Tri-Valley Bank (fka TRVB)

[Enterprising Investor]

Tri-Valley Bank Announces Fourth Quarter 2014 Earnings (2/03/15)

SAN RAMON, Calif.--(BUSINESS WIRE)--Tri-Valley Bank (OTC:TRVB) today announced unaudited earnings for the fourth quarter ended December 31, 2014. Financial performance highlights include the following:

Net Income/Loss: Net income for the fourth quarter of 2014 was $42,000, an improvement of $32,000 over the quarterly net income of $10,000 for the third quarter of 2014. The year to date net loss in 2014 was $241,000, an improvement of $1.368 million compared to the full year net loss of $1.609 million in 2013. Net income in the fourth quarter was positively impacted by a one time item of $134,000 increasing non-interest income in the quarter.

• Capital: The tier 1 leverage ratio at December 31, 2014 was 9.79% compared to 8.25% at December 31, 2013. The increase in capital included the closing of $1.475 million in additional capital raised in a previously announced private placement in the fourth quarter 2014. The Bank expects to raise an additional $1.025 million in 2015 from the same offering once certain regulatory approvals are received.

• Loan Growth: Total loans at December 31, 2014 were $76.1 million, an increase of $5.0 million over December 31, 2013 and an increase of $1.0 million over the third quarter of 2014.

• Loan Delinquencies: As of December 31, 2014, there were no loans past due over 30 days. Loans on non-accrual totaled $58,000, representing significant improvement over $387,000 at the end of the 2013 and over $3.3 million at year end 2012.

• Deposits: Total deposits as of December 31, 2014 were $82.3 million, down from $86.7 million at the end 2013. Total non-interest bearing deposits at December 31, 2014 were $19.6 million, an increase of $1.1 million from $18.5 million at the end of 2013. The increase in non-interest bearing deposits and the reduction of higher cost deposits resulted in a continued decline in the cost of funds. The cost of funds was 0.27% in 2014 compared to 0.32% for 2013 and 0.50% for 2012.

• San Ramon Branch Relocation: The Bank will be relocating the headquarters and branch in San Ramon to a new location within a mile of the existing branch in mid-February. The new branch will be located at 3160 Crow Canyon Rd., Suite 160, San Ramon, CA 94583. The Bank expects to realize total annual overhead expense reductions of $240,000 in 2015 compared to 2014 relating to the relocation and other expense reduction measures.

“We are proud to report our second consecutive quarterly profit, and we continue to make significant positive strides toward the attainment of sustainable profitability as indicated by the results of the fourth quarter and for the year of 2014.” said Arnold Grisham, Chairman, President and CEO “We consider personal service our focus and are pleased to service the markets of Livermore, and the 680 and 880 East Bay corridors. We are also proud to provide banking services to a full range of professionals and business owners; non-profit organizations and property management companies.”

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http://www.businesswire.com/news/home/20150203005259/en/Tri-Valley-Bank-Announces-Fourth-Quarter-2014-Earnings#.VNEfhIktGUk