CHULA VISTA, Calif., July 31, 2014 /PRNewswire/ -- Vibra Bank ("VBBK"-OTCBB), today reported that founding director and veteran banking analyst Howard B. Levenson was elected Chairman of the Board of Directors, replacing Enrique Schon, Chairman since the Bank's founding in 2008. Mr. Schon continues to serve as a director and a major shareholder of the Bank.
Mr. Levenson said, "I sincerely appreciate the Board's confidence and look forward to working collectively to maximize our shareholders' interests." Frank J. Mercardante, President & CEO since mid-February, said, "Howard and I have served on the same bank board together since the mid 1980's and I am happy to be working with him again. Vibra Bank has one of the strongest boards of directors of any community bank in California."
The Bank also reported that it recorded a loss for the second quarter of 2014 of $26 thousand, or ($0.03) per share, compared to earnings of $61 thousand, or $0.08 per share, for the second quarter of 2013. For the first six months, the Bank recorded a profit of $25 thousand, or $0.03 per share, compared to losses of $301 thousand, or ($0.41) per share, for the first half of 2013.
The balance sheet continued to expand as the Bank reported growth from the second quarter of 2013 in:
-- Total Deposits of $24 million, or 22%, to $137 million
-- Total Assets of $25 million, or 20%, to $151 million
Mercardante said, "Growth in deposits continued to exceed growth in loans during the quarter, which also saw a higher level of prepayments on existing loans than what was forecasted. The total of overnight Fed Funds increased to $41.9 million from $17.4 million, which negatively impacted the net interest margin."
The Bank said that its capital ratios continue to exceed regulatory requirements and total nonperforming loans remain negligible as a percentage to total assets. For the period ended June 30, 2014, the Bank's Tier One Leverage ratio equaled 8.76%, vs. a minimum of 5% required to maintain a Well-Capitalized designation. Its Tier One Risk-Based and Total Risk-Based capital ratios stood at 15.80% and 17.05%, respectively, compared to minimums of 6% and 10% required for a Well-Capitalized designation.
Vibra Bank is a full-service community bank offering a wide variety of deposit and loan services to meet their customers' needs. Deposit offerings include, among others, state-of-the-art online banking and remote deposit capture. As an SBA Preferred Lender, Vibra's lending is focused on loans to small businesses and professionals, commercial real estate, and high net-worth individuals. Please visit our website at www.vibrabank.com for more information, or call us at (619) 422-5300. SE HABLA ESPANOL
Certain statements in this press release, including statements regarding the anticipated development and expansion of Vibra Bank's business, and the intent, belief or current expectations of Vibra Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, Vibra Bank's performance and implementation of its business plans, loan performance, interest rates, and regulatory matters.
Vibra Bank
Statements of Income (unaudited)
Three Months Ended Six Months Ended
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($ in thousands,except per share data) June 30, 2014 June 30, 2013 June 30, 2014 June 30, 2013
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Total Interest Income $1,721 $1,525 $3,332 $2,922
Total Interest Expense 197 169 400 330
--- --- --- ---
Net Interest Income 1,524 1,356 2,932 2,592
Provision for Loan Losses - - - 231
--- --- --- ---
Net Interest Income After Provision 1,524 1,356 2,932 2,361
Total Non-Interest Income 156 274 508 479
Total Non-Interest Expense 1,705 1,568 3,415 3,141
----- ----- ----- -----
Net Operating Income (25) 62 26 (300)
Income Taxes 1 1 1 1
--- --- --- ---
Net Income After Taxes $(26) $61 $25 $(301)
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Earnings per share - basic $(0.03) $0.08 $0.03 $(0.41)
Weighted average shares 738,865 738,865 738,865 738,865
Return on Average Equity (annualized) -0.8% 1.8% 0.4% -4.5%
Return on Average Assets (annualized) -0.1% 0.2% 0.03% -0.5%
Net Interest Margin 4.19% 4.97% 4.05% 4.75%
Efficiency Ratio 101.5% 96.2% 99.3% 102.3%
Vibra Bank
Balance Sheet (unaudited)
For the Period Ended
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($ in thousands,except per share data) June 30, 2014 June 30, 2013 % Change
------------- ------------- --------
Assets
Cash and Cash Equivalents $2,352 $2,676 -12%
Total Investment Securities 3,881 1,361 185%
Federal Funds Sold 41,917 17,395 141%
Loans, Net of Unearned Income 100,526 102,892 -2%
Allowance for Loan Losses (1,364) (1,530) -11%
Other Assets 3,337 3,142 6%
TOTAL ASSETS $150,648 $125,935 20%
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Liabilities and Equity
Total Deposits $136,554 $112,138 22%
Other Liabilities 625 538
Total Liabilities 137,179 112,676 22%
Total Equity 13,469 13,259 2%
TOTAL LIABILITIES AND EQUITY $150,648 $125,935 20%
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Book Value per Share at end of period $18.23 $17.95
Non-Performing Assets (net of SBA gty) $868 $ -
Non-Performing Assets (% of Assets) 0.6% 0.0%
Media Contact:
Frank J. Mercardante
(619) 422-5300
fmercardante@vibrabank.com
SOURCE Vibra Bank
