North Valley Bancorp (NASDAQ: NOVB), a bank holding company with
$884 million in assets, today filed its Annual Report on Form 10-K
for the year ended December 31, 2009. North Valley Bancorp ("the
Company") is the parent company for North Valley Bank ("NVB").
Michael J. Cushman, President and Chief Executive Officer,
stated, "2009 was a challenging year for many community banks as a
result of the depth of the recession; specifically, its impact on
residential development projects. We continue to execute our
strategy of reducing exposure to those loans that were most
impacted by this event and since 2007 that portfolio has been
reduced by 60%. In 37 years of business we have successfully
navigated through a number of business cycles. We continue to be
focused on current challenges while being poised for opportunities
that position the Company well for the future."
The Company reported a net loss for the fourth quarter ended
December 31, 2009 of $19,340,000, or $2.58 per diluted share,
compared to net income of $854,000, or $0.11 per diluted share, for
the same period in 2008. The primary reason for the loss was a
goodwill impairment charge of $15,187,000, or $2.03 per diluted
share. This fourth quarter 2009 earnings charge for goodwill
impairment was a non-cash charge of $15,187,000 with no effect on
the Company and Bank's cash balances, liquidity or tangible equity
capital. Similarly, since goodwill is excluded when calculating
regulatory capital, the Company's and Bank's regulatory capital
ratios were not significantly affected by the charge. On a non-GAAP
basis, excluding the goodwill charge of $15,187,000, the Company
would have recorded a loss of $4,153,000, or $0.55 per diluted
share, for the fourth quarter of 2009 and a loss of $10,665,000, or
$1.42 per diluted share for the year ended December 31, 2009. The
Company reported a net loss for the year ended December 31, 2009 of
$25,852,000, or $3.45 per diluted share, compared to a net loss of
$1,794,000, or $0.24 per diluted share, for the year ended December
31, 2008. Kevin R. Watson, Chief Financial Officer, stated that, "A
significant contributor to the operating loss reported in the
fourth quarter and the year was a one-time, non-cash accounting
charge to goodwill in the amount of $15,187,000. This charge has no
impact on the Bank's cash balances, liquidity or tangible equity
ratios."
The Company recorded 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, compared to provisions for loan
and lease losses of $3,000,000 and $12,100,000 for the fourth
quarter and year ended December 31, 2008. The allowance for loan
and lease losses at December 31, 2009 was $18,539,000, or 3.08% of
total loans, compared to $11,327,000, or 1.63% of total loans at
December 31, 2008.
At December 31, 2009, the Company's Total Risk-based Capital was
$87,791,000, and its risk-based capital ratios were: Total
Risk-based Capital ratio - 12.19%; Tier 1 risk-based Capital ratio
- 9.09%; and Tier 1 Leverage ratio - 7.16%. The Bank's Total
Risk-based Capital was $89,015,000, and its risk-based capital
ratios were: Total Risk-based Capital ratio - 12.38%; Tier 1
risk-based Capital ratio - 11.11%; and Tier 1 Leverage ratio -
8.80%.
At December 31, 2009, total assets were $884,362,000, an
increase of $4,811,000 from $879,551,000 at December 31, 2008. The
loan portfolio totaled $602,417,000 at December 31, 2009, a
decrease of $91,005,000, or 13.1%, compared to December 31, 2008.
The Company was successful in decreasing its Real Estate -
Construction portfolio during the year by $44,644,000 from
$136,755,000 at December 31, 2008 to $92,111,000 at December 31,
2009. This reduction was primarily from principal reductions and
pay-offs but was also a result of certain charge-offs and
properties taken into other real estate owned (OREO). Commercial
loans and Real Estate - Commercial loans decreased $25,516,000 and
$13,181,000, respectively. The loan to deposit ratio at December
31, 2009 was 76.6% as compared to 91.9% at December 31, 2008.
Total deposits grew by $32,865,000, or 4.4%, to $787,809,000 at
December 31, 2009, driven by increases in saving and money market
deposits of $32,693,000, interest bearing demand deposits of
$8,343,000, and time deposits of $1,156,000, offset by a decrease
in noninterest bearing demand of $9,327,000. Available-for-sale
investment securities and Federal funds sold increased $69,990,000
and $48,250,000, respectively, improving the Company's liquidity
position. The increase in securities and Federal funds sold was the
result of the increase in deposits and decrease in loans, as part
of the Company's strategy to increase its on-balance sheet
liquidity.
Credit
Quality
The overall level of nonperforming loans (defined as nonaccrual
loans and loans 90 days or more past due and still accruing
interest) decreased $7,864,000 to $46,598,000 at December 31, 2009
from $54,462,000 at September 30, 2009. During the fourth quarter
of 2009, the Company added eleven loans totaling $8,507,000 to
nonperforming loans. These additions were offset by reductions in
nonperforming loans totaling $16,371,000 due primarily to
charge-offs of $9,970,000, transfers to OREO of eleven properties
totaling $4,802,000, and collections received on certain loans.
Nonperforming loans totaled $46,598,000 at December 31, 2009, an
increase of $27,662,000 from the December 31, 2008 balance of
$18,936,000. Nonperforming loans as a percentage of total loans
were 7.74% at December 31, 2009, compared to 2.73% at December 31,
2008.
Nonperforming assets (nonperforming loans and OREO) totaled
$58,975,000 at December 31, 2009, an increase of $29,631,000 from
the December 31, 2008 balance of $29,344,000. Nonperforming assets
as a percentage of total assets were 6.67% at December 31, 2009
compared to 3.34% at December 31, 2008.
The Company's OREO properties increased $4,452,000 to
$12,377,000 at December 31, 2009 from $7,925,000 at September 30,
2009. The increase in OREO was due to the transfer of eleven
properties totaling $4,802,000 which was partially offset by the
write-down of OREO of $164,000 and the disposition of one OREO
property during the fourth quarter of 2009 for $163,000. The
Company recorded a loss on the sale of OREO of $23,000.
Gross loan and lease charge offs for the fourth quarter of 2009
were $9,970,000 and recoveries totaled $86,000 resulting in net
charge offs of $9,884,000 compared to gross loan and lease charge
offs for the fourth quarter of 2008 of $1,724,000 and recoveries
totaled $92,000 resulting in net charge offs of $1,632,000. Gross
charge offs for the year ended December 31, 2009 were $20,744,000
and recoveries totaled $1,456,000 resulting in net charge offs of
$19,288,000 compared to gross charge offs for the year ended
December 31, 2008 of $11,805,000 and recoveries totaled $277,000
resulting in net charge offs of $11,528,000.
During the fourth quarter of 2009, the Company identified eleven
loans totaling $8,507,000 as nonaccrual loans, which were made up
primarily of three relationships. The largest relationship of this
group is a commercial real estate loan in the amount of $2,879,000
for a single-tenant commercial building located in Sacramento
County. This property has a current appraisal, and a specific
reserve of $944,000 has been established for this loan. The second
largest customer relationship in this group is a residential land
acquisition and development loan in the amount of $2,468,000
located in Sonoma County. This property has a current appraisal,
and a specific reserve of $862,000 has been established for this
loan. The third largest customer relationship in this group
represents two residential land acquisition and development loans
in the amount of $1,738,000 located in Shasta County. These
properties have current appraisals and specific reserves totaling
$384,000 have been established for these loans. The remaining seven
loans in this group that were placed on nonaccrual during the
fourth quarter of 2009 total $1,422,000 and have specific reserves
of $228,000.
Operating
Results
Net interest income, which represents the Company's largest
component of revenues and is the difference between interest earned
on loans and investments and interest paid on deposits and
borrowings, decreased $581,000, or 7.1%, for the three months ended
December 31, 2009 compared to the same period in 2008. Interest
income decreased by $1,435,000, primarily due to both a lower yield
on earning assets and a decrease in the average balances of earning
assets and secondarily due to foregone interest income of $617,000
for the loans currently on nonaccrual status. Partially offsetting
this was a decrease in interest expense of $854,000, or 23.0%, due
to a decrease in the rates paid on deposits and a decrease in the
average balance of borrowings for the quarter ended December 31,
2009 compared to the same period in 2008. Average loans decreased
$77,006,000 in the fourth quarter of 2009 compared to the fourth
quarter of 2008 and the yield on the loan portfolio decreased 37
basis points to 5.89% for the fourth quarter of 2009. Overall,
average earning assets increased $36,888,000 in the fourth quarter
of 2009 compared to the fourth quarter of 2008. Average yields on
earning assets decreased 96 basis points from the quarter ended
December 31, 2008, to 5.06% for the quarter ended December 31, 2009
while the average rate paid on interest-bearing liabilities
decreased by 67 basis points to 1.66%. The Company's net interest
margin (tax equivalent basis) for the quarter ended December 31,
2009 was 3.68%, a decrease of 47 basis points from 4.15% for the
fourth quarter in 2008 and remained flat from the net interest
margin (tax equivalent basis) of 3.68% for the linked quarter ended
September 30, 2009. "The foregone interest from the level of
nonperforming loans reduced our net interest margin by
approximately 30 basis points in the fourth quarter of 2009. We
continue to recognize improvement on the rates paid on our interest
bearing liabilities which decreased 18 basis points from the linked
quarter," commented Mr. Watson. Net interest income decreased
$3,903,000 for the year ended December 31, 2009 compared to the
same period in 2008. Interest income decreased by $8,136,000,
primarily due to a lower yield on earning assets and secondarily
due to foregone interest income of $2,143,000 for the loans placed
on nonaccrual status. Interest expense decreased $4,233,000 due to
a decrease in rates paid on average interest bearing liabilities
for the year ended December 31, 2009 compared to the same period in
2008. The net interest margin for the year ended December 31, 2009
decreased 43 basis points to 3.88% from the net interest margin of
4.31% for the year ended December 31, 2008.
Noninterest income for the quarter ended December 31, 2009 was
$3,266,000 compared to $2,900,000 for the same period in 2008
representing an increase of $366,000, or 12.6%. Service charges on
deposits decreased $111,000 to $1,591,000 for the fourth quarter of
2009 compared to $1,702,000 for the fourth quarter of 2008, while
other fees and charges increased by $117,000 to $1,052,000 for the
fourth quarter of 2009 compared to $935,000 for the same period in
2008. Noninterest income for the year ended December 31, 2009
increased $3,858,000, or 38.0%, to $14,010,000 from $10,152,000 for
the year ended December 31, 2008. The primary reason for the
increase in noninterest income in 2009 compared to 2008 was due to
an impairment charge on FNMA Preferred Stock of $3,284,000 during
the third quarter of 2008. Service charges on deposit accounts
decreased $679,000 to $6,483,000 for the year ended December 31,
2009 compared to $7,162,000 for the year ended December 31, 2008.
Other fees and charges increased $383,000 to $4,265,000 for the
year ended December 31, 2009 compared to $3,882,000 for the year
ended December 31, 2008.
Noninterest expenses increased $14,291,000 to $23,874,000 for
the fourth quarter of 2009 from $9,583,000 for the fourth quarter
of 2008. The reason for the increase was due to a goodwill
impairment charge of $15,187,000 during the fourth quarter of 2009.
Salaries and employee benefits decreased $566,000 in the fourth
quarter of 2009 from the same period in 2008, and occupancy expense
and furniture and equipment expense decreased $144,000 in the
fourth quarter of 2009 compared to the same period in 2008. Other
real estate owned expense was $284,000 compared to zero for the
same period in 2008. Other expenses decreased $470,000 to
$3,086,000 for the fourth quarter of 2009 compared to $3,556,000
for the fourth quarter of 2008. Noninterest expense for the year
ended December 31, 2009 increased $15,332,000 to $53,990,000
compared to $38,658,000 for the year ended December 31, 2008. The
reason for the increase was due to a goodwill impairment charge of
$15,187,000 during the fourth quarter of 2009 as mentioned above
and more fully explained below. Salaries and employee benefits
decreased $2,026,000 for the year ended December 31, 2009 from the
year ended December 31, 2008 due to several cost cutting
initiatives implemented by the Company in 2009. Offsetting this
decrease, FDIC deposit insurance assessments increased $1,635,000
when compared to the same period in 2008, reflecting the FDIC's
higher base assessment rate for 2009 and expenses related to the
FDIC's industry-wide emergency special assessment in the second
quarter. Occupancy expense and furniture and equipment expense
decreased $114,000 for the year ended December 31, 2009 compared to
the year ended December 31, 2008.
The Company recorded a benefit for income taxes for the quarter
ended December 31, 2009 of $2,721,000, compared to a benefit for
income taxes of $2,409,000, for the quarter ended December 31,
2008. The benefit for income taxes for the year ended December 31,
2009 was $9,394,000, compared to a benefit for income taxes of
$3,675,000 for the year ended December 31, 2008. The Company
conducted an analysis to assess the need for a valuation allowance
on the deferred tax asset as of December 31, 2009. Management
considered all available evidence, including both positive and
negative, as part of this assessment. Management has determined
that it is not more likely than not that all of the deferred income
tax assets as of December 31, 2009 will not be realized, and
therefore no valuation allowance was recorded.
North Valley Bancorp is a bank holding company headquartered in
Redding, California. Its subsidiary, North Valley Bank ("NVB"),
operates twenty-five commercial banking offices in Shasta,
Humboldt, Del Norte, Mendocino, Yolo, Sonoma, Placer and Trinity
Counties in Northern California, including two in-store supermarket
branches and six Business Banking Centers. North Valley Bancorp,
through NVB, offers a wide range of consumer and business banking
deposit products and services including internet banking and cash
management services. In addition to these depository services, NVB
engages in a full complement of lending activities including
consumer, commercial and real estate loans. Additionally, NVB has
SBA Preferred Lender status and provides investment services to its
customers. Visit the Company's website address at www.novb.com for
more information.
Cautionary Statement: This release
contains certain forward-looking statements that are subject to
risks and uncertainties that could cause actual results to differ
materially from those stated herein. Management's assumptions and
projections are based on their anticipation of future events and
actual performance may differ materially from those projected.
Risks and uncertainties which could impact future financial
performance include, among others, (a) competitive pressures in the
banking industry; (b) changes in the interest rate environment; (c)
general economic conditions, either nationally, regionally or
locally, including fluctuations in real estate values; (d) changes
in the regulatory environment; (e) changes in business conditions
or the securities markets and inflation; (f) possible shortages of
gas and electricity at utility companies operating in the State of
California, and (g) the effects of terrorism, including the events
of September 11, 2001, and thereafter, and the conduct of the war
on terrorism by the United States and its allies. Therefore, the
information set forth herein, together with other information
contained in the periodic reports filed by the Company with the
Securities and Exchange Commission, should be carefully considered
when evaluating the business prospects of the Company. North Valley
Bancorp undertakes no obligation to update any forward-looking
statements contained in 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 2009 2008 $ Change % Change
--------- --------- --------- ---------
Interest income:
Loans and leases (including
fees) $ 9,203 $ 10,989 $ (1,786) (16.3%)
Investment securities 1,169 842 327 38.8%
Federal funds sold and
other 27 3 24 800.0%
--------- --------- --------- ---------
Total interest income 10,399 11,834 (1,435) (12.1%)
--------- --------- --------- ---------
Interest expense:
Deposits 2,347 3,109 (762) (24.5%)
Subordinated debentures 505 586 (81) (13.8%)
Other borrowings - 11 (11) (100.0%)
--------- --------- --------- ---------
Total interest expense 2,852 3,706 (854) (23.0%)
--------- --------- --------- ---------
Net interest income 7,547 8,128 (581) (7.1%)
Provision for loan and lease
losses 9,000 3,000 6,000 200.0%
--------- --------- --------- ---------
Net interest income after
provision for loan and lease
losses (1,453) 5,128 (6,581) (128.3%)
--------- --------- --------- ---------
Noninterest income:
Service charges on deposit
accounts 1,591 1,702 (111) (6.5%)
Other fees and charges 1,052 935 117 12.5%
Gain (loss) on sale/
impairment of investment
securities - (102) 102 (100.0%)
Other 623 365 258 70.7%
--------- --------- --------- ---------
Total noninterest
income 3,266 2,900 366 12.6%
--------- --------- --------- ---------
Noninterest expenses:
Salaries and employee
benefits 4,106 4,672 (566) (12.1%)
Occupancy 749 790 (41) (5.2%)
Furniture and equipment 462 565 (103) (18.2%)
Impairment of goodwill 15,187 - 15,187 -
Other real estate owned
expense 284 - 284 -
Other 3,086 3,556 (470) (13.2%)
--------- --------- --------- ---------
Total noninterest
expenses 23,874 9,583 14,291 149.1%
--------- --------- --------- ---------
Loss before benefit for income
taxes (22,061) (1,555) (20,506) 1,318.7%
Benefit for income taxes (2,721) (2,409) (312) 13.0%
--------- --------- --------- ---------
Net (loss) income $ (19,340) $ 854 $ (20,194) (2364.6%)
========= ========= ========= =========
Common Share Data
(Loss) earnings per share
Basic $ (2.58) $ 0.11 $ (2.69) (2445.5%)
Diluted $ (2.58) $ 0.11 $ (2.69) (2445.5%)
Weighted average shares
outstanding 7,495,817 7,495,817
Weighted average shares
outstanding - diluted 7,495,817 7,495,817
Book value per share $ 6.98 $ 10.31
Tangible book value $ 6.89 $ 8.17
Shares outstanding 7,495,817 7,495,817
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 2009 2008 $ Change % Change
--------- --------- --------- ---------
Interest income:
Loans and leases (including
fees) $ 39,233 $ 47,897 $ (8,664) (18.1%)
Investment securities 4,646 4,182 464 11.1%
Federal funds sold and
other 76 12 64 533.3%
--------- --------- --------- ---------
Total interest income 43,955 52,091 (8,136) (15.6%)
--------- --------- --------- ---------
Interest expense:
Deposits 10,633 13,515 (2,882) (21.3%)
Subordinated debentures 2,087 2,340 (253) (10.8%)
Other borrowings 1 1,099 (1,098) (99.9%)
--------- --------- --------- ---------
Total interest expense 12,721 16,954 (4,233) (25.0%)
--------- --------- --------- ---------
Net interest income 31,234 35,137 (3,903) (11.1%)
Provision for loan and lease
losses 26,500 12,100 14,400 119.0%
--------- --------- --------- ---------
Net interest income after
provision for loan and lease
losses 4,734 23,037 (18,303) (79.5%)
--------- --------- --------- ---------
Noninterest income:
Service charges on deposit
accounts 6,483 7,162 (679) (9.5%)
Other fees and charges 4,265 3,882 383 9.9%
Gain (loss) on sale/
impairment of investment
securities 655 (3,386) 4,041 (119.3%)
Other 2,607 2,494 113 4.5%
--------- --------- --------- ---------
Total noninterest
income 14,010 10,152 3,858 38.0%
--------- --------- --------- ---------
Noninterest expenses:
Salaries and employee
benefits 18,500 20,526 (2,026) (9.9%)
Occupancy 3,079 3,037 42 1.4%
Furniture and equipment 1,847 2,003 (156) (7.8%)
Impairment of goodwill 15,187 - 15,187 -
Other real estate owned
expense 2,119 89 2,030 2,280.9%
Other 13,258 13,003 255 2.0%
--------- --------- --------- ---------
Total noninterest
expenses 53,990 38,658 15,332 39.7%
--------- --------- --------- ---------
Loss before benefit for income
taxes (35,246) (5,469) (29,777) 544.5%
Benefit for income taxes (9,394) (3,675) (5,719) 155.6%
--------- --------- --------- ---------
Net loss $ (25,852) $ (1,794) $ (24,058) 1,341.0%
========= ========= ========= =========
Common Share Data
Loss per share
Basic $ (3.45) $ (0.24) $ (3.21) 1,337.5%
Diluted $ (3.45) $ (0.24) $ (3.21) 1,337.5%
Weighted average shares
outstanding 7,495,817 7,460,564
Weighted average shares
outstanding - diluted 7,495,817 7,460,564
Book value per share $ 6.98 $ 10.31
Tangible book value $ 6.89 $ 8.17
Shares outstanding 7,495,817 7,495,817
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
December 31, December 31,
Balance Sheet Data 2009 2008
------------ ------------
Assets
Cash and due from banks $ 19,378 $ 27,153
Federal funds sold 48,250 -
Time deposits at other financial institutions 425 -
Available-for-sale securities - at fair value 146,335 76,345
Held-to-maturity securities - at amortized
cost 9 21
Loans and leases, net of deferred loan fees 602,417 693,422
Less: Allowance for loan and lease losses (18,539) (11,327)
------------ ------------
Net loans and leases 583,878 682,095
Premises and equipment, net 10,319 11,418
Other real estate owned 12,377 10,408
Goodwill and core deposit intangibles, net 692 16,025
Accrued interest receivable and other assets 62,699 56,086
------------ ------------
Total assets $ 884,362 $ 879,551
============ ============
Liabilities and Stockholders' Equity
Deposits:
Demand, noninterest bearing $ 152,421 $ 161,748
Demand, interest bearing 160,216 151,873
Savings and money market 189,782 157,089
Time 285,390 284,234
------------ ------------
Total deposits 787,809 754,944
Other borrowed funds - 3,516
Accrued interest payable and other
liabilities 12,290 11,872
Subordinated debentures 31,961 31,961
------------ ------------
Total liabilities 832,060 802,293
Stockholders' equity 52,302 77,258
------------ ------------
Total liabilities and stockholders' equity $ 884,362 $ 879,551
============ ============
Asset Quality
Nonaccrual loans and leases $ 46,598 $ 18,936
Loans and leases past due 90 days and
accruing interest - -
Other real estate owned 12,377 10,408
------------ ------------
Total nonperforming assets $ 58,975 $ 29,344
============ ============
Allowance for loan and lease losses to total
loans and leases 3.08% 1.63%
Allowance for loan and lease losses to
Nonperforming Loans 39.78% 59.82%
Allowance for loan and lease losses to
Nonperforming Assets 31.44% 38.60%
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
Three Months Ended Twelve Months Ended
December 31, December 31,
Selected Financial Ratios 2009 2008 2009 2008
--------- --------- --------- ---------
(Loss) return on average
total assets (8.39%) 0.39% (2.85%) (0.20%)
(Loss) return on average
stockholders' equity (106.26%) 4.41% (34.92%) (2.23%)
Net interest margin (tax
equivalent basis) 3.68% 4.15% 3.88% 4.31%
Efficiency ratio 220.79% 86.90% 119.33% 85.36%
Selected Average Balances
Loans $ 619,485 $ 696,491 $ 649,806 $ 725,255
Taxable investments 140,024 70,082 113,711 79,851
Tax-exempt investments 15,740 16,797 15,825 19,381
Federal funds sold and other 47,169 2,160 33,587 899
--------- --------- --------- ---------
Total earning assets $ 822,418 $ 785,530 $ 812,929 $ 825,386
--------- --------- --------- ---------
Total assets $ 915,022 $ 877,463 $ 906,462 $ 913,801
--------- --------- --------- ---------
Demand deposits - interest
bearing $ 161,046 $ 157,053 $ 154,763 $ 155,983
Savings and money market 188,581 162,767 177,740 176,529
Time deposits 299,321 274,608 308,419 258,030
Other borrowings 31,961 36,600 32,298 73,695
--------- --------- --------- ---------
Total interest bearing
liabilities $ 680,909 $ 631,028 $ 673,220 $ 664,237
--------- --------- --------- ---------
Demand deposits -
noninterest bearing $ 149,428 $ 158,621 $ 147,266 $ 157,723
--------- --------- --------- ---------
Stockholders' equity $ 72,211 $ 76,746 $ 74,039 $ 80,287
--------- --------- --------- ---------
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
For the Quarter Ended
------------------------------------------
December September June March
2009 2009 2009 2009
--------- ---------- --------- ---------
Interest income $ 10,399 $ 10,896 $ 11,241 $ 11,419
Interest expense 2,852 3,226 3,332 3,311
--------- ---------- --------- ---------
Net interest income 7,547 7,670 7,909 8,108
Provision for loan and lease
losses 9,000 1,500 9,000 7,000
Noninterest income 3,266 4,142 3,438 3,164
Noninterest expense 23,874 8,999 10,782 10,335
--------- ---------- --------- ---------
(Loss) income before (benefit)
provision for income taxes (22,061) 1,313 (8,435) (6,063)
(Benefit) provision for income
taxes (2,721) 629 (4,346) (2,956)
--------- ---------- --------- ---------
Net (loss) income $ (19,340) $ 684 $ (4,089) $ (3,107)
========= ========== ========= =========
(Loss) earnings per share:
Basic $ (2.58) $ 0.09 $ (0.55) $ (0.41)
========= ========== ========= =========
Diluted $ (2.58) $ 0.09 $ (0.55) $ (0.41)
========= ========== ========= =========
For further information contact: Michael J. Cushman President
& Chief Executive Officer (530) 226-2900 Fax: (530) 221-4877
Kevin R. Watson Executive Vice President & Chief Financial
Officer (530) 226-2900 Fax: (530) 221-4877
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