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Tri-Valley Bank Announces Second Quarter 2017 Earnings and Reversal of Deferred Tax Asset Valuation Allowance

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Tri-Valley Bank (OTC:TRVB) today announced record unaudited year-to-date
pre-tax net income of $621,000 for the first six months ended June 30,
2017 and record after tax net income of $3,303,000. Financial
performance highlights include the following:

  • Net Income: Year-to-date pre-tax net income at June 30, 2017 was
    $621,000, an improvement of $384,000 compared to year-to-date pre-tax
    net income of $237,000 at June 30, 2016. Year-to-date after tax net
    income for the six months ending June 30, 2017 was $3,303,000 compared
    to year-to-date after tax net income of $237,000 for the six months
    ending June 30, 2016. 2017 after tax net income includes a net tax
    benefit of $2,682,000 relating to the reversal of the remaining
    deferred tax asset valuation allowance less the estimated tax expense
    for 2017 earnings.
  • Loans: Total loans as of June 30, 2017 reached a record $121.2
    million, an annual increase of 20%, or $20.5 million compared to June
    30, 2016, and a quarterly increase of $2.4 million over total loans at
    March 31, 2017.
  • Deposits: Total deposits as of June 30, 2017 reached a record $127.6
    million, an increase of 18%, or $19.6 million, compared to June 30,
    2016, and a quarterly increase of $6.1 million over total deposits at
    March 31, 2017.
  • Loan Delinquencies: As of June 30, 2017, there were no loans past due
    30+ days, and no loans on non-accrual.
  • The reversal of the remaining deferred tax asset valuation allowance
    in the period increases book value per share to $0.51 at June 30, 2017
    from $0.43 at December 31, 2016. Total equity was $20.0 million at
    June 30, 2017, a $3.2 million increase from March 31, 2017.

"The Bank's record loan and deposit balances, balance sheet improvement
and increase in earnings show the continued financial strengthening of
our company and sets the stage for continued growth," 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 Unaudited Unaudited Change Unaudited Change
Balance Sheet (rounded to thousands) Quarter Ending Quarter Ending 1Q17 to 2Q17 Quarter Ending 2Q16 to 2Q17
June 30, 2017 March 31, 2017 Amount % June 30, 2016 Amount %
Assets:
Cash & Cash Equivalents 13,041 8,886 4,154 47 % 11,960 1,081 9 %
Securities & Correspondent Stock 6,839 6,861 (21 ) 0 % 7,470 (631 ) -8 %
Loans, net of fees 121,230 118,854 2,376 2 % 100,768 20,462 20 %
Allowance for Loan Losses (1,933 ) (1,921 ) (12 ) 1 % (1,559 ) (374 ) 24 %
Deferred Tax and Other Assets   8,536       5,708       2,829   50 %   2,508       6,028   240 %
Total Assets $ 147,713     $ 138,388     $ 9,325   7 % $ 121,148     $ 26,565   22 %
 
Liabilities and Stockholders' Equity
Total Deposits 127,605 121,467 6,139 5 % 108,044 19,561 18 %
Borrowings & Other Liabilities   103       71       31   44 %   127       (24 ) -19 %
Total Liabilities 127,708 121,538 6,170 5 % 108,171 19,537 18 %
 
Stockholders' Equity:   20,005       16,850       3,156   19 %   12,977       7,028   54 %
Total Liabilities & Stockholders' Equity $ 147,713     $ 138,388     $ 9,325   7 % $ 121,148     $ 26,565   22 %
 
                   
Tri-Valley Bank Unaudited Unaudited
Income Statement (rounded to thousands) Quarter Ending Chg Fr. Prior Quarter Year to Date Ending Chg Fr. Prior YTD

Q2 17

Q1 17

Amount

%

Q2 17

Q2 16

Amount

%

Total Interest Income $ 1,365 $ 1,425 $ (60 ) -4 % $ 2,789 $ 2,239 $ 550 25 %
Less: Total Interest Expense   109       94     15   16 %   202       155     47   30 %
Net Interest Income 1,256 1,331 (75 ) -6 % 2,587 2,084 503 24 %
Less: Provision for Loan Losses   -       -     -   0 %   -       -     -   0 %
Net Interest Income after Provision 1,256 1,331 (75 ) -6 % 2,587 2,084 503 24 %
Total Noninterest Income   36       34     2   7 %   70       71     (1 ) -2 %
Total Revenue after Cr. Provision 1,292 1,365 (73 ) -5 % 2,657 2,155 502 23 %
Total Noninterest Expense   1,021       1,015     6   1 %   2,036       1,918     118   6 %
Income Before Tax   271       350     (79 ) -23 %   621       237     384   162 %
Income Tax   (2,793 )     111     (2,904 ) -2618 %   (2,682 )     -     (2,682 ) N/M
Net Income $ 3,064     $ 239   $ 2,825   1181 % $ 3,303     $ 237   $ 3,066   1294 %
 
Basic Income per Share $ 0.078 $ 0.006 $ 0.072 1164 % $ 0.085 $ 0.006 $ 0.079 1310 %
 

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.

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