Total assets were $820.6 million at the end of the first quarter of 2019. Compared to $779.9 million at year-end 2018, this is an increase of $40.8 million, or 5%. When compared to the end of the first quarter last year, this represents an increase of $139.3 million, or 20%.        

Total net loans were $542.9 million at March 31, 2019. Compared to $514.7 million at December 31, 2018, this is an increase of $28.2 million, or 5%. Compared to the end of the first quarter of 2018, this is an increase of $91.7 million, or 20%. At March 31, 2019, the Bank had no nonperforming loans. 

Total deposits were $718.0 million at March 31, 2019. This is an increase of $14.4 million, or 2%, when compared to $703.7 million at December 31, 2018. Compared to the end of the first quarter last year, this is an increase of $102.5 million, or 17%.

Eugene Voiland, Chairman of the Board of Directors added, "The Board of Directors and I are proud of the accomplishments of the Bank during its first ten years of operation. We believe that the opportunities for continued growth are clear and our ability to capture a larger share of this market has never been better. We are also excited about our decision to establish a new Oil and Gas Division in the Bank. This will strategically place the Bank in an excellent position to serve this active Kern County market segment."

During the 1^st quarter of 2019, the Company issued $20 million of fixed-to-floating rate subordinated notes, through a private placement. The notes have a ten year term and have a fixed rate of 6% for five years and then will have a floating rate of three month LIBOR + 3.52% until maturity. Of the resulting $19.6 million in net proceeds, the Company contributed $18 million to the Bank. For regulatory capital purposes, the notes will qualify as Tier 2 capital for the Company and the contribution to the Bank will qualify as Tier 1 capital for the Bank.

Total shareholders' equity at March 31, 2019 was $70.2 million. Compared to December 31, 2018, total shareholders' equity has increased by $3.1 million, or 5%, compared to $67.2 million. Compared to the first quarter of last year, this is an increase of $10.9 million, or 18%.

Geraud Smith concluded, "This is an exciting time for the Company and the Bank. We have accomplished much during the first ten years of operation, with new and greater opportunities continuing to develop. While we begin to work on these new opportunities, our commitment remains unwavering in our efforts to serve our customers and remain the premier community bank in Central California."

Valley Republic Bancorp is a bank holding company formed in 2016. Valley Republic Bank is a wholly-owned subsidiary of Valley Republic Bancorp, headquartered in Bakersfield, California. The Bancorp is subject to the regulatory oversight of the Federal Reserve Bank, and the Bank is subject to the regulatory oversight of the Federal Deposit Insurance Corporation and the California Department of Business Oversight. Valley Republic Bank is an insured, state-chartered, non-member bank of the Federal Reserve System. The Bank is in its eleventh year of operation, having been established in 2009. Valley Republic Bank is a full-service, community bank with three full-service banking offices in Bakersfield and one full-service banking office in Delano. Valley Republic Bank emphasizes professional, high quality banking services provided to a wide range of businesses and professionals. The Bank also provides a full complement of banking services that are available to individuals and non-profit organizations.  

This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and Valley Republic Bancorp and Valley Republic Bank (together, the "Company") intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company's ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally, in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company's operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.