Sierra Vista Bank (OTC Bulletin Board: SVBA), recently announced its financial results for the Quarter ending September 30, 2009. Assets increased during the 3rd Quarter by $4.7 million to $91.9 million; deposits increased by $3.2 million to $75.7 million; and loans increased by $10.1 million to $72.0 million. Gregory Patton, President and CEO noted: "There continue to be good clients looking for a lending or deposit home with bankers who understand and care about their financial success. We've been successful at finding a number of those during this quarter." The Bank continues to be able to lower its cost of funds enough to increase the net interest margin to over 4.0% at the end of the 3rd Quarter. This was accomplished even in a flat loan rate environment. The total loan loss provision for the 3 months was $1,134,000, bringing the reserve to 2.31% of total loans.
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"The economic conditions and the length of this recession have and will continue to impact good people who were operating good businesses. We are going to be aggressive in our identification and reservation of funds to protect the future of the Bank," stated Patton. Total revenues for the first 9 months of 2009 were $3,744,000 compared to $1,917,000 for the 9 months ending September 30, 2008 or a 95.3% increase. Net interest income for the first 9 months of 2009 was $2,217,000 compared to $1,173,000 at September 30, 2008 or an 89.0% increase. Year to date loss for the first 9 months of 2009 was ($2,018,156) compared to a net loss at September 30, 2008 of ($1,236,251). The increase in costs for the 2009 period over 2008 are related to both additional provision for loan losses, an increase to the general loan loss reserve, and operating the new branch in Cameron Park which opened in November 2008. "It is a challenging time to be in a start up mode but we are progressing nicely toward a strong financial future," noted Patton. Management continues to closely monitor every area of the Bank to ensure overall profitability and loan quality as it continues into the final quarter of the year .
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