REDDING, CA--(Marketwire - November 3, 2009) - North Valley Bancorp (
NASDAQ:
NOVB), a bank
holding company with approximately $914 million in assets, today reported
results for the third quarter and nine months ended September 30, 2009.
North Valley Bancorp ("the Company") is the parent company for North Valley
Bank ("NVB").
The Company reported net income for the third quarter ended September 30,
2009 of $684,000, or $0.09 per diluted share, compared to a net loss of
$1,419,000, or $0.19 per diluted share, for the same period in 2008. The
Company reported a net loss for the nine months ended September 30, 2009 of
$6,512,000, or $0.87 per diluted share, compared to a net loss of
$2,648,000, or $0.36 per diluted share, for the same period in 2008.
The Company recorded provisions for loan and lease losses of $1,500,000 and
$17,500,000 for the third quarter and nine months ended September 30, 2009,
respectively, compared to provisions for loan and lease losses of
$1,500,000 and $9,100,000 for the third quarter and nine months ended
September 30, 2008. The allowance for loan and lease losses at September
30, 2009 was $19,423,000, or 3.09% of total loans, compared to $11,327,000,
or 1.63% of total loans at December 31, 2008 and $9,958,000, or 1.43% of
total loans at September 30, 2008.
"We are obviously pleased to announce a profitable third quarter despite
significant headwinds from a severe and prolonged recession. Our team
continues to work through the challenges presented in our construction and
development loan portfolio -- this loan type represents a significant
percentage of all loan losses this year. Additionally, we have reduced
expenses significantly in all areas which positions North Valley Bank well
for future success," stated Michael J. Cushman, President and CEO.
At September 30, 2009, total assets were $913,903,000, an increase of
$29,727,000, or 3.4%, from $884,176,000 at September 30, 2008. The loan
portfolio totaled $629,076,000 at September 30, 2009, a decrease of
$67,232,000, or 9.7%, compared to September 30, 2008. The loan to deposit
ratio at September 30, 2009 was 78.7% as compared to 92.2% at September 30,
2008, and 91.9% at December 31, 2008. Total deposits grew $43,864,000, or
5.8%, to $798,955,000 at September 30, 2009 compared to $755,131,000 at
September 30, 2008. When compared to December 31, 2008, total assets
increased $34,352,000 from $879,551,000, driven by an increase in deposits
of $44,051,000 from $754,944,000, while loans decreased by $64,346,000 from
$693,422,000. Available-for-sale investment securities and Federal funds
sold increased $81,855,000 and $30,355,000, respectively, from December 31,
2008 to September 30, 2009 as a result of the increase in deposits and
decrease in loans.
At September 30, 2009, the Company's Total Risk-based Capital was
$91,073,000, and its risk-based capital ratios were: Total Risk-based
Capital ratio - 12.36%; Tier 1 Risk-based Capital ratio - 10.18%; and Tier
1 Leverage ratio - 8.29%. The Bank's Total Risk-based Capital was
$92,357,000, and its risk-based capital ratios were: Total Risk-based
Capital ratio - 12.53%; Tier 1 Risk-based Capital ratio - 11.26%; and Tier
1 Leverage ratio - 9.18%.
Credit Quality
Nonperforming loans (defined as nonaccrual loans and loans 90 days or more
past due and still accruing interest) totaled $54,462,000 at September 30,
2009, an increase of $34,272,000 from the September 30, 2008 balance of
$20,190,000, and an increase of $35,526,000 from the December 31, 2008
balance of $18,936,000. Nonperforming loans as a percentage of total loans
were 8.66% at September 30, 2009, compared to 2.90% at September 30, 2008,
and 2.73% at December 31, 2008.
Nonperforming assets (nonperforming loans and OREO) totaled $62,387,000 at
September 30, 2009, an increase of $36,345,000 from the September 30, 2008
balance of $26,042,000, and an increase of $33,043,000 from the December
31, 2008 balance of $29,344,000. Nonperforming assets as a percentage of
total assets were 6.83% at September 30, 2009 compared to 2.95% at
September 30, 2008 and 3.34% at December 31, 2008.
The overall level of nonperforming loans increased $10,158,000 to
$54,462,000 at September 30, 2009 from $44,304,000 at June 30, 2009.
During the third quarter of 2009, the Company added twenty loans totaling
$17,776,000 to nonperforming loans. These additions were offset by
reductions in nonperforming loans totaling $7,618,000, due primarily to
transfers to OREO of four properties totaling $2,878,000, and secondarily
to collections received on certain loans and charge-offs recorded.
The Company's OREO properties increased $1,796,000 to $7,925,000 at
September 30, 2009 from $6,129,000 at June 30, 2009. The additions to OREO
at September 30, 2009 were partially offset by the disposition of one OREO
property during the third quarter of 2009. The Company recorded a loss on
the sale of OREO of $23,000.
Gross loan and lease charge-offs for the third quarter of 2009 were
$5,290,000 and recoveries totaled $1,094,000 resulting in net charge-offs
of $4,196,000 compared to gross loan and lease charge-offs for the third
quarter of 2008 of $5,305,000 and recoveries of $86,000 resulting in net
charge-offs of $5,219,000. Gross charge-offs for the nine months ended
September 30, 2009 were $10,774,000 and recoveries totaled $1,370,000
resulting in net charge-offs of $9,404,000, compared to gross charge-offs
for the nine months ended September 30, 2008 of $10,081,000 and recoveries
of $184,000 resulting in net charge-offs of $9,897,000.
The increase in nonperforming loans to $54,462,000 at September 30, 2009
was due in large part by the addition of twenty loans in the amount of
$17,776,000 as nonaccrual loans during the third quarter of 2009. This
addition to nonaccrual loans included one customer relationship with eight
loans totaling $9,182,000 located in Sonoma County. All eight loans are
secured by real estate and each has a current appraisal and no specific
reserve has been established for any of the loans. The second largest
customer relationship in this group consists of two loans totaling
$2,941,000 and are also located in Sonoma County. These two loans are
commercial land loans and have current appraisals and no specific reserve
has been established on either of the loans. The third largest customer
relationship in this group is a commercial real estate loan in the amount
of $1,198,000 for a multi-tenant office building located in Shasta County.
This property has a current appraisal and a specific reserve of $703,000
has been established for this loan. The fourth largest customer
relationship in this group is a residential acquisition and development
loan for $1,160,000 located in Siskiyou County. This property has a
current appraisal and a specific reserve of $197,000 has been established
for this loan. The fifth largest customer relationship in this group is a
commercial land loan for $1,043,000 located in Shasta County. This
property has a current appraisal and no specific reserve has been
established for this loan. The sixth largest customer relationship in this
group is a residential acquisition and development loan for $1,029,000
located in Sonoma County. This property has a current appraisal and no
specific reserve has been established for this loan. The remaining six
loans in this group that were placed on nonaccrual during the third quarter
of 2009 total $1,223,000 and no specific reserves have been established for
any of the loans.
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
$1,142,000, or 13.0%, for the three months ended September 30, 2009
compared to the same period in 2008. Interest income decreased by
$1,848,000, 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 $557,000 related to loans currently on
nonaccrual status. Partially offsetting this was a decrease in interest
expense of $706,000, or 18.0%, due to a decrease in the rates paid on
deposits and a decrease in the average balance of borrowings for the
quarter ended September 30, 2009 compared to the same period in 2008.
Average loans decreased $72,942,000 in the third quarter of 2009 compared
to the third quarter of 2008, and the yield on the loan portfolio decreased
64 basis points to 5.85% for the third quarter of 2009. Overall, average
earning assets increased $25,049,000 in the third quarter of 2009 compared
to the third quarter of 2008. Average yields on earning assets decreased
109 basis points from the quarter ended September 30, 2008, to 5.20% for
the quarter ended September 30, 2009 while the average rate paid on
interest-bearing liabilities decreased by 54 basis points to 1.84%. 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. The Company's net
interest margin for the quarter ended September 30, 2009 was 3.68%, a
decrease of 69 basis points from the margin of 4.37% for the third quarter
in 2008 and a decrease of 26 basis points from the 3.94% net interest
margin for the quarter ended June 30, 2009. "The $557,000 of foregone
interest from the nonperforming loans placed pressure on our net interest
margin reducing it by roughly 26 basis points, although we did recognize a
decrease of 14 basis points on the average rate paid on interest-bearing
liabilities from the second quarter," commented Kevin R. Watson, Chief
Financial Officer. Net interest income decreased $3,322,000 for the nine
months ended September 30, 2009 compared to the same period in 2008.
Interest income decreased by $6,701,000, primarily due to a decrease in
income on loans of $6,878,000 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 $1,526,000 related to loans on nonaccrual
status during the nine months ended September 30, 2009. Interest expense
decreased $3,379,000 due to a decrease in average interest bearing
liabilities of $4,757,000 for the nine months ended September 30, 2009
compared to the same period in 2008 and a decrease of 64 basis points on
rates paid on interest-bearing liabilities comparing the same periods. The
net interest margin for the nine months ended September 30, 2009 decreased
41 basis points to 3.94% from the net interest margin of 4.35% for the nine
months ended September 30, 2008.
Noninterest income for the quarter ended September 30, 2009 was $4,142,000
compared to $284,000 for the same period in 2008 representing an increase
of $3,858,000. The primary reason for the increase in noninterest income
was the Company recognized a gain on sale of investment securities of
$655,000 for the quarter ended September 30, 2009 and a loss on impairment
of securities of $3,284,000 in 2008. Service charges on deposits decreased
$126,000 to $1,724,000 for the third quarter of 2009 compared to $1,850,000
for the third quarter of 2008, while other fees and charges increased by
$167,000 to $1,170,000 for the third quarter of 2009 compared to $1,003,000
for the same period in 2008. Noninterest income for the nine months ended
September 30, 2009 increased $3,492,000 to $10,744,000 from $7,252,000 for
the same period in 2008. Service charges on deposits decreased $568,000 to
$4,892,000 for the nine months ended September 30, 2009 compared to
$5,460,000 for the same period in 2008, while other fees and charges
increased by $266,000 to $3,213,000 for the nine months ended September 30,
2009 compared to $2,947,000 for the same period in 2008.
Noninterest expense decreased $695,000 to $8,999,000 for the third quarter
of 2009 from $9,694,000 for the third quarter of 2008. Comparing the third
quarter of 2009 to the third quarter of 2008, salaries and employee
benefits decreased $788,000 and occupancy and equipment expense decreased
$33,000. Other real estate owned expense was $265,000 compared to $24,000
for the same period in 2008. Other expenses decreased $115,000 although
FDIC insurance premiums were $479,000, for the third quarter of 2009
compared to $151,000 for the same period in 2008. Noninterest expense for
the nine months ended September 30, 2009 was $30,116,000 compared to
$29,075,000 for the same period in 2008. For the nine months ended
September 30, 2009, salaries and employee benefits decreased $1,460,000
while occupancy and equipment expense increased $30,000. FDIC insurance
premiums, including the special assessment, were $1,726,000 for the first
nine months of 2009 compared to $263,000 for the first nine months of 2008.
The Company recorded a provision for income taxes for the quarter ended
September 30, 2009 of $629,000, resulting in an effective tax rate of
47.9%, compared to a benefit for income taxes of $679,000, or an effective
tax benefit rate of 32.4%, for the quarter ended September 30, 2008. The
benefit for income taxes for the nine month period ended September 30, 2009
was $6,673,000, resulting in an effective tax benefit rate of 50.6%,
compared to $1,266,000, or an effective tax benefit rate of 32.4%, for the
same period in 2008.
The Company also announced that the Board of Governors of the Federal
Reserve System ("FRB") recently completed the field work portion of its
regularly scheduled examination of the Bank. As a result of the Company's
losses in 2009, primarily due to higher provisions for loan losses because
of credit quality deterioration, the Bank expects to enter into a written
agreement with the FRB. At this date, the FRB has not delivered a draft
agreement. However, the Company anticipates that the Bank will be required
to develop a written plan to improve the quality of assets, maintain
adequate capital and enhance capital planning, and ensure sustained
earnings. The Company presently expects the FRB agreement to be finalized
and signed during the fourth quarter of 2009.
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. 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
September 30,
Statement of Income Data 2009 2008 $ Change % Change
---------- --------- --------- ---------
Interest income
Loans and leases (including
fees) $ 9,465 $ 11,686 $ (2,221) -19.0%
Investment securities 1,405 1,055 350 33.2%
Federal funds sold and other 26 3 23 766.7%
---------- --------- --------- ---------
Total interest income 10,896 12,744 (1,848) -14.5%
---------- --------- --------- ---------
Interest expense
Interest on deposits 2,712 3,187 (475) -14.9%
Subordinated debentures 513 581 (68) -11.7%
Other borrowings 1 164 (163) -99.4%
---------- --------- --------- ---------
Total interest expense 3,226 3,932 (706) -18.0%
---------- --------- --------- ---------
Net interest income 7,670 8,812 (1,142) -13.0%
Provision for loan and lease
losses 1,500 1,500 - 0.0%
---------- --------- --------- ---------
Net interest income after
provision for loan and lease
losses 6,170 7,312 (1,142) -15.6%
---------- --------- --------- ---------
Noninterest income
Service charges on deposit
accounts 1,724 1,850 (126) -6.8%
Other fees and charges 1,170 1,003 167 16.7%
Gain (loss) on
sale/impairment of
investment securities 655 (3,284) 3,939 -119.9%
Other 593 715 (122) -17.1%
---------- --------- --------- ---------
Total noninterest income 4,142 284 3,858 1358.5%
---------- --------- --------- ---------
Noninterest expenses
Salaries and employee
benefits 4,425 5,213 (788) -15.1%
Occupancy 768 773 (5) -0.6%
Furniture and equipment 457 485 (28) -5.8%
Other real estate owned
expense 265 24 241 1004.2%
Other 3,084 3,199 (115) -3.6%
---------- --------- --------- ---------
Total noninterest
expenses 8,999 9,694 (695) -7.2%
---------- --------- --------- ---------
Income (loss) before
provision (benefit) for
income taxes 1,313 (2,098) 3,411 -162.6%
Provision (benefit) for income
taxes 629 (679) 1,308 -192.6%
---------- --------- --------- ---------
Net income (loss) $ 684 $ (1,419) $ 2,103 -148.2%
========== ========= ========= =========
Common Share Data
Income (loss) per share
Basic $ 0.09 $ (0.19) $ 0.28 -147.4%
Diluted $ 0.09 $ (0.19) $ 0.28 -147.4%
Weighted average shares
outstanding 7,495,817 7,490,878
Weighted average shares
outstanding - diluted 7,495,817 7,490,878
Book value per share $ 9.59 $ 10.24
Tangible book value $ 7.47 $ 8.09
Shares outstanding 7,495,817 7,495,817
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
Nine Months Ended
September 30,
Statement of Income Data 2009 2008 $ Change % Change
--------- --------- --------- ---------
Interest income
Loans and leases (including
fees) $ 30,030 $ 36,908 $ (6,878) -18.6%
Investment securities 3,477 3,340 137 4.1%
Federal funds sold and other 49 9 40 444.4%
--------- --------- --------- ---------
Total interest income 33,556 40,257 (6,701) -16.6%
--------- --------- --------- ---------
Interest expense
Interest on deposits 8,286 10,406 (2,120) -20.4%
Subordinated debentures 1,581 1,754 (173) -9.9%
Other borrowings 2 1,088 (1,086) -99.8%
--------- --------- --------- ---------
Total interest expense 9,869 13,248 (3,379) -25.5%
--------- --------- --------- ---------
Net interest income 23,687 27,009 (3,322) -12.3%
Provision for loan and lease
losses 17,500 9,100 8,400 92.3%
--------- --------- --------- ---------
Net interest income after
provision for loan and lease
losses 6,187 17,909 (11,722) -65.5%
--------- --------- --------- ---------
Noninterest income
Service charges on deposit
accounts 4,892 5,460 (568) -10.4%
Other fees and charges 3,213 2,947 266 9.0%
Gain (loss) on
sale/impairment of
investment securities 655 (3,284) 3,939 -119.9%
Other 1,984 2,129 (145) -6.8%
--------- --------- --------- ---------
Total noninterest income 10,744 7,252 3,492 48.2%
--------- --------- --------- ---------
Noninterest expenses
Salaries and employee
benefits 14,394 15,854 (1,460) -9.2%
Occupancy 2,330 2,247 83 3.7%
Furniture and equipment 1,385 1,438 (53) -3.7%
Other real estate owned
expense 1,835 24 1,811 7545.8%
Other 10,172 9,512 660 6.9%
--------- --------- --------- ---------
Total noninterest
expenses 30,116 29,075 1,041 3.6%
--------- --------- --------- ---------
Loss before benefit for
income taxes (13,185) (3,914) (9,271) 236.9%
Benefit for income taxes (6,673) (1,266) (5,407) 427.1%
--------- --------- --------- ---------
Net loss $ (6,512) $ (2,648) $ (3,864) 145.9%
========= ========= ========= =========
Common Share Data
Loss per share
Basic $ (0.87) $ (0.36) $ (0.51) 141.7%
Diluted $ (0.87) $ (0.36) $ (0.51) 141.7%
Weighted average shares
outstanding 7,495,817 7,448,813
Weighted average shares
outstanding - diluted 7,495,817 7,448,813
Book value per share $ 9.59 $ 10.24
Tangible book value $ 7.47 $ 8.09
Shares outstanding 7,495,817 7,495,817
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
September 30, December 31, September 30,
Balance Sheet Data 2009 2008 2008
------------- ------------- -------------
Assets
Cash and due from banks $ 19,506 $ 27,153 $ 25,961
Federal funds sold 30,355 - -
Time deposits at other
financial institutions 425 - -
Available-for-sale
securities - at fair value 158,200 76,345 83,258
Held-to-maturity securities
- at amortized cost 9 21 22
Loans and leases net of
deferred loan fees 629,076 693,422 696,308
Allowance for loan and
lease losses (19,423) (11,327) (9,958)
------------- ------------- -------------
Net loans and leases 609,653 682,095 686,350
Premises and equipment, net 10,682 11,418 11,568
Other real estate owned 7,925 10,408 5,852
Goodwill and core deposit
intangibles, net 15,916 16,025 16,062
Accrued interest receivable
and other assets 61,232 56,086 55,103
------------- ------------- -------------
Total assets $ 913,903 $ 879,551 $ 884,176
============= ============= =============
Liabilities and Shareholders'
Equity
Deposits:
Demand, noninterest
bearing $ 145,475 $ 161,748 $ 157,069
Demand, interest bearing 150,136 151,873 163,458
Savings and money market 184,938 157,089 168,173
Time 318,446 284,234 266,431
------------- ------------- -------------
Total deposits 798,995 754,944 755,131
Other borrowed funds - 3,516 8,255
Accrued interest payable and
other liabilities 11,073 11,872 12,095
Subordinated debentures 31,961 31,961 31,961
------------- ------------- -------------
Total liabilities 842,029 802,293 807,442
Shareholders' equity 71,874 77,258 76,734
------------- ------------- -------------
Total liabilities and
shareholders' equity $ 913,903 $ 879,551 $ 884,176
============= ============= =============
Asset Quality
Nonaccrual loans and leases $ 54,462 $ 18,936 $ 20,136
Loans and leases past due 90
days and accruing interest - - 54
Other real estate owned 7,925 10,408 5,852
------------- ------------- -------------
Total nonperforming assets $ 62,387 $ 29,344 $ 26,042
============= ============= =============
Allowance for loan and lease
losses to total loans 3.09% 1.63% 1.43%
Allowance for loan and lease
losses to NPL's 35.66% 59.82% 49.32%
Allowance for loan and lease
losses to NPA's 31.13% 38.60% 38.24%
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
Selected Financial Ratios 2009 2008 2009 2008
--------- --------- --------- ---------
Return on average total
assets 0.29% (0.62%) (0.96%) (0.38%)
Return on average
shareholders' equity 3.82% (7.13%) (11.66%) (4.33%)
Net interest margin (tax
equivalent basis) 3.68% 4.37% 3.94% 4.35%
Efficiency ratio 76.19% 106.57% 87.47% 84.86%
Selected Average Balances
Loans $ 641,603 $ 714,545 $ 660,025 $ 734,913
Taxable investments 140,114 77,075 108,625 83,130
Tax-exempt investments 15,812 20,019 15,853 20,248
Federal funds sold and other 39,763 604 29,010 475
--------- --------- --------- ---------
Total earning assets $ 837,292 $ 812,243 $ 813,513 $ 838,766
--------- --------- --------- ---------
Total assets $ 925,803 $ 901,395 $ 903,577 $ 926,002
--------- --------- --------- ---------
Demand deposits - interest
bearing $ 153,123 $ 154,408 $ 152,646 $ 155,624
Savings and money market 182,295 177,654 174,086 181,149
Time deposits 327,817 261,105 311,485 252,463
Other borrowings 31,961 61,363 32,412 86,150
--------- --------- --------- ---------
Total interest bearing
liabilities $ 695,196 $ 654,530 $ 670,629 $ 675,386
--------- --------- --------- ---------
Demand deposits - noninterest
bearing $ 145,316 $ 158,562 $ 146,537 $ 157,422
--------- --------- --------- ---------
Shareholders' equity $ 71,102 $ 78,950 $ 74,655 $ 81,473
--------- --------- --------- ---------
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
For the Quarter Ended
---------------------------------------
September June March December
2009 2009 2009 2008
--------- -------- -------- --------
Interest income $ 10,896 $ 11,241 $ 11,419 $ 11,834
Interest expense 3,226 3,332 3,311 3,706
--------- -------- -------- --------
Net interest income 7,670 7,909 8,108 8,128
Provision for loan and lease losses 1,500 9,000 7,000 3,000
Noninterest income 4,142 3,438 2,274 2,900
Noninterest expense 8,999 10,782 9,445 9,583
--------- -------- -------- --------
Income (loss) before provision
(benefit) for income taxes 1,313 (8,435) (6,063) (1,555)
Provision (benefit) for income
taxes 629 (4,346) (2,956) (2,409)
--------- -------- -------- --------
Net income (loss) $ 684 $ (4,089) $ (3,107) $ 854
========= ======== ======== ========
Earnings (loss) per share:
Basic $ 0.09 $ (0.55) $ (0.41) $ 0.11
========= ======== ======== ========
Diluted $ 0.09 $ (0.55) $ (0.41) $ 0.11
========= ======== ======== ========
Contact Information: For further information contact:
Michael J. Cushman
President & Chief Executive Officer
(530) 226-2900
Fax: (530) 221-4877
Kevin R. Watson
Executive Vice President & Chief Financial Officer
(530) 226-2900
Fax: (530) 221-4877