president and CEO.
As of Dec. 31, 2016, total assets were $787.67 million, up from $725.64 million at the same time in 2015.
Record income for CVCB
Central Valley Community Bancorp, parent company of Fresno’s Central Valley Community Bank, reported record net income of $15.18 million for 2016, up 38 percent from 2015.
For the fourth quarter of last year, net income was $2.6 million, down slightly from $2.9 million in the same period of 2015. The drop was primarily due to an increase in non-interest expenses as well as an increase in the provision for income taxes, according to the bank.
“The financial results for this quarter and for the full year indicate our strategic plan is being successfully implemented by our dedicated team of bankers. One significant part of this quarter’s success was the completion of our merger with Sierra Vista Bank, welcoming new team members and customers in the Greater Sacramento market and representing the fourth acquisition in our Company’s history,” stated James M. Ford, president and CEO of Central Valley Community Bancorp and Central Valley Community Bank.
“With the recent acquisition, our Bank is well-positioned to build upon the strength and business growth opportunities in the Greater Sacramento region. We are additionally optimistic about the continued economic improvement throughout our entire footprint, and we remain focused on our unique brand of relationship banking which has served our Bank well for over 37 years.”
The bank’s total assets as of Dec. 31, 2016 were $1.44 billion, compared to $1.27 billion at the same time in 2015.
Bank of Sierra sees record year
Sierra Bancorp, parent of Bank of the Sierra, announced net income of $17.56 million for 2016, down about 3 percent compared to the prior year due to non-recurring costs of acquiring Coast Bancorp of San Luis Obispo County.
For the fourth quarter of 2016, net income was $5.51 million, up 40 percent compared to the first quarter of 2015.
Sierra Bancorp also capped 2016 by hitting $2.03 billion in total assets.
“In the fourth quarter of 2016 we exceeded the $2 billion benchmark for total assets, and realized strong organic growth in both loans and deposits due in large part to the efforts of our bankers throughout all of our communities,” stated Kevin McPhaill, president and CEO. “Our success has been engendered by focusing on business development, providing a high level of traditional community bank service, and executing as promised. It is great to see the results of our repeated hard work in the form of quality growth, both in the existing portfolio as well as through acquisition,”
“While we are proud of our accomplishments this past year, we will do our best to create additional opportunities and continue our ‘habit of excellence’ in 2017,” concluded McPhaill.
Fresno First Bank lauds 2016
Fresno First Bank’s parent company announced record annual profits of $3.1 million for 2016, up 21.1 percent from the year before.
Communities First Financial Corp. also reported fourth quarter revenue of $932,000 last year, up 73 percent from the same quarter of 2015.
“We delivered stellar financial results for 2016, achieving solid revenue growth and record net income, while maintaining a very strong balance sheet,” said Steve Miller, president and CEO. “In 2016, our team worked hard, as we balanced decisions on operating efficiencies with opportunities for investing in future growth and addressing our customers’ needs. Our investments in both BodeTree, a cloud-based business management program, and Breakaway Funding, a next generation crowd-funding company, put us on the forefront of financial service providers in California.
Total assets grew 23 percent to $363.5 million at Dec. 31, 2016, compared to $295.7 million a year earlier.
“The strength of our growing franchise is in our core deposit base. We saw significant growth in both the quantity and quality of our checking account relationships. Our focus is always on developing new relationships in Central California, and we achieved a 30% year-over-year increase in new customer growth,” added Miller. “We are successfully executing our strategies as we continue to deliver sustainable profitability and revenue growth to our franchise. I am proud of our employees and their passionate commitment to creating value for our customers, communities, and shareholders.”
Suncrest announces Q4 earnings
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.