EXHIBIT 99
----------
Temecula Valley Bancorp Announces 214% Increase for Third Quarter Earnings
TEMECULA, Calif.--(BUSINESS WIRE)--Oct. 17, 2003--Temecula Valley Bancorp
Inc. (OTCBB:TMCV) today announced third quarter earnings of $2,379,493, an
increase of 214% over the $757,497 earned last year. For the nine months ended
September 30, net income climbed 136% over the same period last year, from
$2,420,525 in 2002 to $5,723,452 in 2003. Year-to-date return on average assets
is 2.06% and return on average equity is 32.88%, which ranks in the top tier of
all banks in the nation. "We are extremely pleased to report another strong
quarter for 2003," said Stephen H. Wacknitz, President/CEO. "We continue to
focus on local markets and our national SBA lending program for continued growth
and profitability."
As of September 30, 2003, total assets grew over 49% to $410,829,000
compared to $274,849,000 at September 30, 2002. Total loans increased 55% to
$356,828,000 compared to $230,128,000 for the same period last year. Total
deposits climbed 54% to $365,308,000, up from $237,728,000 at the end of the
third quarter of 2002.
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.; Anaheim Hills, Calif.; Bellevue,
Wash.; Gurnee, Ill.; Tampa/St. Petersburg, Fla.; Coral Springs, Fla.;
Jacksonville, Fla.; and Atlanta, Ga. The Bancorp's common stock is traded over
the counter with the stock symbol "TMCV.OB" and the banks' Internet website 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 the company's
Securities and Exchange Commission filings.
TEMECULA VALLEY BANCORP INC.
FINANCIAL DATA
SEPTEMBER 2003
SEPT. 30, SEPT. 30, INCREASE/(DECREASE)
2003 2002 AMOUNT PERCENT
Total Assets $410,829,000 $274,849,000 $135,980,000 49%
Total Loans $356,828,000 $230,128,000 $126,700,000 55%
Total Deposits $365,308,000 $237,728,000 $127,580,000 54%
Shareholder
Equity $27,227,000 $17,724,000 $9,503,000 54%
Tier One Capital
Ratio 8.86% 8.23%
Annualized Net
Loan Charge-offs
(Recoveries) as
a percent of
Average Loans 0.13% 0.25%
Non-performing
loans 4,952,000 1,710,000
SBA/SBDC
Guaranteed
portion (4,157,000) (810,000)
Net non-
performing
loans 795,000 900,000
Other real estate
owned 1,336,036 0
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
2003 2002 2003 2002
Income before Income
Taxes $4,022,913 $1,271,649 $9,681,844 $4,065,092
Provision for Income
Taxes $1,643,420 $514,152 $3,958,392 $1,644,567
Net Income (Loss) $2,379,493 $757,497 $5,723,452 $2,420,525
Per Share - Basic $0.60 $0.21 $1.48 $0.66
Per Share - Diluted $0.53 $0.17 $1.32 $0.57
Annualized Return on
Average Assets 2.35% 1.14% 2.06% 1.41%
Annualized Return on
Average Equity 36.77% 17.38% 32.88% 19.91%
Shares Outstanding 4,043,807 3,707,004 4,043,807 3,707,004
Average Shares
Outstanding 3,990,273 3,691,534 3,860,273 3,676,025
Average Shares &
Equivalents 4,462,718 4,350,528 4,328,319 4,281,709
CONTACT: Temecula Valley Bank
Stephen H. Wacknitz, 909-694-9940