North Valley Bancorp Reports Results for the Quarter Ended March
31, 2014
REDDING, CA--(Marketwired - Apr 30, 2014) - North Valley Bancorp
(NASDAQ: NOVB), a bank holding company with $919 million in assets,
today reported results for the quarter ended March 31, 2014. North
Valley Bancorp ("the Company") is the parent company for North
Valley Bank ("NVB").
The Company reported net income for the quarter ended March 31,
2014 of $919,000, or $0.13 per diluted share compared to net income
for the quarter ended March 31, 2013 of $1,261,000, or $0.18 per
diluted share. "We are pleased with the results from the first
quarter as we move forward with our planned merger with TriCo
Bancshares," stated Mike Cushman, President and CEO.
As announced by the Company on January 21, 2014 and reported in
the Company's Current Report on Form 8-K, filed with the Securities
and Exchange Commission ("SEC") on January 22, 2014 (the "Current
Report"), the Company entered into an Agreement and Plan of Merger
and Reorganization dated January 21, 2014 (the "Merger Agreement"),
pursuant to which the Company would merge with and into TriCo
Bancshares, a California corporation ("TriCo"), with TriCo being
the surviving corporation. Immediately thereafter, the Company's
subsidiary bank, North Valley Bank, would be merged with and into
TriCo's subsidiary bank, Tri Counties Bank. The transactions
contemplated by the Merger Agreement are expected to close in the
second or third quarter of 2014, pending approvals of the Company
shareholders and the TriCo shareholders, the receipt of all
necessary regulatory approvals, and the satisfaction of other
closing conditions which are customary for such transactions.
The Company did not record a provision for loan losses for the
quarters ended March 31, 2014 and 2013. The allowance for loan
losses at March 31, 2014 was $9,058,000, or 1.78% of total loans,
compared to $9,301,000, or 1.83% of total loans, at December 31,
2013 and $9,651,000, or 1.98% of total loans, at March 31,
2013.
At March 31, 2014, total assets were $918,972,000, an increase
of $8,238,000, or 0.9%, from $910,734,000 at March 31, 2013. The
loan portfolio totaled $508,056,000 at March 31, 2014, an increase
of $19,450,000, or 4.0%, compared to $488,606,000 at March 31,
2013. The loan to deposit ratio at March 31, 2014 was 64.7% as
compared to 63.0% at March 31, 2013, and 64.6% at December 31,
2013. Total deposits increased $9,897,000, or 1.3%, to $785,817,000
at March 31, 2014 compared to $775,920,000 at March 31, 2013.
Available-for-sale investment securities totaled $273,143,000 at
March 31, 2014, a decrease of $10,578,000 from the total at March
31, 2013. When compared to December 31, 2013, total assets
increased $1,208,000 from $917,764,000, while loans decreased by
$1,188,000 from $509,244,000, and deposits decreased $2,032,000
from $787,849,000. Available-for-sale investment securities
decreased $6,336,000 from December 31, 2013 to March 31, 2014,
while Federal funds sold increased $6,615,000 from December 31,
2013 to March 31, 2014.
At March 31, 2014, the Company's Total Risk-based Capital was
$120,196,000, and its capital ratios were: Total Risk-based Capital
ratio -- 19.3%; Tier 1 risk-based Capital ratio -- 18.1%; and Tier
1 Leverage ratio -- 12.3%. At March 31, 2014, the Bank's Total
Risk-based Capital was $118,348,000, and its capital ratios were:
Total Risk-based Capital ratio -- 19.1%; Tier 1 risk-based Capital
ratio -- 17.8%; and Tier 1 Leverage ratio -- 12.1%.
Credit
Quality
Nonperforming loans (defined as nonaccrual loans and loans 90
days or more past due and still accruing interest) decreased
$1,644,000, or 25.5%, to $4,805,000 at March 31, 2014 from
$6,449,000 at March 31, 2013, and decreased $288,000 from the
December 31, 2013 balance of $5,093,000. Nonperforming loans as a
percentage of total loans were 0.95% at March 31, 2014, as compared
to 1.00% at December 31, 2013 and 1.32% at March 31, 2013.
During the first quarter of 2014, the Company identified five
loans totaling $1,669,000 as additional nonperforming loans. The
additions were offset by reductions in nonperforming loans totaling
$1,957,000 due primarily to the transfer of one property to Other
Real Estate Owned ("OREO") totaling $1,231,000, and secondarily to
collections received on certain loans and charge-offs. Of the five
loans totaling $1,669,000 identified as nonperforming loans during
the first quarter of 2014, two relationships make up $1,526,000 of
the balance. The first relationship is for a commercial real estate
loan totaling $865,000 located in Stanislaus County. There is no
specific reserve required for this loan. The second relationship
consists of two loans totaling $661,000 for residential income
property located in Solano County. The Company has recorded a
$215,000 charge-off for these loans and there is no specific
reserve required. The remaining two loans of the five identified as
nonperforming loans in the first quarter total $143,000.
Charge-offs of $34,000 were recorded against one of the loans and
there were no specific reserves required.
Gross loan charge offs for the first quarter of 2014 were
$298,000 and recoveries totaled $55,000 resulting in net charge
offs of $243,000. Gross loan charge offs for the first quarter of
2013 were $1,056,000 and recoveries totaled $249,000 resulting in
net charge offs of $807,000.
Nonperforming assets (nonperforming loans and OREO) totaled
$7,438,000 at March 31, 2014, a decrease of $20,376,000 from the
March 31, 2013 balance of $27,814,000, and a $1,109,000 decrease
from the December 31, 2013 balance of $8,547,000. Nonperforming
assets as a percentage of total assets were 0.81% at March 31, 2014
compared to 3.05% at March 31, 2013 and 0.93% at December 31,
2013.
The Company's OREO properties decreased $821,000 to $2,633,000
at March 31, 2014 from $3,454,000 at December 31, 2013. The
decrease in OREO was due to the sale of three properties totaling
$2,227,000 (a gain of $175,000 was recorded on the sale), which was
partially offset by the transfer of one property to OREO totaling
$1,231,000. Subsequent to March 31, 2014, the Company sold an OREO
property located in Shasta County at its recorded value of
$2,154,000 resulting in no loss on the sale. The transaction closed
on April 4, 2014.
Operating
Results
Net interest income, which represents the Company's largest
component of revenues and is the difference between interest earned
on loans, investments and other earning assets and interest paid on
deposits and borrowings, increased $326,000, or 4.4%, for the three
months ended March 31, 2014 compared to the same period in 2013.
Interest income increased by $251,000, or 3.2%, primarily due to an
increase in average earning asset balances. The Company had
foregone interest income of $10,000 and $85,000 for the loans on
nonaccrual status for the three months ended March 31, 2014 and
2013, respectively. Average loans increased $22,734,000 in the
first quarter of 2014 compared to the first quarter of 2013, while
the yield on the loan portfolio decreased 22 basis points to 5.11%
for the quarter ended March 31, 2014. Interest expense decreased
$75,000, or 17.4%, due primarily to a decrease in the rates paid on
deposits for the quarter ended March 31, 2014 compared to the same
period in 2013. Overall, average earning assets increased
$41,029,000 to $838,890,000 in the first quarter of 2014 compared
to the first quarter of 2013. Average yields on earning assets
decreased 9 basis points from the quarter ended March 31, 2013, to
3.94% for the quarter ended March 31, 2014 while the average rate
paid on interest-bearing liabilities decreased by 5 basis points to
0.23%. The Company's net interest margin for the quarter ended
March 31, 2014 was 3.77%, a decrease of 4 basis points from the
margin of 3.81% for the first quarter in 2013 and an increase of 6
basis points from the 3.71% net interest margin for the linked
quarter ended December 31, 2013.
Noninterest income for the quarter ended March 31, 2014
decreased $1,899,000, or 43.9%, to $2,430,000 compared to
$4,329,000 for the same period in 2013. Service charges on deposits
decreased by $254,000 to $698,000 for the first quarter of 2014
compared to $952,000 for the same period in 2013. Other fees and
charges decreased by $108,000 to $1,012,000 for the first quarter
of 2014 compared to $1,120,000 for the first quarter of 2013. The
Company recorded gains on the sale of mortgage loans of $184,000,
and gains on the sale of SBA loans of $45,000 for the first quarter
of 2014 compared to gains of $757,000 and $168,000, respectively,
for the same period in 2013. The Company did not record a gain on
the sale of investment securities for the first quarter of 2014
compared to gains on the sale of investment securities of $543,000
for the same period in 2013. Other noninterest income decreased
$298,000, to $491,000 for the quarter ended March 31, 2014 compared
to $789,000 for the same period in 2013.
Noninterest expense decreased $1,132,000, or 11.5%, to
$8,756,000 for the first quarter of 2014 from $9,888,000 for the
first quarter in 2013. Salaries and employee benefits decreased
$139,000, for the first quarter of 2014 compared to the first
quarter of 2013. Occupancy and furniture and equipment expense
decreased $14,000 for the first quarter of 2014 compared to the
first quarter of 2013, OREO expense decreased $366,000 to $10,000,
for the first quarter of 2014 compared to $376,000 for the same
period in 2013, and FDIC and state assessments decreased $77,000 to
$141,000 for the first quarter of 2014, compared to $218,000 for
the same period in 2013. Other expense decreased $536,000 to
$2,743,000 for the first quarter of 2014 compared to $3,279,000 for
the same period in 2013. For the three months ended March 31, 2014,
the Company had approximately $290,000 of merger related expenses
resulting from the pending merger with TriCo Bancshares, included
in other noninterest expenses.
The Company recorded a provision for income taxes for the
quarter ended March 31, 2014 of $517,000, resulting in an effective
tax rate of 36.0%, compared to a provision for income taxes of
$616,000, or an effective tax rate of 32.8%, for the quarter ended
March 31, 2013.
North Valley Bancorp is a bank holding company headquartered in
Redding, California. Its subsidiary, North Valley Bank ("NVB"),
operates twenty-two commercial banking offices in Shasta, Humboldt,
Del Norte, Mendocino, Yolo, Sonoma, Placer and Trinity Counties in
Northern California, including two in-store supermarket branches
and six Business Banking Centers. North Valley Bancorp, through
NVB, offers a wide range of consumer and business banking deposit
products and services including internet banking and cash
management services. In addition to these depository services, NVB
engages in a full complement of lending activities including
consumer, commercial and real estate loans. Additionally, NVB has
SBA Preferred Lender status and provides investment services to its
customers. Visit the Company's website address at www.novb.com for
more information.
ADDITIONAL INFORMATION
ABOUT THE PROPOSED MERGER AND WHERE TO FIND IT
Investors and shareholders are urged to carefully review and
consider the public documents filed with the SEC by each of North
Valley and TriCo, including but not limited to their Annual Reports
on Form 10-K (including any amendments to Form 10-K), their
Quarterly Reports on Form 10-Q, their Current Reports on Form 8-K
and their proxy statements. Investors and shareholders may obtain
free copies of these documents through the website maintained by
the SEC at www.sec.gov (or from TriCo or North Valley as indicated
below). In connection with the proposed merger, TriCo will file
with the SEC a registration statement on Form S-4 to register the
shares of TriCo common stock to be issued to the shareholders of
North Valley. The registration statement will include a proxy
statement/prospectus which will be sent to the shareholders of
North Valley and TriCo, seeking their approval of the proposed
merger and related matters. In addition, TriCo and North Valley may
file other relevant documents concerning the proposed merger with
the SEC. Before making any voting or investment decision, investors
and shareholders of North Valley and TriCo are urged to carefully
read the entire registration statement on Form S-4 and the proxy
statement/prospectus included within the registration statement and
any other relevant documents to be filed with the SEC in connection
with the proposed merger, when they become available, as well as
any amendments or supplements to these documents, because they will
contain important information about TriCo, North Valley and the
proposed transaction.
Free copies of public documents filed with the SEC, including
the proxy statement/prospectus when it becomes available, may be
obtained by directing a request by telephone or mail to TriCo
Bancshares, 63 Constitution Drive, Chico, California 95973, Attn:
Investor Relations, telephone (530) 898-0300,
or by accessing TriCo's website at www.tcbk.com under "Investor
Relations," or by directing a request by telephone or mail to North
Valley Bancorp, 300 Park Marina Circle, Redding, California 96001,
Attn: Corporate Secretary, telephone 530-226-2900, or by accessing
North Valley's website at www.novb.com under "Investor Relations."
Information on Trico's website or North Valley's website is not,
and shall not be deemed to be, a part of this filing or
incorporated into other filings made with the SEC.
TriCo, North Valley, their directors, executive officers and
certain other persons may be deemed to be participants in the
solicitation of proxies from the TriCo and North Valley
shareholders in favor of the approval of the transaction.
Information about TriCo directors and executive officers will be
included in TriCo's Form 10-K Annual Report to be filed with the
SEC and information about North Valley's directors and executive
officers will be included in North Valley's Form 10-K Annual Report
to be filed with the SEC. Additional information regarding the
interests of these participants and other persons who may be deemed
participants in the proposed merger will be set forth in the proxy
statement/prospectus and other relevant documents filed with the
SEC (when they become available).
Cautionary Statement: This release contains certain
forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially
from those stated herein. Management's assumptions and projections
are based on their anticipation of future events and actual
performance may differ materially from those projected. Risks and
uncertainties which could impact future financial performance
include, among others, (a) competitive pressures in the banking
industry; (b) changes in the interest rate environment; (c) general
economic conditions, either nationally, regionally or locally,
including fluctuations in real estate values; (d) changes in the
regulatory environment; (e) changes in business conditions or the
securities markets and inflation; (f) possible shortages of gas and
electricity at utility companies operating in the State of
California, and (g) the effects of terrorism, including the events
of September 11, 2001, and thereafter, and the conduct of the war
on terrorism by the United States and its allies. Therefore, the
information set forth herein, together with other information
contained in the periodic reports filed by the Company with the
Securities and Exchange Commission, should be carefully considered
when evaluating the business prospects of the Company. North Valley
Bancorp undertakes no obligation to update any forward-looking
statements contained in this release, except as required by
law.
|
|
|
|
NORTH VALLEY BANCORP |
|
CONDENSED CONSOLIDATED FINANCIAL DATA |
|
(Unaudited) |
|
(Dollars in thousands, except per share data) |
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
March 31, |
|
|
|
|
|
|
Statement of Income |
|
2014 |
|
2013 |
|
$ Change |
|
|
% Change |
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (including fees) |
|
$ |
6,395 |
|
$ |
6,366 |
|
$ |
29 |
|
|
0.46 |
% |
|
Investment securities |
|
|
1,698 |
|
|
1,483 |
|
|
215 |
|
|
14.50 |
% |
|
Federal funds sold and other |
|
|
26 |
|
|
19 |
|
|
7 |
|
|
36.84 |
% |
|
|
Total interest income |
|
|
8,119 |
|
|
7,868 |
|
|
251 |
|
|
3.19 |
% |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
226 |
|
|
299 |
|
|
(73 |
) |
|
(24.41 |
%) |
|
Subordinated debentures |
|
|
131 |
|
|
133 |
|
|
(2 |
) |
|
(1.50 |
%) |
|
|
Total interest expense |
|
|
357 |
|
|
432 |
|
|
(75 |
) |
|
(17.36 |
%) |
Net interest income |
|
|
7,762 |
|
|
7,436 |
|
|
326 |
|
|
4.38 |
% |
Provision for loan losses |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Net interest income after provision for loan
losses |
|
|
7,762 |
|
|
7,436 |
|
|
326 |
|
|
4.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
698 |
|
|
952 |
|
|
(254 |
) |
|
(26.68 |
%) |
|
Other fees and charges |
|
|
1,012 |
|
|
1,120 |
|
|
(108 |
) |
|
(9.64 |
%) |
|
Gain on sales of mortgage loans |
|
|
184 |
|
|
757 |
|
|
(573 |
) |
|
(75.69 |
%) |
|
Gain on sales of SBA loans |
|
|
45 |
|
|
168 |
|
|
(123 |
) |
|
(73.21 |
%) |
|
Gain on sales of securities, net |
|
|
- |
|
|
543 |
|
|
(543 |
) |
|
(100.00 |
%) |
|
Other |
|
|
491 |
|
|
789 |
|
|
(298 |
) |
|
(37.77 |
%) |
|
|
Total noninterest income |
|
|
2,430 |
|
|
4,329 |
|
|
(1,899 |
) |
|
(43.87 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
5,023 |
|
|
5,162 |
|
|
(139 |
) |
|
(2.69 |
%) |
|
Occupancy |
|
|
623 |
|
|
633 |
|
|
(10 |
) |
|
(1.58 |
%) |
|
Furniture and equipment |
|
|
216 |
|
|
220 |
|
|
(4 |
) |
|
(1.82 |
%) |
|
Other real estate owned expense |
|
|
10 |
|
|
376 |
|
|
(366 |
) |
|
(97.34 |
%) |
|
FDIC and state assessments |
|
|
141 |
|
|
218 |
|
|
(77 |
) |
|
(35.32 |
%) |
|
Other |
|
|
2,743 |
|
|
3,279 |
|
|
(536 |
) |
|
(16.35 |
%) |
|
|
Total noninterest expenses |
|
|
8,756 |
|
|
9,888 |
|
|
(1,132 |
) |
|
(11.45 |
%) |
|
|
Income before provision for income taxes |
|
|
1,436 |
|
|
1,877 |
|
|
(441 |
) |
|
(23.49 |
%) |
Provision for income taxes |
|
|
517 |
|
|
616 |
|
|
(99 |
) |
|
(16.07 |
%) |
|
|
Net income |
|
$ |
919 |
|
$ |
1,261 |
|
$ |
(342 |
) |
|
(27.12 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.13 |
|
$ |
0.18 |
|
$ |
(0.05 |
) |
|
(27.78 |
%) |
|
|
Diluted |
|
$ |
0.13 |
|
$ |
0.18 |
|
$ |
(0.05 |
) |
|
(27.78 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
6,836,463 |
|
|
6,835,192 |
|
|
|
|
|
|
|
|
Weighted average shares outstanding - diluted |
|
|
6,889,040 |
|
|
6,845,484 |
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
13.99 |
|
$ |
14.18 |
|
|
|
|
|
|
|
|
Tangible book value per share |
|
$ |
13.97 |
|
$ |
14.15 |
|
|
|
|
|
|
|
|
Shares outstanding |
|
|
6,836,463 |
|
|
6,835,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH VALLEY BANCORP |
|
CONDENSED CONSOLIDATED FINANCIAL DATA |
|
(Unaudited) |
|
(Dollars in thousands) |
|
|
|
|
|
March 31, |
December 31, |
March 31, |
|
Balance Sheet Data |
|
2014 |
|
|
2013 |
|
|
2013 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
22,718 |
|
|
$ |
19,348 |
|
|
$ |
15,890 |
|
|
Federal funds sold |
|
|
44,750 |
|
|
|
38,135 |
|
|
|
35,925 |
|
|
Time deposits at other financial institutions |
|
|
2,226 |
|
|
|
2,226 |
|
|
|
2,219 |
|
|
Available-for-sale securities - at fair value |
|
|
273,143 |
|
|
|
279,479 |
|
|
|
283,721 |
|
|
Held-to-maturity securities - at amortized cost |
|
|
2 |
|
|
|
2 |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
508,056 |
|
|
|
509,244 |
|
|
|
488,606 |
|
|
Allowance for loan losses |
|
|
(9,058 |
) |
|
|
(9,301 |
) |
|
|
(9,651 |
) |
|
|
Net loans |
|
|
498,998 |
|
|
|
499,943 |
|
|
|
478,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and equipment, net |
|
|
7,583 |
|
|
|
7,833 |
|
|
|
8,978 |
|
|
Other real estate owned |
|
|
2,633 |
|
|
|
3,454 |
|
|
|
21,365 |
|
|
Core deposit intangibles, net |
|
|
73 |
|
|
|
109 |
|
|
|
219 |
|
|
Accrued interest receivable and other assets |
|
|
66,846 |
|
|
|
67,235 |
|
|
|
63,456 |
|
Total assets |
|
$ |
918,972 |
|
|
$ |
917,764 |
|
|
$ |
910,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand, noninterest bearing |
|
$ |
176,951 |
|
|
$ |
184,971 |
|
|
$ |
174,495 |
|
|
Demand, interest bearing |
|
|
210,207 |
|
|
|
202,508 |
|
|
|
193,846 |
|
|
Savings and money market |
|
|
255,245 |
|
|
|
250,633 |
|
|
|
245,094 |
|
|
Time |
|
|
143,414 |
|
|
|
149,737 |
|
|
|
162,485 |
|
|
|
Total deposits |
|
|
785,817 |
|
|
|
787,849 |
|
|
|
775,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest payable and other liabilities |
|
|
15,893 |
|
|
|
14,835 |
|
|
|
16,217 |
|
|
Subordinated debentures |
|
|
21,651 |
|
|
|
21,651 |
|
|
|
21,651 |
|
Total liabilities |
|
|
823,361 |
|
|
|
824,335 |
|
|
|
813,788 |
|
|
Shareholders' equity |
|
|
95,611 |
|
|
|
93,429 |
|
|
|
96,946 |
|
Total liabilities and shareholders' equity |
|
$ |
918,972 |
|
|
$ |
917,764 |
|
|
$ |
910,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
4,805 |
|
|
$ |
5,093 |
|
|
$ |
6,449 |
|
|
Loans past due 90 days and accruing interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Other real estate owned |
|
|
2,633 |
|
|
|
3,454 |
|
|
|
21,365 |
|
|
|
Total nonperforming assets |
|
$ |
7,438 |
|
|
$ |
8,547 |
|
|
$ |
27,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classified assets |
|
$ |
14,665 |
|
|
$ |
17,973 |
|
|
$ |
39,113 |
|
|
Bank Tier 1 Capital + ALLL |
|
$ |
119,621 |
|
|
$ |
118,248 |
|
|
$ |
117,245 |
|
|
Classified assets ratio |
|
|
12.26 |
% |
|
|
15.20 |
% |
|
|
33.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to total loans |
|
|
1.78 |
% |
|
|
1.83 |
% |
|
|
1.98 |
% |
|
Allowance for loan losses to NPL's |
|
|
188.51 |
% |
|
|
182.62 |
% |
|
|
149.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH VALLEY BANCORP |
|
CONDENSED CONSOLIDATED FINANCIAL DATA |
|
(Unaudited) |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
Three Months Ended |
|
Selected Financial Ratios |
|
March 31, |
|
|
|
2014 |
|
|
2013 |
|
|
Return on average total assets |
|
|
0.41 |
% |
|
|
0.57 |
% |
|
Return on average shareholders' equity |
|
|
3.92 |
% |
|
|
5.30 |
% |
|
Net interest margin (tax equivalent basis) |
|
|
3.77 |
% |
|
|
3.81 |
% |
|
Efficiency ratio |
|
|
85.91 |
% |
|
|
84.05 |
% |
|
|
|
|
|
|
|
|
|
Selected Average Balances |
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
507,149 |
|
|
$ |
484,415 |
|
|
Taxable investments |
|
|
281,290 |
|
|
|
270,493 |
|
|
Tax-exempt investments |
|
|
4,964 |
|
|
|
9,840 |
|
|
Federal funds sold and other |
|
|
45,487 |
|
|
|
33,113 |
|
|
|
Total earning assets |
|
$ |
838,890 |
|
|
$ |
797,861 |
|
|
|
Total assets |
|
$ |
919,629 |
|
|
$ |
897,178 |
|
|
|
|
|
|
|
|
|
|
|
Demand deposits - interest bearing |
|
$ |
206,635 |
|
|
$ |
188,138 |
|
|
Savings and money market |
|
|
254,360 |
|
|
|
238,785 |
|
|
Time deposits |
|
|
146,404 |
|
|
|
166,198 |
|
|
Other borrowings |
|
|
21,651 |
|
|
|
21,651 |
|
|
|
Total interest bearing liabilities |
|
$ |
629,050 |
|
|
$ |
614,772 |
|
|
Demand deposits - noninterest bearing |
|
$ |
180,295 |
|
|
$ |
169,080 |
|
|
Shareholders' equity |
|
$ |
95,001 |
|
|
$ |
96,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH VALLEY BANCORP |
CONDENSED CONSOLIDATED FINANCIAL DATA |
(Unaudited) |
(Dollars in thousands, except per share data) |
|
|
For the Quarter Ended |
|
|
March |
|
December |
|
September |
|
June |
|
|
2014 |
|
2013 |
|
2013 |
|
2013 |
Interest income |
|
$ |
8,119 |
|
$ |
8,199 |
|
$ |
8,165 |
|
$ |
7,981 |
Interest expense |
|
|
357 |
|
|
392 |
|
|
391 |
|
|
403 |
|
Net interest income |
|
|
7,762 |
|
|
7,807 |
|
|
7,774 |
|
|
7,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Noninterest income |
|
|
2,430 |
|
|
2,948 |
|
|
3,209 |
|
|
3,651 |
Noninterest expense |
|
|
8,756 |
|
|
9,653 |
|
|
10,036 |
|
|
9,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision for income taxes |
|
|
1,436 |
|
|
1,102 |
|
|
947 |
|
|
1,293 |
Provision for income taxes |
|
|
517 |
|
|
212 |
|
|
367 |
|
|
399 |
|
Net income |
|
$ |
919 |
|
$ |
890 |
|
$ |
580 |
|
$ |
894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.13 |
|
$ |
0.13 |
|
$ |
0.08 |
|
$ |
0.13 |
|
Diluted |
|
$ |
0.13 |
|
$ |
0.13 |
|
$ |
0.08 |
|
$ |
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For further information contact: Michael J. Cushman or
President & Chief Executive Officer (530) 226-2900 Fax:
(530) 221-4877 Kevin
R. Watson Executive Vice President & Chief Financial Officer
(530) 226-2900 Fax:
(530) 221-4877
North Valley Banco (MM) (NASDAQ:NOVB)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
North Valley Banco (MM) (NASDAQ:NOVB)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024