North Valley Bancorp (NOVB, Financial) filed Quarterly Report for the period ended 2009-09-30.
North Valley Bancorp is a multi-bank holding company. The Company wholly owns its principal subsidiaries, North Valley Bank, Six Rivers National Bank, North Valley Trading Company, which is inactive, and Bank Processing, Inc. The sole subsidiary of NVB, which is inactive, is North Valley Basic Securities. North Valley Bancorp has a market cap of $17.25 million; its shares were traded at around $2.3016 with and P/S ratio of 0.28. North Valley Bancorp had an annual average earning growth of 0.4% over the past 5 years.
The new law is in effect for the fourth quarter of 2009. However, had the law been enacted during the third quarter of 2009, the Company’s and Bank’s capital ratios would have been increased. The Company and Bank had a deferred tax asset disallowance of $5,918,000 and $2,302,000, respectively, when calculating their regulatory capital ratios. The new law would have eliminated the disallowance amount in the calculation. Below is a table with the Company’s and Bank’s regulatory capital ratios at September 30, 2009 and a pro forma calculation of the ratios which excludes the deferred tax asset disallowance.
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North Valley Bancorp is a multi-bank holding company. The Company wholly owns its principal subsidiaries, North Valley Bank, Six Rivers National Bank, North Valley Trading Company, which is inactive, and Bank Processing, Inc. The sole subsidiary of NVB, which is inactive, is North Valley Basic Securities. North Valley Bancorp has a market cap of $17.25 million; its shares were traded at around $2.3016 with and P/S ratio of 0.28. North Valley Bancorp had an annual average earning growth of 0.4% over the past 5 years.
Highlight of Business Operations:
The Company had net income of $684,000, or $0.09 per diluted share, for the three months ended September 30, 2009 compared to a net loss of $1,419,000, or $0.19 per diluted share, for the three months ended September 30, 2008. The increase in net income for the three months ended September 30, 2009 compared to the same period in 2008 was principally driven by an impairment charge of $3,284,000 on FNMA Preferred Stock recognized during the third quarter of 2008. Net interest income decreased $1,142,000 for the three months ended September 30, 2009 compared to the same period in 2008, and noninterest expense decreased $695,000 for the three months ended September 30, 2009 compared to the same period in 2008. The Company had a net loss of $6,512,000, or $0.87 per diluted share, for the nine months ended September 30, 2009 compared to a net loss of $2,648,000, or $0.36 per diluted share, for the nine months ended September 30, 2008. The increase in net loss for the nine months ended September 30, 2009 compared to the same period in 2008 was principally driven by a $17,500,000 provision for loan and lease losses for the nine months ended September 30, 2009 compared to a $9,100,000 provision for loan and lease losses for the nine months ended September 30, 2008, and secondarily due to a decrease in net interest income of $3,322,000 for the nine months ended September 30, 2009 compared to the same periods in 2008. Noninterest income increased $3,492,000 for the nine months ended September 30, 2009 compared to the same period in 2008. Noninterest expense increased $1,041,000 for the nine months ended September 30, 2009 compared to the same period in 2008.The new law is in effect for the fourth quarter of 2009. However, had the law been enacted during the third quarter of 2009, the Company’s and Bank’s capital ratios would have been increased. The Company and Bank had a deferred tax asset disallowance of $5,918,000 and $2,302,000, respectively, when calculating their regulatory capital ratios. The new law would have eliminated the disallowance amount in the calculation. Below is a table with the Company’s and Bank’s regulatory capital ratios at September 30, 2009 and a pro forma calculation of the ratios which excludes the deferred tax asset disallowance.
Read the The complete Report
