(Source: MARKETWIRE)
North Valley Bancorp (NASDAQ: NOVB), a bank holding company with
approximately $914 million in assets, today reported results for the
third quarter and nine months ended September 30, 2009. North Valley
Bancorp ("the Company") is the parent company for North Valley Bank
("NVB").
The Company reported net income for the third quarter ended September
30, 2009 of $684,000, or $0.09 per diluted share, compared to a net
loss of $1,419,000, or $0.19 per diluted share, for the same period
in 2008. The Company reported a net loss for the nine months ended
September 30, 2009 of $6,512,000, or $0.87 per diluted share,
compared to a net loss of $2,648,000, or $0.36 per diluted share, for
the same period in 2008.
The Company recorded provisions for loan and lease losses of
$1,500,000 and $17,500,000 for the third quarter and nine months
ended September 30, 2009, respectively, compared to provisions for
loan and lease losses of $1,500,000 and $9,100,000 for the third
quarter and nine months ended September 30, 2008. The allowance for
loan and lease losses at September 30, 2009 was $19,423,000, or 3.09%
of total loans, compared to $11,327,000, or 1.63% of total loans at
December 31, 2008 and $9,958,000, or 1.43% of total loans at
September 30, 2008.
"We are obviously pleased to announce a profitable third quarter
despite significant headwinds from a severe and prolonged recession.
Our team continues to work through the challenges presented in our
construction and development loan portfolio -- this loan type
represents a significant percentage of all loan losses this year.
Additionally, we have reduced expenses significantly in all areas
which positions North Valley Bank well for future success," stated
Michael J. Cushman, President and CEO.
At September 30, 2009, total assets were $913,903,000, an increase of
$29,727,000, or 3.4%, from $884,176,000 at September 30, 2008. The
loan portfolio totaled $629,076,000 at September 30, 2009, a decrease
of $67,232,000, or 9.7%, compared to September 30, 2008. The loan to
deposit ratio at September 30, 2009 was 78.7% as compared to 92.2% at
September 30, 2008, and 91.9% at December 31, 2008. Total deposits
grew $43,864,000, or 5.8%, to $798,955,000 at September 30, 2009
compared to $755,131,000 at September 30, 2008. When compared to
December 31, 2008, total assets increased $34,352,000 from
$879,551,000, driven by an increase in deposits of $44,051,000 from
$754,944,000, while loans decreased by $64,346,000 from $693,422,000.
Available-for-sale investment securities and Federal funds sold
increased $81,855,000 and $30,355,000, respectively, from December
31, 2008 to September 30, 2009 as a result of the increase in deposits
and decrease in loans.
At September 30, 2009, the Company's Total Risk-based Capital was
$91,073,000, and its risk-based capital ratios were: Total
Risk-based Capital ratio - 12.36%; Tier 1 Risk-based Capital ratio -
10.18%; and Tier 1 Leverage ratio - 8.29%. The Bank's Total
Risk-based Capital was $92,357,000, and its risk-based capital ratios
were: Total Risk-based Capital ratio - 12.53%; Tier 1 Risk-based
Capital ratio - 11.26%; and Tier 1 Leverage ratio - 9.18%.
Credit Quality
Nonperforming loans (defined as nonaccrual loans and loans 90 days or
more past due and still accruing interest) totaled $54,462,000 at
September 30, 2009, an increase of $34,272,000 from the September 30,
2008 balance of $20,190,000, and an increase of $35,526,000 from the
December 31, 2008 balance of $18,936,000. Nonperforming loans as a
percentage of total loans were 8.66% at September 30, 2009, compared
to 2.90% at September 30, 2008, and 2.73% at December 31, 2008.
Nonperforming assets (nonperforming loans and OREO) totaled
$62,387,000 at September 30, 2009, an increase of $36,345,000 from
the September 30, 2008 balance of $26,042,000, and an increase of
$33,043,000 from the December 31, 2008 balance of $29,344,000.
Nonperforming assets as a percentage of total assets were 6.83% at
September 30, 2009 compared to 2.95% at September 30, 2008 and 3.34%
at December 31, 2008.
The overall level of nonperforming loans increased $10,158,000 to
$54,462,000 at September 30, 2009 from $44,304,000 at June 30, 2009.
During the third quarter of 2009, the Company added twenty loans
totaling $17,776,000 to nonperforming loans. These additions were
offset by reductions in nonperforming loans totaling $7,618,000, due
primarily to transfers to OREO of four properties totaling
$2,878,000, and secondarily to collections received on certain loans
and charge-offs recorded.
The Company's OREO properties increased $1,796,000 to $7,925,000 at
September 30, 2009 from $6,129,000 at June 30, 2009. The additions
to OREO at September 30, 2009 were partially offset by the
disposition of one OREO property during the third quarter of 2009.
The Company recorded a loss on the sale of OREO of $23,000.
Gross loan and lease charge-offs for the third quarter of 2009 were
$5,290,000 and recoveries totaled $1,094,000 resulting in net
charge-offs of $4,196,000 compared to gross loan and lease charge-offs
for the third quarter of 2008 of $5,305,000 and recoveries of $86,000
resulting in net charge-offs of $5,219,000. Gross charge-offs for
the nine months ended September 30, 2009 were $10,774,000 and
recoveries totaled $1,370,000 resulting in net charge-offs of
$9,404,000, compared to gross charge-offs for the nine months ended
September 30, 2008 of $10,081,000 and recoveries of $184,000
resulting in net charge-offs of $9,897,000.
The increase in nonperforming loans to $54,462,000 at September 30,
2009 was due in large part by the addition of twenty loans in the
amount of $17,776,000 as nonaccrual loans during the third quarter of
2009. This addition to nonaccrual loans included one customer
relationship with eight loans totaling $9,182,000 located in Sonoma
County. All eight loans are secured by real estate and each has a
current appraisal and no specific reserve has been established for
any of the loans. The second largest customer relationship in this
group consists of two loans totaling $2,941,000 and are also located
in Sonoma County. These two loans are commercial land loans and have
current appraisals and no specific reserve has been established on
either of the loans. The third largest customer relationship in this
group is a commercial real estate loan in the amount of $1,198,000
for a multi-tenant office building located in Shasta County. This
property has a current appraisal and a specific reserve of $703,000
has been established for this loan. The fourth largest customer
relationship in this group is a residential acquisition and
development loan for $1,160,000 located in Siskiyou County. This
property has a current appraisal and a specific reserve of $197,000
has been established for this loan. The fifth largest customer
relationship in this group is a commercial land loan for $1,043,000
located in Shasta County. This property has a current appraisal and
no specific reserve has been established for this loan. The sixth
largest customer relationship in this group is a residential
acquisition and development loan for $1,029,000 located in Sonoma
County. This property has a current appraisal and no specific
reserve has been established for this loan. The remaining six loans
in this group that were placed on nonaccrual during the third quarter
of 2009 total $1,223,000 and no specific reserves have been
established for any of the loans.
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
$1,142,000, or 13.0%, for the three months ended September 30, 2009
compared to the same period in 2008. Interest income decreased by
$1,848,000, primarily due to both the lower yield on earning assets
and the decrease in the average balances of earning assets and
secondarily due to foregone interest income of $557,000 related to
loans currently on nonaccrual status. Partially offsetting this was
a decrease in interest expense of $706,000, or 18.0%, due to a
decrease in the rates paid on deposits and a decrease in the average
balance of borrowings for the quarter ended September 30, 2009
compared to the same period in 2008. Average loans decreased
$72,942,000 in the third quarter of 2009 compared to the third
quarter of 2008, and the yield on the loan portfolio decreased 64
basis points to 5.85% for the third quarter of 2009. Overall,
average earning assets increased $25,049,000 in the third quarter of
2009 compared to the third quarter of 2008. Average yields on
earning assets decreased 109 basis points from the quarter ended
September 30, 2008, to 5.20% for the quarter ended September 30, 2009
while the average rate paid on interest-bearing liabilities decreased
by 54 basis points to 1.84%. The decrease in both yields earned and
rates paid is reflective of the declining interest rate environment
as the Federal Reserve has reduced interest rates by 500 basis points
since September 2007. The Company's net interest margin for the
quarter ended September 30, 2009 was 3.68%, a decrease of 69 basis
points from the margin of 4.37% for the third quarter in 2008 and a
decrease of 26 basis points from the 3.94% net interest margin for
the quarter ended June 30, 2009. "The $557,000 of foregone interest
from the nonperforming loans placed pressure on our net interest
margin reducing it by roughly 26 basis points, although we did
recognize a decrease of 14 basis points on the average rate paid on
interest-bearing liabilities from the second quarter," commented Kevin
R. Watson, Chief Financial Officer. Net interest income decreased
$3,322,000 for the nine months ended September 30, 2009 compared to
the same period in 2008. Interest income decreased by $6,701,000,
primarily due to a decrease in income on loans of $6,878,000 as a
result of both the lower yield on average loans and the decrease in
the average balance of loans and due to foregone interest income of
$1,526,000 related to loans on nonaccrual status during the nine
months ended September 30, 2009. Interest expense decreased
$3,379,000 due to a decrease in average interest bearing liabilities
of $4,757,000 for the nine months ended September 30, 2009 compared
to the same period in 2008 and a decrease of 64 basis points on rates
paid on interest-bearing liabilities comparing the same periods. The
net interest margin for the nine months ended September 30, 2009
decreased 41 basis points to 3.94% from the net interest margin of
4.35% for the nine months ended September 30, 2008.
Noninterest income for the quarter ended September 30, 2009 was
$4,142,000 compared to $284,000 for the same period in 2008
representing an increase of $3,858,000. The primary reason for the
increase in noninterest income was the Company recognized a gain on
sale of investment securities of $655,000 for the quarter ended
September 30, 2009 and a loss on impairment of securities of
$3,284,000 in 2008. Service charges on deposits decreased $126,000
to $1,724,000 for the third quarter of 2009 compared to $1,850,000
for the third quarter of 2008, while other fees and charges increased
by $167,000 to $1,170,000 for the third quarter of 2009 compared to
$1,003,000 for the same period in 2008. Noninterest income for the
nine months ended September 30, 2009 increased $3,492,000 to
$10,744,000 from $7,252,000 for the same period in 2008. Service
charges on deposits decreased $568,000 to $4,892,000 for the nine
months ended September 30, 2009 compared to $5,460,000 for the same
period in 2008, while other fees and charges increased by $266,000 to
$3,213,000 for the nine months ended September 30, 2009 compared to
$2,947,000 for the same period in 2008.
Noninterest expense decreased $695,000 to $8,999,000 for the third
quarter of 2009 from $9,694,000 for the third quarter of 2008.
Comparing the third quarter of 2009 to the third quarter of 2008,
salaries and employee benefits decreased $788,000 and occupancy and
equipment expense decreased $33,000. Other real estate owned expense
was $265,000 compared to $24,000 for the same period in 2008. Other
expenses decreased $115,000 although FDIC insurance premiums were
$479,000, for the third quarter of 2009 compared to $151,000 for the
same period in 2008. Noninterest expense for the nine months ended
September 30, 2009 was $30,116,000 compared to $29,075,000 for the
same period in 2008. For the nine months ended September 30, 2009,
salaries and employee benefits decreased $1,460,000 while occupancy
and equipment expense increased $30,000. FDIC insurance premiums,
including the special assessment, were $1,726,000 for the first nine
months of 2009 compared to $263,000 for the first nine months of
2008.
The Company recorded a provision for income taxes for the quarter
ended September 30, 2009 of $629,000, resulting in an effective tax
rate of 47.9%, compared to a benefit for income taxes of $679,000, or
an effective tax benefit rate of 32.4%, for the quarter ended
September 30, 2008. The benefit for income taxes for the nine month
period ended September 30, 2009 was $6,673,000, resulting in an
effective tax benefit rate of 50.6%, compared to $1,266,000, or an
effective tax benefit rate of 32.4%, for the same period in 2008.
The Company also announced that the Board of Governors of the Federal
Reserve System ("FRB") recently completed the field work portion of
its regularly scheduled examination of the Bank. As a result of the
Company's losses in 2009, primarily due to higher provisions for loan
losses because of credit quality deterioration, the Bank expects to
enter into a written agreement with the FRB. At this date, the FRB
has not delivered a draft agreement. However, the Company
anticipates that the Bank will be required to develop a written plan
to improve the quality of assets, maintain adequate capital and
enhance capital planning, and ensure sustained earnings. The Company
presently expects the FRB agreement to be finalized and signed during
the fourth quarter of 2009.
North Valley Bancorp is a bank holding company headquartered in
Redding, California. Its subsidiary, North Valley Bank ("NVB"),
operates twenty-six commercial banking offices in Shasta, Humboldt,
Del Norte, Mendocino, Yolo, Solano, Sonoma, Placer and Trinity
Counties in Northern California, including two in-store supermarket
branches and seven 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
September 30,
Statement of Income Data 2009 2008 $ Change % Change
---------- --------- --------- ---------
Interest income
Loans and leases (including
fees) $ 9,465 $ 11,686 $ (2,221) -19.0%
Investment securities 1,405 1,055 350 33.2%
Federal funds sold and other 26 3 23 766.7%
---------- --------- --------- ---------
Total interest income 10,896 12,744 (1,848) -14.5%
---------- --------- --------- ---------
Interest expense
Interest on deposits 2,712 3,187 (475) -14.9%
Subordinated debentures 513 581 (68) -11.7%
Other borrowings 1 164 (163) -99.4%
---------- --------- --------- ---------
Total interest expense 3,226 3,932 (706) -18.0%
---------- --------- --------- ---------
Net interest income 7,670 8,812 (1,142) -13.0%
Provision for loan and lease
losses 1,500 1,500 - 0.0%
---------- --------- --------- ---------
Net interest income after
provision for loan and lease
losses 6,170 7,312 (1,142) -15.6%
---------- --------- --------- ---------
Noninterest income
Service charges on deposit
accounts 1,724 1,850 (126) -6.8%
Other fees and charges 1,170 1,003 167 16.7%
Gain (loss) on
sale/impairment of
investment securities 655 (3,284) 3,939 -119.9%
Other 593 715 (122) -17.1%
---------- --------- --------- ---------
Total noninterest income 4,142 284 3,858 1358.5%
---------- --------- --------- ---------
Noninterest expenses
Salaries and employee
benefits 4,425 5,213 (788) -15.1%
Occupancy 768 773 (5) -0.6%
Furniture and equipment 457 485 (28) -5.8%
Other real estate owned
expense 265 24 241 1004.2%
Other 3,084 3,199 (115) -3.6%
---------- --------- --------- ---------
Total noninterest
expenses 8,999 9,694 (695) -7.2%
---------- --------- --------- ---------
Income (loss) before
provision (benefit) for
income taxes 1,313 (2,098) 3,411 -162.6%
Provision (benefit) for income
taxes 629 (679) 1,308 -192.6%
---------- --------- --------- ---------
Net income (loss) $ 684 $ (1,419) $ 2,103 -148.2%
========== ========= ========= =========
Common Share Data
Income (loss) per share
Basic $ 0.09 $ (0.19) $ 0.28 -147.4%
Diluted $ 0.09 $ (0.19) $ 0.28 -147.4%
Weighted average shares
outstanding 7,495,817 7,490,878
Weighted average shares
outstanding - diluted 7,495,817 7,490,878
Book value per share $ 9.59 $ 10.24
Tangible book value $ 7.47 $ 8.09
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)
Nine Months Ended
September 30,
Statement of Income Data 2009 2008 $ Change % Change
--------- --------- --------- ---------
Interest income
Loans and leases (including
fees) $ 30,030 $ 36,908 $ (6,878) -18.6%
Investment securities 3,477 3,340 137 4.1%
Federal funds sold and other 49 9 40 444.4%
--------- --------- --------- ---------
Total interest income 33,556 40,257 (6,701) -16.6%
--------- --------- --------- ---------
Interest expense
Interest on deposits 8,286 10,406 (2,120) -20.4%
Subordinated debentures 1,581 1,754 (173) -9.9%
Other borrowings 2 1,088 (1,086) -99.8%
--------- --------- --------- ---------
Total interest expense 9,869 13,248 (3,379) -25.5%
--------- --------- --------- ---------
Net interest income 23,687 27,009 (3,322) -12.3%
Provision for loan and lease
losses 17,500 9,100 8,400 92.3%
--------- --------- --------- ---------
Net interest income after
provision for loan and lease
losses 6,187 17,909 (11,722) -65.5%
--------- --------- --------- ---------
Noninterest income
Service charges on deposit
accounts 4,892 5,460 (568) -10.4%
Other fees and charges 3,213 2,947 266 9.0%
Gain (loss) on
sale/impairment of
investment securities 655 (3,284) 3,939 -119.9%
Other 1,984 2,129 (145) -6.8%
--------- --------- --------- ---------
Total noninterest income 10,744 7,252 3,492 48.2%
--------- --------- --------- ---------
Noninterest expenses
Salaries and employee
benefits 14,394 15,854 (1,460) -9.2%
Occupancy 2,330 2,247 83 3.7%
Furniture and equipment 1,385 1,438 (53) -3.7%
Other real estate owned
expense 1,835 24 1,811 7545.8%
Other 10,172 9,512 660 6.9%
--------- --------- --------- ---------
Total noninterest
expenses 30,116 29,075 1,041 3.6%
--------- --------- --------- ---------
Loss before benefit for
income taxes (13,185) (3,914) (9,271) 236.9%
Benefit for income taxes (6,673) (1,266) (5,407) 427.1%
--------- --------- --------- ---------
Net loss $ (6,512) $ (2,648) $ (3,864) 145.9%
========= ========= ========= =========
Common Share Data
Loss per share
Basic $ (0.87) $ (0.36) $ (0.51) 141.7%
Diluted $ (0.87) $ (0.36) $ (0.51) 141.7%
Weighted average shares
outstanding 7,495,817 7,448,813
Weighted average shares
outstanding - diluted 7,495,817 7,448,813
Book value per share $ 9.59 $ 10.24
Tangible book value $ 7.47 $ 8.09
Shares outstanding 7,495,817 7,495,817
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
September 30, December 31, September 30,
Balance Sheet Data 2009 2008 2008
------------- ------------- -------------
Assets
Cash and due from banks $ 19,506 $ 27,153 $ 25,961
Federal funds sold 30,355 - -
Time deposits at other
financial institutions 425 - -
Available-for-sale
securities - at fair value 158,200 76,345 83,258
Held-to-maturity securities
- at amortized cost 9 21 22
Loans and leases net of
deferred loan fees 629,076 693,422 696,308
Allowance for loan and
lease losses (19,423) (11,327) (9,958)
------------- ------------- -------------
Net loans and leases 609,653 682,095 686,350
Premises and equipment, net 10,682 11,418 11,568
Other real estate owned 7,925 10,408 5,852
Goodwill and core deposit
intangibles, net 15,916 16,025 16,062
Accrued interest receivable
and other assets 61,232 56,086 55,103
------------- ------------- -------------
Total assets $ 913,903 $ 879,551 $ 884,176
============= ============= =============
Liabilities and Shareholders'
Equity
Deposits:
Demand, noninterest
bearing $ 145,475 $ 161,748 $ 157,069
Demand, interest bearing 150,136 151,873 163,458
Savings and money market 184,938 157,089 168,173
Time 318,446 284,234 266,431
------------- ------------- -------------
Total deposits 798,995 754,944 755,131
Other borrowed funds - 3,516 8,255
Accrued interest payable and
other liabilities 11,073 11,872 12,095
Subordinated debentures 31,961 31,961 31,961
------------- ------------- -------------
Total liabilities 842,029 802,293 807,442
Shareholders' equity 71,874 77,258 76,734
------------- ------------- -------------
Total liabilities and
shareholders' equity $ 913,903 $ 879,551 $ 884,176
============= ============= =============
Asset Quality
Nonaccrual loans and leases $ 54,462 $ 18,936 $ 20,136
Loans and leases past due 90
days and accruing interest - - 54
Other real estate owned 7,925 10,408 5,852
------------- ------------- -------------
Total nonperforming assets $ 62,387 $ 29,344 $ 26,042
============= ============= =============
Allowance for loan and lease
losses to total loans 3.09% 1.63% 1.43%
Allowance for loan and lease
losses to NPL's 35.66% 59.82% 49.32%
Allowance for loan and lease
losses to NPA's 31.13% 38.60% 38.24%
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
Selected Financial Ratios 2009 2008 2009 2008
--------- --------- --------- ---------
Return on average total
assets 0.29% (0.62%) (0.96%) (0.38%)
Return on average
shareholders' equity 3.82% (7.13%) (11.66%) (4.33%)
Net interest margin (tax
equivalent basis) 3.68% 4.37% 3.94% 4.35%
Efficiency ratio 76.19% 106.57% 87.47% 84.86%
Selected Average Balances
Loans $ 641,603 $ 714,545 $ 660,025 $ 734,913
Taxable investments 140,114 77,075 108,625 83,130
Tax-exempt investments 15,812 20,019 15,853 20,248
Federal funds sold and other 39,763 604 29,010 475
--------- --------- --------- ---------
Total earning assets $ 837,292 $ 812,243 $ 813,513 $ 838,766
--------- --------- --------- ---------
Total assets $ 925,803 $ 901,395 $ 903,577 $ 926,002
--------- --------- --------- ---------
Demand deposits - interest
bearing $ 153,123 $ 154,408 $ 152,646 $ 155,624
Savings and money market 182,295 177,654 174,086 181,149
Time deposits 327,817 261,105 311,485 252,463
Other borrowings 31,961 61,363 32,412 86,150
--------- --------- --------- ---------
Total interest bearing
liabilities $ 695,196 $ 654,530 $ 670,629 $ 675,386
--------- --------- --------- ---------
Demand deposits - noninterest
bearing $ 145,316 $ 158,562 $ 146,537 $ 157,422
--------- --------- --------- ---------
Shareholders' equity $ 71,102 $ 78,950 $ 74,655 $ 81,473
--------- --------- --------- ---------
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
For the Quarter Ended
---------------------------------------
September June March December
2009 2009 2009 2008
--------- -------- -------- --------
Interest income $ 10,896 $ 11,241 $ 11,419 $ 11,834
Interest expense 3,226 3,332 3,311 3,706
--------- -------- -------- --------
Net interest income 7,670 7,909 8,108 8,128
Provision for loan and lease losses 1,500 9,000 7,000 3,000
Noninterest income 4,142 3,438 2,274 2,900
Noninterest expense 8,999 10,782 9,445 9,583
--------- -------- -------- --------
Income (loss) before provision
(benefit) for income taxes 1,313 (8,435) (6,063) (1,555)
Provision (benefit) for income
taxes 629 (4,346) (2,956) (2,409)
--------- -------- -------- --------
Net income (loss) $ 684 $ (4,089) $ (3,107) $ 854
========= ======== ======== ========
Earnings (loss) per share:
Basic $ 0.09 $ (0.55) $ (0.41) $ 0.11
========= ======== ======== ========
Diluted $ 0.09 $ (0.55) $ (0.41) $ 0.11
========= ======== ======== ========
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
SOURCE: North Valley Bancorp
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