Tri-Valley Bank Announces Third Quarter 2017 Earnings

SAN RAMON, Calif.--()--Tri-Valley Bank (OTC:TRVB) today announced record unaudited year-to-date pre-tax net income of $952,000 for the first nine months ended September 30, 2017 and record unaudited year-to-date after tax net income of $3,634,000. Financial performance highlights include the following:

  • Net Income: Year-to-date pre-tax net income at September 30, 2017 was $952,000, an improvement of $777,000 compared to year-to-date pre-tax net income of $175,000 at September 30, 2016. Year-to-date after tax net income for the nine months ending September 30, 2017 was $3,634,000 compared to year-to-date after tax net income of $175,000 for the nine months ending September 30, 2016. 2017 after tax net income includes a net tax benefit of $2,682,000 recognized in the second quarter relating to the reversal of the remaining deferred tax asset valuation allowance less the estimated tax expense for 2017 earnings.
  • Loans: Total loans as of September 30, 2017 reached a record $124.1 million, an annual increase of 16%, or $17.0 million compared to September 30, 2016, and a quarterly increase of $2.8 million compared to total loans at June 30, 2017.
  • Deposits: Total deposits as of September 30, 2017 were $126.6 million, an increase of 5%, or $5.6 million, compared to September 30, 2016, and a quarterly decrease of $1.0 million compared to total deposits at June 30, 2017.
  • Loan Delinquencies: As of September 30, 2017, there were no loans past due 30+ days, and no loans on non-accrual.

“2017 Continues to be a breakout year for Tri-Valley Bank in terms of earnings and balance sheet growth,” 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 1Q17 to 2Q17 Quarter Ending 2Q16 to 2Q17
September 30, 2017 June 30, 2017 Amount   % September 30, 2016 Amount   %

Assets:

Cash & Cash Equivalents 9,792 13,041 (3,249 ) -25 % 18,922 (9,131 ) -48 %
Securities & Correspondent Stock 6,704 6,839 (135 ) -2 % 7,338 (634 ) -9 %
Loans, net of fees 124,073 121,230 2,843 2 % 107,122 16,951 16 %
Allowance for Loan Losses (1,945 ) (1,933 ) (12 ) 1 % (1,572 ) (373 ) 24 %
Deferred Tax and Other Assets   8,532       8,536       (5 ) 0 %   2,322       6,209   267 %
Total Assets $ 147,155     $ 147,713     $ (558 ) 0 % $ 134,132     $ 13,023   10 %
 

Liabilities and Stockholders' Equity

Total Deposits 126,629 127,605 (976 ) -1 % 121,046 5,583 5 %
Borrowings & Other Liabilities   122       103       19   19 %   145       (23 ) -16 %
Total Liabilities 126,752 127,708 (956 ) -1 % 121,191 5,561 5 %
 
Stockholders' Equity:   20,404       20,005       398   2 %   12,941       7,462   58 %

Total Liabilities & Stockholders' Equity

$ 147,155     $ 147,713     $ (558 ) 0 % $ 134,132     $ 13,023   10 %
 
 
Tri-Valley Bank   Unaudited       Unaudited  

Income Statement (rounded to thousands)

Quarter Ending Chg Fr. Prior Quarter Year to Date Ending Chg Fr. Prior YTD

Q3 17

 

Q2 17

Amount

 

%

Q3 17

 

Q3 16

Amount

 

%

Total Interest Income $ 1,456 $ 1,365 $ 91 7 % $ 4,245 $ 3,403 $ 842 25 %
Less: Total Interest Expense   128     109       20   18 %   331       241     90   37 %
Net Interest Income 1,328 1,256 72 6 % 3,915 3,162 753 24 %
Less: Provision for Loan Losses   -     -       -   0 %   -       -     -   0 %
Net Interest Income after Provision 1,328 1,256 72 6 % 3,915 3,162 753 24 %
Total Noninterest Income   36     36       (0 ) -1 %   105       107     (2 ) -2 %
Total Revenue after Cr. Provision 1,363 1,292 71 6 % 4,020 3,269 751 23 %
Total Noninterest Expense   1,032     1,021       11   1 %   3,068       3,094     (26 ) -1 %
Income Before Tax   331     271       60   22 %   952       175     777   444 %
Income Tax   -     (2,793 )     2,793   -100 %   (2,682 )     -     (2,682 ) N/M
Net Income $

331

  $ 3,064     $ (2,733 ) -89 % $ 3,634     $ 175   $ 3,459   1976 %
 
Basic Income per Share $ 0.008 $ 0.078 $ (0.070 ) -89 % $ 0.093 $ 0.005 $ 0.088 1761 %
 

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