Exhibit 99.185
North Valley Bancorp Reports Results for the Quarter
and Six Months Ended June 30, 2011
August 2, 2011 – REDDING, CA - North Valley Bancorp (NASDAQ:NOVB), a bank holding company with approximately $895 million in assets, today reported results for the second quarter and six months ended June 30, 2011. North Valley Bancorp (“the Company”) is the parent company for North Valley Bank (“NVB”).
The Company reported net income for the second quarter ended June 30, 2011 of $519,000, or $0.08 per diluted share, compared to a net loss of $572,000, or ($0.38) per diluted share, for the same period in 2010. The Company reported net income for the six months ended June 30, 2010 of $918,000, or $0.13 per diluted share, compared to a net loss of $884,000, or ($0.59) per diluted share, for the same period in 2010. “We continue to successfully execute our 2011 Plan, reporting another profitable quarter, slowing the migration of performing loans to nonperforming loans, focusing on the resolution of NPA’s and OREO and growing loan pipelines and loan production,” stated Mike Cushman, President and CEO.
The Company recorded provisions for loan losses of $1,250,000 and $2,250,000 for the second quarter and six months ended June 30, 2011, respectively, compared to provisions for loan losses of $2,600,000 and $3,600,000 for the second quarter and six months ended June 30, 2010, respectively. The allowance for loan losses at June 30, 2011 was $14,746,000, or 3.06% of total loans, compared to $14,993,000, or 2.92% of total loans at December 31, 2010 and $16,151,000, or 2.89% of total loans at June 30, 2010.
At June 30, 2011, total assets were $895,057,000, down $15,724,000, or 1.7%, from $910,781,000 at June 30, 2010. The loan portfolio totaled $482,154,000 at June 30, 2011, a decrease of $77,451,000, or 13.8%, compared to $559,605,000 at June 30, 2010. The loan to deposit ratio at June 30, 2011 was 63.6% as compared to 72.3% at June 30, 2010, and 68.1% at December 31, 2010. Total deposits were $757,874,000 at June 30, 2011, a decrease of $15,986,000, or 2.1%, compared to $773,860,000 at June 30, 2010. Comparing June 30, 2011 to December 31, 2010, total assets increased $10,116,000 from $884,941,000, loans decreased by $31,312,000 from $513,466,000 while deposits increased by $4,084,000 from $753,790,000. Available-for-sale investment securities and Federal funds sold increased $30,649,000 and $10,350,000, respectively, from December 31, 2010 to June 30, 2011 as a result of the decrease in loans and an increase in deposits.
At June 30, 2011, the Company’s Total Risk-based Capital was $114,635,000, and its capital ratios were: Total Risk-based Capital ratio – 18.57%; Tier 1 risk-based Capital ratio – 16.91%; and Tier 1 Leverage ratio – 11.80%. At June 30, 2011, the Bank’s Total Risk-based Capital was $118,815,000, and its capital ratios were: Total Risk-based Capital ratio – 19.26%; Tier 1 risk-based Capital ratio – 17.99%; and Tier 1 Leverage ratio – 12.55%.
Credit Quality
Nonperforming loans (defined as nonaccrual loans and loans 90 days or more past due and still accruing interest) decreased $20,825,000, or 54.2% to $17,585,000 at June 30, 2011 from $38,410,000 at June 30, 2010, and decreased $2,480,000 from the December 31, 2010 balance of $20,065,000. Nonperforming loans as a percentage of total loans were 3.65% at June 30, 2011, compared to 6.86% at June 30, 2010, and 3.91% at December 31, 2010. The allowance for loan losses at June 30, 2011 was 83.86% of nonperforming loans, compared to 74.72% at December 31, 2010 and 42.05% at June 30, 2010.
Nonperforming assets (nonperforming loans and OREO) totaled $41,450,000 at June 30, 2011, a decrease of $13,386,000, or 24.4% from the June 30, 2010 balance of $54,836,000, and a $4,399,000 decrease from the December 31, 2010 balance of $45,849,000. Nonperforming assets as a percentage of total assets were 4.63% at June 30, 2011 compared to 6.02% at June 30, 2010 and 5.18% at December 31, 2010.
Gross loan charge-offs for the second quarter of 2011 were $1,198,000 and recoveries totaled $223,000 resulting in net charge-offs of $975,000 compared to gross loan charge-offs for the second quarter of 2010 of $4,240,000 and recoveries of $95,000 resulting in net charge-offs of $4,145,000. Gross charge-offs for the six months ended June 30, 2011 were $2,803,000 and recoveries totaled $306,000 resulting in net charge-offs of $2,497,000, compared to gross charge-offs for the six months ended June 30, 2010 of $6,035,000 and recoveries of $277,000 resulting in net charge-offs of $5,758,000.
The overall level of nonperforming loans increased $3,091,000 to $17,585,000 at June 30, 2011 from $14,494,000 at March 31, 2011. During the second quarter of 2011, the Company identified twelve loans totaling $7,691,000 as nonperforming loans. The additions were partially offset by reductions in nonperforming loans totaling $4,600,000 due primarily to the transfer of five properties to OREO totaling $3,024,000, and secondarily due to charge-offs and collections received on certain loans. Of the twelve loans totaling $7,691,000 identified as nonaccrual loans and added to nonperforming loans during the second quarter of 2011, three relationships represent $6,389,000 of the total. The first relationship consists of two loans, a commercial loan in the amount of $1,612,000 and a commercial real estate loan in the amount of $1,769,000 located in Yolo County. A specific reserve in the amount of $1,200,000 has been established for these two loans. The second relationship consists of a residential development loan in the amount of $2,388,000 located in Solano County. A specific reserve has not been established for this loan. The third relationship in this group consists of a residential development loan in the amount of $620,000 located in Shasta County. A specific reserve has not been established for this loan. The remaining eight loans in this group that were placed on nonaccrual during the second quarter of 2011 total $1,302,000 and specific reserves totaling $221,000 have been established.
The Company’s OREO properties increased $546,000 to $23,865,000 at June 30, 2011 from $23,319,000 at March 31, 2011. During the second quarter of 2011, five properties totaling $3,024,000, were transferred into OREO, which was offset by the sale of seven properties for a total of $1,597,000. The Company recorded a gain on sale for those seven properties totaling $39,000, and recorded a write-down of OREO properties during the quarter ended June 30, 2011 of $920,000.
Operating Results
Net interest income, which represents the Company’s largest component of revenues and is the difference between interest earned on loans and investments and interest paid on deposits and borrowings, increased $772,000, or 10.5%, for the three months ended June 30, 2011 compared to the same period in 2010. Interest income decreased by $227,000, primarily due to the decrease in interest income on loans due to the decrease in average loan balances. The Company had foregone interest of $476,000 and $562,000 for the loans on nonaccrual status for the three months ended June 30, 2011 and 2010, respectively. Offsetting the decrease in interest income was a decrease in interest expense of $999,000, or 40.8%, due to a decrease in the rates paid on deposits and borrowings for the quarter ended June 30, 2011 compared to the same period in 2010. Average loans decreased $78,269,000 in the second quarter of 2011 compared to the second quarter of 2010, while the yield on the loan portfolio increased 7 basis points to 6.02% for the second quarter of 2011. Overall, average earning assets decreased $34,632,000 in the second quarter of 2011 compared to the second quarter of 2010. Average yields on earning assets increased 8 basis points from the quarter ended June 30, 2010, to 4.84% for the quarter ended June 30, 2011 while the average rate paid on interest-bearing liabilities decreased by 54 basis points to 0.92%. The Company’s net interest margin for the quarter ended June 30, 2011 was 4.12%, an increase of 54 basis points from the margin of 3.58% for the second quarter in 2010 and an increase of 13 basis points from the 3.99% net interest margin for the linked quarter ended March 31, 2011. Net interest income increased $1,236,000 for the six months ended June 30, 2011 compared to the same period in 2010. Total interest income decreased by $684,000 for the six months ended June 30, 2011 compared to the same period in 2010, primarily due to a decrease in income on loans of $2,235,000 as a result of the decrease in the average balance of loans. Interest expense decreased $1,920,000 due primarily to a decrease on rates paid on deposits for the six months ended June 30, 2011 compared to the same period in 2010. The net interest margin for the six months ended June 30, 2011 increased 37 basis points to 4.05% from the net interest margin of 3.68% for the six months ended June 30, 2010.
Noninterest income for the quarter ended June 30, 2011 increased $106,000, or 3.1%, to $3,483,000 compared to $3,377,000 for the same period in 2010. Service charges on deposits decreased $374,000 to $1,172,000 for the second quarter of 2011 compared to $1,546,000 for the second quarter of 2010, while other fees and charges remained flat at $1,158,000 for the second quarter of 2011 and 2010. Other noninterest income increased $480,000 to $1,153,000 for the second quarter of 2011 compared to $673,000 for the second quarter of 2010, driven by a gain on sale of loans of $519,000 for the second quarter of 2011 compared to $33,000 for the second quarter of 2010. Noninterest income for the six months ended June 30, 2011 increased $247,000 to $6,636,000 from $6,389,000 for the same period in 2010. Service charges on deposits decreased $689,000 to $2,338,000 for the six months ended June 30, 2011 compared to $3,027,000 for the same period in 2010, while other fees and charges increased by $90,000 to $2,279,000 for the six months ended June 30, 2011 compared to $2,189,000 for the same period in 2010. Other noninterest income increased $846,000 to $2,019,000 for the six months ended June 30, 2011 compared to $1,173,000 for the same period in 2010, driven by a gain on sale of loans of $775,000 for the six months ended June 30, 2011 compared to $82,000 for the same period in 2010.
Noninterest expense decreased $137,000, or 1.4%, to $9,735,000 for the second quarter of 2011 from $9,872,000 for the second quarter of 2010. Salaries and employee benefits increased $337,000, to $4,475,000 for the second quarter of 2011 compared to the second quarter of 2010 due primarily to the hiring of production personnel. Occupancy and furniture and equipment expense decreased $53,000, for the second quarter of 2011 compared to the second quarter of 2010 due to a decrease in depreciation and rent expense. OREO expense decreased $76,000 to $1,177,000 for the second quarter of 2011 compared to $1,253,000 for the second quarter of 2010, FDIC premiums and state assessments decreased $393,000, while other expenses increased by $48,000. Noninterest expense for the six months ended June 30, 2011 was $19,206,000 compared to $19,891,000 for the same period in 2010. For the six months ended June 30, 2011, salaries and employee benefits increased $767,000, while occupancy and furniture and equipment expense decreased $222,000, and other real estate owned expense decreased $474,000 when compared to the same period in 2010. FDIC premiums and California DFI assessments were $746,000 for the first six months of 2011 compared to $1,402,000 for the first six months of 2010.
The Company recorded a provision for income taxes for the quarter ended June 30, 2011 of $137,000, resulting in an effective tax rate of 20.9%, compared to a benefit for income taxes of $1,137,000, or an effective tax benefit rate of 66.5%, for the quarter ended June 30, 2010. The provision for income taxes for the six month period ended June 30, 2011 was $226,000, resulting in an effective tax rate of 19.8%, compared to a benefit for income taxes of $1,490,000, or an effective tax benefit rate of 62.8%, for the same period in 2010.
North Valley Bancorp is a bank holding company headquartered in Redding, California. Its subsidiary, North Valley Bank (“NVB”), operates twenty-five commercial banking offices in Shasta, Humboldt, Del Norte, Mendocino, Yolo, Sonoma, Placer and Trinity Counties in Northern California, including two in-store supermarket branches and six Business Banking Centers. North Valley Bancorp, through NVB, offers a wide range of consumer and business banking deposit products and services including internet banking and cash management services. In addition to these depository services, NVB engages in a full complement of lending activities including consumer, commercial and real estate loans. Additionally, NVB has SBA Preferred Lender status and provides investment services to its customers. Visit the Company’s website address at www.novb.com for more information.
Cautionary Statement: This release contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those stated herein. Management’s assumptions and projections are based on their anticipation of future events and actual performance may differ materially from those projected. Risks and uncertainties which could impact future financial performance include, among others, (a) competitive pressures in the banking industry; (b) changes in the interest rate environment; (c) general economic conditions, either nationally, regionally or locally, including fluctuations in real estate values; (d) changes in the regulatory environment; (e) changes in business conditions or the securities markets and inflation; (f) possible shortages of gas and electricity at utility companies operating in the State of California, and (g) the effects of terrorism, including the events of September 11, 2001, and thereafter, and the conduct of the war on terrorism by the United States and its allies. Therefore, the information set forth herein, together with other information contained in the periodic reports filed by the Company with the Securities and Exchange Commission, should be carefully considered when evaluating the business prospects of the Company. North Valley Bancorp undertakes no obligation to update any forward-looking statements contained in this release, except as required by law.
For further information contact:
| Michael J. Cushman | | or | | Kevin R. Watson |
| President & Chief Executive Officer | | | | Executive Vice President & Chief Financial Officer |
| (530) 226-2900 Fax: (530) 221-4877 | | | | (530) 226-2900 Fax: (530) 221-4877 |
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
| | | Three Months Ended June 30, | | | | | | | |
| | | 2011 | | | 2010 | | | $ Change | | | % Change | |
| Statement of Operations Data | | | | | | | | | | | | |
| Interest income | | | | | | | | | | | | |
| Loans (including fees) | | $ | 7,394 | | | $ | 8,463 | | | $ | (1,069 | ) | | | (12.63 | %) |
| Investment securities | | | 2,209 | | | | 1,319 | | | | 890 | | | | 67.48 | % |
| Federal funds sold and other | | | 7 | | | | 55 | | | | (48 | ) | | | (87.27 | %) |
| Total interest income | | | 9,610 | | | | 9,837 | | | | (227 | ) | | | (2.31 | %) |
| Interest expense | | | | | | | | | | | | | | | | |
| Interest on deposits | | | 1,012 | | | | 1,929 | | | | (917 | ) | | | (47.54 | %) |
| Subordinated debentures | | | 439 | | | | 522 | | | | (83 | ) | | | (15.90 | %) |
| Other borrowings | | | 1 | | | | — | | | | 1 | | | | — | |
| Total interest expense | | | 1,452 | | | | 2,451 | | | | (999 | ) | | | (40.76 | %) |
| Net interest income | | | 8,158 | | | | 7,386 | | | | 772 | | | | 10.45 | % |
| Provision for loan losses | | | 1,250 | | | | 2,600 | | | | (1,350 | ) | | | (51.92 | %) |
| Net interest income after provision for loan losses | | | 6,908 | | | | 4,786 | | | | 2,122 | | | | 44.34 | % |
| | | | | | | | | | | | | | | | | |
| Noninterest income | | | | | | | | | | | | | | | | |
| Service charges on deposit accounts | | | 1,172 | | | | 1,546 | | | | (374 | ) | | | (24.19 | %) |
| Other fees and charges | | | 1,158 | | | | 1,158 | | | | — | | | | 0.00 | % |
| Other | | | 1,153 | | | | 673 | | | | 480 | | | | 71.32 | % |
| Total noninterest income | | | 3,483 | | | | 3,377 | | | | 106 | | | | 3.14 | % |
| | | | | | | | | | | | | | | | | |
| Noninterest expenses | | | | | | | | | | | | | | | | |
| Salaries and employee benefits | | | 4,475 | | | | 4,138 | | | | 337 | | | | 8.14 | % |
| Occupancy | | | 700 | | | | 695 | | | | 5 | | | | 0.72 | % |
| Furniture and equipment | | | 294 | | | | 352 | | | | (58 | ) | | | (16.48 | %) |
| Other real estate owned expense | | | 1,177 | | | | 1,253 | | | | (76 | ) | | | (6.07 | %) |
| FDIC and state assessments | | | 303 | | | | 696 | | | | (393 | ) | | | (56.47 | %) |
| Other | | | 2,786 | | | | 2,738 | | | | 48 | | | | 1.75 | % |
| Total noninterest expenses | | | 9,735 | | | | 9,872 | | | | (137 | ) | | | (1.39 | %) |
| Income (loss) before provision (benefit) for income taxes | | | 656 | | | | (1,709 | ) | | | 2,365 | | | | 138.39 | % |
| Provision (benefit) for income taxes | | | 137 | | | | (1,137 | ) | | | 1,274 | | | | 112.05 | % |
| Net income (loss) | | $ | 519 | | | $ | (572 | ) | | $ | 1,091 | | | | 190.73 | % |
| | | | | | | | | | | | | | | | | |
| Common Share Data | | | | | | | | | | | | | | | | |
| Earnings (loss) per share | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.08 | | | $ | (0.38 | ) | | $ | 0.46 | | | | 121.05 | % |
| Diluted | | $ | 0.08 | | | $ | (0.38 | ) | | $ | 0.46 | | | | 121.05 | % |
| | | | | | | | | | | | | | | | | |
| Weighted average shares outstanding | | | 6,832,492 | | | | 1,499,163 | | | | | | | | | |
| Weighted average shares outstanding -diluted | | | 6,832,492 | | | | 1,499,163 | | | | | | | | | |
| Book value per share | | $ | 12.90 | | | $ | 60.85 | | | | | | | | | |
| Tangible book value | | $ | 12.83 | | | $ | 60.43 | | | | | | | | | |
| Shares outstanding | | | 6,832,492 | | | | 1,499,163 | | | | | | | | | |
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
| | | Six Months Ended June 30, | | | | | | | |
| | | 2011 | | | 2010 | | | $ Change | | | % Change | |
| Statement of Operations Data | | | | | | | | | | | | |
| Interest income | | | | | | | | | | | | |
| Loans (including fees) | | $ | 14,844 | | | $ | 17,079 | | | $ | (2,235 | ) | | | (13.09 | %) |
| Investment securities | | | 4,169 | | | | 2,546 | | | | 1,623 | | | | 63.75 | % |
| Federal funds sold and other | | | 15 | | | | 87 | | | | (72 | ) | | | (82.76 | %) |
| Total interest income | | | 19,028 | | | | 19,712 | | | | (684 | ) | | | (3.47 | %) |
| Interest expense | | | | | | | | | | | | | | | | |
| Interest on deposits | | | 2,094 | | | | 3,948 | | | | (1,854 | ) | | | (46.96 | %) |
| Subordinated debentures | | | 969 | | | | 1,036 | | | | (67 | ) | | | (6.47 | %) |
| Other borrowings | | | 1 | | | | — | | | | 1 | | | | — | |
| Total interest expense | | | 3,064 | | | | 4,984 | | | | (1,920 | ) | | | (38.52 | %) |
| Net interest income | | | 15,964 | | | | 14,728 | | | | 1,236 | | | | 8.39 | % |
| Provision for loan losses | | | 2,250 | | | | 3,600 | | | | (1,350 | ) | | | (37.50 | %) |
| Net interest income after provision for loan losses | | | 13,714 | | | | 11,128 | | | | 2,586 | | | | 23.24 | % |
| | | | | | | | | | | | | | | | | |
| Noninterest income | | | | | | | | | | | | | | | | |
| Service charges on deposit accounts | | | 2,338 | | | | 3,027 | | | | (689 | ) | | | (22.76 | %) |
| Other fees and charges | | | 2,279 | | | | 2,189 | | | | 90 | | | | 4.11 | % |
| Other | | | 2,019 | | | | 1,173 | | | | 846 | | | | 72.12 | % |
| Total noninterest income | | | 6,636 | | | | 6,389 | | | | 247 | | | | 3.87 | % |
| | | | | | | | | | | | | | | | | |
| Noninterest expenses | | | | | | | | | | | | | | | | |
| Salaries and employee benefits | | | 9,192 | | | | 8,425 | | | | 767 | | | | 9.10 | % |
| Occupancy | | | 1,392 | | | | 1,429 | | | | (37 | ) | | | (2.59 | %) |
| Furniture and equipment | | | 590 | | | | 775 | | | | (185 | ) | | | (23.87 | %) |
| Other real estate owned expense | | | 1,629 | | | | 2,103 | | | | (474 | ) | | | (22.54 | %) |
| FDIC and state assessments | | | 746 | | | | 1,402 | | | | (656 | ) | | | (46.79 | %) |
| Other | | | 5,657 | | | | 5,757 | | | | (100 | ) | | | (1.74 | %) |
| Total noninterest expenses | | | 19,206 | | | | 19,891 | | | | (685 | ) | | | (3.44 | %) |
| Income (loss) before provision (benefit) for income taxes | | | 1,144 | | | | (2,374 | ) | | | 3,518 | | | | 148.19 | % |
| Provision (benefit) for income taxes | | | 226 | | | | (1,490 | ) | | | 1,716 | | | | 115.17 | % |
| Net income (loss) | | $ | 918 | | | $ | (884 | ) | | $ | 1,802 | | | | 203.85 | % |
| | | | | | | | | | | | | | | | | |
| Common Share Data | | | | | | | | | | | | | | | | |
| Earnings (loss) per share | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.13 | | | $ | (0.59 | ) | | $ | 0.72 | | | | 122.03 | % |
| Diluted | | $ | 0.13 | | | $ | (0.59 | ) | | $ | 0.72 | | | | 122.03 | % |
| | | | | | | | | | | | | | | | | |
| Weighted average shares outstanding | | | 6,832,492 | | | | 1,499,163 | | | | | | | | | |
| Weighted average shares outstanding -diluted | | | 6,832,492 | | | | 1,499,163 | | | | | | | | | |
| Book value per share | | $ | 12.90 | | | $ | 60.85 | | | | | | | | | |
| Tangible book value | | $ | 12.83 | | | $ | 60.43 | | | | | | | | | |
| Shares outstanding | | | 6,832,492 | | | | 1,499,163 | | | | | | | | | |
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
| | | June 30, | | | December 31, | | | June 30, | |
| | | 2011 | | | 2010 | | | 2010 | |
| Balance Sheet Data | | | | | | | | | |
| Assets | | | | | | | | | |
| Cash and due from banks | | $ | 18,159 | | | $ | 14,629 | | | $ | 20,457 | |
| Federal funds sold | | | 19,355 | | | | 9,005 | | | | 60,410 | |
| Time deposits at other financial institutions | | | 459 | | | | 459 | | | | 425 | |
| Available-for-sale securities - at fair value | | | 296,293 | | | | 265,644 | | | | 196,493 | |
| Held-to-maturity securities - at amortized cost | | | 6 | | | | 6 | | | | 6 | |
| | | | | | | | | | | | | |
| Loans net of deferred loan fees | | | 482,154 | | | | 513,466 | | | | 559,605 | |
| Allowance for loan losses | | | (14,746 | ) | | | (14,993 | ) | | | (16,151 | ) |
| Net loans | | | 467,408 | | | | 498,473 | | | | 543,454 | |
| | | | | | | | | | | | | |
| Premises and equipment, net | | | 8,361 | | | | 8,799 | | | | 9,516 | |
| Other real estate owned | | | 23,865 | | | | 25,784 | | | | 16,426 | |
| Core deposit intangibles, net | | | 474 | | | | 546 | | | | 619 | |
| Accrued interest receivable and other assets | | | 60,677 | | | | 61,596 | | | | 62,975 | |
| Total assets | | $ | 895,057 | | | $ | 884,941 | | | $ | 910,781 | |
| | | | | | | | | | | | | |
| Liabilities and Shareholders’ Equity | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | |
| Demand, noninterest bearing | | $ | 157,924 | | | $ | 155,499 | | | $ | 140,728 | |
| Demand, interest bearing | | | 159,133 | | | | 161,241 | | | | 154,998 | |
| Savings and money market | | | 229,648 | | | | 208,476 | | | | 219,300 | |
| Time | | | 211,169 | | | | 228,574 | | | | 258,834 | |
| Total deposits | | | 757,874 | | | | 753,790 | | | | 773,860 | |
| | | | | | | | | | | | | |
| Accrued interest payable and other liabilities | | | 17,075 | | | | 15,212 | | | | 13,742 | |
| Subordinated debentures | | | 31,961 | | | | 31,961 | | | | 31,961 | |
| Total liabilities | | | 806,910 | | | | 800,963 | | | | 819,563 | |
| Shareholders’ equity | | | 88,147 | | | | 83,978 | | | | 91,218 | |
| Total liabilities and shareholders’ equity | | $ | 895,057 | | | $ | 884,941 | | | $ | 910,781 | |
| | | | | | | | | | | | | |
| Asset Quality | | | | | | | | | | | | |
| Nonaccrual loans | | $ | 17,585 | | | $ | 20,065 | | | $ | 38,399 | |
| Loans past due 90 days and accruing interest | | | — | | | | — | | | | 11 | |
| Other real estate owned | | | 23,865 | | | | 25,784 | | | | 16,426 | |
| Total nonperforming assets | | $ | 41,450 | | | $ | 45,849 | | | $ | 54,836 | |
| | | | | | | | | | | | | |
| Allowance for loan losses to total loans | | | 3.06 | % | | | 2.92 | % | | | 2.89 | % |
| Allowance for loan losses to NPL’s | | | 83.86 | % | | | 74.72 | % | | | 42.05 | % |
| Allowance for loan losses to NPA’s | | | 35.58 | % | | | 32.70 | % | | | 29.45 | % |
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
| | | Three Months Ended June 30, | | | | |
| | | 2011 | | | 2010 | | | 2011 | | | 2010 | |
| Selected Financial Ratios | | | | | | | | | | | | |
| Return on average total assets | | | 0.23 | % | | | (0.25 | %) | | | 0.21 | % | | | (0.20 | %) |
| Return on average shareholders’ equity | | | 2.42 | % | | | (2.76 | %) | | | 2.17 | % | | | (2.62 | %) |
| Net interest margin (tax equivalent basis) | | | 4.12 | % | | | 3.58 | % | | | 4.05 | % | | | 3.68 | % |
| Efficiency ratio | | | 83.63 | % | | | 91.72 | % | | | 84.98 | % | | | 94.19 | % |
| | | | | | | | | | | | | | | | | |
| Selected Average Balances | | | | | | | | | | | | | | | | |
| Loans | | $ | 492,536 | | | $ | 570,805 | | | $ | 497,456 | | | $ | 581,101 | |
| Taxable investments | | | 283,680 | | | | 155,504 | | | | 277,542 | | | | 145,095 | |
| Tax-exempt investments | | | 14,402 | | | | 15,459 | | | | 14,380 | | | | 15,514 | |
| Federal funds sold and other | | | 11,634 | | | | 95,116 | | | | 12,915 | | | | 75,651 | |
| Total earning assets | | $ | 802,252 | | | $ | 836,884 | | | $ | 802,293 | | | $ | 817,361 | |
| Total assets | | $ | 894,463 | | | $ | 919,711 | | | $ | 894,383 | | | $ | 897,855 | |
| | | | | | | | | | | | | | | | | |
| Demand deposits - interest bearing | | $ | 164,460 | | | $ | 156,514 | | | $ | 162,901 | | | $ | 156,912 | |
| Savings and money market | | | 223,483 | | | | 217,773 | | | | 220,525 | | | | 207,332 | |
| Time deposits | | | 214,349 | | | | 266,086 | | | | 219,257 | | | | 271,650 | |
| Other borrowings | | | 32,166 | | | | 31,961 | | | | 32,064 | | | | 31,961 | |
| Total interest bearing liabilities | | $ | 634,458 | | | $ | 672,334 | | | $ | 634,747 | | | $ | 667,855 | |
| Demand deposits - noninterest bearing | | $ | 156,265 | | | $ | 145,284 | | | $ | 155,881 | | | $ | 146,131 | |
| Shareholders’ equity | | $ | 85,912 | | | $ | 83,266 | | | $ | 85,370 | | | $ | 68,157 | |
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
| | | For the Quarter Ended | |
| | | June | | | March | | | December | | | September | |
| | | 2011 | | | 2011 | | | 2010 | | | 2010 | |
| Interest income | | $ | 9,610 | | | $ | 9,418 | | | $ | 9,437 | | | $ | 9,773 | |
| Interest expense | | | 1,452 | | | | 1,612 | | | | 1,818 | | | | 2,183 | |
| Net interest income | | | 8,158 | | | | 7,806 | | | | 7,619 | | | | 7,590 | |
| | | | | | | | | | | | | | | | | |
| Provision for loan losses | | | 1,250 | | | | 1,000 | | | | — | | | | 4,600 | |
| Noninterest income | | | 3,483 | | | | 3,153 | | | | 3,192 | | | | 3,363 | |
| Noninterest expense | | | 9,735 | | | | 9,471 | | | | 10,244 | | | | 11,779 | |
| | | | | | | | | | | | | | | | | |
| Income (loss) before provision (benefit) for income taxes | | | 656 | | | | 488 | | | | 567 | | | | (5,426 | ) |
| Provision (benefit) for income taxes | | | 137 | | | | 89 | | | | (1,702 | ) | | | 2,207 | |
| Net income (loss) | | $ | 519 | | | $ | 399 | | | $ | 2,269 | | | $ | (7,633 | ) |
| | | | | | | | | | | | | | | | | |
| Preferred Stock Discount | | | — | | | | — | | | | — | | | | (18,667 | ) |
| Net income (loss) available to common shareholder | | $ | 519 | | | $ | 399 | | | $ | 2,269 | | | $ | (26,300 | ) |
| Earnings (loss) per common share: | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.08 | | | $ | 0.06 | | | $ | 0.33 | | | $ | (4.70 | ) |
| Diluted | | $ | 0.08 | | | $ | 0.06 | | | $ | 0.33 | | | $ | (4.70 | ) |
