Tri-Valley Bank Announces Fourth Quarter 2013 Earnings

Business Wire

SAN RAMON, Calif.--(BUSINESS WIRE)--

Tri-Valley Bank (TRVB) today announced unaudited earnings for the fourth quarter ended December 31, 2013. Financial performance highlights include the following:

  • Asset Growth: Total assets at December 31, 2013 were $98 million, a $3.8 million increase from $94.5 million at the end of the third quarter 2013 and an increase of $1.3 million over the $97.0 million in total assets at December 31, 2012.
  • Loan Growth: Total net loans at December 31, 2013 were $69.7 million, an increase of $6.7 million over December 31, 2012 and an increase of $4.2 million over the third quarter of 2013.
  • Loan Delinquencies: As of December 31, 2013, there no loans past due over 30 days. Loans on non-accrual totaled $387,000, representing significant improvement over $1.2 million at the end of the third quarter 2013 and over $3.3 million at year end 2012.
  • Deposit Growth: Total deposits as of December 31, 2013 were $86.7 million, up from $85.9 million at the end of the third quarter 2013 and consistent with $87.1 million a year ago at December 31, 2012. The cost of funds for the year ended 2013 was .32% as compared to .50% for the year ended 2012.
  • Loan Loss Provision: The bank elected to maintain a conservative position with the loan loss provision adding $642,000 in 2013. Charge-offs, net of recoveries, totaled $760,000 for the year ended 2013 with an increase over the charge-offs net of recoveries of $266,000 for year ended 2012.
  • Net Loss: Exclusive of the addition to the net loan loss provision, the pre-provision net loss for the year ended 2013 was $967,000 a favorable comparison to the pre-provision net loss for year ended 2012 of $1,523,000. The net loss, including a loan loss provision of $300,000, for the fourth quarter of 2013 was $397,000 representing continued improvement over the net loss of $505,000, also including a loan loss provision of $300,000, for the third quarter of 2013. The net loss year to date for 2013 was $1,609,000 as compared to the 2012 net loss of $1,373,000.
  • Tier 1 Leverage Ratio: As of the quarter ending December 31, 2013 the Tier 1 leverage ratio was 8.25% a decrease from 10.25% at year end 2012. On July 31, 2013, the company received approval to issue a Private Placement Memorandum to sell up to 15,000,000 shares of common stock at $.40 per share for a total of $6,000,000. The offer is scheduled to expire on July 31, 2014.

“We continue to make significant positive strides toward the attainment of sustainable profitability as indicated by the results of the fourth quarter and for the year of 2013.” said Arnold Grisham, CEO and chairman. “We have significantly reduced our non-performing assets and have steadily grown our earning assets”.

“Loan growth for 2013 was viewed as positive for both the bank and for the local economies we serve, as we see businesses increasingly re-entering the market. We consider personal service our focus and are pleased to service the markets of Livermore, the 680 and 880 east bay corridors. We are also proud to provide banking services to a full range of: professions and business owners; non-profit organizations and property management companies. We remain optimistic about the future and we believe the recovery in the Tri-Valley economy will continue to outpace the national economy.”

This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in California and in the East Bay region on Northern California in particular and other factors beyond the Bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

       

 

 

 

 
Tri-Valley Bank Unaudited Unaudited

Unaudited

Audited

 

Quarter
Ending

Chg Fr.
Prior Quarter

Quarter
Ending

Chg Fr.
Prior Year Qtr

Year to Date
Ending

Year to Date
Ending

Chg Fr.
Prior YTD

Q413

Q313

Amount

%

Q413

Q412

Amount

%

Dec. 31, 2013

Dec. 31, 2012

Amount

%

Revenue, after Credit Provision                                    
Total Interest Income $ 876 $ 809 $ 67 8 % $ 876 $ 833 $ 43 5 % $ 3,266 $ 3,175 $ 91 3 %
Total Interest Expense   66     64       2   3 %   66     89       (23 ) -26 %   277       405     (128 ) -32 %
Net Interest Income 810 745 65 9 % 810 744 66 9 % 2,989 2,770 219 8 %
Less: Provision for Loan Losses 300 300 - 0 % 300 - 300 100 % 642 (150 ) 792 -528 %
Net Interest Income after Provision 510 445 65 15 % 510 744 (234 ) -31 % 2,347 2,920 (573 ) -20 %
Total Noninterest Income   38     36       2   5 %   38     46       (8 ) -18 %   167       (177 )   344   -194 %
Total Revenue after Cr. Provision $ 547 $ 480 $ 67 14 % $ 547 $ 790 $ (243 ) -31 % $ 2,513 $ 2,743 $ (230 ) -8 %
 
Noninterest Expense:
Salaries and Benefits $ 490 $ 553 $ (63 ) -11 % $ 490 $ 551 $ (61 ) -11 % $ 2,341 $ 2,319 $ 22 1 %
Occupancy 126 123 3 3 % 126 100 26 26 % 481 496 (15 ) -3 %

DP/IT/Network

92 84 8 10 % 92 81 11 13 % 340 323 17 5 %
Audit/Accounting/Legal/Professional Fees 75 68 7 10 % 75 93 (19 ) -20 % 310 359 (49 ) -14 %
Insurance/Regulatory 76 76 (0 ) 0 % 76 77 (1 ) -1 % 303 276 27 10 %
Other Expense   86     81       4   5 %   86     81       5   6 %   347       342     5   1 %
Total Noninterest Expense $ 945 $ 986 $ (41 ) -4 % $ 945 $ 983 $ (39 ) -4 % $ 4,121 $ 4,115 $ 6 0 %
 
Income Tax   -     -       -   -     -     -       -   -     1       1     -   -  
Net Income (Loss) $ (397 ) $ (505 )   $ 108   -21 % $ (397 ) $ (193 )   $ (204 ) 106 % $ (1,609 )   $ (1,373 ) $ (236 ) 17 %
 

Basic Loss per Share*

$ (0.02 ) $ (0.02 ) $ 0.00 0 % $ (0.02 ) $ (0.01 ) $ (0.01 ) 100 % $ (0.06 ) $ (0.07 ) $ 0.01 15 %
 

*Restated with shares outstanding post private placement and rights offering

           
Change Change
Unaudited Audited 4Q12 to 4Q13 Unaudited 3Q13 to 4Q13
Tri-Valley Bank

Year and Quarter
Ending

Year and Quarter
Ending

Amount %

Quarter
Ending

Amount %
     

Dec. 31, 2013

 

Dec. 31, 2012

       

Sept. 30, 2013

     
Assets:
Cash & Cash Equivalents 10,105 12,953 (2,848 ) -22 % 9,752 353 4 %
Securities & Correspondent Stock 15,947 18,416 (2,469 ) -13 % 16,711 (764 ) -5 %
Loans, net of fees 71,078 64,479 6,599 10 % 66,644 4,434 7 %
Allowance for Loan Losses (1,398 ) (1,516 ) 118 -8 % (1,137 ) (261 ) 23 %
Other Assets   2,625       2,676       (51 ) -2 %   2,537       88   3 %
Total Assets $ 98,357     $ 97,007     $ 1,349   1 % $ 94,507     $ 3,849   4 %
 
Liabilities and Stockholders' Equity
Total Deposits 86,685 87,117 (432 ) 0 % 85,887 798 1 %
Borrowings & Other Liabilities   3,682       158       3,524   2229 %   234       3,448   1471 %
Total Liabilities 90,367 87,275 3,092 4 % 86,121 4,246 5 %
- -
Stockholders' Equity:   7,989       9,732       (1,742 ) -18 %   8,386       (397 ) -5 %
Total Liabilities & Stockholders' Equity $ 98,356     $ 97,007     $ 1,350   1 % $ 94,507     $ 3,849   4 %

Contact:
Tri-Valley Bank
Arnold T. Grisham, 925-791-4365
Chairman, President & CEO

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