Tri-Valley Bank (fka TRVB)

[Enterprising Investor]

Tri-Valley Bank Announces Third Quarter 2014 Earnings (10/29/14)

SAN RAMON, Calif.--(BUSINESS WIRE)--Tri-Valley Bank (OTCBB:TRVB) today announced unaudited earnings for the third quarter ended September 30, 2014. Financial performance highlights include the following:

Net Income/Loss: The net income for the third quarter of 2014 was $10,000 representing continued improvement over the net loss of $116,000, for the second quarter of 2014. The net loss year to date for 2014 was $283,000 as compared to the 2013 year to date net loss of $1.2 million. Positive net income of $10,000 in the third quarter of 2014 included the benefit of a one time item of $69,000 increasing non-interest income in the quarter.

• Asset Growth: Total assets at September 30, 2014 were $99.7 million, a $2.0 million decrease from $101.7 million at the end of the second quarter 2014 and an increase of $5.2 million over the $94.5 million in total assets at September 30, 2013.

• Loan Growth: Total loans at September 30, 2014 were $75.1 million, an increase of $2.3 million over June 30, 2014 and an increase of $8.5 million over the third quarter of 2013.

• Loan Delinquencies: As of September 30, 2014, there are no loans past due over 30 days. Loans on non-accrual totaled $308,000, an improvement over $333,000 at the end of the second quarter 2014 and a significant improvement over $1.2 million at the end of the third quarter 2013.

• Deposit Growth: Total deposits as of September 30, 2014 were $87.1 million, down from $88.1 million at the end of the second quarter 2014 and an increase of $1.3 million from $85.9 million a year ago at September 30, 2013. The cost of funds for the first three quarters of the year 2014 was .27% as compared to .33% year to date ending September 30, 2013.

“This quarter showed continued improvement in our goal of attaining sustainable profitability, and we are encouraged by the positive trends we continue to see in our business. Loan growth and asset quality continue to improve as we focus on providing banking services to our local market with great customer service,” said Arnold Grisham, Chairman, President and CEO. “Our competitive deposit base and cost of funds, along with steady earning asset growth continue to result in improvement in our financial performance.”

“We consider personal service our focus and are pleased to service the markets of Livermore, 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/20141029005124/en/Tri-Valley-Bank-Announces-Quarter-2014-Earnings#.VJL7RVs4