Exhibit 99
Temecula Valley Bancorp Net Income Increases 87%
TEMECULA, Calif.--(BUSINESS WIRE)--Jan. 30, 2004--Temecula Valley
Bancorp (OTCBB:TMCV) announced today that net income for the 12-month
period ending December 31, 2003 increased from $4,191,054 in 2002 to
$7,854,339 in 2003, an 87% increase. Net income for the quarter ending
December 31st increased from $1,770,529 to $2,130,887, a 20% increase.
"We are pleased with the financial results for 2003 and expect that
this level of performance will place the company in a category with
the highest performing banks in the nation," said Stephen H. Wacknitz,
President/CEO and chairman of the board.
As of December 31, 2003, total assets grew 39% to $430,840,000,
total loans increased 33% to $360,749,000, deposits increased 42% to
$383,487,000 and shareholder equity increased 51% to $29,683,000.
Tier-One Capital remained strong at 9.06%, compared to 8.00% at
December 31, 2002.
The return on average equity was 31.84% in 2003 compared to 24.34%
in 2002, and the return on average assets was 2.04% in 2003 compared
to 1.69% in 2002. Both ratios are approximately double banking
industry averages.
During 2004 the company will continue to expand its presence with
the opening of a full service office in Rancho Bernardo and the
conversion of the Corona Loan Production Office to a full service
branch office.
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, CA, Fresno CA,
Chico, CA, Anaheim Hills, CA, Bellevue, WA, Gurnee, IL, Westlake, OH,
Tampa/St. Petersburg FL, Coral Springs, FL, Jacksonville, FL and
Atlanta, GA. 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 2003
DEC 31 DEC 31 INCREASE /(DECREASE)
-------------------------- ------------------------
2003 2002 AMOUNT PERCENT
-------------------------- ------------------------
Total Assets $430,840,000 $310,289,000 $120,551,000 39%
Total Loans $360,749,000 $271,426,000 $89,323,000 33%
Total Deposits $383,487,000 $269,321,000 $114,166,000 42%
Shareholder Equity $29,683,000 $19,616,000 $10,067,000 51%
Tier One Capital
Ratio 9.06% 8.00%
Annualized Net Loan
Charge-offs 0.14% 0.33%
(Recoveries) as a
percent of Average
Loans
Non-performing
loans 4,160,000 1,908,000
SBA/SBDC Guaranteed
portion (3,378,000) (1,077,000)
--------------------------
Net non-
performing
loans 782,000 831,000
==========================
Other real estate
owned 485,036 0
==========================
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31 DECEMBER 31
-------------------------- ------------------------
2003 2002 2003 2002
-------------------------- ------------------------
Income before
Income Taxes $3,600,384 $3,000,472 $13,282,228 $7,065,564
Provision for
Income Taxes $1,469,497 $1,229,943 $5,427,889 $2,874,510
-------------------------- ------------------------
Net Income $2,130,887 $1,770,529 $7,854,339 $4,191,054
Per Share - Basic $0.26 $0.24 $1.00 $0.57
Per Share -
Diluted $0.23 $0.21 $0.89 $0.50
Annualized Return
on Average Assets 1.97% 2.33% 2.04% 1.69%
Annualized Return
on Average Equity 29.65% 37.64% 31.84% 24.34%
Shares Outstanding 8,151,914 7,446,646 8,151,914 7,446,646
Average Shares
Outstanding 8,130,796 7,433,202 7,823,950 7,372,504
Average Shares &
Equivalents 9,091,184 8,477,382 8,861,706 8,370,040
Note: All per share and share data adjusted for 2 for 1 split
effective 12/19/2003, payable 12/24/2003.
CONTACT: Temecula Valley Bank, Temecula
Stephen H. Wacknitz, 909-694-9940