EXHIBIT 99
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Temecula Valley Bancorp Announces Higher Profits
TEMECULA, Calif.--(BUSINESS WIRE)--Oct. 21, 2002--Temecula Valley Bancorp
Inc. (OTCBB:TMCV) today announced earnings for the third quarter of 2002.
Net income rose sharply to $757,497 for the quarter ending September 30,
2002, increasing 74 percent over the third quarter of last year. For the nine
months ended September 30, net income climbed 133 percent over the same period
last year. Earnings for the first nine months of 2002 were $2,420,525 compared
to $1,038,767 for the first nine months of 2001.
"Despite the challenging national economic environment, we are extremely
pleased with our continued record of strong earnings growth," said Stephen H.
Wacknitz, president & CEO. Wacknitz further commented, "Our focus on local
markets and working with the type of businesses we know and understand has been
a significant component to our success."
As of September 30, 2002, total assets grew over 51 percent to $274,849,000
compared to $181,479,000 at September 30, 2001. Total loans increased 64 percent
to $230,128,000 compared to $140,412,000 for the same period last year. Total
deposits climbed 44 percent to $237,728,000 up from $165,631,000 at the end of
the third quarter of 2001.
Temecula Valley Bancorp was established in June 2002 and currently operates
as a one bank holding company. Temecula Valley Bank was established in 1996 and
operates full service offices in Temecula, Murrieta, Fallbrook, Escondido and El
Cajon. As a Preferred Lender (PLP) since 1998, the locally owned and operated
bank also has SBA loan production offices in Sherman Oaks, CA, Fresno CA, Chico,
CA, Santa Ana, CA, Raleigh, NC, Greenville, SC, Knoxville, TN, Collierville, TN,
Tampa/St. Petersburg FL, Coral Springs, FL, Jacksonville, FL, Atlanta, GA and
Bethesda, MD. The Bancorp's common stock is traded over the counter with the
stock symbol TMCV.OB and the bank's Internet Web site can be reached at
www.temvalbank.com. The bank has also been recognized by The Findley Reports for
achieving "Super Premier Performance" for 2001.
Statements concerning future performance, developments or events concerning
expectations for growth and market forecasts, and any other guidance on future
periods, constitute forward-looking statements that are subject to a number of
risks and uncertainties. Actual results may differ materially from stated
expectations. Specific factors include, but are not limited to, the effect of
interest rate changes, the ability to control costs and expenses, the impact of
consolidation in the banking industry, financial policies of the United States
government, and general economic conditions. Additional information on these and
other factors that could affect financial results are included in its Securities
and Exchange Commission filings.
TEMECULA VALLEY BANCORP INC.
FINANCIAL DATA
SEPTEMBER 2002
SEPT 30 SEPT 30 INCREASE/(DECREASE)
--------------------------- -------------------
2002 2001 AMOUNT PERCENT
---- ---- ------ -------
Total Assets $274,849,000 $181,479,000 $93,370,000 51%
Total Loans $230,128,000 $140,412,000 $89,716,000 64%
Total Deposits $237,728,000 $165,631,000 $72,097,000 44%
Shareholder Equity $17,724,000 $14,332,000 $3,392,000 24%
Tier One Capital Ratio 8.23% 8.57%
Annualized Net Loan
Charge-offs
(Recoveries) as a
percent of Average
Loans 0.25% 0.02%
Non-performing loans 1,710,000 428,000
SBA/SBDC Guaranteed (810,000) (321,000)
portion
---------------------------
Net non-performing
loans 900,000 107,000
===========================
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
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2002 2001 2002 2001
---- ---- ---- ----
Income before
Income Taxes $1,271,649 $724,294 $4,065,092 $1,732,382
Provision for
Income Taxes $514,152 $289,642 $1,644,567 $693,615
----------------------- -----------------------
Net Income (Loss) $757,497 $434,652 $2,420,525 $1,038,767
Per Share -- Basic $0.21 $0.12 $0.66 $0.34
Per Share -- Diluted $0.17 $0.11 $0.57 $0.31
Annualized Return on
Average Assets 1.14% 1.04% 1.41% 0.95%
Annualized Return on
Average Equity 17.38% 12.22% 19.91% 12.50%
Shares Outstanding 3,707,004 3,661,692 3,707,004 3,661,692
Average Shares
Outstanding 3,691,534 3,661,244 3,676,025 3,100,561
Average Shares &
Equivalents 4,350,528 4,092,864 4,281,709 3,345,158
CONTACT: Temecula Valley Bank
Stephen H. Wacknitz, President/CEO, 909/694-9940