Exhibit 99.1
Temecula Valley Bancorp Announces Record Quarterly Earnings
TEMECULA, Calif.--(BUSINESS WIRE)--April 13, 2004--Temecula Valley
Bancorp (OTCBB:TMCV) announced today that net income for the first
quarter ending March 31, 2004 increased from $1,495,279 in 2003 to
$2,572,150 in 2004, a 72% increase.
"We are pleased to report our strongest quarter in the banks
history and anticipate that this level of performance will continue
throughout 2004," said Stephen H. Wacknitz, president/CEO and chairman
of the board.
As of March 31, 2004, total assets grew 30% to $467,016,000, total
loans increased 34% to $392,749,000, deposits increased 28% to
$416,828,000 and shareholder equity increased 53% to $33,186,000.
Tier-One Capital remained strong at 9.73%, compared to 8.30% at March
31, 2003.
The return on average equity was 33.15% in the first quarter of
2004 compared to 29.52% in the first quarter of 2003, and the return
on average assets was 2.31% in the first quarter of 2004 compared to
1.78% in the first quarter of 2003. Both ratios are more than double
banking industry averages.
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., Westlake, Ohio, Tampa/St. Petersburg, Fla., Coral Springs, Fla.,
Jacksonville, Fla. and Atlanta. The Bancorp's common stock is traded
over the counter with the stock symbol TMCV 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 2004
MARCH 31 MARCH 31 INCREASE /(DECREASE)
-------------------------- -----------------------
2004 2003 AMOUNT PERCENT
-------------------------- -----------------------
Total Assets $467,016,000 $359,196,000 $107,820,000 30%
Total Loans $392,749,000 $292,977,000 $99,772,000 34%
Total Deposits $416,828,000 $326,262,000 $90,566,000 28%
Shareholder Equity $33,186,000 $21,634,000 $11,552,000 53%
Tier One Capital
Ratio 9.73% 8.30%
Net Loan Charge-offs
(Recoveries) as an
annualized percent of
Average Loans 0.27% (0.24%)
THREE MONTHS ENDED INCREASE /(DECREASE)
MARCH 31 AMOUNT PERCENT
-------------------------- -----------------------
2004 2003
--------------------------
Income (Loss) before
Income Taxes $4,357,246 $2,536,995 $1,820,251 72%
Provision for
Income Taxes $1,785,096 $1,041,716 $743,380 71%
-------------------------- -----------------------
Net Income (Loss) $2,572,150 $1,495,279 $1,076,871 72%
========================== =======================
Per Share - Basic $0.31 $0.20
Per Share - Diluted $0.28 $0.18
Annualized Return on
Average Assets 2.31% 1.78%
Annualized Return on
Average Equity 33.15% 29.52%
Shares Outstanding
at end of Period 8,308,896 7,602,222
Average Shares
Outstanding 8,237,774 7,517,694
Average Shares &
Equivalents 9,219,285 8,540,756
CONTACT: Temecula Valley Bank
Stephen H. Wacknitz, 909-694-9940