North Valley Bancorp Reports Results for the Quarter and Six Months Ended June 30, 2013

Marketwired

REDDING, CA--(Marketwired - Jul 30, 2013) - North Valley Bancorp (NASDAQ: NOVB), a bank holding company with approximately $918 million in assets, today reported results for the second quarter and six months ended June 30, 2013. North Valley Bancorp ("the Company") is the parent company for North Valley Bank ("NVB").

The Company reported net income for the second quarter ended June 30, 2013 of $894,000, or $0.13 per diluted share, compared to net income of $1,261,000, or $0.18 per diluted share, for the same period in 2012. The Company reported net income for the six months ended June 30, 2013 of $2,155,000, or $0.31 per diluted share, compared to net income of $1,741,000, or $0.25 per diluted share, for the same period in 2012. "The second quarter marked continued progress on our strategic plan: another profitable quarter, good organic loan growth from all of our markets, and sales of OREO which further reduced our nonperforming assets. Additionally, we anticipate that a substantial portion of the remaining OREO balance will be sold prior to the close of the third quarter at amounts which approximate their current carrying values," stated Mike Cushman, President and CEO.

Continued improvement in the overall credit quality of the Company's loan portfolio resulted in no provision for loan losses being recorded for the second quarter and the six months ended June 30, 2013, compared to provisions for loan losses of $1,000,000 and $1,400,000 for the second quarter and the six months ended June 30, 2012, respectively. The allowance for loan losses at June 30, 2013 was $9,527,000, or 1.89% of total loans, compared to $10,458,000, or 2.12% of total loans at December 31, 2012 and $11,732,000, or 2.58% of total loans at June 30, 2012. 

At June 30, 2013, total assets were $917,758,000, an increase of $9,647,000, or 1.1%, from $908,111,000 at June 30, 2012. The loan portfolio totaled $504,274,000 at June 30, 2013, an increase of $49,017,000, or 10.8%, compared to $455,257,000 at June 30, 2012. The loan to deposit ratio at June 30, 2013 was 65.9% as compared to 59.7% at June 30, 2012, and 64.0% at December 31, 2012. Total deposits increased $1,784,000, or 0.2%, to $765,055,000 at June 30, 2013 compared to $763,271,000 at June 30, 2012. Available-for-sale investment securities totaled $306,300,000 at June 30, 2013, an increase of $922,000 from June 30, 2012. The Company did not have any Federal funds sold at June 30, 2013 compared to $53,375,000 at June 30, 2012, and other borrowings were $22,025,000 at June 30, 2013 compared to none at June 30, 2012. When compared to December 31, 2012, total assets at June 30, 2013 increased $15,415,000 from $902,343,000, loans increased by $12,063,000 from $492,211,000, while deposits decreased by $3,525,000 from $768,580,000. Available-for-sale investment securities increased $20,485,000 from December 31, 2012 to June 30, 2013, while Federal funds sold decreased $15,865,000 from December 31, 2012 to June 30, 2013, and other borrowings increased $22,025,000 from December 31, 2012 to June 30, 2013. Growth in the Company's investment securities and loan balances during the past six and twelve month periods were primarily accomplished through a reduction in Federal funds sold and an increase in other borrowings. 

At June 30, 2013, the Company's Total Risk-based Capital was $116,607,000, and its capital ratios were: Total Risk-based Capital ratio - 18.6%; Tier 1 risk-based Capital ratio - 17.3%; and Tier 1 Leverage ratio - 12.1%. At June 30, 2013, the Bank's Total Risk-based Capital was $115,864,000, and its capital ratios were: Total Risk-based Capital ratio - 18.5%; Tier 1 risk-based Capital ratio - 17.2%; and Tier 1 Leverage ratio - 12.0%.

As previously announced on June 26, 2013, the Board of Directors of the Company has authorized the repurchase of up to 5% of the Company's outstanding common shares, or approximately 340,000 shares. Approximately 6,835,000 shares of common stock are currently outstanding. The repurchases will be made from time to time by the Company in the open market, or privately negotiated transactions, as conditions allow. This repurchase program will be re-evaluated from time to time in light of market conditions, liquidity, or other factors. The Board of Directors, based on such re-evaluations, may suspend, terminate, modify or cancel the program at any time without notice.

Credit Quality and Other Real Estate Owned (OREO)

Nonperforming loans (defined as nonaccrual loans and loans 90 days or more past due and still accruing interest) decreased $10,900,000, or 65.0%, to $5,871,000 at June 30, 2013 from $16,771,000 at June 30, 2012, and increased $36,000 from the December 31, 2012 balance of $5,835,000. Nonperforming loans as a percentage of total loans were 1.16% at June 30, 2013, 3.68% at June 30, 2012, and 1.19% at December 31, 2012. 

The overall level of nonperforming loans decreased $578,000 to $5,871,000 at June 30, 2013 from $6,449,000 at March 31, 2013. During the second quarter of 2013, the Company identified four loans totaling $496,000 as additional nonperforming loans. The additions were offset by reductions in nonperforming loans totaling $1,074,000 due primarily to charge-offs and collections received on certain loans and the transfer of two properties to OREO totaling $175,000. Of the four loans totaling $496,000 identified as nonaccrual loans and added to nonperforming loans during the second quarter of 2013, the largest loan is a $140,000 home equity loan located in Del Norte County. A specific reserve for the entire loan amount has been established. The remaining three loans in this group of nonperforming loans total $356,000 for which no specific reserves have been established. 

Gross loan charge-offs for the second quarter of 2013 were $147,000 and recoveries totaled $23,000 resulting in net charge-offs of $124,000 compared to gross loan charge-offs for the second quarter of 2012 of $1,672,000 and recoveries of $130,000 resulting in net charge-offs of $1,542,000. Gross charge-offs for the six months ended June 30, 2013 were $1,203,000 and recoveries totaled $272,000 resulting in net charge-offs of $931,000, compared to gross charge-offs for the six months ended June 30, 2012 of $2,558,000 and recoveries of $234,000 resulting in net charge-offs of $2,324,000. These continued improvement trends in credit quality, partially offset by growth in the loan portfolio, resulted in management's determination that the allowance for loan losses of $9,527,000 or 1.89% of total loans at June 30, 2013 was adequate as an estimate of the probable incurred losses in the portfolio. The allowance for loan losses at December 31, 2012 was $10,458,000 or 2.12% of total loans compared to the June 30, 2012 balance of $11,732,000 or 2.58% of total loans.

Nonperforming assets (nonperforming loans and OREO) totaled $22,195,000 at June 30, 2013, a decrease of $10,224,000 from the June 30, 2012 balance of $32,419,000, and a $6,063,000 decrease from the December 31, 2012 balance of $28,258,000. Nonperforming assets as a percentage of total assets were 2.42% at June 30, 2013 compared to 3.57% at June 30, 2012 and 3.13% at December 31, 2012. 

The Company's OREO properties decreased $5,041,000 to $16,324,000 at June 30, 2013 from $21,365,000 at March 31, 2013. The decrease in OREO was due to the sale of five properties totaling $4,319,000, a loss on sale of $275,000, and the write-down of the value of OREO properties of $622,000 during the quarter ended June 30, 2013, which was partially offset by the transfer of two properties to OREO totaling $175,000.

Operating Results

Net interest income, which represents the Company's largest component of revenues and is the difference between interest earned on loans and investments and interest paid on deposits and borrowings, increased $249,000, or 3.4%, for the three months ended June 30, 2013 compared to the same period in 2012. Interest income decreased by $439,000, due to a decrease in investment securities income as a result of both the lower yield on investment securities and the decrease in average investment securities balances. The Company had foregone interest of $50,000 and $203,000 for the loans on nonaccrual status for the three months ended June 30, 2013 and 2012, respectively. Average loans increased by $42,037,000 in the second quarter of 2013 compared to the second quarter of 2012, while the yield on the loan portfolio decreased 41 basis points to 5.24% for the quarter ended June 30, 2013. Offsetting the decrease in interest income was a decrease in interest expense of $688,000, or 63.1%, due to both a decrease in the rates paid on deposits and a decrease in rates paid on subordinated debt for the quarter ended June 30, 2013 compared to the same period in 2012. Overall, average earning assets increased $2,082,000 in the second quarter of 2013 compared to the second quarter of 2012. Average yields on earning assets decreased 24 basis points from the quarter ended June 30, 2012, to 3.97% for the quarter ended June 30, 2013 and the average rate paid on interest-bearing liabilities decreased by 43 basis points to 0.26%. The Company's net interest margin for the quarter ended June 30, 2013 was 3.77%, an increase of 10 basis points from the margin of 3.67% for the second quarter in 2012 and a decrease of 4 basis points from the 3.81% net interest margin for the linked quarter ended March 31, 2013.

Net interest income increased $293,000 for the six months ended June 30, 2013 compared to the same period in 2012. Total interest income decreased by $1,180,000 for the six months ended June 30, 2013 compared to the same period in 2012, primarily due to a decrease in income on investment securities as a result of both the lower yield on investment securities and the decrease in average investment securities balances. Interest expense decreased $1,473,000 due to both a decrease on rates paid on deposits and a decrease in rates paid on subordinated debt for the six months ended June 30, 2013 compared to the same period in 2012. The net interest margin for the six months ended June 30, 2013 increased 14 basis points to 3.78% from the net interest margin of 3.64% for the six months ended June 30, 2012.

Noninterest income for the quarter ended June 30, 2013 decreased $1,036,000, or 22.1%, to $3,651,000 compared to $4,687,000 for the same period in 2012. The primary reason for the decrease in noninterest income was the Company did not have any gain on sales of investment securities for the quarter ended June 30, 2013 compared to a gain on sale of investment securities of $968,000 for the quarter ended June 30, 2012. Service charges on deposits decreased $165,000 to $971,000 for the second quarter of 2013 compared to $1,136,000 for the second quarter of 2012, and other fees and charges decreased $213,000 to $1,108,000 for the second quarter of 2013 compared to $1,321,000 for the second quarter of 2012. Gain on sales of mortgage loans increased $80,000 to $700,000 for the second quarter of 2013 compared to $620,000 for the second quarter of 2012, and gain on sales of SBA loans increased $156,000 to $220,000 for the second quarter of 2013 compared to $64,000 for the second quarter of 2012. Other noninterest income increased $74,000 to $652,000 for the second quarter of 2013 compared to $578,000 for the second quarter of 2012. 

Noninterest income for the six months ended June 30, 2013 increased $34,000 to $7,980,000 from $7,946,000 for the same period in 2012. Service charges on deposits decreased $265,000 to $1,923,000 for the six months ended June 30, 2013 compared to $2,188,000 for the same period in 2012, and other fees and charges decreased by $290,000 to $2,228,000 for the six months ended June 30, 2013 compared to $2,518,000 for the same period in 2012. Gain on sales of mortgage loans increased $474,000 to $1,457,000 for the six months ended June 30, 2013 compared to $983,000 for the same period in 2012, and gain on sales of SBA loans increased $282,000 to $388,000 for the six months ended June 30, 2013 compared to $106,000 for the same period in 2012. Gain on sales of investment securities decreased $416,000 to $543,000 for the six months ended June 30, 2013 compared to gain on sales of investment securities of $959,000 for the same period in 2012. Other noninterest income increased $249,000 to $1,441,000 for the six months ended June 30, 2013 compared to $1,192,000 for the same period in 2012.

Noninterest expense increased $708,000, or 7.7%, to $9,936,000 for the second quarter of 2013 from $9,228,000 for the second quarter of 2012. Salaries and employee benefits increased $26,000, to $5,077,000 for the second quarter of 2013 compared to the second quarter of 2012. Occupancy, furniture and equipment expense decreased $30,000, for the second quarter of 2013 compared to the second quarter of 2012, while OREO expense increased $648,000 to $990,000 for the second quarter of 2013 compared to $342,000 for the second quarter of 2012. FDIC premiums and state assessments increased $37,000, and other expenses increased by $27,000 for the second quarter of 2013 compared to the second quarter of 2012. 

Noninterest expense for the six months ended June 30, 2013 increased $940,000, or 5.0%, to $19,824,000 compared to $18,884,000 for the same period in 2012. For the six months ended June 30, 2013, salaries and employee benefits increased $131,000, while occupancy, furniture and equipment expense decreased $62,000. OREO expense increased $390,000 to $1,366,000 for the six months ended June 30, 2013 compared to $976,000 for the same period in 2012. FDIC premiums and state assessments decreased $58,000 to $431,000 for the six months ended June 30, 2013 compared to $489,000 for the same period in 2012, while other expenses increased $539,000 to $6,118,000 for the six months ended June 30, 2013 compared to $5,579,000 for the same period in 2012. The increase in other expenses for the six months ended June 30, 2013 was primarily due to the recording of $560,000 in additional reserves for expenses to be incurred during 2013 in connection with the settlement of a compliance exam conducted by the Federal Reserve Bank of San Francisco.

The Company recorded a provision for income taxes for the quarter ended June 30, 2013 of $399,000, resulting in an effective tax rate of 30.9%, compared to a provision for income taxes of $527,000, or an effective tax rate of 29.5%, for the quarter ended June 30, 2012. The provision for income taxes for the six month period ended June 30, 2013 was $1,015,000, resulting in an effective tax rate of 32.0%, compared to a provision for income taxes of $642,000, or an effective tax rate of 26.9%, for the same period in 2012.

North Valley Bancorp is a bank holding company headquartered in Redding, California. Its subsidiary, North Valley Bank ("NVB"), operates twenty-two commercial banking offices in Shasta, Humboldt, Del Norte, Mendocino, Yolo, Sonoma, Placer and Trinity Counties in Northern California, including two in-store supermarket branches and six Business Banking Centers. North Valley Bancorp, through NVB, offers a wide range of consumer and business banking deposit products and services including internet banking and cash management services. In addition to these depository services, NVB engages in a full complement of lending activities including consumer, commercial and real estate loans. Additionally, NVB has SBA Preferred Lender status and provides investment services to its customers. Visit the Company's website address at www.novb.com for more information.

Cautionary Statement: This release contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those stated herein. Management's assumptions and projections are based on their anticipation of future events and actual performance may differ materially from those projected. Risks and uncertainties which could impact future financial performance include, among others, (a) competitive pressures in the banking industry; (b) changes in the interest rate environment; (c) general economic conditions, either nationally, regionally or locally, including fluctuations in real estate values; (d) changes in the regulatory environment; (e) changes in business conditions or the securities markets and inflation; (f) possible shortages of gas and electricity at utility companies operating in the State of California, and (g) the effects of terrorism, including the events of September 11, 2001, and thereafter, and the conduct of the war on terrorism by the United States and its allies. Therefore, the information set forth herein, together with other information contained in the periodic reports filed by the Company with the Securities and Exchange Commission, should be carefully considered when evaluating the business prospects of the Company. North Valley Bancorp undertakes no obligation to update any forward-looking statements contained in this release, except as required by law.

   
NORTH VALLEY BANCORP  
CONDENSED CONSOLIDATED FINANCIAL DATA  
(Unaudited)  
(Dollars in thousands, except per share data)  
                     
    Three Months Ended      
    June 30,      
Statement of Income   2013   2012   $ Change     % Change  
Interest income                          
  Loans (including fees)   $ 6,416   $ 6,324   $ 92     1.45 %
  Investment securities     1,553     2,079     (526 )   (25.30 %)
  Federal funds sold and other     12     17     (5 )   (29.41 %)
    Total interest income     7,981     8,420     (439 )   (5.21 %)
Interest expense                          
  Interest on deposits     269     604     (335 )   (55.46 %)
  Other borrowings     1     -     1     -  
  Subordinated debentures     133     487     (354 )   (72.69 %)
    Total interest expense     403     1,091     (688 )   (63.06 %)
Net interest income     7,578     7,329     249     3.40 %
Provision for loan losses     -     1,000     (1,000 )   (100.00 %)
Net interest income after provision for loan losses     7,578     6,329     1,249     19.73 %
                           
Noninterest income                          
  Service charges on deposit accounts     971     1,136     (165 )   (14.52 %)
  Other fees and charges     1,108     1,321     (213 )   (16.12 %)
  Gain on sales of mortgage loans     700     620     80     12.90 %
  Gain on sales of SBA loans     220     64     156     243.75 %
  Gain on sales of securities, net     -     968     (968 )   (100.00 %)
  Other     652     578     74     12.80 %
    Total noninterest income     3,651     4,687     (1,036 )   (22.10 %)
                           
Noninterest expenses                          
  Salaries and employee benefits     5,077     5,051     26     0.51 %
  Occupancy     615     620     (5 )   (0.81 %)
  Furniture and equipment     202     227     (25 )   (11.01 %)
  Other real estate owned expense     990     342     648     189.47 %
  FDIC and state assessments     213     176     37     21.02 %
  Other     2,839     2,812     27     0.96 %
    Total noninterest expenses     9,936     9,228     708     7.67 %
    Income before provision for income taxes     1,293     1,788     (495 )   (27.68 %)
Provision for income taxes     399     527     (128 )   (24.29 %)
    Net income   $ 894   $ 1,261   $ (367 )   (29.10 %)
                           
                           
Common Share Data                          
Earnings per share                          
  Basic   $ 0.13   $ 0.18   $ (0.05 )   (27.78 %)
  Diluted   $ 0.13   $ 0.18   $ (0.05 )   (27.78 %)
                           
Weighted average shares outstanding     6,835,192     6,833,752              
Weighted average shares outstanding -                          
  diluted     6,853,279     6,833,752              
Book value per share   $ 13.57   $ 13.61              
Tangible book value per share   $ 13.54   $ 13.56              
Shares outstanding     6,835,192     6,833,752              
                           
                           
   
NORTH VALLEY BANCORP  
CONDENSED CONSOLIDATED FINANCIAL DATA  
(Unaudited)  
(Dollars in thousands, except per share data)  
                     
    Six Months Ended      
    June 30,      
Statement of Income   2013   2012   $ Change     % Change  
Interest income                          
  Loans (including fees)   $ 12,782   $ 12,794   $ (12 )   (0.09 %)
  Investment securities     3,036     4,190     (1,154 )   (27.54 %)
  Federal funds sold and other     31     45     (14 )   (31.11 %)
    Total interest income     15,849     17,029     (1,180 )   (6.93 %)
Interest expense                          
  Interest on deposits     568     1,338     (770 )   (57.55 %)
  Other borrowings     1     -     1     -  
  Subordinated debentures     266     970     (704 )   (72.58 %)
    Total interest expense     835     2,308     (1,473 )   (63.82 %)
Net interest income     15,014     14,721     293     1.99 %
Provision for loan losses     -     1,400     (1,400 )   (100.00 %)
Net interest income after provision for loan losses     15,014     13,321     1,693     12.71 %
                           
Noninterest income                          
  Service charges on deposit accounts     1,923     2,188     (265 )   (12.11 %)
  Other fees and charges     2,228     2,518     (290 )   (11.52 %)
  Gain on sales of mortgage loans     1,457     983     474     48.22 %
  Gain on sales of SBA loans     388     106     282     266.04 %
  Gain on sales of securities, net     543     959     (416 )   (43.38 %)
  Other     1,441     1,192     249     20.89 %
    Total noninterest income     7,980     7,946     34     0.43 %
                           
Noninterest expenses                          
  Salaries and employee benefits     10,239     10,108     131     1.30 %
  Occupancy     1,248     1,260     (12 )   (0.95 %)
  Furniture and equipment     422     472     (50 )   (10.59 %)
  Other real estate owned expense     1,366     976     390     39.96 %
  FDIC and state assessments     431     489     (58 )   (11.86 %)
  Other     6,118     5,579     539     9.66 %
    Total noninterest expenses     19,824     18,884     940     4.98 %
    Income before provision for income taxes     3,170     2,383     787     33.03 %
Provision for income taxes     1,015     642     373     58.10 %
    Net income   $ 2,155   $ 1,741   $ 414     23.78 %
                           
                           
Common Share Data                          
Earnings per share                          
  Basic   $ 0.32   $ 0.25   $ 0.07     28.00 %
  Diluted   $ 0.31   $ 0.25   $ 0.06     24.00 %
                           
Weighted average shares outstanding     6,835,192     6,833,752              
Weighted average shares outstanding -                          
  diluted     6,849,556     6,833,752              
Book value per share   $ 13.57   $ 13.61              
Tangible book value per share   $ 13.54   $ 13.56              
Shares outstanding     6,835,192     6,833,752              
                           
                           
                   
NORTH VALLEY BANCORP  
CONDENSED CONSOLIDATED FINANCIAL DATA  
(Unaudited)  
(Dollars in thousands)  
                   
    June 30,     December 31,     June 30,  
Balance Sheet Data   2013     2012     2012  
Assets                        
  Cash and due from banks   $ 21,431     $ 22,654     $ 19,037  
  Federal funds sold     -       15,865       53,375  
  Time deposits at other financial institutions     2,219       2,219       1,960  
  Available-for-sale securities - at fair value     306,300       285,815       305,378  
  Held-to-maturity securities - at amortized cost     6       6       6  
                         
  Loans     504,274       492,211       455,257  
  Allowance for loan losses     (9,527 )     (10,458 )     (11,732 )
    Net loans     494,747       481,753       443,525  
                         
  Premises and equipment, net     8,704       9,181       9,362  
  Other real estate owned     16,324       22,423       15,648  
  Core deposit intangibles, net     182       255       328  
  Accrued interest receivable and other assets     67,845       62,172       59,492  
Total assets   $ 917,758     $ 902,343     $ 908,111  
                         
Liabilities and Shareholders' Equity                        
  Deposits:                        
    Demand, noninterest bearing   $ 173,119     $ 177,855     $ 163,446  
    Demand, interest bearing     194,072       185,315       184,113  
    Savings and money market     239,944       233,034       220,430  
    Time     157,920       172,376       195,282  
      Total deposits     765,055       768,580       763,271  
                         
  Accrued interest payable and other liabilities     16,281       15,951       19,862  
  Other borrowings     22,025       -       -  
  Subordinated debentures     21,651       21,651       31,961  
Total liabilities     825,012       806,182       815,094  
  Shareholders' equity     92,746       96,161       93,017  
Total liabilities and shareholders' equity   $ 917,758     $ 902,343     $ 908,111  
                         
Asset Quality                        
  Nonaccrual loans   $ 5,871     $ 5,835     $ 16,627  
  Loans past due 90 days and accruing interest     -       -       144  
  Other real estate owned     16,324       22,423       15,648  
    Total nonperforming assets   $ 22,195     $ 28,258     $ 32,419  
                         
  Classified assets   $ 31,654     $ 45,297     $ 47,896  
  Bank Tier 1 Capital + ALLL   $ 117,532     $ 115,580     $ 114,185  
  Classified assets ratio     26.93 %     39.19 %     41.95 %
                         
  Allowance for loan losses to total loans     1.89 %     2.12 %     2.58 %
  Allowance for loan losses to NPL's     162.27 %     179.23 %     69.95 %
                         
                         
NORTH VALLEY BANCORP  
CONDENSED CONSOLIDATED FINANCIAL DATA  
(Unaudited)  
(Dollars in thousands)  
                         
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
Selected Financial Ratios   2013     2012     2013     2012  
  Return on average total assets     0.40 %     0.56 %     0.48 %     0.38 %
  Return on average shareholders' equity     3.69 %     5.47 %     4.49 %     3.81 %
  Net interest margin (tax equivalent basis)     3.77 %     3.67 %     3.78 %     3.64 %
  Efficiency ratio     88.49 %     76.80 %     86.21 %     83.31 %
                                 
Selected Average Balances                                
  Loans   $ 491,252     $ 449,215     $ 487,852     $ 450,347  
  Taxable investments     290,563       320,264       283,020       318,520  
  Tax-exempt investments     8,238       12,229       9,034       12,607  
  Federal funds sold and other     20,786       27,049       26,916       38,000  
    Total earning assets   $ 810,839     $ 808,757     $ 806,822     $ 819,474  
    Total assets   $ 906,923     $ 907,749     $ 902,077     $ 911,962  
                                 
  Demand deposits - interest bearing   $ 194,034     $ 179,726     $ 191,102     $ 177,863  
  Savings and money market     244,943       222,669       242,690       221,199  
  Time deposits     159,564       202,415       162,863       207,657  
  Other borrowings     23,347       31,961       22,504       31,961  
    Total interest bearing liabilities   $ 621,888     $ 636,771     $ 619,159     $ 638,680  
  Demand deposits - noninterest bearing   $ 167,757     $ 157,268     $ 167,606     $ 157,826  
  Shareholders' equity   $ 97,190     $ 92,411     $ 96,839     $ 91,568  
                                 
                                 
                   
NORTH VALLEY BANCORP  
CONDENSED CONSOLIDATED FINANCIAL DATA  
(Unaudited)  
(Dollars in thousands, except per share data)  
    For the Quarter Ended  
    June   March   December   September  
    2013   2013   2012   2012  
Interest income   $ 7,981   $ 7,868   $ 8,276   $ 8,426  
Interest expense     403     432     504     713  
    Net interest income     7,578     7,436     7,772     7,713  
                           
Provision for loan losses     -     -     -     700  
Noninterest income     3,651     4,329     4,269     4,204  
Noninterest expense     9,936     9,888     11,336     9,759  
                           
Income before provision (benefit) for income taxes     1,293     1,877     705     1,458  
Provision (benefit) for income taxes     399     616     160     (2,546 )
    Net income   $ 894   $ 1,261   $ 545   $ 4,004  
                           
Earnings per common share:                          
  Basic   $ 0.13   $ 0.18   $ 0.08   $ 0.59  
  Diluted   $ 0.13   $ 0.18   $ 0.08   $ 0.59  
                             
                             
Contact:
For further information contact:

Michael J. Cushman
President & Chief Executive Officer
(530) 226-2900
Fax: (530) 221-4877

or

Kevin R. Watson
Executive Vice President & Chief Financial Officer
(530) 226-2900
Fax: (530) 221-4877

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