While year-over-year net income slipped, banks serving the Sacramento region continued to report profitability in the latest round of quarterly financial reports.
Among the seven banks to report second-quarter results, officials cited a steadily improving loan climate as one of the primary drivers of earnings.
Folsom-based Sierra Vista Bank reported a 17 percent year-over-year gain in loans and net income of $122,000 for the second quarter. That pushed year-to-date profits to $298,000, up 34 percent compared with the first six months of 2013.
Sierra Vista operates branches in Folsom and Cameron Park and recently opened a third full-service branch in Fair Oaks. In the company’s quarterly financial report, President and CEO Gary Gall said the new Fair Oaks branch posted results that have “exceeded our expectations.”
Other quarterly financial results for banks serving the Sacramento region include:
• Auburn-based Community 1st Bank, which also has a Roseville branch and a Sacramento loan office, reported net income of $33,000 in the most recent quarter, down from $173,000 in last year’s second quarter. Although loans increased 32 percent year-over-year, the bank said its bottom line was affected by several non-recurring charges totaling $70,000.
• Portland, Ore.-based Umpqua Holdings Corp., which oversees more than 20 Umpqua Bank branches in the Sacramento region, reported income available to common shareholders of $17.1 million, or 9 cents a share, in the second quarter, compared with $26.1 million, or 23 cents a share, in the second quarter of 2013. • Umpqua completed its merger with Sterling Financial Corp. during the second quarter, creating what Umpqua calls the West Coast’s largest community bank, with 5,000 employees in 400 sites in California, Nevada, Oregon, Washington and Idaho.
• Chico-based TriCo Bancshares, parent of Tri Counties Bank, amassed quarterly net income of $4.8 million, or 30 cents a share, down from $6.3 million, or 39 cents a share, in the year-ago period. TriCo, which operates 41 traditional branch locations and 19 in-store locations in 23 California counties, is going through a merger with Redding-based North Valley Bank. Officials said the merger should be completed in the third quarter, subject to regulatory approvals and approval by shareholders of both companies.
• Dixon-based First Northern Community Bancorp, parent of First Northern Bank with nearly a dozen regional offices, reported net income of $1.3 million in the second quarter, slightly off from $1.4 million in the year-ago period. Through six months this year, profits totaled $2.7 million, down from $2.8 million in the first half of last year.
• Placerville-based El Dorado Savings Bank, which operates 32 branches in California and three in northern Nevada, had a profit of nearly $2.8 million in the second quarter, a nearly 30 percent spike over last year’s second-quarter net income of $2.17 million. Through six months this year, profits totaled $5.9 million, a 54 percent improvement over $3.83 million in the year-ago period.
• Rancho Cordova-based American River Bankshares, parent of American River Bank, had net income of $1 million, or 13 cents per share, in the second quarter, up 53 percent from $652,000, or 7 cents a share, in the second quarter of 2013.
Call The Bee’s Mark Glover, (916) 321-1184.