SAN RAMON, Calif.--(BUSINESS WIRE)--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.
