SAN RAMON, Calif.--(BUSINESS WIRE)--Tri-Valley Bank (OTCBB: TRVB) today announced unaudited earnings for the first quarter ended March 31, 2013. Financial performance highlights include the following:
- Asset Growth: Total assets at March 31, 2013 were $99 million, a $2 million increase from $97 million at the end of the fourth quarter 2012 and an increase of $17 million over the $82 million in total assets at March 31, 2012.
- Loan Growth: Total net loans at March 31, 2013 were $64 million, an increase of $7 million over March 31, 2012 and no change from the fourth quarter of 2012.
- Loan Delinquencies: As of March 31, 2013, there were no loans more than 30 days past due. Total loans on non-accrual amounted to $1.3 million, representing continued improvement over $2 million at the end of the first quarter 2012 and $1.4 million at December 31, 2012. Total non- performing assets has declined from $4.3 million at the end of the first quarter of 2012 to $3.3 million at the end the first quarter of 2013.
- Deposit Growth: Total deposits as of March 31, 2013 were $89 million, up from $87 million at the end of the fourth quarter 2012 and up from $70 million a year ago at March 31, 2012. The growth from March 31, 2012 to March 31, 2013 includes $21 million in core interest and non-interest bearing accounts with a decline in non-core deposits of $5.0 million.
- Liquidity: Total cash and cash equivalents increased from $8 million to $16 million between March 31, 2012 and March 31, 2013. Federal Home loan advances decreased over the same period from $3.5 million to zero.
- Reduced Loan Loss Provision: The bank’s positive trend in loan loss provision requirements continued for the eighth consecutive quarter. No additional provision was needed for the quarter ended March 31, 2013. There were no loans charged off in the first quarter of 2013.
- Net Loss: Net loss for the first quarter of 2013 was $314,000, an improvement over the net loss of $404,000 for the first quarter of 2012 and an increase over the net loss of $193,000 for the fourth quarter of 2012. Overhead increased by approximately $63,000 as has loan production staff was expanded.
- Tier 1 Leverage Ratio: As of the quarter ending March 31, 2013 the Tier 1 leverage ratio was 9.6% a decrease from 10.2% at the fourth quarter of 2012 and 10.4% at March 31, 2012. The bank successfully completed both a private placement and rights offering for no par common stock during 2012. The ratio was impacted both by the net loss as well as by growth. Average assets increased $16 million, from $80 million at March 31, 2012 to $96 million at March 31, 2013 and $3 million from December 31, 2012 to March 31, 2013.
“We continue to maintain our optimism with regard to the local economies. We have seen positive trends in many areas. Our greatest challenge remains loan growth and we are fully focused on providing loans within our target markets of the 680 and 880 corridors as well as the Livermore area communities.” said Arnold Grisham, CEO and chairman. “We have again increased our core deposits while reducing our non-core deposit accounts.”
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.
| Change | Change | |||||||||||||||||||||||||||
| Unaudited | Unaudited | 1Q12 to 1Q13 | Audited | 4Q12 to 1Q13 | ||||||||||||||||||||||||
| Tri-Valley Bank | Quarter Ending | Quarter Ending | Amount | % | Year and Quarter Ending | Amount | % | |||||||||||||||||||||
| March 31, 2013 | March 31, 2012 | December 31, 2012 | ||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||||
| Cash & Cash Equivalents | 16,307 | 8,004 | 8,303 | 104 | % | 12,953 | 3,354 | 26 | % | |||||||||||||||||||
| Securities & Correspondent Stock | 17,443 | 15,546 | 1,897 | 12 | % | 18,416 | (973 | ) | -5 | % | ||||||||||||||||||
| Loans, net of fees | 63,970 | 56,848 | 7,122 | 13 | % | 64,479 | (509 | ) | -1 | % | ||||||||||||||||||
| Allowance for Loan Losses | (1,523 | ) | (1,671 | ) | 148 | -9 | % | (1,516 | ) | (6 | ) | 0 | % | |||||||||||||||
| Other Assets | 2,573 | 3,042 | (469 | ) | -15 | % | 2,676 | (102 | ) | -4 | % | |||||||||||||||||
| Total Assets | $ | 98,771 | $ | 81,770 | $ | 17,001 | 21 | % | $ | 97,007 | $ | 1,763 | 2 | % | ||||||||||||||
| Liabilities and Stockholders' Equity | ||||||||||||||||||||||||||||
| Total Deposits | 89,218 | 70,206 | 19,012 | 27 | % | 87,117 | 2,101 | 2 | % | |||||||||||||||||||
| Borrowings & Other Liabilities | 138 | 4,187 | (4,049 | ) | -97 | % | 158 | (20 | ) | -13 | % | |||||||||||||||||
| Total Liabilities | 89,356 | 74,393 | 14,963 | 20 | % | 87,275 | 2,081 | 2 | % | |||||||||||||||||||
| - | - | |||||||||||||||||||||||||||
| Stockholders' Equity: | 9,414 | 7,377 | 2,038 | 28 | % | 9,732 | (317 | ) | -3 | % | ||||||||||||||||||
| Total Liabilities & Stockholders' Equity | $ | 98,771 | $ | 81,770 | $ | 17,001 | 21 | % | $ | 97,007 | $ | 1,764 | 2 | % | ||||||||||||||
| Tri-Valley Bank | Unaudited | Unaudited | |||||||||||||||||||||||||||||||
|
Quarter Ending |
Chg Fr. Prior Quarter | Quarter Ending | Chg Fr. Prior Year Qtr | ||||||||||||||||||||||||||||||
|
Q113 |
Q412 |
Amount |
% |
Q113 |
Q112 |
Amount |
% |
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| Revenue, after Credit Provision | |||||||||||||||||||||||||||||||||
| Total Interest Income | $ | 797 | $ | 833 | $ | (35 | ) | -4 | % | $ | 797 | $ | 730 | $ | 67 | 9 | % | ||||||||||||||||
| Total Interest Expense | 79 | 89 | (9 | ) | -10 | % | 79 | 101 | (21 | ) | -21 | % | |||||||||||||||||||||
| Net Interest Income | 718 | 744 | (26 | ) | -4 | % | 718 | 629 | 89 | 14 | % | ||||||||||||||||||||||
| Less: Provision for Loan Losses | - | - | - | 0 | % | - | - | - | 0 | % | |||||||||||||||||||||||
| Net Interest Income after Provision | 718 | 744 | (26 | ) | -4 | % | 718 | 629 | 89 | 14 | % | ||||||||||||||||||||||
| Total Noninterest Income | 48 | 46 | 2 | 5 | % | 48 | 40 | 8 | 20 | % | |||||||||||||||||||||||
| Total Revenue after Cr. Provision | $ | 766 | $ | 790 | $ | (24 | ) | -3 | % | $ | 766 | $ | 670 | $ | 97 | 14 | % | ||||||||||||||||
| Noninterest Expense: | |||||||||||||||||||||||||||||||||
| Salaries and Benefits | $ | 652 | $ | 551 | $ | 101 | 18 | % | $ | 652 | $ | 608 | $ | 44 | 7 | % | |||||||||||||||||
| Occupancy | 119 | 100 | 19 | 19 | % | 119 | 133 | (14 | ) | -11 | % | ||||||||||||||||||||||
| DP/IT/Network* | 82 | 81 | 1 | 1 | % | 82 | 91 | (9 | ) | -10 | % | ||||||||||||||||||||||
| Audit/Accounting/Legal/Professional Fees | 69 | 93 | (25 | ) | -26 | % | 69 | 87 | (18 | ) | -21 | % | |||||||||||||||||||||
| Insurance/Regulatory | 71 | 77 | (5 | ) | -7 | % | 71 | 66 | 6 | 9 | % | ||||||||||||||||||||||
| Other Expense | 88 | 81 | 7 | 8 | % | 88 | 88 | (1 | ) | -1 | % | ||||||||||||||||||||||
| Total Noninterest Expense | $ | 1,081 | $ | 983 | $ | 98 | 10 | % | $ | 1,081 | $ | 1,073 | $ | 8 | 1 | % | |||||||||||||||||
| Income Tax | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
| Net Income (Loss) | $ | (314 | ) | $ | (193 | ) | $ | (121 | ) | 63 | % | $ | (314 | ) | $ | (404 | ) | $ | 89 | -22 | % | ||||||||||||
| Basic Loss per Share* | $ | (0.01 | ) | $ | (0.01 | ) | $ | - | 0 | % | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.01 | -50 | % | |||||||||||||
| *Restated with shares outstanding post private placement and rights offering. | |||||||||||||||||||||||||||||||||
