Tri-Valley Bank Announces Record Earnings for First Half 2016 (7/28/16)
SAN RAMON, Calif.--(BUSINESS WIRE)--Tri-Valley Bank (OTC:TRVB) today announced unaudited earnings for the second quarter ended June 30, 2016. Financial performance highlights include the following:
Net Income/Loss: The year to date net income at June 30, 2016 was $237,000, a record for the Bank and an improvement of $250,000 compared to the year to date net loss of $13,000 at June 30, 2015. Net income for the second quarter of 2016 was $118,000 compared to $119,000 for the first quarter of 2016.
• Loans: Total loans as of June 30, 2016 were $100.8 million, an increase of $18.0 million compared to June 30, 2015 a 22% annual increase, and an increase of $1.2 million over total loans at March 31, 2016.
• Deposits: Total deposits as of June 30, 2016 were $108.0 million, an increase of $15.8 million from June 30, 2015 a 17% annual increase, and a decrease of $1.8 million from March 31, 2016. The cost of funds was 0.29% in the first half of 2016 compared to 0.28% in the first half of 2015.
• Capital: The tier 1 leverage ratio at June 30, 2016 was 10.46% compared to 10.26% at June 30, 2015, and 11.10% at March 31, 2016.
• Loan Delinquencies: As of June 30, 2016, there was one loan with an outstanding balance of $1.2 million past due 30+ days. Loans on non-accrual totaled $4,000.
“The Bank’s positive net income trends driven by loan and deposit growth show our commitment to our customers,” said Arnold Grisham, Chairman, President and CEO. “We are pleased to service the markets of Livermore, and the 680 and 880 East Bay corridors, and are 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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