Printer Friendly
The Free Library
19,607,053 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

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.
COPYRIGHT 2007 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Feb 7, 2007
Words:573
Previous Article:WebSideStory Selected by Digital Insight to Provide Web Analytics Solution.
Next Article:Report: City, Regional Magazines Double Circulation.
Topics:



Related Articles
Professional Bancorp announces higher second quarter 1995 earnings.
Third Quarter Earnings Almost Triple For Mt. Diablo Bancshares This Year.
Diablo Valley Bank Exceeds $90 Million in Total Assets; Six-Month Report Shows Ongoing Success.
Diablo Valley Bank Exceeds $113 Million in Total Assets; Third Quarter Report Shows Accelerating Growth and Continuing Success.
Diablo Valley Bank Reports $186 Million in Total Assets and Net Income over $1 Million Year-to-Date.
Danville Based Diablo Valley Bank Reports Record Earnings and Asset Growth in 2005.
Danville Based Diablo Valley Bank Reports Record First Quarter Earnings and Total Assets of $214 Million.
Danville Based Diablo Valley Bank Reports Record Six-Month Earnings And Total Assets of $222 Million.
Danville Based Diablo Valley Bank Reports Record Nine Months Earnings and Total Assets of $228 Million.
Blankenhorn Reports Strong First Quarter Earnings for American Security Bank.

Terms of use | Copyright © 2012 Farlex, Inc. | Feedback | For webmasters | Submit articles