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Tri-Valley Bank Announces Fourth Quarter 2015 Earnings

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

Tri-Valley Bank (OTC: TRVB) today announced unaudited earnings for the fourth quarter ended December 31, 2015. Financial performance highlights include the following:

  • Loans: Total loans at December 31, 2015 were $94.2 million, an increase of $18.1 million over December 31, 2014, and a quarterly increase of $11.4 million from September 30, 2015.
  • Net Income/Loss: Net income for the fourth quarter of 2015 was $50,000, an increase of $45,000 compared to net income of $5,000 for the third quarter of 2015. The year to date net income at December 31, 2015 was $41,000, a $282,000 improvement from the year to date net loss of $241,000 at December 31, 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 December, 31 2015 to 3.55% compared to 3.39% for the year to date period at December 31, 2014.
  • Capital: The Bank's tier 1 leverage ratio at December 31, 2015 was 11.85% compared to 9.79% at December 31, 2014.
  • Deposits: Total deposits as of December 31, 2015 were $100.2 million, an increase of $9.0 million from September 30, 2015, and an increase of $17.9 million from $82.3 million at December 31, 2014. Non-Interest bearing deposits at December 31, 2015 were $27.1 million, 27% of total deposits and an increase of $7.5 million compared to December 31, 2014.
  • Loan Delinquencies: As of December 31, 2015, there were no loans past due 30-60 days. Loans on non-accrual totaled $22,000.

"2015 marks a milestone year for Tri-Valley Bank with many notable accomplishments," said Arnold Grisham, Chairman, President and CEO. "The Consent Order from 2010 was terminated by the Bank's primary regulators in September. Net loans grew 24% year over year to end at record levels, and have increased 71% from $55.1 million at the end of 2010. Net income for 2015 was $41 thousand compared to a net loss of $2.5 million in 2010. The Bank continues to build a strong deposit base with 27% of total deposits in non interest bearing accounts. Total deposits increased 22% year over year, and have increased 81% from $55.4 million at the end of 2010. Non-Interest bearing balances increased 38% year over year and grew by 159% from $10.5 million at the end of 2010. This helped to decrease the Bank's cost of funds to .29% in 2015 from .89% for 2010. Asset quality has dramatically improved with the Bank's ratio of non-accrual loans, loans 90+ days delinquent and OREO to capital and loan loss provision (Texas ratio) declining to 13% at the end of 2015 from 88% at the end of 2010, and a peak of 130% in the middle of 2011. Lastly, capital has improved with the Bank's total tier 1 leverage ratio increasing to 11.8% at the end of 2015 compared to 7.3% at the end of 2010."

"All of these improvements are indicative of our success and dedication to providing best in class banking services to the markets of Livermore, and the 680 and 880 East Bay corridors. 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

3Q15 to 4Q15

Unaudited

4Q14 to 4Q15

Quarter Ending Quarter Ending Amount % Quarter Ending Amount %
    December 31, 2015   September 30, 2015         December 31, 2014                
Assets:
Cash & Cash Equivalents 9,988 11,135 (1,147 ) -10 % 9,132 856 9 %
Securities & Correspondent Stock 7,842 8,190 (348 ) -4 % 9,099 (1,257 ) -14 %
Loans, net of fees 94,235 82,860 11,375 14 % 76,146 18,089 24 %
Allowance for Loan Losses (1,478 ) (1,471 ) (7 ) 0 % (1,430 ) (48 ) 3 %
Other Assets   2,369       2,333       35   2 %   2,370           (1 ) 0 %
Total Assets $ 112,956     $ 103,048     $ 9,908   10 % $ 95,317         $ 17,639   19 %
 
Liabilities and Stockholders' Equity
Total Deposits 100,176 91,047 9,128 10 % 82,265 17,911 22 %
Borrowings & Other Liabilities   141       139       2   1 %   3,656           (3,516 ) -96 %
Total Liabilities 100,316 91,186 9,130 10 % 85,921 14,395 17 %
 
Stockholders' Equity:   12,639       11,862       778   7 %   9,396           3,244   35 %
Total Liabilities & Stockholders' Equity $ 112,956     $ 103,048     $ 9,908   10 % $ 95,317         $ 17,639   19 %
                 
Tri-Valley Bank (rounded to thousands) Unaudited Unaudited
Income Statement Quarter Ending Chg Fr. Prior Quarter Year to Date Ending Chg Fr. Prior YTD

Q415

Q315

Amount

%

Q415

Q414

Amount

%

Income:                              
Total Interest Income $ 999 $ 961 $ 38 4 % $ 3,852 $ 3,538 $ 314 9 %
Less: Total Interest Expense   68     68     1   1 %   263     244       19   8 %
Net Interest Income 931 894 38 4 % 3,589 3,294 295 9 %
Less: Provision for Loan Losses   -     -     -   0 %   19     -       19   N/A
Net Interest Income after Provision 931 894 38 4 % 3,570 3,294 277 8 %
Total Noninterest Income   37     37     (0 ) -1 %   151     303       (153 ) -50 %
Total Revenue after Cr. Provision 968 931 37 4 % 3,721 3,597 124 3 %
Total Noninterest Expense 918 926 (8 ) -1 % 3,680 3,838 (158 ) -4 %
Income Tax   -     -     -   0 %   -     -       -   0 %
Net Income (Loss) $ 50   $ 5   $ 45   948 % $ 41   $ (241 )   $ 282   117 %
 
Basic Income/(Loss) per Share $ 0.00 $ 0.00 $ - 0 % $ 0.00 $ (0.01 ) $ 0.01 108 %
 

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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