NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
Three Months Ended
March 31,
Statement of Income Data 2008 2007 $ Change % Change
--------- --------- -------- --------
Interest income
Loans and leases (including
fees) $ 12,976 $ 12,824 $ 152 1.2%
Investment securities 1,169 1,535 (366) -23.8%
Federal funds sold and other 5 137 (132) -96.4%
--------- --------- -------- --------
Total interest income 14,150 14,496 (346) -2.4%
--------- --------- -------- --------
Interest expense
Interest on deposits 3,828 3,256 572 17.6%
Subordinated debentures 595 608 (13) -2.1%
Other borrowings 599 295 304 103.1%
--------- --------- -------- --------
Total interest expense 5,022 4,159 863 20.8%
--------- --------- -------- --------
Net interest income 9,128 10,337 (1,209) -11.7%
Provision for loan and lease losses 2,400 - 2,400 -
--------- --------- -------- --------
Net interest income after provision
for loan and lease losses 6,728 10,337 (3,609) -34.9%
--------- --------- -------- --------
Noninterest income
Service charges on deposit
accounts 1,716 1,644 72 4.4%
Other fees and charges 965 892 73 8.2%
Other 810 598 212 35.5%
--------- --------- -------- --------
Total noninterest income 3,491 3,134 357 11.4%
--------- --------- -------- --------
Noninterest expenses
Salaries and employee benefits 5,536 5,559 (23) -0.4%
Occupancy 754 769 (15) -2.0%
Furniture and equipment 465 535 (70) -13.1%
Other 3,050 3,367 (317) -9.4%
--------- --------- -------- --------
Total noninterest expenses 9,805 10,230 (425) -4.2%
--------- --------- -------- --------
Income before provision for
income taxes 414 3,241 (2,827) -87.2%
Provision for income taxes 134 1,037 (903) -87.1%
--------- --------- -------- --------
Net income $ 280 $ 2,204 $ (1,924) -87.3%
========= ========= ======== ========
Common Share Data
Earnings per share
Basic $ 0.04 $ 0.30 $ (0.26) -86.7%
Diluted $ 0.04 $ 0.29 $ (0.25) -86.2%
Weighted average shares
outstanding 7,416,867 7,340,456
Weighted average shares
outstanding - diluted 7,544,813 7,635,369
Book value per share $ 10.98 $ 10.62
Tangible book value $ 8.79 $ 8.32
Shares outstanding 7,422,366 7,352,625
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
March December March
Balance Sheet Data 31, 2008 31, 2007 31, 2007
--------- --------- ---------
Assets
Cash and due from banks $ 28,793 $ 28,659 $ 27,593
Federal funds sold and other - 6,237 33,295
Available-for-sale securities - at fair
value 98,586 104,341 124,765
Held-to-maturity securities - at
amortized cost 31 31 67
Loans and leases net of deferred loan
fees 750,588 746,253 650,563
Allowance for loan and lease losses (13,022) (10,755) (8,815)
--------- --------- ---------
Net loans and leases 737,566 735,498 641,748
Premises and equipment, net 12,066 12,431 13,838
Other real estate owned 902 902 902
Goodwill and core deposit intangibles,
net 16,260 16,423 16,911
Accrued interest receivable and other
assets 51,277 44,587 47,625
--------- --------- ---------
Total assets $ 945,481 $ 949,109 $ 906,744
========= ========= =========
Liabilities and Shareholders' Equity
Deposits:
Demand, noninterest bearing $ 158,529 $ 167,615 $ 186,209
Demand, interest bearing 174,326 147,056 167,899
Savings and money market 181,799 181,192 198,715
Time 248,095 240,876 207,876
--------- --------- ---------
Total deposits 762,749 736,739 760,699
Other borrowed funds 58,395 87,192 25,000
Accrued interest payable and other
liabilities 10,857 11,656 10,973
Subordinated debentures 31,961 31,961 31,961
--------- --------- ---------
Total liabilities 863,962 867,548 828,633
Shareholders' equity 81,519 81,471 78,111
--------- --------- ---------
Total liabilities and shareholders' equity $ 945,481 $ 949,019 $ 906,744
========= ========= =========
Asset Quality
Nonaccrual loans and leases $ 25,750 $ 1,608 $ 459
Loans and leases past due 90 days and
accruing interest - 156 60
Other real estate owned 902 902 902
--------- --------- ---------
Total nonperforming assets $ 26,652 $ 2,666 $ 1,421
========= ========= =========
Allowance for loan and lease losses to
total loans 1.73% 1.44% 1.35%
Allowance for loan and lease losses to
NPL's 50.57% 609.69% 1698.46%
Allowance for loan and lease losses to
NPA's 48.86% 403.41% 620.34%
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
Three Months Ended
March 31,
Selected Financial Ratios 2008 2007
----------- -----------
Return on average total assets 0.12% 1.00%
Return on average shareholders' equity 1.35% 11.69%
Net interest margin (tax equivalent basis) 4.35% 5.33%
Efficiency ratio 77.70% 75.94%
Selected Average Balances
Loans $ 743,004 $ 653,710
Taxable investments 88,608 113,306
Tax-exempt investments 20,539 21,789
Federal funds sold and other 591 10,294
----------- -----------
Total earning assets $ 852,742 $ 799,099
----------- -----------
Total assets $ 941,318 $ 891,070
----------- -----------
Demand deposits - interest bearing $ 154,950 $ 160,598
Savings and money market 181,670 199,529
Time deposits 248,202 202,795
Other borrowings 104,924 60,757
----------- -----------
Total interest bearing liabilities $ 689,746 $ 623,679
----------- -----------
Demand deposits - noninterest bearing $ 155,541 $ 178,232
----------- -----------
Shareholders' equity $ 83,136 $ 76,457
----------- -----------
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
For the Quarter Ended
---------------------------------------
March December September June
2008 2007 2007 2007
--------- --------- --------- ---------
Interest income $ 14,150 $ 15,345 $ 15,083 $ 14,600
Interest expense 5,022 5,133 4,838 4,508
--------- --------- --------- ---------
Net interest income 9,128 10,212 10,245 10,092
Provision for loan and lease losses 2,400 1,200 850 -
Noninterest income 3,491 1,505 3,350 3,170
Noninterest expense 9,805 9,943 9,481 10,732
--------- --------- --------- ---------
Income before provision for income
taxes 414 574 3,264 2,530
Provision for income taxes 134 184 1,044 810
--------- --------- --------- ---------
Net income $ 280 $ 390 $ 2,220 $ 1,720
========= ========= ========= =========
Earnings per share:
Basic $ 0.04 $ 0.05 $ 0.30 $ 0.23
========= ========= ========= =========
Diluted $ 0.04 $ 0.05 $ 0.29 $ 0.22
========= ========= ========= =========
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