REDDING, CA--(Marketwire - August 4, 2009) - North Valley Bancorp (
NASDAQ:
NOVB), a bank
holding company with approximately $913 million in assets, today reported
results for the second quarter and six months ended June 30, 2009. North
Valley Bancorp ("the Company") is the parent company for North Valley Bank
("NVB").
The Company reported a net loss for the second quarter ended June 30, 2009
of $4,089,000, or $0.55 per diluted share, compared to a net loss of
$1,509,000, or $0.20 per diluted share, for the same period in 2008. The
Company reported a net loss for the six months ended June 30, 2009 of
$7,196,000, or $0.96 per diluted share, compared to a net loss of
$1,229,000, or $0.17 per diluted share, for the same period in 2008.
The Company recorded provisions for loan and lease losses of $9,000,000 and
$16,000,000 for the second quarter and six months ended June 30, 2009,
respectively, compared to provisions for loan and lease losses of
$5,200,000 and $7,600,000 for the second quarter and six months ended June
30, 2008. The allowance for loan and lease losses at June 30, 2009 was
$22,119,000, or 3.40% of total loans, compared to $11,327,000, or 1.63% of
total loans at December 31, 2008 and $13,677,000, or 1.87% of total loans
at June 30, 2008.
"Although North Valley had a loss for the quarter, there were several
accomplishments worth noting. The Bank continues to maintain strong
capital and liquidity levels. The Bank grew deposits by $13 million during
the quarter and has grown deposits by $45 million since year-end. We have
implemented several cost-cutting initiatives to reduce noninterest expense
and our Credit Department continues to work swiftly in resolving problem
credits," stated Michael J. Cushman, President and CEO.
At June 30, 2009, total assets were $913,366,000, down $20,995,000, or
2.3%, from $934,361,000 at June 30, 2008. The loan portfolio totaled
$650,652,000 at June 30, 2009, a decrease of $79,631,000, or 10.9%,
compared to June 30, 2008. The loan to deposit ratio at June 30, 2009 was
81.4% as compared to 98.1% at June 30, 2008, and 91.9% at December 31,
2008. Total deposits grew $55,512,000, or 7.5%, to $799,743,000 at June 30,
2009 compared to $744,231,000 at June 30, 2008. When compared to December
31, 2008, total assets increased $33,815,000 from $879,551,000, driven by
an increase in deposits of $44,799,000 from $754,944,000, while loans
decreased by $42,770,000 from $693,422,000. Available-for-sale investment
securities and Federal funds sold increased $61,209,000 and $29,395,000,
respectively, from December 31, 2008 to June 30, 2009 as a result of the
increase in deposits and decrease in loans.
At June 30, 2009, the Company's Total Risk-based Capital was $96,670,000,
and its risk-based capital ratios were: Total Risk-based Capital ratio -
12.59%; Tier 1 risk-based Capital ratio - 10.41%; and Tier 1 Leverage ratio
- 8.98%. At June 30, 2009, NVB's Total Risk-based Capital was $93,686,000,
and its risk-based capital ratios were: Total Risk-based Capital ratio -
12.24%; Tier 1 risk-based Capital ratio - 10.97%; and Tier 1 Leverage ratio
- 9.46%. "Our capital ratios exceed all regulatory requirements at both
the Bank and Company, despite operating losses resulting from actively
managing our loan portfolio in these challenging times and appropriately
providing for our allowance for credit losses," remarked Kevin R. Watson,
Chief Financial Officer.
Credit Quality
Nonperforming loans (defined as nonaccrual loans and loans 90 days or more
past due and still accruing interest) totaled $44,304,000 at June 30, 2009,
an increase of $21,724,000 from the June 30, 2008 balance of $22,580,000,
and an increase of $25,368,000 from the December 31, 2008 balance of
$18,936,000. Nonperforming loans as a percentage of total loans were 6.81%
at June 30, 2009, compared to 3.09% at June 30, 2008, and 2.73% at December
31, 2008.
Nonperforming assets (nonperforming loans and OREO) totaled $50,433,000 at
June 30, 2009, an increase of $19,645,000 from the June 30, 2008 balance of
$30,788,000, and an increase of $21,089,000 from the December 31, 2008
balance of $29,344,000. Nonperforming assets as a percentage of total
assets were 5.52% at June 30, 2009 compared to 3.30% at June 30, 2008 and
3.34% at December 31, 2008.
The overall level of nonperforming loans increased $24,378,000 to
$44,304,000 at June 30, 2009 from $19,926,000 at March 31, 2009. During
the second quarter of 2009 the Company added nineteen loans totaling
$29,781,000 to nonperforming loans. These additions were offset by
reductions in nonperforming loans totaling $5,403,000, due primarily to
transfers to OREO of four properties totaling $3,362,000, and secondarily
to collections received on certain loans and charge-offs recorded. The
Company's OREO properties increased $186,000 to $6,129,000 at June 30, 2009
from $5,943,000 at March 31, 2009. The increase was due to the addition of
four properties totaling $3,362,000 during the second quarter of 2009.
Three of the properties are from one relationship consisting of residential
lot development properties and a residential development property with a
single-family residence. The properties are all located in Solano County
and total $3,094,000. The fourth property moved into OREO is commercial
land located in Sacramento County for $268,000. The additions to OREO were
partially offset by the disposition of three OREO properties.
Gross loan and lease charge-offs for the second quarter of 2009 were
$2,849,000 and recoveries totaled $81,000 resulting in net charge-offs of
$2,768,000 compared to gross loan and lease charge-offs for the second
quarter of 2008 of $4,591,000 and recoveries of $46,000 resulting in net
charge-offs of $4,545,000. Gross charge-offs for the six months ended June
30, 2009 were $5,484,000 and recoveries totaled $276,000 resulting in net
charge-offs of $5,208,000, compared to gross charge-offs for the six months
ended June 30, 2008 of $4,776,000 and recoveries of $98,000 resulting in
net charge-offs of $4,678,000.
The increase in nonperforming loans to $44,304,000 at June 30, 2009 was due
in large part by the addition of nineteen loans in the amount of
$29,781,000 as nonaccrual loans. These additions to nonaccruals are
centered in two customer relationships totaling $24,018,000. The largest
relationship in this group consists of five loans secured by real estate
located in Sonoma County totaling $16,291,000, and an unsecured line of
credit totaling $3,000,000. A specific reserve of $1,426,000 has been
established for the five real estate secured loans, and a $3,000,000
specific reserve has been established for the line of credit. The five
real estate secured loans consist of three residential land loans totaling
$10,377,000, a residential subdivision project totaling $3,600,000, and a
commercial real estate mixed use loan for $2,314,000. All five of these
loans were performing through the first quarter of 2009. During the second
quarter of 2009, the borrower announced a desire to engage in a work-out of
the borrower's secured and unsecured debt outstanding with the Company and
with other commercial lenders. The Company is working with this borrower
to resolve these issues with the goal of possibly achieving a resolution
acceptable to all parties during the third quarter of 2009. The second
customer relationship consists of two loans totaling $4,727,000 located in
Sonoma County. The first loan is a residential land loan for $2,802,000.
A specific reserve of $226,000 has been established for this loan. The
second loan is a residential development project loan for $1,925,000. The
Company charged-off $967,000 of this loan during the second quarter of 2009
in order to write the loan down to its net realizable value.
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
$1,160,000, or 12.8%, for the three months ended June 30, 2009 compared to
the same period in 2008. Interest income decreased by $2,122,000,
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 $595,000 related to loans currently on nonaccrual
status. Partially offsetting this was a decrease in interest expense of
$962,000, or 22.4%, due to a decrease in the rates paid on deposits and a
decrease in the average balance of borrowings for the quarter ended June
30, 2009 compared to the same period in 2008. Average loans decreased
$89,346,000 in the second quarter of 2009 compared to the second quarter of
2008, and the yield on the loan portfolio decreased 46 basis points to
6.11% for the second quarter of 2009. Overall, average earning assets
decreased $37,090,000 in the second quarter of 2009 compared to the second
quarter of 2008. Average yields on earning assets decreased 78 basis
points from the quarter ended June 30, 2008, to 5.58% for the quarter ended
June 30, 2009 while the average rate paid on interest-bearing liabilities
decreased by 54 basis points to 1.98%. 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. As a result of the above, the Company's net interest
margin for the quarter ended June 30, 2009 was 3.94%, a decrease of 40
basis points from the margin of 4.34% for the second quarter in 2008 and a
decrease of 29 basis points from the 4.23% net interest margin for the
quarter ended March 31, 2009. "The $595,000 of foregone interest from the
nonperforming loans placed pressure on our net interest margin reducing it
by roughly 29 basis points, although we did recognize a decrease of 12
basis points on the average rate paid on interest-bearing liabilities from
the first quarter," commented Mr. Watson. Net interest income decreased
$2,180,000 for the six months ended June 30, 2009 compared to the same
period in 2008. Interest income decreased by $4,853,000, primarily due to
a decrease in income on loans of $4,657,000 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 $969,000 related to loans currently on
nonaccrual status. Interest expense decreased $2,673,000 due to a decrease
in average interest bearing liabilities of $27,788,000 for the six months
ended June 30, 2009 compared to the same period in 2008 and a decrease of
68 basis points on rates paid on interest-bearing liabilities comparing the
same periods. The net interest margin for the six months ended June 30,
2009 decreased 25 basis points to 4.09% from the net interest margin of
4.34% for the six months ended June 30, 2008.
Noninterest income for the quarter ended June 30, 2009 was $3,438,000
compared to $3,477,000 for the same period in 2008 representing a decrease
of $39,000. Service charges on deposits decreased $254,000 to $1,640,000
for the second quarter of 2009 compared to $1,894,000 for the second
quarter of 2008, while other fees and charges increased by $100,000 to
$1,079,000 for the second quarter of 2009 compared to $979,000 for the same
period in 2008. Noninterest income for the six months ended June 30, 2009
decreased $366,000 to $6,602,000 from $6,968,000 for the same period in
2008. Service charges on deposits decreased $442,000 to $3,168,000 for the
six months ended June 30, 2009 compared to $3,610,000 for the same period
in 2008, while other fees and charges increased by $99,000 to $2,043,000
for the six months ended June 30, 2009 compared to $1,944,000 for the same
period in 2008.
Noninterest expense increased $1,205,000 to $10,782,000 for the second
quarter of 2009 from $9,577,000 for the second quarter of 2008. Comparing
the second quarter of 2009 to the second quarter of 2008, salaries and
employee benefits decreased $200,000 while occupancy and equipment expense
increased $52,000. Other real estate owned expense was $572,000 compared
to zero for the same period in 2008. Other expenses increased $781,000 due
to FDIC insurance premiums and the FDIC special assessment of $862,000, as
well as additional costs associated with loan collection expense.
Noninterest expense for the six months ended June 30, 2009 was $21,117,000
compared to $19,382,000 for the same period in 2008. For the six months
ended June 30, 2009, salaries and employee benefits decreased $672,000
while occupancy and equipment expense increased $63,000. FDIC insurance
premiums, including the special assessment, were $1,248,000 for the first
six months of 2009 compared to $112,000 for the first six months of 2008.
The Company recorded a benefit for income taxes for the quarter ended June
30, 2009 of $4,346,000, resulting in an effective tax benefit rate of
51.5%, compared to $722,000, or an effective tax benefit rate of 32.4%, for
the quarter ended June 30, 2008. The benefit for income taxes for the six
month period ended June 30, 2009 was $7,302,000, resulting in an effective
tax benefit rate of 50.4%, compared to $588,000, or an effective tax
benefit rate of 32.4%, for the same period in 2008.
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, and a loan production office in Vacaville, CA. 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
June 30,
2009 2008 $ Change % Change
----------- ----------- -------- --------
Statement of Income Data
------------------------
Interest income
Loans and leases
(including fees) $ 10,029 $ 12,246 $ (2,217) (18.1%)
Investment securities 1,198 1,116 82 7.3%
Federal funds sold
and other 14 1 13 1300.0%
----------- ----------- -------- --------
Total interest
income 11,241 13,363 (2,122) (15.9%)
----------- ----------- -------- --------
Interest expense
Interest on deposits 2,806 3,391 (585) (17.3%)
Subordinated debentures 526 578 (52) (9.0%)
Other borrowings -- 325 (325) (100.0%)
----------- ----------- -------- --------
Total interest
expense 3,332 4,294 (962) (22.4%)
----------- ----------- -------- --------
Net interest income 7,909 9,069 (1,160) (12.8%)
Provision for loan and
lease losses 9,000 5,200 3,800 73.1%
----------- ----------- -------- --------
Net interest income after
provision for loan and
lease losses (1,091) 3,869 (4,960) (128.2%)
----------- ----------- -------- --------
Noninterest income
Service charges on
deposit accounts 1,640 1,894 (254) (13.4%)
Other fees and charges 1,079 979 100 10.2%
Other 719 604 115 19.0%
----------- ----------- -------- --------
Total noninterest
income 3,438 3,477 (39) (1.1%)
----------- ----------- -------- --------
Noninterest expenses
Salaries and employee
benefits 4,905 5,105 (200) (3.9%)
Occupancy 801 720 81 11.3%
Furniture and equipment 459 488 (29) (5.9%)
Other real estate
owned expense 572 -- 572 --
Other 4,045 3,264 781 23.9%
----------- ----------- -------- --------
Total noninterest
expenses 10,782 9,577 1,205 12.6%
----------- ----------- -------- --------
Loss before benefit
for income taxes (8,435) (2,231) (6,204) 278.1%
Benefit for income taxes (4,346) (722) (3,624) 501.9%
----------- ----------- -------- --------
Net loss $ (4,089) $ (1,509) $ (2,580) 171.0%
=========== =========== ======== ========
Common Share Data
-----------------
Loss per share
Basic $ (0.55) $ (0.20) $ (0.35) 175.0%
Diluted $ (0.55) $ (0.20) $ (0.35) 175.0%
Weighted average
shares outstanding 7,495,817 7,438,706
Weighted average
shares outstanding -
diluted 7,495,817 7,438,706
Book value per share $ 9.35 $ 10.53
Tangible book value $ 7.22 $ 8.38
Shares outstanding 7,495,817 7,484,066
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
Six Months Ended
June 30,
2009 2008 $ Change % Change
----------- ----------- -------- --------
Statement of Income Data
------------------------
Interest income
Loans and leases
(including fees) $ 20,565 $ 25,222 $ (4,657) (18.5%)
Investment securities 2,072 2,285 (213) (9.3%)
Federal funds sold
and other 23 6 17 283.3%
----------- ----------- -------- --------
Total interest
income 22,660 27,513 (4,853) (17.6%)
----------- ----------- -------- --------
Interest expense
Interest on deposits 5,574 7,219 (1,645) (22.8%)
Subordinated debentures 1,068 1,173 (105) (9.0%)
Other borrowings 1 924 (923) (99.9%)
----------- ----------- -------- --------
Total interest
expense 6,643 9,316 (2,673) (28.7%)
----------- ----------- -------- --------
Net interest income 16,017 18,197 (2,180) (12.0%)
Provision for loan and
lease losses 16,000 7,600 8,400 110.5%
----------- ----------- -------- --------
Net interest income after
provision for loan and
lease losses 17 10,597 (10,580) (99.8%)
----------- ----------- -------- --------
Noninterest income
Service charges on
deposit accounts 3,168 3,610 (442) (12.2%)
Other fees and charges 2,043 1,944 99 5.1%
Other 1,391 1,414 (23) (1.6%)
----------- ----------- -------- --------
Total noninterest
income 6,602 6,968 (366) (5.3%)
----------- ----------- -------- --------
Noninterest expenses
Salaries and employee
benefits 9,969 10,641 (672) (6.3%)
Occupancy 1,562 1,474 88 6.0%
Furniture and equipment 928 953 (25) (2.6%)
Other real estate
owned expense 1,570 -- 1,570 --
Other 7,088 6,314 774 12.3%
----------- ----------- -------- --------
Total noninterest
expenses 21,117 19,382 1,735 9.0%
----------- ----------- -------- --------
Loss before benefit
for income taxes (14,498) (1,817) (12,681) 697.9%
Benefit for income taxes (7,302) (588) (6,714) 1141.8%
----------- ----------- -------- --------
Net loss $ (7,196) $ (1,229) $ (5,967) 485.5%
=========== =========== ======== ========
Common Share Data
-----------------
Loss per share
Basic $ (0.96) $ (0.17) $ (0.79) 464.7%
Diluted $ (0.96) $ (0.17) $ (0.79) 464.7%
Weighted average
shares outstanding 7,495,817 7,427,781
Weighted average
shares outstanding -
diluted 7,495,817 7,427,781
Book value per share $ 9.35 $ 10.53
Tangible book value $ 7.22 $ 8.38
Shares outstanding 7,495,817 7,484,066
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
June 30, December 31, June 30,
2009 2008 2008
---------- ---------- ----------
Balance Sheet Data
------------------
Assets
Cash and due from banks $ 22,184 $ 27,153 $ 34,545
Federal funds sold 29,395 -- --
Time deposits at other
financial institutions 425 -- --
Available-for-sale
securities - at fair
value 137,554 76,345 90,678
Held-to-maturity
securities - at
amortized cost 15 21 31
Loans and leases net of
deferred loan fees 650,652 693,422 730,283
Allowance for loan
and lease losses (22,119) (11,327) (13,677)
---------- ---------- ----------
Net loans and leases 628,533 682,095 716,606
Premises and equipment,
net 11,097 11,418 11,764
Other real estate owned 6,129 10,408 8,208
Goodwill and core deposit
intangibles, net 15,952 16,025 16,098
Accrued interest
receivable and other
assets 62,082 56,086 56,431
---------- ---------- ----------
Total assets $ 913,366 $ 879,551 $ 934,361
========== ========== ==========
Liabilities and
Shareholders' Equity
Deposits:
Demand, noninterest
bearing $ 144,190 $ 161,748 $ 164,030
Demand, interest
bearing 148,142 151,873 148,421
Savings and money market 175,121 157,089 178,000
Time 332,290 284,234 253,780
---------- ---------- ----------
Total deposits 799,743 754,944 744,231
Other borrowed funds -- 3,516 68,115
Accrued interest payable
and other liabilities 11,584 11,872 11,252
Subordinated debentures 31,961 31,961 31,961
---------- ---------- ----------
Total liabilities 843,288 802,293 855,559
Shareholders' equity 70,078 77,258 78,802
---------- ---------- ----------
Total liabilities and
shareholders' equity $ 913,366 $ 879,551 $ 934,361
========== ========== ==========
Asset Quality
-------------
Nonaccrual loans and
leases $ 44,304 $ 18,936 $ 22,580
Loans and leases past due
90 days and accruing
interest -- -- --
Other real estate owned 6,129 10,408 8,208
---------- ---------- ----------
Total nonperforming
assets $ 50,433 $ 29,344 $ 30,788
========== ========== ==========
Allowance for loan and
lease losses to total
loans 3.40% 1.63% 1.87%
Allowance for loan and
lease losses to NPL's 49.93% 59.82% 60.57%
Allowance for loan and
lease losses to NPA's 43.86% 38.60% 44.42%
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
--------- --------- --------- ---------
Selected Financial Ratios
-------------------------
Return on average total
assets (1.81%) (0.65%) (1.63%) (0.26%)
Return on average
shareholders' equity (21.74%) (7.35%) (18.98%) (2.98%)
Net interest margin
(tax equivalent basis) 3.94% 4.34% 4.09% 4.34%
Efficiency ratio 95.02% 76.34% 93.36% 77.02%
Selected Average Balances
-------------------------
Loans $ 658,068 $ 747,414 $ 669,390 $ 745,209
Taxable investments 107,969 83,128 88,839 86,601
Tax-exempt investments 15,850 20,189 15,874 20,364
Federal funds sold and
other 31,984 230 23,544 411
--------- --------- --------- ---------
Total earning
assets $ 813,871 $ 850,961 $ 797,647 $ 852,585
--------- --------- --------- ---------
Total assets $ 906,033 $ 935,566 $ 892,281 $ 938,442
--------- --------- --------- ---------
Demand deposits -
interest bearing $ 151,422 $ 157,526 $ 152,403 $ 156,238
Savings and money
market 172,001 184,164 169,913 182,916
Time deposits 320,512 247,988 303,183 248,095
Other borrowings 31,961 92,435 32,641 98,679
--------- --------- --------- ---------
Total interest
bearing
liabilities $ 675,896 $ 682,113 $ 658,140 $ 685,928
--------- --------- --------- ---------
Demand deposits -
noninterest bearing $ 144,334 $ 159,403 $ 147,158 $ 157,474
--------- --------- --------- ---------
Shareholders' equity $ 75,433 $ 82,361 $ 76,462 $ 82,748
--------- --------- --------- ---------
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
For the Quarter Ended
---------------------------------------------------
June March December September
2009 2009 2008 2008
--------- --------- --------- ---------
Interest income $ 11,241 $ 11,419 $ 11,834 $ 12,744
Interest expense 3,332 3,311 3,706 3,932
--------- --------- --------- ---------
Net interest income 7,909 8,108 8,128 8,812
Provision for loan and
lease losses 9,000 7,000 3,000 1,500
Noninterest income 3,438 2,274 2,900 284
Noninterest expense 10,782 9,445 9,583 9,694
--------- --------- --------- ---------
Loss before benefit for
income taxes (8,435) (6,063) (1,555) (2,098)
Benefit for income
taxes (4,346) (2,956) (2,409) (679)
--------- --------- --------- ---------
Net (loss) income $ (4,089) $ (3,107) $ 854 $ (1,419)
========= ========= ========= =========
(Loss) Earnings per
share:
Basic $ (0.55) $ (0.41) $ 0.11 $ (0.19)
========= ========= ========= =========
Diluted $ (0.55) $ (0.41) $ 0.11 $ (0.19)
========= ========= ========= =========
Contact Information: For further information contact:
Michael J. Cushman
President & Chief Executive Officer
(530) 226-2900
Fax: (530) 221-4877
Or
Kevin R. Watson
Executive Vice President & Chief Financial Officer
(530) 226-2900
Fax: (530) 221-4877