Danville Based Diablo Valley Bank Reports Annual Earnings and Record Total Assets of $249 Million.DANVILLE, Calif. -- Diablo Valley The Diablo Valley in California contains the cities of Alamo, Danville, Diablo, and Blackhawk. It is located between the East Bay Hills and the Diablo Range. Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DBVB) today announced record asset and income growth for 2006. For the year ended December 31, 2006, the Bank's net income before taxes rose to $ 3,627,127, a 146% increase, compared to $1,475,062 for the year ended December 31, 2005. After an income tax provision of $1,619,733, net income for 2006 was $ 2,007,394, or $0.81 basic earnings per share, while net income available to common shareholders was $1,676,096 or $0.67 basic earnings per share, reflecting payment of dividends to preferred shareholders of $331,298 in 2006. While this is less than the net income available to common shareholders of $2,187,560, or $0.88 basic earnings per share, reported for 2005, income in 2005 included a tax credit of $878,147 related to prior period losses, which added $0.35 basic earnings per share to 2005 net income. Asset growth continued its steady progression from preceding periods. Total assets as of December 31, 2006 were $249 million, an increase of $56 million or 29% over the prior year. Total loans were up by $53 million to $199 million, an increase of 37%, while total deposits reached $224 million, for an increase of $59 million or 35% over the prior year. During the quarter, the Bank paid its regular scheduled quarterly dividend of $0.40 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on its 5% Perpetual Cumulative Convertible Preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . Jim Mayer, the Bank's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "Our strong performance in 2006, reflected by record asset growth to nearly $250 million in total assets at year-end, demonstrates the strong reception to our professional banking staff and service capabilities in the Tri-valley region. In addition, we are continually seeking new products and delivery methods to enhance our client service and interaction with the Bank." During the quarter, construction of the Bank's 8,600 square foot Branch and Administrative office on Diablo di·ab·lo adj. Diable. [Alteration (influenced by Spanish diablo, devil) of diable.] Road was completed. Chairman of the Board, John J. Hounslow, stated that, "We are pleased to have finally moved into our new headquarters and Danville branch location. Our colleagues and clients should greatly benefit from the amenities and conveniences our new location has to offer." Diablo Valley Bank is the East Bay's independent commercial bank dedicated to serving the banking and financing needs of successful entrepreneurs, their families, business ventures and real estate investments. The Bank has professional bankers strategically positioned at offices in Danville and Pleasanton and offers additional depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. access with internet-based cash management products, its courier A monospaced typeface originating from the typewriter that is commonly used for letters. It is still considered by many to be the "appropriate" typeface for business correspondence. service and correspondent relationships with money center banks Money center banks Banks that raise most of their funds from the domestic and international money markets , relying less on depositors for funds. . For more information on Diablo Valley Bank, contact John Hounslow, 925-314-2801, jhounslow@diablovalleybank.com, or visit the Bank's website at www.diablovalleybank.com. Certain statements contained herein may be "forward looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward looking statements may be identified by reference to a future period or periods or by the use of forward looking terminology such as "may", "believes", "intends", "expects", and "anticipates" or similar terms or variations of these terms. Our actual results may differ materially from those set forth in forward looking statements as a result of certain risks and uncertainties, including but not limited to, changes in political and economic conditions, interest rate fluctuations, competitive product and pricing pressures, equity and bond market fluctuations, credit risk, inflation, as well as other risks and uncertainties incident to our business. |
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