Tri-Valley Bank Announces First Quarter 2017 Earnings and Date for 2017 Annual Meeting of Shareholders

SAN RAMON, Calif.--()--Tri-Valley Bank (OTC:TRVB) today announced unaudited earnings of $239,000 for the first quarter ended March 31, 2017. Financial performance highlights include the following:

  • Net Income: Year-to-date net income at March 31, 2017 was $239,000, an improvement of $120,000 compared to year-to-date net income of $119,000 at March 31, 2016. Record pre-tax net income in the first quarter 2017 was $350,000, a $231,000 annual improvement compared to first quarter 2016 pre-tax net income, and a $270,000 quarterly improvement compared to fourth quarter 2016.
  • Loans: Total loans as of March 31, 2017 reached a record $118.9 million, an annual increase of 19% or $19.2 million compared to March 31, 2016, and a quarterly increase of $8.3 million over total loans at December 31, 2016.
  • Deposits: Total deposits as of March 31, 2017 were $121.5 million, an increase of 11% or $11.6 million, compared to March 31, 2016, and a quarterly increase of $3.6 million over total deposits at December 31, 2016.
  • Capital: The tier 1 leverage ratio at March 31, 2017 was 10.21% compared to 10.31% at December 31, 2016.
  • Loan Delinquencies: As of March 31, 2017, there were no loans past due 30+ days, and no loans on non-accrual. The allowance for loan losses increased to 1.62% of total loans at March 31, 2017, compared to 1.44% at December 31, 2016. The 18 basis point increase resulted from the recovery of previously charged off loan balances.
  • Tri-Valley Bank will hold its annual meeting of shareholders on Thursday May 25th at 9:00 a.m. at the Marriott hotel, 2600 Bishop Drive, San Ramon, California.

“The Bank’s record loan growth, balance sheet improvement and increase in earnings show the continued financial strengthening of our company and sets the stage for continued growth for the remainder of 2017,” 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     Unaudited     Unaudited     Change     Unaudited     Change
Balance Sheet (rounded to thousands) Quarter Ending Quarter Ending 4Q16 to 1Q17 Quarter Ending 1Q16 to 1Q17
March 31, 2017 December 31, 2016 Amount     % March 31, 2016 Amount     %
Assets
Cash & Cash Equivalents 8,886 12,871 (3,985 ) -31 % 14,653 (5,767 ) -39 %
Securities & Correspondent Stock 6,861 7,014 (154 ) -2 % 7,620 (760 ) -10 %
Loans, net of fees 118,854 110,534 8,320 8 % 99,613 19,242 19 %
Allowance for Loan Losses (1,921 ) (1,591 ) (330 ) 21 % (1,491 ) (430 ) 29 %
Deferred Tax and Other Assets   5,708         5,775         (68 ) -1 %   2,343         3,364   144 %
Total Assets $ 138,388       $ 134,604       $ 3,784   3 % $ 122,739       $ 15,649   13 %
 
Liabilities and Stockholders' Equity
Total Deposits 121,467 117,857 3,610 3 % 109,855 11,611 11 %
Borrowings & Other Liabilities   71         133         (62 ) -46 %   105         (33 ) -32 %
Total Liabilities 121,538 117,990 3,548 3 % 109,960 11,578 11 %
 
Stockholders' Equity   16,850         16,614         236   1 %   12,778         4,071   32 %
Total Liabilities & Stockholders' Equity $ 138,388       $ 134,604       $ 3,784   3 % $ 122,739       $ 15,649   13 %
 
 
Tri-Valley Bank     Unaudited         Unaudited    
Income Statement (rounded to thousands) Quarter Ending Chg Fr. Prior Quarter Year to Date Ending Chg Fr. Prior YTD

Q1 17

   

Q4 16

Amount

   

%

Q1 17

   

Q1 16

Amount

   

%

Total Interest Income $ 1,425 $ 1,253 $ 172 14 % $ 1,425 $ 1,096 $ 329 30 %
Less: Total Interest Expense   94       85         8   10 %   94       73       21   28 %
Net Interest Income 1,331 1,168 164 14 % 1,331 1,023 308 30 %
Less: Provision for Loan Losses   -       -         -   0 %   -       -       -   0 %
Net Interest Income after Provision 1,331 1,168 164 14 % 1,331 1,023 308 30 %
Total Noninterest Income   34       34         0   0 %   34       35       (1 ) -3 %
Total Revenue after Cr. Provision 1,365 1,201 164 14 % 1,365 1,057 307 29 %
Impairment of REO - 207 (207 ) -100 % - - - 0 %
Total Noninterest Expense   1,015       915         100   11 %   1,015       939       76   8 %
Income Before Tax   350       80         270   337 %   350       119       231   195 %
Income Tax   111       (3,614 )       3,725   N/M   111       -       111   N/M
Net Income $ 239     $ 3,901       $ (3,661 ) -94 % $ 239     $ 119     $ 120   101 %
 
Basic Income per Share $ 0.006 $ 0.090 $ (0.084 ) -93 % $ 0.006 $ 0.003 $ 0.003 101 %
 

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.

Contacts

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

Contacts

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