Sierra Vista Bank reports record results.
Global Banking News-February 3, 2015--Sierra Vista Bank reports record results
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Global Banking News - 03 February 2015
Sierra Vista Bank (OTCBB: SVBA) has reported pre-tax earnings of USD844,000 for the year 2014, a 25.8 percent increase over 2013 pre-tax income of USD671,000.
Pre-tax earnings for the fourth quarter of 2014 were USD148,000, impacted by the opening of the bank's third branch in June 2014, and were USD72,000 or 32.7 percent lower than fourth quarter 2013 pre-tax earnings, totalling USD220,000. The bank reported a year to date net income of USD475,000 as of December 31, 2014, and net income of USD87,000 for the fourth quarter of 2014.
Total assets increased by USD20m in 2014 to USD121.7m, representing a 19.6 percent increase over the previous year. Loans increased USD7.6m in 2014 to USD85.6m, an increase of 9.7 percent over the last year. Total deposits increased USD20m in 2014, to USD103.5m, a 23.9 percent increase over the prior year-end.
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