Printer Friendly

Tehama Bancorp Announces Earnings Up Over 50% in 3rd Quarter 2000.

Business Editors

RED BLUFF, Calif.--(BUSINESS WIRE)--Oct. 16, 2000

Tehama Bancorp (OTCB:THMB), parent company of Tehama Bank, announced results for the third quarter 2000. Net income for the three months ended September 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) 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 William P. Ellison, Tehama Bank president and CEO, "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 Bancorp, based in Eureka California. Tehama Bank, the wholly owned subsidiary 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 counties with branch offices in Chico, Los Molinos, Orland, Red Bluff, Redding and Willows. The Bank's website is located at www.tehamabank.com.


 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
 --------- ---------
TOTAL ASSETS $ 243,070 $ 203,124
 ========= =========

LIABILITIES AND STOCKHOLDERS EQUITY

Deposits:
Non-interest bearing $ 51,322 $ 47,302
Interest bearing 158,469 135,643
 --------- ---------
 TOTAL DEPOSITS 209,791 182,945
Other Borrowings 9,540 --
Other Liabilities 2,404 2,313
 --------- ---------
 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)
 --------- ---------
TOTAL STOCKHOLDERS' EQUITY 21,335 17,866
 --------- ---------
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
 ----- ------ ------- ------
Net interest income 2,411 2,269 7,251 6,489

Provision for loan loss 100 300 700 1,025
 ----- ------ ------- ------
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
 ===== ====== ======= ======
Basic earnings per share $0.48 $ 0.32 $ 1.22 $0.79

Diluted earnings per share $0.46 $ 0.32 $ 1.18 $0.79
COPYRIGHT 2000 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2000, 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:Oct 16, 2000
Words:676
Previous Article:Metropolitan West Capital Management Adds Two New Investment Professionals.
Next Article:Compaq Adopts Identix's Biometrics PCMCIA Card for Heightened Security in Mobile Computing.
Topics:


Related Articles
Tehama Bancorp Announces 3rd Quarter 1999 Results.
Fourth Quarter 1999 Earnings Up for Tehama Bancorp.
Tehama Bancorp Announces 1st Quarter 2000 Results.
Tehama Bancorp Announces 2nd Quarter 2000 Earnings Up.
Western Sierra Bancorp Earning Grows 43% in this Quarter.
Tehama Bancorp Announces 2000 Year-End Results.
APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT: By Federal Reserve Banks.
From classroom to boardroom.
EARNINGS.
Government worker can't proselytize, court rules.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters