SAN RAMON, Calif.--(BUSINESS WIRE)--Tri-Valley Bank (OTC:TRVB) today announced unaudited earnings for the second quarter ended June 30, 2016. Financial performance highlights include the following:
- Net Income/Loss: The year to date net income at June 30, 2016 was $237,000, a record for the Bank and an improvement of $250,000 compared to the year to date net loss of $13,000 at June 30, 2015. Net income for the second quarter of 2016 was $118,000 compared to $119,000 for the first quarter of 2016.
- Loans: Total loans as of June 30, 2016 were $100.8 million, an increase of $18.0 million compared to June 30, 2015 a 22% annual increase, and an increase of $1.2 million over total loans at March 31, 2016.
- Deposits: Total deposits as of June 30, 2016 were $108.0 million, an increase of $15.8 million from June 30, 2015 a 17% annual increase, and a decrease of $1.8 million from March 31, 2016. The cost of funds was 0.29% in the first half of 2016 compared to 0.28% in the first half of 2015.
- Capital: The tier 1 leverage ratio at June 30, 2016 was 10.46% compared to 10.26% at June 30, 2015, and 11.10% at March 31, 2016.
- Loan Delinquencies: As of June 30, 2016, there was one loan with an outstanding balance of $1.2 million past due 30+ days. Loans on non-accrual totaled $4,000.
“The Bank’s positive net income trends driven by loan and deposit growth show our commitment to our customers,” 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 | Change | Change | ||||||||||||||||||||||||
| Balance Sheet (rounded to thousands) | Unaudited | Unaudited | 1Q16 to 2Q16 | Unaudited | 2Q15 to 2Q16 | |||||||||||||||||||||
| Quarter Ending | Quarter Ending | Amount | % | Quarter Ending | Amount | % | ||||||||||||||||||||
| June 30, 2016 | March 31, 2016 | June 30, 2015 | ||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||
| Cash & Cash Equivalents | 11,960 | 14,653 | (2,693 | ) | -18 | % | 10,643 | 1,317 | 12 | % | ||||||||||||||||
| Securities & Correspondent Stock | 7,470 | 7,620 | (150 | ) | -2 | % | 8,585 | (1,114 | ) | -13 | % | |||||||||||||||
| Loans, net of fees | 100,768 | 99,613 | 1,155 | 1 | % | 82,765 | 18,004 | 22 | % | |||||||||||||||||
| Allowance for Loan Losses | (1,559 | ) | (1,491 | ) | (68 | ) | 5 | % | (1,462 | ) | (96 | ) | 7 | % | ||||||||||||
| Other Assets | 2,508 | 2,343 | 165 | 7 | % | 2,295 | 214 | 9 | % | |||||||||||||||||
| Total Assets | $ | 121,148 | $ | 122,739 | $ | (1,590 | ) | -1 | % | $ | 102,825 | $ | 18,324 | 18 | % | |||||||||||
| Liabilities and Stockholders' Equity | ||||||||||||||||||||||||||
| Total Deposits | 108,044 | 109,855 | (1,811 | ) | -2 | % | 92,205 | 15,839 | 17 | % | ||||||||||||||||
| Borrowings & Other Liabilities | 127 | 105 | 22 | 21 | % | 151 | (24 | ) | -16 | % | ||||||||||||||||
| Total Liabilities | 108,171 | 109,960 | (1,789 | ) | -2 | % | 92,356 | 15,815 | 17 | % | ||||||||||||||||
| Stockholders' Equity: | 12,977 | 12,778 | 199 | 2 | % | 10,468 | 2,509 | 24 | % | |||||||||||||||||
| Total Liabilities & Stockholders' Equity | $ | 121,148 | $ | 122,739 | $ | (1,590 | ) | -1 | % | $ | 102,825 | $ | 18,324 | 18 | % | |||||||||||
| Tri-Valley Bank | Unaudited | Unaudited | |||||||||||||||||||||||||
| Income Statement (rounded to thousands) | Quarter Ending | Chg Fr. Prior Quarter | Year to Date Ending | Chg Fr. Prior YTD | |||||||||||||||||||||||
|
Q216 |
Q116 |
Amount |
% |
Q216 |
Q215 |
Amount |
% |
||||||||||||||||||||
| Income: | |||||||||||||||||||||||||||
| Total Interest Income | $ | 1,143 | $ | 1,096 | $ | 47 | 4 | % | $ | 2,239 | $ | 1,900 | $ | 339 | 18 | % | |||||||||||
| Less: Total Interest Expense | 82 | 73 | 9 | 12 | % | 155 | 127 | 28 | 22 | % | |||||||||||||||||
| Net Interest Income | 1,061 | 1,023 | 38 | 4 | % | 2,084 | 1,773 | 311 | 18 | % | |||||||||||||||||
| Less: Provision for Loan Losses | - | - | - | 0 | % | - | 19 | (19 | ) | -100 | % | ||||||||||||||||
| Net Interest Income after Provision | 1,061 | 1,023 | 38 | 4 | % | 2,084 | 1,755 | 329 | 19 | % | |||||||||||||||||
| Total Noninterest Income | 36 | 35 | 1 | 3 | % | 71 | 77 | (6 | ) | -8 | % | ||||||||||||||||
| Total Revenue after Cr. Provision | 1,097 | 1,057 | 40 | 4 | % | 2,155 | 1,831 | 324 | 18 | % | |||||||||||||||||
| Total Noninterest Expense | 979 | 939 | 40 | 4 | % | 1,918 | 1,845 | 73 | 4 | % | |||||||||||||||||
| Income Tax | - | - | - | 0 | % | - | - | - | 0 | % | |||||||||||||||||
| Net Income (Loss) | $ | 118 | $ | 119 | $ | (1 | ) | -1 | % | $ | 237 | $ | (13 | ) | $ | 250 | 1869 | % | |||||||||
| Basic Income/(Loss) per Share | $ | 0.003 | $ | 0.003 | $ | (0.000 | ) | -2 | % | $ | 0.006 | $ | (0.001 | ) | $ | 0.007 | 1147 | % | |||||||||
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.
