Suncrest Bank file photo
Written by The Business Journal Staff
Visalia-based Suncrest Bank reported third-quarter net income of $1.37 million, more than double the same period of 2016.
It was also up about 12 percent from the bank’s second quarter net income of $1.21 million.
It was also the third consecutive quarter of record earnings for the 9-year-old bank, which also surpassed the half-billion-dollar mark for assets, closing the third quarter with $529.4 million.
“In line with our excellent growth, we have continued to improve our profitability and operational efficiency, with return on average assets for the quarter of 1.09% and efficiency ratio of 54.24%,” McMullan added. “These positive trends reflect not only strong organic growth but also how quickly and effectively we have integrated and leveraged the two acquisitions we completed in 2016 and 2015.”
Fresno’s Security First Bank was acquired in a cash-and-stock deal worth $18.1 million when it was announced in September 2016. The sale of Sutter Community Bank in Yuba City was worth $9.4 million when it was announced in July 2015.
The bank’s Security First acquisition did affect the comparability of the third-quarter incomes from 2017 and 2016, according to a news release.
For the first nine months of the year, net income was $3.27 million, up from $1.62 million from the same period of 2016.