CORRECTING and REPLACING Tri-Valley Bank Announces Second Quarter 2014 Earnings

CORRECTION...by Tri-Valley Bank

SAN RAMON, Calif.--()--Please replace the release dated August 4, 2014 with the following corrected version due to multiple revisions.

The corrected release reads:

TRI-VALLEY BANK ANNOUNCES SECOND QUARTER 2014 EARNINGS

Tri-Valley Bank (OTCBB:TRVB) today announced unaudited earnings for the second quarter ended June 30, 2014. Financial performance highlights include the following:

  • Asset Growth: Total assets at June 30, 2014 were $101.7 million, a $554,000 decrease from $102.2 million at the end of the first quarter 2014 and an increase of $5.8 million over the $95.8 million in total assets at June 30, 2013.
  • Loan Growth: Total net loans at June 30, 2014 were $72.9 million, an increase of $7.5 million over June 30, 2013 and an increase of $789,000 over the first quarter of 2014.
  • Loan Delinquencies: As of June 30, 2014, there are no loans past due over 30 days. Loans on non-accrual totaled $333,000, an improvement over $359,000 at the end of the first quarter 2014 and a significant improvement over $1.5 million at the end of the second quarter 2013.
  • Deposit Growth: Total deposits as of June 30, 2014 were $88.1 million, down from $88.7 million at the end of the first quarter 2014 and an increase of $3.9 million from $84.2 million a year ago at June 30, 2013. The cost of funds for the first half year 2014 was .27% as compared to .35% for the first half year of 2013.
  • Net Loss: The net loss for the second quarter of 2014 was $116,000 representing continued improvement over the net loss of $176,000, for the first quarter of 2014. The net loss year to date for 2014 was $293,000 as compared to the 2013 first half year net loss of $706,000.

“Our focus remains on attaining sustainable profitability, and we are encouraged by the positive trends we continue to see in our business. Loan growth and asset quality continue to improve along with general economic conditions,” said Arnold Grisham, Chairman, President and CEO. “Our expense reduction efforts and competitive deposit base and cost of funds, along with steady earning asset growth continue to result in steady improvement in our financial performance.”

“Loan growth for 2014 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.”

                   
Change Change
Unaudited Unaudited 2Q13 to 2Q14 Unaudited 1Q14 to 2Q14
Tri-Valley Bank Quarter Ending Quarter Ending Amount     % Quarter Ending Amount     %
      June 30, 2014     June 30, 2013             March 31, 2014            
Assets:
Cash & Cash Equivalents 12,910 11,130 1,780 16 % 13,647 (737 ) -5 %
Securities & Correspondent Stock 14,902 17,845 (2,943 ) -16 % 15,371 (468 ) -3 %
Loans, net of fees 72,844 65,379 7,465 11 % 72,055 789 1 %
Allowance for Loan Losses (1,417 ) (1,002 ) (415 ) 41 % (1,408 ) (9 ) 1 %
Other Assets   2,427         2,487         (59 ) -2 %   2,558         (130 ) -5 %
Total Assets $ 101,667       $ 95,838       $ 5,829   6 % $ 102,222       $ (555 ) -1 %
 
Liabilities and Stockholders' Equity
Total Deposits 88,072 84,186 3,886 5 % 88,649 (577 ) -1 %
Borrowings & Other Liabilities   5,719         2,717         3,001   110 %   5,679         40   1 %
Total Liabilities 93,790 86,903 6,887 8 % 94,328 (538 ) -1 %
- -
Stockholders' Equity:   7,877         8,934         (1,058 ) -12 %   7,894         (17 ) 0 %
Total Liabilities & Stockholders' Equity $ 101,667       $ 95,838       $ 5,830   6 % $ 102,222       $ (554 ) -1 %
 
                       
Tri-Valley Bank Unaudited Unaudited
Quarter Ending Chg Fr. Prior Quarter Quarter Ending Chg Fr. Prior Year Qtr

Q214

   

Q114

Amount

%

Q214

   

Q213

Amount

%

Revenue, after Credit Provision                                            
Total Interest Income $ 885 $ 861 $ 24 3 % $ 885 $ 784 $ 101 13 %
Total Interest Expense   63         59         4   6 %   63         68         (5 ) -7 %
Net Interest Income 822 802 21 3 % 822 716 106 15 %
Less: Provision for Loan Losses - - - 0 % - 42 (42 ) 0 %
Net Interest Income after Provision 822 802 21 3 % 822 674 148 22 %
Total Noninterest Income   21         (27 )       47   -176 %   21         45         (24 ) -54 %
Total Revenue after Cr. Provision $ 843 $ 775 $ 68 9 % $ 843 $ 719 $ 124 17 %
 
Noninterest Expense:
Salaries and Benefits $ 504 $ 519 $ (15 ) -3 % $ 504 $ 646 $ (142 ) -22 %
Occupancy 119 117 2 2 % 119 112 7 6 %
DP/IT/Network 78 82 (3 ) -4 % 78 82 (3 ) -4 %
Audit/Accounting/Legal/Professional Fees 99 75 24 33 % 99 98 2 2 %
Insurance/Regulatory 76 77 (1 ) -1 % 76 80 (3 ) -4 %
Other Expense   82         82         0   1 %   82         93         (11 ) -12 %
Total Noninterest Expense $ 958 $ 951 $ 7 1 % $ 958 $ 1,111 $ (152 ) -14 %
 
Income Tax   -         -         -       -     -         -         -       -  
Net Income (Loss) $ (116 )     $ (176 )     $ 61       -34 % $ (116 )     $ (391 )     $ 276       -70 %
 
Basic Loss per Share $ (0.01 ) $ (0.01 ) $ (0.00 ) 65 % $ (0.01 ) $ (0.02 ) $ 0.01 -50 %
 

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.

Contacts

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

Release Summary

Tri-Valley Bank Announces Second Quarter 2014 Earnings

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Contacts

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