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Tri-Valley Bank Announces Third Quarter 2015 Earnings and Termination of Consent Order

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

Tri-Valley Bank (OTC: TRVB) today announced unaudited earnings for the third quarter ended September 30, 2015. Financial performance highlights include the following:

  • Effective September 29, 2015 the Bank's regulatory agencies terminated the Consent Order dated May 24, 2010, which among other items required a minimum 12% tier 1 leverage ratio.
  • Capital: The tier 1 leverage ratio at September 30, 2015 was 11.51% compared to 10.26% at June 30, 2015, and 7.94% at September 30, 2014. The Bank raised $1.350 million in capital in the third quarter 2015, and $325 thousand in early October 2015, both to close a previously announced private placement offering.
  • Net Income/Loss: Net income for the third quarter of 2015 was $5,000, a decline of $35,000 compared to net income of $39,000 for the second quarter of 2015. The year to date net loss at September 30, 2015 was $9,000, a $274,000 improvement from the year to date net loss of $283,000 at September 30, 2014.
  • Deposits: Total deposits as of September 30, 2015 were $91.1 million, a decrease of $1.2 million from June 30, 2015, and an increase of $3.9 million from $87.1 million at September 31, 2014. The quarterly decline in total deposits was the result of the maturity of higher cost certificates of deposits, partially offset by an increase in non-interest bearing deposits. Non-Interest bearing deposits at September 30, 2015 were $25.8 million, 28% of total deposits and an increase of $1.1 million compared to June 30, 2015, and an increase of $5.0 million from September 30, 2014.
  • Loans: Total loans at September 30, 2015 were $82.9 million, an increase of $96 thousand over June 30, 2015, and an increase of $7.7 million from September 30, 2014. The year over year growth in loans and non interest bearing deposits helped increase the net interest margin in the year to date period at September, 30 2015 to 3.58% compared to 3.37% for the year to date period at September 30, 2014.
  • Loan Delinquencies: As of September 30, 2015, there were no loans past due 30-60 days. Loans on non-accrual totaled $34,000.

"I want to thank our customers and employees for their continued loyalty to Tri-Valley Bank. Our improved financial performance and regulatory condition is indicative of our dedication to providing best in class banking services to the markets of Livermore, and the 680 and 880 East Bay corridors," said Arnold Grisham, Chairman, President and CEO. "We are proud to provide banking services to a full range of professionals and business owners; non-profit organizations and property management companies in the East Bay."

Tri-Valley Bank (rounded to thousands)     Change     Change  
Balance Sheet Unaudited Unaudited 2Q15 to 3Q15 Unaudited 3Q14 to 3Q15
Quarter Ending Quarter Ending Amount % Quarter Ending Amount %
    September 30, 2015   June 30, 2015       September 30, 2014        
Assets:
Cash & Cash Equivalents 11,135 10,643 493 5 % 11,292 (157 ) -1 %
Securities & Correspondent Stock 8,190 8,585 (395 ) -5 % 12,320 (4,131 ) -34 %
Loans, net of fees 82,860 82,765 96 0 % 75,136 7,724 10 %
Allowance for Loan Losses (1,471 ) (1,462 ) (9 ) 1 % (1,423 ) (48 ) 3 %
Other Assets   2,333       2,295       39   2 %   2,335       (2 ) 0 %
Total Assets $ 103,048     $ 102,825     $ 223   0 % $ 99,661     $ 3,387   3 %
 
Liabilities and Stockholders' Equity
Total Deposits 91,047 92,205 (1,158 ) -1 % 87,136 3,912 4 %
Borrowings & Other Liabilities   140       151       (11 ) -7 %   4,728       (4,588 ) -97 %
Total Liabilities 91,187 92,356 (1,169 ) -1 % 91,863 (677 ) -1 %
 
Stockholders' Equity:   11,861       10,469       1,392   13 %   7,797       4,063   52 %
Total Liabilities & Stockholders' Equity $ 103,048     $ 102,825     $ 223   0 % $ 99,661     $ 3,387   3 %
 
Tri-Valley Bank (rounded to thousands)   Unaudited         Unaudited    
Income Statement Quarter Ending Chg Fr. Prior Quarter Year to Date Ending Chg Fr. Prior YTD

Q315

Q215

Amount

%

Q315

Q314

Amount

%

 

Income:                                
Total Interest Income $ 966 $ 987 $ (21 ) -2 % $ 2,867 $ 2,645 $ 222 8 %
Less: Total Interest Expense   68     66     1   2 %   195       184       11   6 %
Net Interest Income 899 920 (22 ) -2 % 2,672 2,461 211 9 %
Less: Provision for Loan Losses   -     -     -   0 %   19       -       19  

N

/A

Net Interest Income after Provision 899 920 (22 ) -2 % 2,653 2,461 192 8 %
Total Noninterest Income   37     39     (2 ) -6 %   114       127       (13 ) 10 %
Total Revenue after Cr. Provision 936 960 (24 ) -3 % 2,767 2,588 179 7 %
Total Noninterest Expense 931 920 11 1 % 2,776 2,871 (96 ) -3 %
Income Tax   -     -     -   0 %   -       -       -   0 %
Net Income (Loss) $ 5   $ 39   $ (35 ) -88 % $ (9 )   $ (283 )   $ 274   97 %
 
Basic Income/(Loss) per Share $ 0.00 $ 0.00 $ - 0 % $ (0.00 ) $ (0.01 ) $ 0.01 94 %
 

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.

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

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