AndhraNews.net
Home » Business News » 2011 » February » February 8, 2011

North Valley Bancorp Reports Results for the Fourth Quarter and Year Ended December 31, 2010


February 8, 2011 - Redding, CA

North Valley Bancorp (NASDAQ: NOVB), a bankholding company with $885 million in assets, today reported results for thefourth quarter and year ended December 31, 2010. North Valley Bancorp (the"Company") is the parent company for North Valley Bank (the "Bank").

The Company reported net operating income of $2,269,000 for the fourthquarter ended December 31, 2010 compared to a net operating loss of$19,340,000 for the fourth quarter ended December 31, 2009. The Companyreported a net operating loss for the year ended December 31, 2010 of$6,248,000 compared to a net operating loss of $25,852,000 for 2009.

As previously reported for the third quarter ended September 30, 2010, theCompany obtained shareholder approval to convert its Series A PreferredStock into shares of its common stock, and the mandatory conversionoccurred on July 21, 2010. Under generally accepted accounting principles("GAAP"), the conversion feature of the preferred stock had an intrinsicvalue of $0.70 per share, or $18,667,000, based on the difference betweenthe conversion price of $1.50 per share and the market value of $2.20 forthe Company's common stock at the commitment date, April 22, 2010. Asrequired by GAAP, the Company recognized this difference of $18,667,000 asa beneficial conversion discount on the preferred stock as of the July 21,2010 conversion date. After combining this implied dividend on thepreferred stock with operating results for the year ended December 31,2010, the Company reported a loss available to common shareholders of$24,915,000, or $6.42 per diluted share. The accounting entries requiredto reflect an implied dividend on preferred stock during the third quarterdid not change the amount of total shareholders' equity of the Company norchange the Company's capital ratios. The Company completed its 1-for-5reverse stock split on December 28, 2010, and the Company had 6,832,492common shares outstanding at December 31, 2010.

Michael J. Cushman, President and Chief Executive Officer, stated, "We areproud of the significant achievements that management and the Company hadduring 2010. Most notably, we completed a $40 million capital raise in thesecond quarter, reduced the exposure to construction and development loans,reduced nonperforming assets and returned to profitability in the fourthquarter. Our credit administration team continues to work diligently tofurther reduce the level of nonperforming assets. In 2011, our loanproduction teams are committed to rebuilding loan totals that driveinterest income while adhering strictly to concentration limits and creditquality standards."

The Company did not record a provision for loan and lease losses in thefourth quarter ended December 31, 2010 and recorded a provision for loanand lease losses of $8,200,000 for the year ended December 31, 2010. Thiscompared to provisions for loan and lease losses of $9,000,000 and$26,500,000 for the fourth quarter and year ended December 31, 2009,respectively. The allowance for loan and lease losses at December 31, 2010was $14,993,000, or 2.92% of total loans, compared to $18,539,000, or 3.08%of total loans at December 31, 2009.

At December 31, 2010, the Company's Total Risk-based Capital was$113,279,000, and its capital ratios were: Total Risk-based Capital ratio- 17.63%; Tier 1 risk-based Capital ratio - 15.94%; and Tier 1 Leverageratio - 11.48%. At December 31, 2010, the Bank's Total Risk-based Capitalwas $116,217,000, and its capital ratios were: Total Risk-based Capitalratio - 18.08%; Tier 1 risk-based Capital ratio - 16.82%; and Tier 1Leverage ratio - 12.11%.

At December 31, 2010, total assets were $884,941,000, an increase of$579,000 from $884,362,000 at December 31, 2009. The loan portfoliototaled $513,466,000 at December 31, 2010, a decrease of $88,951,000, or14.8%, compared to $602,417,000 at December 31, 2009. The loan to depositratio at December 31, 2010 was 68.1% as compared to 76.5% at December 31,2009. Total deposits decreased $34,019,000, or 4.3%, to $753,790,000 atDecember 31, 2010 compared to $787,809,000 at December 31, 2009.Available-for-sale investment securities increased $119,309,000 to$265,644,000 at December 31, 2010 from $146,335,000 at December 31, 2009,as proceeds and paydowns on loans were reinvested into mortgage-backedsecurities in order to maintain liquidity and contribute to the level ofearning assets which help to support the Company's net interest margin.

Credit Quality

Nonperforming loans (defined as nonaccrual loans and loans 90 days or morepast due and still accruing interest) decreased $26,533,000, or 56.9%, to$20,065,000 at December 31, 2010 from $46,598,000 at December 31, 2009.Nonperforming loans as a percentage of total loans were 3.91% at December31, 2010, compared to 7.74% at December 31, 2009. Subsequent to December31, 2010, the Company successfully collected the entire balance of anonperforming loan of $4,824,000 which is included in the year-end balanceof $20,065,000.

Nonperforming assets (nonperforming loans and other real estate owned("OREO")) totaled $45,849,000 at December 31, 2010, a decrease of$13,126,000 from the December 31, 2009 balance of $58,975,000.Nonperforming assets as a percentage of total assets were 5.18% at December31, 2010 compared to 6.67% at December 31, 2009.

Gross loan and lease charge-offs for the fourth quarter of 2010 were$775,000 and recoveries totaled $519,000 resulting in net charge-offs of$256,000 compared to gross loan and lease charge-offs for the fourthquarter of 2009 of $9,970,000 and recoveries of $86,000 resulting in netcharge-offs of $9,884,000. Gross charge-offs for the year ended December31, 2010 were $12,515,000 and recoveries for the same year totaled $999,000resulting in net charge-offs of $11,516,000, compared to gross charge-offsfor the year ended December 31, 2009 of $20,744,000 and recoveries of$1,456,000 resulting in net charge-offs of $19,288,000.

The overall level of nonperforming loans (defined as nonaccrual loans andloans 90 days or more past due and still accruing interest) decreased$9,578,000 to $20,065,000 at December 31, 2010 from $29,643,000 atSeptember 30, 2010. During the fourth quarter of 2010, the Company addedsixteen loans totaling $5,277,000 to nonperforming loans. These additionswere offset by reductions in nonperforming loans totaling $14,855,000 dueprimarily to the transfer to OREO of eleven properties totaling$12,857,000, and secondarily due to collections received on certain loansand charge-offs. Of the sixteen loans totaling $5,277,000 identified asnonaccrual loans and added to nonperforming loans, four relationshipsrepresent $3,577,000 of that balance. The largest relationship of thisgroup is a $989,000 multi-family real estate loan for seven condominiumslocated in Shasta County. A specific reserve of $75,000 has beenestablished for this loan. The second largest relationship of this groupconsists of a $946,000 multi-family real estate loan for seven townhousesand a single-family residence located in Yolo County. A specific reserveof $80,000 has been established for this loan. The third largestrelationship in this group totals $857,000 which consists of two loans.The first loan is a commercial real estate loan in the amount of $583,000for a self-storage facility located in Butte County. A specific reserve of$51,000 has been established for this loan. The second loan of thisrelationship is a $274,000 loan for a single-family rental property locatedin Trinity County. A specific reserve of $79,000 has been established forthis loan. The fourth relationship of this group is a commercial realestate loan in the amount of $785,000 for a special-purpose facilitylocated in Sacramento County. A specific reserve of $96,000 has beenestablished for this loan. The remaining eleven loans that were placed onnonaccrual during the fourth quarter of 2010 total $1,700,000 and specificreserves totaling $279,000 have been established.

The Company's OREO properties increased $6,934,000 to $25,784,000 atDecember 31, 2010 from $18,850,000 at September 30, 2010. The increase inOREO was due to the transfer of eleven properties totaling $12,857,000,partially offset by the sale of fifteen properties for a total of$5,067,000. The Company recorded a loss on sale for those fifteenproperties totaling $209,000, and recorded a write-down of the estimatedfair market values of certain other OREO properties during the quarterended December 31, 2010 of $647,000. The Company had total OREO relatedexpenses of $1,178,000 and $6,522,000 for the quarter and year-endedDecember 31, 2010, respectively, which is recorded as noninterest expense.

Operating Results

Net interest income, which represents the Company's largest component ofrevenues and is the difference between interest earned on loans andinvestments and interest paid on deposits and borrowings, increased$72,000, or 1.0%, for the three months ended December 31, 2010 compared tothe same period in 2009. Interest income decreased by $962,000, or 9.3%,for the three months ended December 31, 2010, primarily due to both a loweryield on earning assets and a decrease in the average balances of earningassets. The Company had foregone interest income of $396,000 and $617,000for the loans on nonaccrual status for the three months ended December 31,2010 and 2009, respectively. Offsetting the decrease in interest incomewas a decrease in interest expense of $1,034,000, or 36.3%, due to adecrease in the rates paid on deposits and a decrease in the averagebalance of interest bearing deposits for the quarter ended December 31,2010 compared to the same period in 2009. Average loans decreased$96,013,000 in the fourth quarter of 2010 compared to the fourth quarter of2009 while the yield on the loan portfolio increased 10 basis points to5.99% for the fourth quarter of 2010. Overall, average earning assetsdecreased $9,500,000 in the fourth quarter of 2010 compared to the fourthquarter of 2009. Average yields on earning assets decreased 41 basispoints from the quarter ended December 31, 2009, to 4.65% for the quarterended December 31, 2010 while the average rate paid on interest-bearingliabilities decreased by 54 basis points to 1.12%. The Company's netinterest margin (tax equivalent basis) for the quarter ended December 31,2010 was 3.76%, an increase of 8 basis points from 3.68% for the fourthquarter in 2009 and increased 3 basis points from the net interest margin(tax equivalent basis) of 3.65% for the linked quarter ended September 30,2010. Net interest income decreased $1,297,000, or 4.2%, for the yearended December 31, 2010 compared to the same period in 2009. Interestincome decreased by $5,033,000, or 11.5%, primarily due to a lower yield onearning assets. The Company had foregone interest income of $2,096,000 and$2,143,000 for the loans on nonaccrual status for the year ended December31, 2010 and 2009, respectively. Interest expense decreased $3,736,000 dueto a decrease in rates paid on average interest bearing liabilities for theyear ended December 31, 2010 compared to the same period in 2009. The netinterest margin for the year ended December 31, 2010 decreased 19 basispoints to 3.69% from the net interest margin of 3.88% for the year endedDecember 31, 2009.

Noninterest income for the quarter ended December 31, 2010 was $3,192,000compared to $3,266,000 for the same period in 2009 representing a decreaseof $74,000, or 2.3%. Service charges on deposits decreased $243,000 to$1,348,000 for the fourth quarter of 2010 compared to $1,591,000 for thefourth quarter of 2009, while other fees and charges increased by $143,000to $1,195,000 for the fourth quarter of 2010 compared to $1,052,000 for thesame period in 2009. Noninterest income for the year ended December 31,2010 decreased $1,066,000, or 7.6%, to $12,944,000 from $14,010,000 for theyear ended December 31, 2009. The primary reason for the decrease innoninterest income in 2010 compared to 2009 was due to a decrease inservice charges on deposit accounts of $619,000 and a gain on sale ofinvestment securities of $655,000 that occurred in 2009. Other fees andcharges increased $301,000 to $4,566,000 for the year ended December 31,2010 compared to $4,265,000 for the year ended December 31, 2009.

Noninterest expenses decreased $13,630,000 to $10,244,000 for the fourthquarter of 2010 from $23,874,000 for the fourth quarter of 2009. Thereason for the decrease was due to a goodwill impairment charge of$15,187,000 that occurred during the fourth quarter of 2009. Salaries andemployee benefits increased $119,000 in the fourth quarter of 2010 from thesame period in 2009, while occupancy expense and furniture and equipmentexpense decreased $193,000 in the fourth quarter of 2010 compared to thesame period in 2009. Other real estate owned expense increased to$1,178,000 compared to $284,000 for the same period in 2009. Otherexpenses increased $697,000 to $3,295,000 for the fourth quarter of 2010compared to $2,598,000 for the fourth quarter of 2009. Noninterestexpenses for the year ended December 31, 2010 decreased $12,076,000 to$41,914,000 compared to $53,990,000 for the year ended December 31, 2009.The reason for the decrease was due to a goodwill impairment charge of$15,187,000 during the fourth quarter of 2009 as mentioned above. Salariesand employee benefits decreased $1,627,000 for the year ended December 31,2010 from the year ended December 31, 2009 due to several cost cuttinginitiatives implemented by the Company during 2009. Occupancy expense andfurniture and equipment expense decreased $642,000 for the year endedDecember 31, 2010 compared to the year ended December 31, 2009, while FDICdeposit insurance assessments increased $61,000 for the year ended December31, 2010 when compared to 2009. Other real estate owned expense increased$4,403,000 to $6,522,000 for the year ended December 31, 2010 compared to$2,119,000 for 2009.

The Company recorded a benefit for income taxes for the quarter endedDecember 31, 2010 of $1,702,000, compared to a benefit for income taxes of$2,721,000, for the quarter ended December 31, 2009. The Company recordeda benefit for income taxes for the year ended December 31, 2010 of$985,000, compared to a benefit for income taxes of $9,394,000 for the yearended December 31, 2009. Due to the Company's previous losses, managementconducts an analysis to assess the need for a valuation allowance on itsdeferred tax asset quarterly. During the third quarter ended September 30,2010, it was determined to be more likely than not that a portion of itsdeferred tax asset will not be realized, and at September 30, 2010, theCompany established a valuation allowance of $4,500,000, approximately 27%of gross deferred tax assets. The valuation allowance was booked as aprovision for income tax in the current year. The Company conducted anupdated analysis at December 31, 2010 to assess the need for a change inthe valuation allowance on the deferred tax asset. Management consideredall available evidence, including both positive and negative, as part ofthis assessment, and concluded that no additional adjustment was needed tothe valuation allowance during the fourth quarter.

North Valley Bancorp is a bank holding company headquartered in Redding,California. Its subsidiary, North Valley Bank (the "Bank"), operatestwenty-five commercial banking offices in Shasta, Humboldt, Del Norte,Mendocino, Yolo, Sonoma, Placer and Trinity Counties in NorthernCalifornia, including two in-store supermarket branches and six BusinessBanking Centers. North Valley Bancorp, through the Bank, offers a widerange of consumer and business banking deposit products and servicesincluding internet banking and cash management services. In addition tothese depository services, the Bank engages in a full complement of lendingactivities including consumer, commercial and real estate loans.Additionally, the Bank has SBA Preferred Lender status and providesinvestment services to its customers. Visit the Company's website addressat www.novb.com for more information.

Cautionary Statement: This release contains certain forward-lookingstatements that are subject to risks and uncertainties that could causeactual results to differ materially from those stated herein. Management'sassumptions and projections are based on their anticipation of futureevents and actual performance may differ materially from those projected.Risks and uncertainties which could impact future financial performanceinclude, among others, (a) competitive pressures in the banking industry;(b) changes in the interest rate environment; (c) general economicconditions, either nationally, regionally or locally, includingfluctuations in real estate values; (d) changes in the regulatoryenvironment; (e) changes in business conditions or the securities marketsand inflation; (f) possible shortages of gas and electricity at utilitycompanies operating in the State of California, and (g) the effects ofterrorism, including the events of September 11, 2001, and thereafter, andthe conduct of the war on terrorism by the United States and its allies.Therefore, the information set forth herein, together with otherinformation contained in the periodic reports filed by the Company with theSecurities and Exchange Commission, should be carefully considered whenevaluating the business prospects of the Company. North Valley Bancorpundertakes no obligation to update any forward-looking statements containedin this release, except as required by law.


NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except share and per share data)


Three Months Ended
December 31,
Statement of Income Data 2010 2009 $ Change % Change
--------- --------- --------- ---------
Interest income
Loans and leases (including
fees) $ 7,900 $ 9,203 $ (1,303) (14.16%)
Investment securities 1,523 1,169 354 30.28%
Federal funds sold and
other 14 27 (13) (48.15%)
--------- --------- --------- ---------
Total interest income 9,437 10,399 (962) (9.25%)
--------- --------- --------- ---------
Interest expense
Interest on deposits 1,273 2,347 (1,074) (45.76%)
Subordinated debentures 545 505 40 7.92%
--------- --------- --------- ---------
Total interest expense 1,818 2,852 (1,034) (36.26%)
--------- --------- --------- ---------
Net interest income 7,619 7,547 72 0.95%
Provision for loan and lease
losses - 9,000 (9,000) (100.00%)
--------- --------- --------- ---------
Net interest income after
provision for loan and
lease losses 7,619 (1,453) 9,072 (624.36%)
--------- --------- --------- ---------

Noninterest income
Service charges on deposit
accounts 1,348 1,591 (243) (15.27%)
Other fees and charges 1,195 1,052 143 13.59%
Other 649 623 26 4.17%
--------- --------- --------- ---------
Total noninterest
income 3,192 3,266 (74) (2.27%)
--------- --------- --------- ---------

Noninterest expenses
Salaries and employee
benefits 4,225 4,106 119 2.90%
Occupancy 695 749 (54) (7.21%)
Furniture and equipment 323 462 (139) (30.09%)
Other real estate owned
expense 1,178 284 894 314.79%
FDIC and state assessments 528 488 40 8.20%
Impairment of goodwill - 15,187 (15,187) (100.00%)
Other 3,295 2,598 697 26.83%
--------- --------- --------- ---------
Total noninterest
expenses 10,244 23,874 (13,630) (57.09%)
--------- --------- --------- ---------
Income (loss) before
benefit for income
taxes 567 (22,061) 22,628 (102.57%)
Benefit for income taxes (1,702) (2,721) 1,019 (37.45%)
--------- --------- --------- ---------
Net income (loss) 2,269 (19,340) 21,609 (111.73%)
========= ========= ========= =========


Common Share Data
Earnings (loss) per share
Basic $ 0.33 $ (12.90) $ 13.23 (102.56%)
Diluted $ 0.33 $ (12.90) $ 13.23 (102.56%)

Weighted average shares
outstanding 6,832,492 1,499,163
Weighted average shares
outstanding - diluted 6,832,492 1,499,163
Book value per share $ 12.29 $ 34.89
Tangible book value $ 12.21 $ 34.43
Shares outstanding 6,832,492 1,499,163




NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except share and per share data)

Twelve Months Ended
December 31,
Statement of Income Data 2010 2009 $ Change % Change
--------- --------- --------- ---------
Interest income
Loans and leases (including
fees) $ 33,276 $ 39,233 $ (5,957) (15.18%)
Investment securities 5,508 4,646 862 18.55%
Federal funds sold and
other 138 76 62 81.58%
--------- --------- --------- ---------
Total interest income 38,922 43,955 (5,033) (11.45%)
--------- --------- --------- ---------
Interest expense
Interest on deposits 6,861 10,633 (3,772) (35.47%)
Subordinated debentures 2,124 2,087 37 1.77%
Other borrowings - 1 (1) (100.00%)
--------- --------- --------- ---------
Total interest expense 8,985 12,721 (3,736) (29.37%)
--------- --------- --------- ---------
Net interest income 29,937 31,234 (1,297) (4.15%)
Provision for loan and lease
losses 8,200 26,500 (18,300) (69.06%)
--------- --------- --------- ---------
Net interest income after
provision for loan and lease
losses 21,737 4,734 17,003 359.17%
--------- --------- --------- ---------

Noninterest income
Service charges on deposit
accounts 5,864 6,483 (619) (9.55%)
Other fees and charges 4,566 4,265 301 7.06%
Gain on sale/impairment of
investment securities - 655 (655) (100.00%)
Other 2,514 2,607 (93) (3.57%)
--------- --------- --------- ---------
Total noninterest
income 12,944 14,010 (1,066) (7.61%)
--------- --------- --------- ---------

Noninterest expenses
Salaries and employee
benefits 16,873 18,500 (1,627) (8.79%)
Occupancy 2,850 3,079 (229) (7.44%)
Furniture and equipment 1,434 1,847 (413) (22.36%)
Other real estate owned
expense 6,522 2,119 4,403 207.79%
FDIC and state assessments 2,368 2,307 61 2.64%
Impairment of goodwill - 15,187 (15,187) (100.00%)
Other 11,867 10,951 916 8.36%
--------- --------- --------- ---------
Total noninterest
expenses 41,914 53,990 (12,076) (22.37%)
--------- --------- --------- ---------
Loss before benefit for
income taxes (7,233) (35,246) 28,013 (79.48%)
Benefit for income taxes (985) (9,394) 8,409 (89.51%)
--------- --------- --------- ---------
Net loss (6,248) (25,852) 19,604 (75.83%)
--------- --------- --------- ---------
Preferred stock discount $ (18,667) $ - (18,667) -
--------- --------- --------- ---------
Net loss available to
common shareholders $ (24,915) $ (25,852) $ 937 (3.62%)
========= ========= ========= =========


Common Share Data
Loss per share
Basic $ (6.42) $ (17.24) $ 10.82 (62.76%)
Diluted $ (6.42) $ (17.24) $ 10.82 (62.76%)

Weighted average shares
outstanding 3,880,897 1,499,163
Weighted average shares
outstanding - diluted 3,880,897 1,499,163
Book value per share $ 12.29 $ 34.89
Tangible book value $ 12.21 $ 34.43
Shares outstanding 6,832,492 1,499,163




NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)

December 31, December 31,
Balance Sheet Data 2010 2009
------------ ------------
Assets
Cash and due from banks $ 14,629 $ 19,378
Federal funds sold 9,005 48,250
Time deposits at other financial institutions 459 425
Available-for-sale securities - at fair value 265,644 146,335
Held-to-maturity securities - at amortized
cost 6 9

Loans and leases net of deferred loan fees 513,466 602,417
Allowance for loan and lease losses (14,993) (18,539)
------------ ------------
Net loans and leases 498,473 583,878

Premises and equipment, net 8,799 10,319
Other real estate owned 25,784 12,377
Goodwill and core deposit intangibles, net 546 692
Accrued interest receivable and other assets 61,596 62,699
------------ ------------
Total assets $ 884,941 $ 884,362
============ ============

Liabilities and Shareholders' Equity
Deposits:
Demand, noninterest bearing $ 155,499 $ 152,421
Demand, interest bearing 161,241 160,216
Savings and money market 208,476 189,782
Time 228,574 285,390
------------ ------------
Total deposits 753,790 787,809

Accrued interest payable and other
liabilities 15,212 12,290
Subordinated debentures 31,961 31,961
------------ ------------
Total liabilities 800,963 832,060
Shareholders' equity 83,978 52,302
------------ ------------
Total liabilities and shareholders' equity $ 884,941 $ 884,362
============ ============

Asset Quality
Nonaccrual loans and leases $ 20,065 $ 46,598
Loans and leases past due 90 days and
accruing interest - -
Other real estate owned 25,784 12,377
------------ ------------
Total nonperforming assets $ 45,849 $ 58,975
============ ============

Allowance for loan and lease losses to total
loans 2.92% 3.08%
Allowance for loan and lease losses to NPL's 74.72% 39.78%
Allowance for loan and lease losses to NPA's 32.70% 31.44%




NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)

Three Months Ended Twelve Months Ended
Selected Financial December 31, December 31,
Ratios 2010 2009 2010 2009
--------- --------- --------- ---------
Return on average
total assets 1.00% (8.39%) (0.69%) (2.85%)
Return on average
shareholders' equity 10.76% (106.26%) (8.03%) (34.92%)
Net interest margin
(tax equivalent
basis) 3.76% 3.68% 3.69% 3.88%
Efficiency ratio 94.76% 220.79% 97.74% 119.33%

Selected Average
Balances
Loans $ 523,472 $ 619,485 $ 559,863 $ 649,806
Taxable investments 249,603 140,024 186,220 113,711
Tax-exempt investments 14,870 15,740 15,261 15,825
Federal funds sold and
other 24,973 47,169 59,446 33,587
--------- --------- --------- ---------
Total earning assets $ 812,918 $ 822,418 $ 820,790 $ 812,929
--------- --------- --------- ---------
Total assets $ 902,493 $ 915,022 $ 904,688 $ 906,462
--------- --------- --------- ---------

Demand deposits -
interest bearing $ 159,783 $ 161,046 $ 158,169 $ 154,763
Savings and money
market 209,801 188,581 210,655 177,740
Time deposits 241,183 299,321 259,568 308,419
Other borrowings 31,961 31,961 31,961 32,298
--------- --------- --------- ---------
Total interest
bearing liabilities $ 642,728 $ 680,909 $ 660,353 $ 673,220
--------- --------- --------- ---------
Demand deposits -
noninterest bearing $ 158,481 $ 149,428 $ 149,696 $ 147,266
--------- --------- --------- ---------
Shareholders' equity $ 83,654 $ 72,211 $ 77,850 $ 74,039
--------- --------- --------- ---------




NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

For the Quarter Ended
------------------------------------------
December September June March
2010 2010 2010 2010
--------- --------- --------- ---------
Interest income $ 9,437 $ 9,773 $ 9,837 $ 9,875
Interest expense 1,818 2,183 2,451 2,533
--------- --------- --------- ---------
Net interest income 7,619 7,590 7,386 7,342

Provision for loan and lease
losses - 4,600 2,600 1,000
Noninterest income 3,192 3,363 3,377 3,012
Noninterest expense 10,244 11,779 9,872 10,019
--------- --------- --------- ---------

Income (loss) before provision
(benefit) for income taxes 567 (5,426) (1,709) (665)
Provision (benefit) for income
taxes (1,702) 2,207 (1,137) (353)
--------- --------- --------- ---------
Net income (loss) $ 2,269 $ (7,633) $ (572) $ (312)
--------- --------- --------- ---------

Preferred Stock Discount - (18,667) - -
--------- --------- --------- ---------
Net income (loss) available to
common shareholder $ 2,269 $ (26,300) $ (572) $ (312)
========= ========= ========= =========
Earnings (loss) per common
share:
Basic $ 0.33 $ (4.70) $ (0.40) $ (0.20)
========= ========= ========= =========
Diluted $ 0.33 $ (4.70) $ (0.40) $ (0.20)
========= ========= ========= =========

For further information contact:

Michael J. Cushman
President & Chief Executive Officer
(530) 226-2900
Fax: (530) 221-4877

or

Kevin R. Watson
Executive Vice President & Chief Financial Officer
(530) 226-2900
Fax: (530) 221-4877

MarketWire

Comment on this story

Share