SAN RAMON, Calif.--(BUSINESS WIRE)--Tri-Valley Bank (OTC: TRVB) today announced unaudited earnings for the first quarter ended March 31, 2016. Financial performance highlights include the following:
- Net Income/Loss: Net income for the first quarter of 2016 was $119,000, an improvement of $172,000 over the quarterly net loss of $53,000 for the first quarter of 2015, and an improvement of $69,000 from the $50,000 in net income in the fourth quarter 2015. The net interest margin in the first quarter of 2016 was 3.60% compared to 3.31% in the fourth quarter of 2015.
- Loans: Total loans at March 31, 2016 were $99.6 million, an increase of $16.3 million over March 31, 2015 and an increase of $5.4 million over total loans at December 31, 2015.
- Deposits: Total deposits as of March 31, 2016 were $109.9 million, an increase of $23.3 million from March 31, 2015, and an increase of $9.7 million from December 31, 2015. The cost of funds was 0.29% in first quarter of 2016 compared to 0.28% in the first quarter of 2015.
- Capital: The tier 1 leverage ratio at March 31, 2016 was 11.10% compared to 9.72% at March 31, 2015, and 11.85% at December 31, 2015.
- Loan Delinquencies: As of March 31, 2016, there were no loans past due 30+ days. Loans on non-accrual totaled $13,000.
“The Bank’s record net income in the first quarter and the positive net income trends driven by loan and deposit growth show our commitment to our customers, and the value we’re building through the personal service we provide,” said Arnold Grisham, Chairman, President and CEO. “We are pleased to service the markets of Livermore, and the 680 and 880 East Bay corridors, and are proud to provide banking services to a full range of professionals and business owners; non-profit organizations and property management companies.”
| Tri-Valley Bank (rounded to thousands) | Change | Change | ||||||||||||||||||||||||||
| Balance Sheet | Unaudited | Unaudited | 4Q15 to 1Q16 | Unaudited | 1Q15 to 1Q16 | |||||||||||||||||||||||
| Quarter Ending | Quarter Ending | Amount | % | Quarter Ending | Amount | % | ||||||||||||||||||||||
| March 31, 2016 | December 31, 2015 | March 31, 2015 | ||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||||
| Cash & Cash Equivalents | 14,653 | 9,988 | 4,665 | 47 | % | 9,956 | 4,697 | 47 | % | |||||||||||||||||||
| Securities & Correspondent Stock | 7,620 | 7,842 | (222 | ) | -3 | % | 8,833 | (1,213 | ) | -14 | % | |||||||||||||||||
| Loans, net of fees | 99,613 | 94,235 | 5,378 | 6 | % | 83,345 | 16,268 | 20 | % | |||||||||||||||||||
| Allowance for Loan Losses | (1,491 | ) | (1,478 | ) | (13 | ) | 1 | % | (1,456 | ) | (35 | ) | 2 | % | ||||||||||||||
| Other Assets | 2,343 | 2,369 | (25 | ) | -1 | % | 2,442 | (99 | ) | -4 | % | |||||||||||||||||
| Total Assets | $ | 122,739 | $ | 112,956 | $ | 9,783 | 9 | % | $ | 103,119 | $ | 19,619 | 19 | % | ||||||||||||||
| Liabilities and Stockholders' Equity | ||||||||||||||||||||||||||||
| Total Deposits | 109,856 | 100,176 | 9,680 | 10 | % | 86,598 | 23,258 | 27 | % | |||||||||||||||||||
| Borrowings & Other Liabilities | 105 | 141 | (36 | ) | -25 | % | 7,119 | (7,014 | ) | -99 | % | |||||||||||||||||
| Total Liabilities | 109,960 | 100,316 | 9,644 | 10 | % | 93,716 | 16,244 | 17 | % | |||||||||||||||||||
| Stockholders' Equity: | 12,778 | 12,639 | 139 | 1 | % | 9,403 | 3,375 | 36 | % | |||||||||||||||||||
| Total Liabilities & Stockholders' Equity | $ | 122,739 | $ | 112,956 | $ | 9,783 | 9 | % | $ | 103,119 | $ | 19,619 | 19 | % | ||||||||||||||
| Tri-Valley Bank (rounded to thousands) | Unaudited | Unaudited | ||||||||||||||||||||||||||
| Income Statement | Quarter Ending | Chg Fr. Prior Quarter | Year to Date Ending | Chg Fr. Prior YTD | ||||||||||||||||||||||||
|
Q116 |
Q415 |
Amount |
% |
Q116 |
Q115 |
Amount |
% |
|||||||||||||||||||||
| Income: | ||||||||||||||||||||||||||||
| Total Interest Income | $ | 1,096 | $ | 997 | $ | 98 | 10 | % | $ | 1,096 | $ | 914 | $ | 182 | 20 | % | ||||||||||||
| Less: Total Interest Expense | 73 | 68 | 5 | 7 | % | 73 | 61 | 12 | 20 | % | ||||||||||||||||||
| Net Interest Income | 1,023 | 929 | 93 | 10 | % | 1,023 | 853 | 170 | 20 | % | ||||||||||||||||||
| Less: Provision for Loan Losses | - | - | - | 0 | % | - | 19 | (19 | ) | -100 | % | |||||||||||||||||
| Net Interest Income after Provision | 1,023 | 929 | 93 | 10 | % | 1,023 | 834 | 189 | 23 | % | ||||||||||||||||||
| Total Noninterest Income | 35 | 37 | (2 | ) | -6 | % | 35 | 37 | (3 | ) | -7 | % | ||||||||||||||||
| Total Revenue after Cr. Provision | 1,057 | 966 | 91 | 9 | % | 1,057 | 872 | 186 | 21 | % | ||||||||||||||||||
| Total Noninterest Expense | 939 | 916 | 23 | 2 | % | 939 | 924 | 14 | 2 | % | ||||||||||||||||||
| Income Tax | - | - | - | 0 | % | - | - | - | 0 | % | ||||||||||||||||||
| Net Income (Loss) | $ | 119 | $ | 50 | $ | 69 | 138 | % | $ | 119 | $ | (53 | ) | $ | 172 | 327 | % | |||||||||||
| Basic Income/(Loss) per Share | $ | 0.003 | $ | 0.001 | $ | 0.002 | 138 | % | $ | 0.003 | $ | (0.002 | ) | $ | 0.005 | 277 | % | |||||||||||
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 of 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.
