|
19.07.2013 04:00:00
|
/C O R R E C T I O N -- Valley Commerce Bancorp/
The news release, Valley Commerce Bancorp Reports First Quarter 2013 Results, issued on July 18, 2013, was incorrectly published by PR Newswire. The release should have reported the Company's second quarter 2013 earnings results rather than report the Company's first quarter 2013 earnings. The complete, correct release follows:
Valley Commerce Bancorp Reports Strong Earnings For Second Quarter 2013VISALIA, Calif., July 18, 2013 /PRNewswire/ -- Valley Commerce Bancorp, (OTCBB: VCBP), a bank holding company and the parent company of Valley Business Bank, today announced second quarter 2013 net income of $1.6 million or $0.58 per diluted share. This compared to earnings of $892 thousand, or $0.32 per diluted share, for the second quarter of 2012. For the six months ended June 30, 2013, the Company reported net income of $2.4 million, or $0.84 per diluted share. This compared to earnings of $1.8 million, or $0.59 per diluted share, for the six months ended June 30, 2012.
Allan W. Stone, President and Chief Executive Officer, remarked, "As we've stated before, our focus is on producing steady, sustainable earnings. I am pleased to report that high quality loan growth is reflected in this earnings release. Our continued success and vigilant focus on loan quality combined with our positive outlook on economic trends and their potential impact on our loan portfolio resulted in our determining that a $1.5 million reversal of loan loss provisioning was appropriate during the quarter. I am also pleased to report we are maintaining a favorable net interest margin and have controlled costs while making the investments needed to provide state of the art service to our customers. Our team is looking forward to building on this successful first half of 2013."
Selected financial information is presented in the following table:
Six Months ended June 30, | December 31, | ||||||||||||||
2013 | 2012 | 2012* | |||||||||||||
ANNUALIZED KEY FINANCIAL RATIOS | |||||||||||||||
Net income | $ | 2,374,341 | $ | 1,751,254 | $ | 3,232,906 | |||||||||
Return on average equity | 12.41 | % | 9.00 | % | 8.47 | % | |||||||||
Return on average assets | 1.31 | % | 1.00 | % | 0.92 | % | |||||||||
Net interest margin | 4.16 | % | 4.53 | % | 4.50 | % | |||||||||
Efficiency ratio | 70.14 | % | 66.07 | % | 69.50 | % | |||||||||
Loan to deposit ratio at period end | 72.62 | % | 72.51 | % | 72.04 | % | |||||||||
Tier 1 leverage ratio | 11.5 | % | 11.0 | % | 11.3 | % | |||||||||
Tier 1 risk based ratio | 16.5 | % | 15.2 | % | 15.6 | % | |||||||||
Total risk-based capital ratio | 17.7 | % | 16.5 | % | 16.9 | % | |||||||||
SHARE AND PER SHARE DATA | |||||||||||||||
Basic earnings per common share | $ | 0.84 | $ | 0.60 | $ | 1.13 | |||||||||
Diluted earnings per common share | $ | 0.84 | $ | 0.59 | $ | 1.12 | |||||||||
Quarterly weighted average common shares outstanding | 2,810,159 | 2,784,593 | 2,788,018 | ||||||||||||
Quarterly wtd. avg. diluted common shares outstanding | 2,820,800 | 2,789,570 | 2,797,835 | ||||||||||||
Book value per common share | $ | 13.98 | $ | 12.97 | $ | 13.46 | |||||||||
Total common shares outstanding | 2,803,055 | 2,784,593 | 2,815,036 | ||||||||||||
*For the year ended December 31, 2012 | |||||||||||||||
Loans
Net loans were $233.9 million at June 30, 2013, an increase of $6.6 million or 3% from the $227.3 million at December 31, 2012. The increase occurred primarily in commercial, real estate-mortgage and agricultural loans. Average gross loans were $228.0 million for the six months ended June 30, 2013 and $222.8 million for the six months ended June 30, 2012, an increase of $5.2 million or 2%.
Net loans at June 30, 2013, December 31, 2012, and June 30, 2012 are summarized in the following table:
June 30, 2013 | December 31, 2012 | June 30, 2012 | ||||||||||||
Commercial | $ | 44,717,238 | 19% | $ | 41,270,395 | 18% | $ | 38,737,726 | 17% | |||||
Real estate – mortgage | 173,729,991 | 72 | 170,868,701 | 74 | 164,980,288 | 73 | ||||||||
Real estate – construction | 14,050,302 | 6 | 15,521,971 | 6 | 15,870,040 | 7 | ||||||||
Agricultural | 3,928,588 | 2 | 3,700,775 | 1 | 3,966,101 | 2 | ||||||||
Consumer and other | 1,529,173 | 1 | 1,508,824 | 1 | 1,575,094 | 1 | ||||||||
Subtotal | 237,955,292 | 100% | 232,870,666 | 100% | 225,129,249 | 100% | ||||||||
Deferred loan fees, net | (318,854) | (417,743) | (337,918) | |||||||||||
Allowance for loan and lease losses | (3,769,368) | (5,192,436) | (5,275,733) | |||||||||||
Total loans, net | $ | 233,867,070 | $ | 227,260,487 | $ | 219,515,598 | ||||||||
Average loans outstanding | $ | 227,995,752 | $ | 222,804,682 | $ | 227,979,257 | ||||||||
Investment Securities
Available-for-sale investment securities were $56.9 million at June 30, 2013 compared to $53.0 million at December 31, 2012, an increase of $3.9 million or 8%. There were $16.0 million of investment securities purchased during the six months ended June 30, 2013 which were offset by normal repayments, maturities, calls, and sales. Gain on sale of investment securities was $125 thousand for the first six months of 2013 compared to $152 thousand for the same period in 2012.
The amortized cost and estimated fair value of available-for-sale investment securities at the dates indicated consisted of the following:
June 30, 2013 | |||||||
Gross | Gross | Estimated | |||||
Amortized | Unrealized | Unrealized | Fair | ||||
Cost | Gains | Losses | Value | ||||
Debt securities: | |||||||
U.S. Government sponsored entities and agencies | $ 3,314,496 | $ 64,309 | $ (26,805) | $ 3,352,000 | |||
Mortgage-backed securities: | |||||||
U.S. Government sponsored entities and agencies | 25,619,171 | 156,566 | (418,737) | 25,357,000 | |||
Small Business Administration | 9,587,684 | 424,316 | - | 10,012,000 | |||
Obligations of states and political subdivisions | 17,987,895 | 314,558 | (128,453) | 18,174,000 | |||
Total | $ 56,509,246 | $ 959,749 | $ (573,995) | $ 56,895,000 | |||
December 31, 2012 | |||||||
Gross | Gross | Estimated | |||||
Amortized | Unrealized | Unrealized | Fair | ||||
Cost | Gains | Losses | Value | ||||
Debt securities: | |||||||
U.S. Government sponsored entities and agencies | $ 5,544,809 | $ 192,191 | $ - | $ 5,737,000 | |||
Mortgage-backed securities: | |||||||
U.S. Government sponsored entities and agencies | 16,413,277 | 380,508 | (3,785) | 16,790,000 | |||
Small Business Administration | 10,547,108 | 353,892 | - | 10,901,000 | |||
Obligations of states and political subdivisions | 18,696,003 | 898,613 | (21,616) | 19,573,000 | |||
Total | $ 51,201,197 | $ 1,825,204 | $ (25,401) | $ 53,001,000 | |||
Deposits
Total deposits increased by $6.6 million or 2%, from $315.5 million at December 31, 2012 to $322.1 million at June 30, 2013. Average total deposits were $318.3 million for the six months ended June 30, 2013, a $14.8 million or 5% increase from the $303.5 million in average total deposits for the six months ended June 30, 2012.
Total deposits at June 30, 2013, December 31, 2012, and June 30, 2012 are summarized in the following table:
June 30, 2013 | December 31, 2012 | June 30, 2012 | ||||||||||||
Non-interest bearing | $ | 123,416,532 | 38% | $ | 120,900,110 | 38% | $ | 106,042,180 | 36% | |||||
Interest bearing | 133,385,853 | 42 | 127,819,122 | 41 | 127,365,802 | 42 | ||||||||
Time deposits | 65,256,234 | 20 | 66,764,761 | 21 | 69,349,668 | 23 | ||||||||
Total | $ | 322,058,619 | 100% | $ | 315,483,993 | 100% | $ | 302,757,650 | 100% | |||||
Shareholders' Equity
Total shareholders' equity was $39.2 million at June 30, 2013, an increase of $1.3 million or 3%, from the $37.9 million at December 31, 2012. The increase was due to earnings of $2.4 million offset by a reduction in accumulated other comprehensive income of $832 thousand resulting from a decrease in the value of investment securities and to a lesser extent the repurchase of common stock and cash dividends paid. During the six months ended June 30, 2013 and 2012 the Company paid common stock cash dividends totaling $168 thousand or $0.06 per share and $111 thousand or $0.04 per share, respectively.
Asset Quality
Nonperforming loans at June 30, 2013 were comprised of eleven nonaccrual loans spread among seven customer relationships with an aggregate balance of $4.7 million compared with twelve nonaccrual loans spread among eight customer relationships at December 31, 2012 with an aggregate balance of $4.4 million. The Company had no other real estate owned at December 31, 2012 or June 30, 2013.
Impaired loans totaled $7.9 million and $8.0 million at June 30, 3013 and December 31, 2012, respectively, and were comprised of the nonaccrual loans included in nonperforming assets and certain accruing loans whose terms have been modified from the original loan agreement.
A summary of nonperforming assets is set forth below:
June 30, 2013 | December 31, 2012 | June 30, 2012 | |||
Nonperforming loans | $ 4,673,637 | $ 4,422,050 | $ 4,301,837 | ||
Loans past due 90 days or more and still accruing | - | - | - | ||
Total nonperforming loans | $ 4,673,637 | $ 4,422,050 | $ 4,301,837 | ||
Other real estate owned | $ - | $ - | $ 1,505,047 | ||
Total nonperforming assets | $ 4,673,637 | $ 4,422,050 | $ 5,806,884 | ||
Specific loss reserve | $ 427,662 | $ 590,890 | $ 817,716 | ||
Nonperforming assets to total loans | 1.96% | 1.90% | 2.58% | ||
Nonperforming loans to total loans | 2.00% | 1.95% | 1.96% | ||
Nonperforming assets to total assets | 1.27% | 1.23% | 1.68% | ||
Classified loans | $ 18,078,475 | $ 16,360,586 | $ 21,113,921 | ||
30-89 Day Delinquent loans | $ 669,757 | $ 200,000 | $ 752,538 | ||
A summary of troubled debt restructured loans is set forth below:
June 30, 2013 | December 31, 2012 | ||||||||||||||
Specific | Specific | ||||||||||||||
loan loss | No of | loan loss | No of | ||||||||||||
Amount | reserve | Loans | Amount | reserve | Loans | ||||||||||
Nonperforming Loans | $ | 3,468,356 | $ | 49,857 | 9 | $ | 2,913,258 | $ | 59,765 | 7 | |||||
Performing Loans | 718,570 | - | 2 | 1,676,136 | 425,632 | 6 | |||||||||
Total troubled debt restructured loans | $ | 4,186,926 | $ | 49,857 | 11 | $ | 4,589,394 | $ | 485,397 | 13 | |||||
The following table summarizes the changes in the allowance for loan and lease losses (ALLL) for the periods indicated:
Six Months Ended June 30, 2013 | Six Months Ended June 30, 2012 | Year Ended December 31, 2012 | |||||||||
Balance at beginning of period | $ | 5,192,436 | $ | 5,468,758 | $ | 5,468,758 | |||||
Charge-offs: | |||||||||||
Commercial and agricultural | - | - | - | ||||||||
Real estate mortgage | - | (318,877) | (318,877) | ||||||||
Real estate construction | - | - | - | ||||||||
Consumer | (1,021) | (950) | (100,523) | ||||||||
Total charge-offs | (1,021) | (319,827) | (419,400) | ||||||||
Recoveries: | |||||||||||
Commercial and agricultural | 77,953 | 126,802 | 143,078 | ||||||||
Real estate mortgage | - | - | - | ||||||||
Real estate construction | - | - | - | ||||||||
Consumer | - | - | - | ||||||||
Total recoveries | 77,953 | 126,802 | 143,078 | ||||||||
Net recoveries (charge-offs) | 76,932 | (193,025) | (276,322) | ||||||||
Reversal of provision for loan losses | (1,500,000) | - | - | ||||||||
Balance at end of period | $ | 3,769,368 | $ | 5,275,733 | $ | 5,192,436 | |||||
Net recoveries (charge-offs) to average loans outstanding | 0.034 | % | (0.087) | % | (0.121) | % | |||||
Ending allowance to total loans outstanding at end of period | 1.59 | % | 2.35 | % | 2.23 | % | |||||
During the quarter ended June 30, 2013 we recorded a $1.5 million reversal of provision for loan losses compared to no loan loss provisioning in the first quarter of 2013 or for the year ended 2012. In determining the amount of ALLL required at June 30, 2013, management analyzed the composition and strength of the Company's loan portfolio, including borrower performance trends, the potential for losses in loans classified nonperforming, the potential for loan loss recoveries, and the results of recent internal credit reviews. Based on this detailed analysis, management determined that the reversal was appropriate.
Net Interest Income and Net Interest Margin
The following table presents the Company's average balance sheet, including weighted average yields and rates on a taxable-equivalent basis, for the six-month periods indicated:
Average balances and weighted average yields and costs | ||||||||||||||||||
Six Months ended June 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Interest | Average | Interest | Average | |||||||||||||||
Average | income/ | yield/ | Average | income/ | yield/ | |||||||||||||
(dollars in thousands) | Balance | Expense | Cost | Balance | Expense | Cost | ||||||||||||
ASSETS | ||||||||||||||||||
Due from banks | $ | 46,282 | $ | 62 | 0.27% | $ | 33,798 | $ | 45 | 0.27% | ||||||||
Available-for-sale investment securities: | ||||||||||||||||||
Taxable | 33,167 | 259 | 1.57% | 37,572 | 373 | 2.00% | ||||||||||||
Exempt from Federal income taxes (1) | 17,873 | 335 | 5.73% | 19,217 | 409 | 6.48% | ||||||||||||
Total securities (1) | 51,040 | 594 | 3.03% | 56,789 | 782 | 3.52% | ||||||||||||
Loans (2) (3) | 227,638 | 6,304 | 5.61% | 222,466 | 6,573 | 5.94% | ||||||||||||
Total interest-earning assets (1) | 324,960 | 6,960 | 4.44% | 313,053 | 7,400 | 4.89% | ||||||||||||
Noninterest-earning assets, net of allowance for loan losses | 39,661 | 36,884 | ||||||||||||||||
Total assets | $ | 364,621 | $ | 349,937 | ||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
Deposits: | ||||||||||||||||||
Other interest bearing | $ | 130,017 | $ | 209 | 0.32% | $ | 123,137 | $ | 242 | 0.40% | ||||||||
Time deposits less than $100,000 | 19,040 | 53 | 0.56% | 20,823 | 75 | 0.72% | ||||||||||||
Time deposits $100,000 or more | 47,555 | 135 | 0.57% | 49,759 | 185 | 0.75% | ||||||||||||
Total interest-bearing deposits | 196,612 | 397 | 0.41% | 193,719 | 502 | 0.52% | ||||||||||||
Long-term debt | - | - | -% | 11 | - | -% | ||||||||||||
Junior subordinated deferrable interest debentures | 3,093 | 56 | 3.65% | 3,093 | 60 | 3.90% | ||||||||||||
Total interest-bearing liabilities | 199,705 | 453 | 0.46% | 196,823 | 562 | 0.57% | ||||||||||||
Noninterest bearing deposits | 121,720 | 109,793 | ||||||||||||||||
Other liabilities | 4,615 | 4,297 | ||||||||||||||||
Total liabilities | 326,040 | 310,913 | ||||||||||||||||
Shareholders' equity | 38,581 | 39,024 | ||||||||||||||||
Total liabilities and shareholders' equity | $ | 364,621 | $ | 349,937 | ||||||||||||||
Net interest income and margin (1) | $ | 6,507 | 4.16% | $ | 6,838 | 4.53% | ||||||||||||
(1) | Interest income is not presented on a taxable-equivalent basis, however, the average yield was calculated on a taxable-equivalent basis by using a marginal tax rate of 34%. | |||||||||||||||||
(2) | Nonaccrual loans are included in total loans. Interest income is included on nonaccrual loans only to the extent cash payments have been received. There was $151 thousand and $253 thousand in foregone interest on nonaccrual loans for the six months ended June 30, 2013 and 2012, respectively. Income received from nonaccrual loans was $179 thousand in the 2013 period and $129 in the 2012 period. | |||||||||||||||||
(3) | Interest income on loans includes amortized loan fees, net of costs, of $252 thousand and $242 thousand for 2013 and 2012, respectively. | |||||||||||||||||
Net interest income for the periods ended June 30, 2013 and 2012 was $6.5 million and $6.8 million, respectively, a decrease of $331 thousand or 5%. Net interest income decreased during the 2013 period due to a decrease in the average yields of loans and investment securities offset by reduced cost of interest-bearing liabilities. The impact of decreasing loan yield was slightly offset by a $5.2 million or 2 percent increase in the average balance of loans.
Net interest margin was 4.16% and 4.53% for the periods ended June 30, 2013 and 2012, a 37 basis point (bps) decrease. Average loan yield was 5.61% and 5.94% for the six months ended June 30, 2013 and 2012, respectively, a decrease of 33 bps, which reflected the strongly competitive environment for high quality loan customers. This decrease was offset by an 11 bps decrease in the average rate paid on deposits and other interest-bearing liabilities that reflected weak competition for deposits as well as a reduction in the average balances of time deposits. Average noninterest-bearing deposits increased by $11.9 million or 11 percent. These funds were primarily deployed into low yielding overnight deposits which adversely impacted the net interest margin for the 2013 period.
Non-Interest Income
The following table describes the components of non-interest income for the six-month periods ended June 30, 2013 and 2012:
Non-interest income | |||||||||
Six Months ended June 30, | |||||||||
2013 | 2012 | Increase (Decrease) | |||||||
Service charges | $ | 313,354 | $ | 353,667 | $ | (40,313) | |||
Gain on sale of available-for-sale investment securities | 125,926 | 152,224 | (26,298) | ||||||
Mortgage loan brokerage fees | 30,117 | 21,002 | 9,115 | ||||||
Earnings on cash surrender value of life insurance policies | 155,478 | 167,644 | (12,166) | ||||||
Other | 133,321 | 125,406 | 7,915 | ||||||
Total non-interest income | $ | 758,196 | $ | 819,943 | $ | (61,747) | |||
For the period ended June 30, 2013, non-interest income totaled $758 thousand, a decrease of $62 thousand or 8% from the $820 thousand recorded during the first half of 2012. Decreases in service charges, reduced gains on sales of investment securities and cash surrender value of life insurance policies contributed to the decrease in non-interest income during the 2013 period, which were offset by an increase in mortgage loan underwriting fees. Service charge income decreased due to fewer occurrences of non-sufficient funds charges.
Non-Interest Expense
The following table describes the components of non-interest expense for the six-month periods ended June 30, 2013 and 2012:
Non-interest expense | |||||||||
Six Months ended June 30, | |||||||||
2013 | 2012 | Increase (Decrease) | |||||||
Salaries and employee benefits | $ | 2,946,841 | $ | 3,027,416 | $ | (80,575) | |||
Occupancy and equipment | 725,499 | 637,977 | 87,522 | ||||||
Other real estate owned | 1,180 | 12,110 | (10,930) | ||||||
Data processing | 262,951 | 321,337 | (58,386) | ||||||
Operations | 166,530 | 170,910 | (4,380) | ||||||
Professional and legal | 152,011 | 183,260 | (31,249) | ||||||
Advertising and business development | 118,390 | 138,556 | (20,166) | ||||||
Telephone and postal | 111,829 | 115,405 | (3,576) | ||||||
Supplies | 95,707 | 82,362 | 13,345 | ||||||
Assessment and insurance | 182,467 | 132,915 | 49,552 | ||||||
Other expenses | 332,217 | 237,475 | 94,742 | ||||||
Total non-interest expense | $ | 5,095,622 | $ | 5,059,723 | $ | 35,899 | |||
For the periods ended June 30, 2013 and 2012, non-interest expense remained constant at $5.1 million. Occupancy and equipment expense increased by $88 thousand or 14% due to technology and operational risk management initiatives. FDIC insurance and assessment expense increased by $50 thousand or 37% due to nonrecurring adjustments made in the 2012 period to reflect the implementation of FDIC's revised methodology for calculating insurance premiums. These were offset by a $81 thousand or 3% decrease in salaries and employee benefit expense due to reductions in stock option expense and a $31 thousand or 17% decrease in professional and legal expense due to timing of audit costs and reduced legal costs. There also was a $58 thousand or 18% decrease in data processing costs due to renegotiation of data processing service contracts.
OTHER INFORMATION: Valley Commerce Bancorp stock trades on NASDAQ's Over the Counter Bulletin Board under the symbol VCBP. Valley Business Bank, the wholly owned subsidiary of Valley Commerce Bancorp, is a commercial bank that commenced operations in 1996. Valley Business Bank operates through Business Banking Centers in Visalia, Tulare, and Fresno, California and has branch offices in Woodlake and Tipton, California. Additional information about Valley Business Bank is available from the Bank's website at http://www.valleybusinessbank.net.
FORWARD-LOOKING STATEMENTS: In addition to historical information, this release includes forward-looking statements, which reflect management's current expectations for Valley Commerce Bancorp's future financial results, business prospects and business developments. Management's expectations for Valley Commerce Bancorp's future necessarily involve assumptions, estimates and the evaluation of risks and uncertainties. Various factors could cause actual events or results to differ materially from those expectations. The forward-looking statements contained herein represent management's expectations as of the date of this release. Valley Commerce Bancorp undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. For those statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
VALLEY COMMERCE BANCORP CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) | |||||||||
June 30, 2013 | December 31, 2012 | June 30, 2012 | |||||||
Assets | |||||||||
Cash and due from banks | $ | 55,958,851 | $ | 57,573,424 | $ | 44,630,469 | |||
Available-for-sale investment securities, at fair value | 56,895,000 | 53,001,000 | 57,149,000 | ||||||
Loans, net of deferred fees | 237,636,438 | 232,452,923 | 224,791,331 | ||||||
Less: allowance for loan and lease losses | 3,769,368 | 5,192,436 | 5,275,733 | ||||||
Net Loans | 233,867,070 | 227,260,487 | 219,515,598 | ||||||
Bank premises and equipment, net | 7,900,634 | 7,995,072 | 8,036,642 | ||||||
Cash surrender value of bank-owned life insurance | 8,132,305 | 7,992,697 | 7,847,247 | ||||||
Other real estate owned | - | - | 1,505,047 | ||||||
Accrued interest receivable and other assets | 5,811,511 | 7,056,100 | 7,052,288 | ||||||
Total assets | $ | 368,565,371 | $ | 360,878,780 | $ | 345,736,291 | |||
Liabilities and Shareholders' Equity | |||||||||
Deposits: | |||||||||
Noninterest-bearing | $ | 123,416,532 | $ | 120,900,110 | $ | 106,042,180 | |||
Interest-bearing | 198,642,087 | 194,583,883 | 196,715,470 | ||||||
Total deposits | 322,058,619 | 315,483,993 | 302,757,650 | ||||||
Accrued interest payable and other liabilities | 4,217,282 | 4,398,621 | 3,779,943 | ||||||
Junior subordinated deferrable interest debentures | 3,093,000 | 3,093,000 | 3,093,000 | ||||||
Total liabilities | 329,368,901 | 322,975,614 | 309,630,593 | ||||||
Commitments and contingencies | |||||||||
Shareholders' equity: | |||||||||
Common stock | 28,040,389 | 28,080,655 | 27,657,558 | ||||||
Retained earnings | 10,929,065 | 8,763,327 | 7,618,261 | ||||||
Accumulated other comprehensive income, net of taxes | 227,016 | 1,059,184 | 829,879 | ||||||
Total shareholders' equity | 39,196,470 | 37,903,166 | 36,105,698 | ||||||
Total liabilities and shareholders' equity | $ | 368,565,371 | $ | 360,878,780 | $ | 345,736,291 | |||
CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
| ||||||||||||||
For the Three Months | For the Six Months | |||||||||||||
Ended June 30, | Ended June, 30 | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Interest Income: | ||||||||||||||
Interest and fees on loans | $ | 3,162,437 | $ | 3,276,640 | $ | 6,304,146 | $ | 6,573,146 | ||||||
Interest on investment securities: | ||||||||||||||
Taxable | 136,989 | 184,021 | 258,869 | 372,855 | ||||||||||
Exempt from Federal income taxes | 167,066 | 185,087 | 335,241 | 408,663 | ||||||||||
Interest on deposits in banks | 30,728 | 20,055 | 61,998 | 44,909 | ||||||||||
Total interest income | 3,497,220 | 3,665,803 | 6,960,254 | 7,399,989 | ||||||||||
Interest Expense: | ||||||||||||||
Interest on deposits | 188,125 | 248,974 | 397,614 | 502,106 | ||||||||||
Interest on short-term debt | - | - | - | 168 | ||||||||||
Interest on junior subordinated deferrable interest debentures | 27,984 | 29,513 | 55,873 | 59,681 | ||||||||||
Total interest expense | 216,109 | 278,487 | 453,487 | 561,955 | ||||||||||
Net interest income before reversal of provision for loan losses | 3,281,111 | 3,387,316 | 6,506,767 | 6,838,034 | ||||||||||
Reversal of provision for loan losses | (1,500,000) | - | (1,500,000) | - | ||||||||||
Net interest income after reversal of provision for loan losses | 4,781,111 | 3,387,316 | 8,006,767 | 6,838,034 | ||||||||||
Non-Interest Income: | ||||||||||||||
Service charges | 160,025 | 174,994 | 313,354 | 353,667 | ||||||||||
Gain on sale of available-for-sale investment securities, net | - | 124,267 | 125,926 | 152,224 | ||||||||||
Mortgage loan brokerage fees | 16,668 | 15,002 | 30,117 | 21,002 | ||||||||||
Earnings on cash surrender value of life insurance policies | 78,170 | 81,688 | 155,478 | 167,644 | ||||||||||
Other | 71,865 | 65,321 | 133,321 | 125,406 | ||||||||||
Total non-interest income | 326,728 | 461,272 | 758,196 | 819,943 | ||||||||||
Non-Interest Expense: | ||||||||||||||
Salaries and employee benefits | 1,396,682 | 1,441,762 | 2,946,841 | 3,027,416 | ||||||||||
Occupancy and equipment | 370,160 | 317,084 | 725,499 | 637,977 | ||||||||||
Other | 740,501 | 771,327 | 1,423,282 | 1,394,330 | ||||||||||
Total non-interest expense | 2,507,343 | 2,530,173 | 5,095,622 | 5,059,723 | ||||||||||
Income before provision for income taxes | 2,600,496 | 1,318,415 | 3,669,341 | 2,598,254 | ||||||||||
Provision for income taxes | 969,000 | 426,000 | 1,295,000 | 847,000 | ||||||||||
Net income | $ | 1,631,496 | $ | 892,415 | 2,374,341 | $ | 1,751,254 | |||||||
Dividends accrued and discount accreted on preferred shares | - | - | - | 93,209 | ||||||||||
Net income available to common shareholders | $ | 1,631,496 | $ | 892,415 | $ | 2,374,341 | $ | 1,658,045 | ||||||
Basic earnings per share | $ | 0.58 | $ | 0.32 | $ | 0.84 | $ | 0.60 | ||||||
Diluted earnings per share | $ | 0.58 | $ | 0.32 | $ | 0.84 | $ | 0.59 | ||||||
Cash dividends paid per common share | $ | 0.06 | $ | 0.04 | $ | 0.06 | $ | 0.04 | ||||||
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)
For the Years Ended December 31, 2011 and 2012 and Six Months Ended June 30, 2013
| ||||||||||||||||||||
Accumulated | ||||||||||||||||||||
Other | ||||||||||||||||||||
Compre- | Total | |||||||||||||||||||
Preferred Stock | Common Stock | hensive | Share- | |||||||||||||||||
Retained | Income (Loss) | holders' | ||||||||||||||||||
Shares | Amount | Shares | Amount | Earnings | (Net of Taxes) | Equity | ||||||||||||||
Balance, January 1, 2011 | 8,085 | $ | 7,821,800 | 2,630,480 | $ | 26,137,158 | $ | 4,831,883 | $ | (41,149) | $ | 38,749,692 | ||||||||
Net income | 3,103,979 | 3,103,979 | ||||||||||||||||||
Other comprehensive income | 855,670 | 855,670 | ||||||||||||||||||
Dividend and accretion on preferred stock | 77,000 | (494,346) | (417,346) | |||||||||||||||||
Stock dividend | 131,243 | 1,181,187 | (1,181,187) | |||||||||||||||||
Cash paid for fractional shares | (2,529) | - | (2,529) | |||||||||||||||||
Restricted stock grant | 2,927 | |||||||||||||||||||
Stock options exercised and related tax benefit | 19,943 | 117,000 | 117,000 | |||||||||||||||||
Stock-based compensation expense | 98,946 | 98,946 | ||||||||||||||||||
Balance, December 31, 2011 | 8,085 | $ 7,898,800 | 2,784,593 | $ 27,534,291 | $ 6,257,800 | $ 814,521 | $ 42,505,412 | |||||||||||||
Net income | 3,232,906 | 3,232,906 | ||||||||||||||||||
Other comprehensive income | 244,663 | 244,663 | ||||||||||||||||||
Dividend and accretion on preferred stock | 186,200 | (279,409) | (93,209) | |||||||||||||||||
Preferred stock repurchased | (8,085) | (8,085,000) | (8,085,000) | |||||||||||||||||
Cash dividends $0.16 per common share | (447,970) | (447,970) | ||||||||||||||||||
Stock options exercised and related tax benefit | 30,443 | 272,248 | 272,248 | |||||||||||||||||
Stock-based compensation expense | 274,116 | 274,116 | ||||||||||||||||||
Balance, December 31, 2012 | - | $ - | 2,815,036 | $ 28,080,655 | $ 8,763,327 | $ 1,059,184 | $ 37,903,166 | |||||||||||||
Net income | 2,374,341 | 2,374,341 | ||||||||||||||||||
Other comprehensive loss | (832,168) | (832,168) | ||||||||||||||||||
Cash dividends $0.06 per Common share | (167,941) | (167,941) | ||||||||||||||||||
Common stock repurchased | (16,000) | (159,818) | (40,662) | (200,480) | ||||||||||||||||
Stock options exercised and related tax benefit | 4,019 | 44,506 | 44,506 | |||||||||||||||||
Stock-based compensation expense | 75,046 | 75,046 | ||||||||||||||||||
Balance, June 30, 2013 | - | $ - | 2,803,055 | $ 28,040,389 | $ 10,929,065 | $ 227,016 | $ 39,196,470 | |||||||||||||
SOURCE Valley Commerce Bancorp
Der finanzen.at Ratgeber für Aktien!
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!
Nachrichten zu Valley Commerce Bancorpmehr Nachrichten
| Keine Nachrichten verfügbar. |
Analysen zu Valley Commerce Bancorpmehr Analysen
Nachrichten
ETF-Sparplan
Oskar ist der einfache und intelligente ETF-Sparplan. Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig.