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Tri-Valley Bank Announces Third Quarter 2016 Earnings and Record Loan and Deposit Growth

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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, 2016. Financial performance highlights include the following:

  • Loans: Total loans as of September 30, 2016 reached a record $107.1 million, an annual increase of $24.3 million compared to September 30, 2015, a 29% annual increase, and an increase of $6.4 million over total loans at June 30, 2016.
  • Deposits: Total deposits as of September 30, 2016 reached a record $121.0 million, an increase of $30.0 million from September 30, 2015, a 33% annual increase, and an increase of $13.0 million from June 30, 2016. The Federal Reserve increased the Fed Funds rate in December, 2015 and the Bank's cost of funds has not risen and was 0.29% in the year-to-date period ending September 30, 2016, which was unchanged from the 0.29% cost of funds for the same year-to-date period ending September 30, 2015.
  • Net Income/Loss: The year-to-date net income at September 30, 2016 was $175,000, an improvement of $184,000 compared to the year-to-date net loss of $9,000 at September 30, 2015. Net loss for the third quarter of 2016 was $62,000 compared to net income of $118,000 for the second quarter of 2016. The net loss incurred this quarter was attributed to a one-time fraud related operational loss of $145,000.
  • Capital: The tier 1 leverage ratio at September 30, 2016 was 10.23% compared to 11.51% at September 30, 2015, and 10.46% at June 30, 2016.
  • Loan Delinquencies: As of September 30, 2016, there were no loans past due 30+ days, and no loans on non-accrual.

"The Bank's record loan and deposit growth show our commitment to our customers and communities and sets the stage for significant earnings growth in 2017," 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 (rounded to thousands) Change Change
Balance Sheet Unaudited Unaudited 2Q16 to 3Q16 Unaudited 3Q15 to 3Q16
Quarter Ending Quarter Ending Amount % Quarter Ending Amount %
      September 30, 2016   June 30, 2016         September 30, 2015        
Assets:
Cash & Cash Equivalents 18,922 11,960 6,962 58 % 11,135 7,787 70 %
Securities & Correspondent Stock 7,338 7,470 (133 ) -2 % 8,189 (852 ) -10 %
Loans, net of fees 107,122 100,768 6,354 6 % 82,860 24,262 29 %
Allowance for Loan Losses (1,572 ) (1,559 ) (13 ) 1 % (1,471 ) (101 ) 7 %
Other Assets   2,322       2,508       (186 ) -7 %   2,333       (11 ) 0 %
Total Assets $ 134,132     $ 121,148     $ 12,984   11 % $ 103,048     $ 31,085   30 %
 
Liabilities and Stockholders' Equity
Total Deposits 121,046 108,044 13,002 12 % 91,047 29,999 33 %
Borrowings & Other Liabilities   145       127       18   14 %   140       5   4 %
Total Liabilities 121,191 108,171 13,020 12 % 91,187 30,004 33 %
 
Stockholders' Equity:   12,942       12,977       (36 ) 0 %   11,861       1,081   9 %

Total Liabilities & Stockholders' Equity

$ 134,132     $ 121,148     $ 12,984   11 % $ 103,048     $ 31,085  

30

%
 
               
Tri-Valley Bank (rounded to thousands) Unaudited Unaudited
Income Statement Quarter Ending Chg Fr. Prior Quarter Year to Date Ending Chg Fr. Prior YTD

Q316

 

Q216

Amount

%

Q316

 

Q315

Amount

%

Income:

                                   
Total Interest Income $ 1,164 $ 1,143 $ 20 2 % $ 3,403 $ 2,867 $ 537 19 %
Less: Total Interest Expense   86       82     3   4 %   241     195       46   23 %
Net Interest Income 1,078 1,061 17 2 % 3,162 2,672 491 18 %
Less: Provision for Loan Losses   -       -     -   0 %   -     19       (19 ) -100 %
Net Interest Income after Provision 1,078 1,061 17 2 % 3,162 2,653 509 19 %
Total Noninterest Income   36       36     1   1 %   107     114       (7 ) -6 %
Total Revenue after Cr. Provision 1,115 1,097 18 2 % 3,269 2,767 502 18 %

Total Noninterest Expense

1,177 979 198 20 % 3,094 2,776 319 11 %
Income Tax   -       -     -   0 %   -     -       -   0 %

Net Income (Loss)

$ (62 )   $ 118   $ (181 ) -153 % $ 175   $ (9 )   $ 184   2129 %
 

Basic Income/(Loss) per Share

$ (0.002 ) $ 0.003 $ (0.005 ) -153 % $ 0.005 $ (0.000 ) $ 0.005 1112 %
 

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 and CEO

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