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) April 11, 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: April 11, 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 First Quarter Earnings
TEMECULA, Calif.--(BUSINESS WIRE)--April 11, 2003--Temecula Valley
Bancorp (OTCBB:TMCV) announced first quarter earnings of $1,495,279,
an increase of 138% over the $629,549 earned for the same period in
2002.
The return on average assets was 1.78% and the return on average
equity was 29.52%, both above bank peer group averages.
"We are very pleased with our operating results and continue to be
optimistic about the remainder of 2003," said Stephen H. Wacknitz,
president & CEO.
As of March 31, 2003, Temecula Valley Bancorp's total assets grew
74% to $358,979,000 compared to $206,573,000 at March 31, 2002. Total
gross loans climbed 62% to $292,977,000 compared to $180,794,000 at
the same period last year and deposits also increased 75% to
$326,262,000 up from $186,304,000 at the end of the first quarter of
2002. Shareholders' equity increased 37% to $21,634,000. The Tier 1
capital ratio increased from 7.96% at March 31, 2002 to 8.30% at March
31, 2003.
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 bank's 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
FINANCIAL DATA
MARCH 2003
MARCH 31 MARCH 31 INCREASE /(DECREASE)
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2003 2002 AMOUNT PERCENT
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Total Assets $358,979,000 $206,573,000 $152,406,000 74%
Total Loans $292,977,000 $180,794,000 $112,183,000 62%
Total Deposits $326,262,000 $186,304,000 $139,958,000 75%
Shareholder Equity $21,634,000 $15,751,000 $5,883,000 37%
Tier One Capital
Ratio 8.30% 7.96%
Net Loan Charge-offs
(Recoveries) as an
annualized percent
of Average Loans (0.24%) (0.01%)
THREE MONTHS ENDED INCREASE /(DECREASE)
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MARCH 31 AMOUNT PERCENT
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2003 2002
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Income (Loss) before
Income Taxes $2,536,995 $1,053,234 $1,483,761 141%
Provision for
Income Taxes $1,041,716 $423,685 $618,031 146%
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Net Income (Loss) $1,495,279 $629,549 $865,730 138%
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Per Share -- Basic $0.40 $0.17
Per Share -- Diluted $0.35 $0.15
Annualized Return on
Average Assets 1.78% 1.31%
Annualized Return on
Average Equity 29.52% 16.54%
Shares Outstanding
at end of Period 3,801,111 3,666,616
Average Shares
Outstanding 3,758,847 3,665,536
Average Shares &
Equivalents 4,270,378 4,193,764
CONTACT: Temecula Valley Bank
Stephen H. Wacknitz, President/CEO, 909/694-9940