UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 30, 2003
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TEMECULA VALLEY BANCORP INC.
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(Exact name of Registrant as specified in its charter)
DELAWARE 46-0476193
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(State or other jurisdiction (File number) (I.R.S. Employer
of incorporation) Identification No.)
27710 Jefferson Avenue,
Suite A100, Temecula, CA 92590
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(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (909) 694-9940
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(Former name or former address, if changed since last report)
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(C) Exhibits
99 Press Release
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: January 30, 2003 TEMECULA VALLEY BANCORP INC.
By: /S/ Stephen H. Wacknitz
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Stephen H. Wacknitz
President and Chief Executive Officer
By: /S/ DONALD A. PITCHER
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DONALD A. PITCHER
Senior Vice President
Chief Financial Officer
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE NO.
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99 Press Release 3
EXHIBIT 99
Temecula Valley Bancorp Announces
132 Percent Increase in Annual Earnings
TEMECULA, Calif.--(BUSINESS WIRE)--Jan. 30, 2003--Temecula Valley
Bancorp (OTCBB:TMCV) reported today that fourth quarter net income
rose sharply to $1,770,529 for the quarter ending Dec. 31, 2002, an
increase of 131 percent over the $764,814 earned in the fourth quarter
of 2001.
For the 12 months ended Dec. 31, 2002, net income jumped more than
132 percent over the same period last year. Net income for the year
ending Dec. 31, 2002, was $4,191,054 compared to $1,803,581 earned in
2001.
"We are very pleased with the 2002 financial results and are proud
of the milestone we have reached by exceeding $300 million in assets
at year-end 2002," said Stephen H. Wacknitz, president & CEO. "We have
achieved the highest profits in the Bancorp's history, and as we begin
2003 we continue to be optimistic about building upon the solid
foundation that will provide for our continued growth."
As of Dec. 31, 2002, total assets grew over 63 percent to
$310,289,000 compared to $190,024,000 at Dec. 31, 2001. Total loans
increased 81 percent to $271,426,000 compared to $150,275,000 for the
same period last year. Total deposits climbed 56 percent to
$269,321,000, up from $172,928,000 for the same period last year.
Capital levels continued to remain strong with the Tier One
Leverage Ratio at 8.00 percent. Capital increased to $19,616,000, a
$4,512,000 or a 30 percent increase over last year. The return on
average assets and average equity for the quarter and full year
continued to improve. Return on average assets for the quarter
increased from 1.60 percent in 2001 to 2.33 percent in 2002 and the
return on average equity increased from 20.62 percent in 2001 to 37.64
percent in 2002. For the full year of 2002, the return on average
assets increased from 1.15 percent to 1.69 percent and the return on
average equity increased from 14.82 percent to 24.34 percent.
Temecula Valley Bank was established in 1996 and operates full
service offices in Temecula, Murrieta, Fallbrook, Escondido and El
Cajon. Temecula Valley Bancorp was established in June 2002 and
operates as a one bank holding company for Temecula Valley Bank. As a
Preferred Lender (PLP) since 1998, the locally owned and operated bank
also has SBA loan production offices in Sherman Oaks, Calif.; Fresno,
Calif.; Chico, Calif.; Santa Ana, Calif.; Bellevue, Wash.; Raleigh,
N.C.; Greenville, S.C.; Knoxville, Tenn.; Tampa/St. Petersburg, Fla.;
Coral Springs, Fla.; Jacksonville, Fla.; Atlanta; and Bethesda, Md.
The Bancorp's common stock is traded over the counter with the stock
symbol TMCV.OB and the banks' Internet Web site can be reached at
www.temvalbank.com.
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
DECEMBER 2002
DEC 31 DEC 31 INCREASE/ (DECREASE)
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2002 2001 AMOUNT PERCENT
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Total Assets $310,289,000 $190,024,000 $120,265,000 63%
Total Loans $271,426,000 $150,275,000 $121,151,000 81%
Total Deposits $269,321,000 $172,928,000 $96,393,000 56%
Shareholder Equity $19,616,000 $15,104,000 $4,512,000 30%
Tier One Capital
Ratio 8.00% 7.91%
Annualized Net Loan
Charge-offs
(Recoveries) as a
percent of Average
Loans 0.33% 0.07%
Non-performing loans 1,908,000 199,000
SBA/SBDC Guaranteed
portion (1,077,000) (93,000)
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Net non-performing
loans 831,000 106,000
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THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31 DECEMBER 31
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2002 2001 2002 2001
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Income before
Income Taxes $3,000,472 $1,276,217 $7,065,564 $3,008,599
Provision for
Income Taxes $1,229,943 $511,403 $2,874,510 $1,205,018
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Net Income $1,770,529 $764,814 $4,191,054 $1,803,581
Per Share
-- Basic $0.48 $0.21 $1.14 $0.56
Per Share
-- Diluted $0.42 $0.18 $1.00 $0.51
Annualized Return
on Average Assets 2.33% 1.60% 1.69% 1.15%
Annualized Return
on Average Equity 37.64% 20.62% 24.34% 14.82%
Shares Outstanding 3,723,323 3,663,162 3,723,323 3,663,162
Average Shares
Outstanding 3,716,601 3,661,921 3,686,252 3,242,054
Average Shares
& Equivalents 4,238,691 4,200,984 4,185,020 3,571,145
CONTACT: Temecula Valley Bank
Stephen H. Wacknitz, President/CEO, 909/694-9940