Join Our
Free
Newsletter

Online Banking

Allstocks.com

Top Ten

Online Stock Trading

Bulletin Board

Stock Market Quotes

Gifts, Shopping

Pink Sheets

Page Builder

CME Globex2 Session

Live Chat Online Trading

Charts & Charting

Currency Rates

Free Auto-refreshin g Custom Pages!

Education

Stock Picks

Real-time News Pages

Internet Lingo

Investment Books

Links Worlds Largest

Stock Quotes

Research

Market Makers A-Z

Message Boards

News and Charts

Online Brokers W/ Phone Numbers

Options Information

Complete listing OTCBB Issues

Overseas Markets

Penny Stocks

S&P Fair Value

SI People & Subject

Site Map

Slang, Internet

Stock Markets

World Markets

Contact

Active Stocks

Disclaimer

Privacy Policy

Affiliate Programs

Advertise

WebSiteSupplier.com

NASCAR Schedule

PGA Schedule

 

 

 

Search:
 

Valley Republic Bancorp Announces Record Financial Results for 2017

 
 

Reported Earnings Increase by 17%

Earnings Before Tax Adjustment Increase by 39%

BAKERSFIELD, Calif., Feb. 9, 2018 /PRNewswire/ -- Valley Republic Bancorp (the "Company") (OTCQX: VLLX), the parent company of Valley Republic Bank (the "Bank") today announced the financial results for the fourth quarter and fiscal year ended December 31, 2017.

Valley Republic Bancorp reported record net income for the year ended December 31, 2017, of $5,247,000, compared to $4,471,000 for the prior year. This represents an increase of $776,000, or 17%, year over year. Basic earnings per share were $1.40 as of December 31, 2017, compared to $1.21 for the prior year.  Pretax earnings were $9,240,000 for the year ended December 31, 2017, compared to $6,637,000 in the prior year, an increase of $2,603,000 or 39%.

Net income for the fourth quarter was $804,000, after a one-time tax expense adjustment of $943,000, compared to $1,159,000 for the same quarter in the prior year, a decrease of $355,000, or -31%.  Basic earnings per share for the fourth quarter of 2017 were $0.21, compared to $0.31 basic earnings per share reported for the same quarter in the prior year. 

According to Bruce Jay, President and Chief Executive Officer, "The December 2017 enactment of the Tax Cuts and Jobs Act required a one-time, non-cash adjustment to earnings in the fourth quarter. This tax reform reduces the highest federal tax rate for corporations from 35% to 21%, beginning in 2018. When tax changes like this occur, generally accepted accounting principles (GAAP) require that Deferred Tax Assets (DTAs) be revalued to reflect the future value of tax benefits. Accordingly, the Company was required to record a one-time expense adjustment of $943,000 to reduce its DTAs. Beginning in 2018, the Company will benefit from substantially lower federal corporate tax rates."

Jay continued, "The material tax-related adjustment makes comparison reporting of operating results more difficult, both quarter over quarter and year over year."  The following table shows the Company's 2017 year to date performance before and after this one-time DTA adjustment, as compared to 2016 performance: 



Before DTA Adjustment


As Reported

(Unaudited. Dollars in thousands.)

12/31/2017


12/31/2016


Change


12/31/2017


12/31/2016


Change














Total Assets


$ 668,568


579,055


15%


$     667,625


$     579,055


15%

Net Loans


441,743


384,548


15%


441,743


384,548


15%

Total Deposits


603,270


518,500


16%


603,270


518,500


16%

Pretax Income


9,240


6,637


39%


9,240


6,637


39%

Net Income


6,190


4,471


38%


5,247


4,471


17%

Book Value Per Share*


15.18


13.60


12%


14.94


13.60


10%

Basic Earnings per Share*


$       1.66


$       1.21


37%


$           1.40


$           1.21


16%














Return on Average Assets


0.98%


0.85%


0.13%


0.83%


0.85%


-0.02%














Return on Average Equity


11.48%


9.19%


2.29%


9.73%


9.19%


0.54%















*Prior period amounts have been adjusted to give retroactive effect to the 5% stock dividend that was declared in December 2017.

"The Company's overall performance continues to be exceptional. Loan, deposit and earnings growth were all substantial during 2017", stated Jay.  "We remain focused on our core competencies of supporting and serving our local communities with responsive, relationship-based service."  Total net loans were $441.7 million at December 31, 2017, an increase of $57.2 million, or 15%, compared to $384.5 million at the end of 2016.  Total deposits increased by $84.8 million, or 16%, to $603.3 million at December 31, 2017, compared to $518.5 million at December 31, 2016.  Total assets were $667.6 million at the end of 2017, an increase of $88.5 million, or 15%, compared to $579.1 million at year-end 2016.

Total shareholders' equity at December 31, 2017 was $56,427,000, an increase of $5,948,000, or 12%, compared to $50,479,000 at December 31, 2016. Book value per share was $14.94 at December 31, 2017, compared to $13.60 at the prior year-end, after adjusting for the retroactive effect of the stock dividend declared in December 2017.

Eugene Voiland, Chairman of the Board, stated, "The Board of Directors is pleased with the solid growth and earnings performance of the Bank during 2017.  The Company produced a return on average equity of 11.48% for the year, before the DTA adjustment, and a 9.73% return on equity after the DTA adjustment."  Mr. Voiland continued, "In recognition of the excellent performance of the Company, in the fourth quarter of 2017 the Company declared a 5% stock dividend, payable to shareholders of record as of December 15, 2017." 

About Valley Republic Bancorp and Valley Republic Bank

Valley Republic Bancorp is a bank holding company formed in 2016. Valley Republic Bank, a wholly-owned subsidiary of Valley Republic Bancorp, is a community bank headquartered in Bakersfield, California. The Bancorp is subject to the regulatory oversight of the Federal Reserve Bank, and the Bank is subject to the regulatory oversight of the Federal Deposit Insurance Corporation and the California Department of Business Oversight. Valley Republic Bank is an insured, state-chartered, non-member bank of the Federal Reserve System. The Bank is in its ninth year of operation, having been established in 2009. Valley Republic Bank is a full-service, community bank with three full-service banking offices in Bakersfield and one full-service banking office in Delano. Valley Republic Bank emphasizes professional, high quality banking services provided to a wide range of businesses and professionals. The Bank also provides a full complement of banking services that are available to individuals and non-profit organizations. 

 

Valley Republic Bancorp
Balance Sheet


(Unaudited. Dollars in thousands.)

December 31, 2017


December 31, 2016





ASSETS








Cash and Due From Banks

$                  9,039


$                10,692

Federal Funds Sold & Interest-Bearing Deposits in Banks

50,730


24,167

Total Cash and Equivalents

59,769


34,859





Time Certificates of Deposit in Banks

30,952


32,440





Investment Securities:




Available-for-Sale

51,064


51,101

Held-to-Maturity

52,435


43,521

Total Investment Securities

103,499


94,622





Loans, Net of Deferred Fees and Costs

447,859


390,033

Allowance for Loan losses

(6,116)


(5,485)

Net Loans

441,743


384,548





Premises and Equipment

1,538


1,759

Bank Owned Life Insurance

10,235


9,975

Interest Receivable and Other Assets

19,889


20,852





TOTAL ASSETS

$              667,625


$              579,055









LIABILITIES AND SHAREHOLDERS' EQUITY








Liabilities








Deposits




Noninterest-Bearing

$              245,892


$              208,615

Interest-Bearing

357,378


309,885

Total Deposits

603,270


518,500





Accrued Interest Payable and Other Liabilities

7,928


10,076

Total Liabilities

611,198


528,576





Shareholders' Equity








Common Stock, no Par Value

43,167


37,391

Additional Paid-in Capital

1,745


1,883

Retained Earnings

11,928


11,461

Accumulated Other Comprehensive Income (Loss)

(413)


(256)

Total Shareholders' Equity

56,427


50,479





TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$              667,625


$              579,055

 

Valley Republic Bancorp
Income Statement


(Unaudited. Dollars in thousands, except per share data.)

Quarters Ended December 31,


Year to Date Ended December 31,


2017


2016


2017


2016

INTEREST INCOME








Loans (Including Fees and Costs)

$          5,033


$          4,048


$        18,574


$        14,929

Investment Securities

478


359


1,884


1,468

Other

280


159


888


515









Total Interest Income

5,791


4,566


21,346


16,912









INTEREST EXPENSE








Deposits

376


277


1,327


977









Total Interest Expense

376


277


1,327


977









Net Interest Income

5,415


4,289


20,019


15,935

Provision For Loan Losses

(26)


67


692


789









Net Interest Income After Provision for Loan Losses

5,441


4,222


19,327


15,146









NON-INTEREST INCOME








Service Charges and Fees on Deposits

127


110


476


408

Gain on Sale of Securities

-


-


9


145

Other Non-Interest Income

259


292


1,407


1,296









Total Non-Interest Income

386


402


1,892


1,849









NON-INTEREST EXPENSE








Salaries and Employee Benefits

1,720


1,799


7,346


6,324

Occupancy & Equipment

496


281


1,252


1,078

Other

906


766


3,381


2,956









Total Non-Interest Expense

3,122


2,846


11,979


10,358









Income Before Taxes

2,705


1,778


9,240


6,637

Income Taxes

1,901


619


3,993


2,166









NET INCOME

$             804


$          1,159


$          5,247


$          4,471









Basic Earnings per Share

$            0.21


$            0.31


$            1.40


$            1.21

Forward Looking Statements

This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and Valley Republic Bancorp and Valley Republic Bank (together, the "Company") intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company's ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally, in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company's operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

 

Cision View original content:http://www.prnewswire.com/news-releases/valley-republic-bancorp-announces-record-financial-results-for-2017-300596249.html

SOURCE Valley Republic Bancorp

Back to top

RELATED LINKS
https://www.valleyrepublicbank.com


 

Allstocks.com  Links  Search   Disclaimer  About Us

webmaster@allstocks.com

Allstocks.com Advertising

© 1995, 1996, 1997, 1998,1999, 2000, 2001 Allstocks.com. All rights reserved.