- Asset Growth: Total assets at the end of the third quarter were $93.7 million, a decline from $103.4 million in the second quarter which was expected by the bank due to the scheduled third-quarter outflow of a large, short-term deposit that had been made in the second quarter. The bank’s second quarter earnings release reported this anticipated third-quarter fall back in assets. Total third quarter 2012 assets of $93.7 million were up significantly from third quarter 2011 total assets of $81.7 million.
- Loan Delinquencies: As of September 30, 2012, there were two loans more than 30 days past due totaling $315,000. Both loans are now current. Total loans on non-accrual amounted to $1.5 million, a favorable comparison to $5.5 million at Sept. 30, 2011. All loans on non-accrual are now current.
- Deposit Growth: Total deposits at the end of the third quarter were $81.1 million, down from $91.9 million at the end of the second quarter and up from $66.0 million a year ago at the end of the third quarter 2011. This fluctuation, as with asset growth, was due to the expected withdrawal during the third quarter of a large, short-term deposit made during the second quarter.
- Reduced Loan Loss Provision: The bank’s positive trend in loan loss provision requirements continued for the third consecutive quarter, despite a small net charge-off of $12,000. No additional provision was needed for the quarter ended Sept. 30, 2012.
- Net Loss: Net loss for the third quarter was $497,000 largely as the result of a $345,000 write-down on our only OREO property as we marked it to market based on a recent appraisal. The net loss for the second quarter of 2012 was $279,000.
- Tier 1 Leverage Ratio: During the third quarter the Tier 1 leverage ratio decreased to 9.5 percent from 10.5 percent the previous quarter primarily due to the inflated average assets resulting from the large deposit fluctuation mentioned above.
Tri-Valley Bank Announces Third Quarter 2012 Earnings
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