Tehama Bancorp Announces Earnings Up Over 50% in 3rd Quarter 2000.Business EditorsRED BLUFF, Calif.--(BUSINESS WIRE)--Oct. 16, 2000 Tehama Tehama, region of the Arabian peninsula: see Tihamah. Bancorp (OTCB:THMB THMB Tactile Handheld Miniature Bimodal ), parent company of Tehama Bank, announced results for the third quarter 2000. Net income for the three months ended September September: see month. 30, 2000 was $905 thousand, an increase of 52.1% or $310 thousand from the $595 thousand for the three months ended September 30, 1999. Earnings per share were $0.48 (basic) and $0.46 (diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) compared to $0.32 (basic) and $0.32 (diluted) in 1999. Net income for the nine months ended September 30, 2000 was $2.293 million, an increase of 54.5% or $809 thousand from the $1.484 million for the nine months ended September 30, 1999. Earnings per share were $1.22 (basic) and $1.18 (diluted) compared to $0.79 and $0.79 respectively in 1999. As of September 30, 2000, assets were $243 million, up from $203 million at September 30, 1999. Net loans increased to $166.9 million from $135.6 million and deposits increased to $209.7 million from $182.9 million, reflecting increases over the same time period last year of 19.7%, 23.1%, and 14.7% respectively. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack P. Ellison El·li·son , Ralph Waldo 1914-1994. American writer whose novel Invisible Man (1952) is a naturalistic depiction of a young Black man's struggle against American society. Noun 1. , Tehama Bank 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. , "As planned, we continue to see a strong increase in our earnings this quarter, a result of steady growth in loan demand, particularly in the areas of commercial real estate, government guaranteed loans, and indirect auto loans. Earnings were further enhanced by the improvement in credit quality, reflected in the lower provision for loan and lease losses compared to the third quarter of 1999." In September of 2000, Tehama Bancorp announced the signing of a definitive agreement under which Tehama Bancorp will merge into Humboldt Humboldt, city, United States Humboldt (hŭm`bōlt), city (1990 pop. 9,651), Gibson co., W central Tenn.; inc. 1865. It is a trade and processing center in a region yielding fruits (especially strawberries) and vegetables. Bancorp, based in Eureka California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . Tehama Bank, the wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Tehama Bancorp, will become a separate subsidiary of Humboldt Bancorp. The merger is expected to close by the end of the year, subject to regulatory and shareholder approval. Tehama Bank is headquartered in Red Bluff, California. Progressively minded, the bank was founded in 1984 and offers full service banking along with many of the latest electronic banking products. Known for its "Positively Outstanding Service," Tehama Bank currently serves four northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern counties with branch offices in Chico Chico (chē`kō), city (1990 pop. 40,079), Butte co., N Calif., in a region noted for its almond and walnut production; inc. 1872. Olives, kiwi fruit, grain, and nursery stock are also grown, and cattle are raised. , Los Molinos, Orland Orland is the name, or part of the name, of a number of places: Ørland is a municipality in Norway In the United States of America:
STATEMENT OF CONDITION
as of September 30
Stated in Thousands (unaudited)
2000 1999
---- ----
ASSETS
Cash and due from banks $ 21,175 $ 13,688
Investment securities 38,010 40,718
Federal funds sold -- 800
Net loans 166,933 135,615
Premises and equipment 2,575 2,542
Other assets 14,377 9,761
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TOTAL ASSETS $ 243,070 $ 203,124
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LIABILITIES AND STOCKHOLDERS EQUITY
Deposits:
Non-interest bearing $ 51,322 $ 47,302
Interest bearing 158,469 135,643
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TOTAL DEPOSITS 209,791 182,945
Other Borrowings 9,540 --
Other Liabilities 2,404 2,313
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TOTAL LIABILITIES 221,735 185,258
Stockholders' Equity:
Common stock 15,543 13,190
Retained earnings 6,367 5,538
Net unrealized holding gains/(losses) (575) (862)
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TOTAL STOCKHOLDERS' EQUITY 21,335 17,866
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TOTAL LIABILITIES
& STOCKHOLDERS' EQUITY $ 243,070 $ 203,124
========= =========
STATEMENT OF INCOME
Stated in Thousands (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
----- ------ ------- ------
Interest income $ 4,346 $ 3,478 $12,231 $10,289
Interest expense 1,935 1,209 4,980 3,800
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Net interest income 2,411 2,269 7,251 6,489
Provision for loan loss 100 300 700 1,025
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Net interest income after
provision for loan loss 2,311 1,969 6,551 5,464
Non-interest income 1,123 1,031 3,021 2,710
Non-interest expense 2,061 2,172 6,253 6,123
----- ------ ------- ------
Income before taxes 1,373 828 3,319 2,051
Provision for income taxes 468 233 1,026 567
----- ------ ------- ------
NET INCOME $905 $595 $ 2,293 $ 1,484
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Basic earnings per share $0.48 $ 0.32 $ 1.22 $0.79
Diluted earnings per share $0.46 $ 0.32 $ 1.18 $0.79
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