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Valley Commerce Bancorp Reports Record Earnings For 2013

VISALIA, Calif., Jan. 27, 2014 /PRNewswire/ -- Valley Commerce Bancorp, (OTCBB: VCBP), a bank holding company and the parent company of Valley Business Bank, today announced unaudited fourth quarter 2013 net income of $775 thousand or $0.27 per diluted share.  This compared to earnings of $642 thousand, or $0.23 per diluted share, for the fourth quarter of 2012.  For the year ended December 31, 2013, the Company reported unaudited net income of $4.1 million, or $1.43 per diluted share.  This compared to earnings of $3.2 million, or $1.12 per diluted share, for the year ended December 31, 2012.

Allan W. Stone, President and Chief Executive Officer, remarked, "It is once again my privilege to report the Company's annual earnings.  With net income of $4.1 million, 2013 is our third straight year of record earnings.  Our favorable loan portfolio credit quality contributed to 2013 earnings in the form of loan loss reserves being reversed in mid-year.  We also improved our earnings by growing our loan and investment portfolios, lowering our cost of funds, and controlling our non-interest expenses.  Our record earnings results for 2013 represents the fourth straight year that current year earnings exceeded prior year earnings.  During that four year period the Company earned $12.5 million for our shareholders prompting the board to pay cash dividends in 2012 and 2013, and repurchase common stock in 2013."

Stone attributed the modest growth in the Company's loan and deposit totals to management's efforts to strengthen the overall credit quality of the loan portfolio and reduce high cost accounts within the deposit portfolio.  "Our portfolios are in the best shape they have been in some years," he noted.

Stone added, "Anybody knowledgeable about banking will tell you that the industry is being reshaped by economic, technological, and regulatory forces.  While I am obviously proud of our financial accomplishments for 2013, I am equally proud to say we have a team of banking professionals that is embracing the challenges of the industry.  With our financial strength and dedicated, innovative team, we are well positioned to continue building value for our shareholders in 2014."

Selected financial information is presented in the following table:











Years ended December 31,




2013



2012












ANNUALIZED KEY FINANCIAL RATIOS









 Net income

$

4,054,468



$

3,232,906



 Return on average equity


10.37

%



8.47

%


 Return on average assets


1.11

%



0.92

%


 Net interest margin


4.21

%



4.50

%


 Efficiency ratio


69.2

%



69.5

%


 Loan to deposit ratio at period end


73.8

%



72.0

%


 Tier 1 leverage ratio


11.6

%



11.3

%


 Tier 1 risk based ratio


16.2

%



15.6

%


 Total risk-based capital ratio


17.5

%



16.9

%











SHARE AND PER SHARE DATA









Basic earnings per common share

$

1.45



$

1.13



Diluted earnings per common share

$

1.43



$

1.12



Weighted average common shares outstanding


2,798,477




2,788,018



Weighted avg. diluted common shares outstanding


2,826,414




2,797,835



Book value per common share

$

14.35



$

13.46



Total common shares outstanding


2,770,929




2,815,036
















Loans

Net loans were $234.6 million at December 31, 2013, an increase of $7.4 million or 3% from the $227.3 million at December 31, 2012.  The increase occurred in real estate-mortgage and construction loans.  Average gross loans were $231.6 million for the year ended December 31, 2013 and $228.0 million for the year ended December 31, 2012, an increase of $3.6 million or 2%.

Net loans at December 31, 2013 and December 31, 2012 are summarized in the following table:


December 31, 2013


December 31, 2012

Commercial

$

40,665,234


17%


$

41,270,395


18%

Real estate – mortgage

175,416,776


73


170,868,701


74

Real estate – construction

17,039,578


7


15,521,971


6

Agricultural

3,966,502


2


3,700,775


1

Consumer and other

1,647,517


1


1,508,824


1

    Subtotal

238,735,607


100%


232,870,666


100%

Deferred loan fees, net

(234,790)




(417,743)



Allowance for loan and lease losses

(3,866,508)




(5,192,436)



    Total loans, net

$

234,634,309




$

227,260,487











    Average loans outstanding

$

231,584,419




$

227,979,257













Investment Securities

Available-for-sale investment securities were $66.5 million at December 31, 2013 compared to $53.0 million at December 31, 2012, an increase of $13.5 million or 26%.  There were $29.2 million of investment securities purchased during the year ended December 31, 2013 which were offset by normal repayments, maturities, calls, and sales.  Gain on sale of investment securities was $126 thousand for the year ended December 31, 2013 compared to $152 thousand for 2012. 

The amortized cost and estimated fair value of available-for-sale investment securities at the dates indicated consisted of the following:


December 31, 2013



Gross

Gross

Estimated


Amortized

Unrealized

Unrealized

Fair


Cost

Gains

Losses

Value

Debt securities:





   U.S. Government sponsored entities and agencies

$

5,189,721

$

25,698

$

(132,419)

$

5,083,000

Mortgage-backed securities:





   U.S. Government sponsored entities and agencies

28,900,413

138,087

(655,500)

28,383,000

   Small Business Administration

9,844,047

354,879

(4,926)

10,194,000

Obligations of states and political subdivisions

22,804,771

230,688

(205,459)

22,830,000

        Total

$

66,738,952

$

749,352

$

(998,304)

$

66,490,000




December 31, 2012


Gross

Gross

Estimated


Amortized

Unrealized

Unrealized

Fair


Cost

Gains

Losses

Value

Debt securities:





   U.S. Government sponsored entities and agencies

$

5,544,809

$

192,191

$

-

$

5,737,000

Mortgage-backed securities:





   U.S. Government sponsored entities and agencies

16,413,277

380,508

(3,785)

16,790,000

   Small Business Administration

10,547,108

353,892

-

10,901,000

Obligations of states and political subdivisions

18,696,003

898,613

(21,616)

19,573,000

        Total

$

51,201,197

$

1,825,204

$

(25,401)

$

53,001,000

Deposits

Total deposits increased by $2.4 million or 1%, from $315.5 million at December 31, 2012 to $317.9 million at December 31, 2013.  The increase resulted from a $2.9 million or 2% increase in noninterest bearing deposits and a $4.0 million or 3% increase in interest bearing deposits which were offset by a $4.5 million or 7% decrease in time deposits.  Average total deposits were $318.5 million for the year ended December 31, 2013, a $13.9 million or 5% increase from the $304.6 million in average total deposits for the year ended December 31, 2012.

Total deposits at December 31, 2013 and December 31, 2012 are summarized in the following table:


December 31, 2013


December 31, 2012

Non-interest bearing

$

123,817,308


39%


$

120,900,110


38%

Interest bearing

131,802,344


41


127,819,122


41

Time deposits

62,268,507


20


66,764,761


21

           Total

$

317,888,159


100%


$

315,483,993


100%

Shareholders' Equity

Total shareholders' equity was $39.8 million at December 31, 2013, an increase of $1.9 million or 5%, from the $37.9 million at December 31, 2012.  The increase was due to earnings of $4.1 million offset by a reduction in accumulated other comprehensive income of $1.2 million resulting from a decrease in the value of investment securities. Shareholders' equity was also reduced by the repurchase of common stock and cash dividends paid.  During the years ended December 31, 2013 and 2012 the Company paid common stock cash dividends totaling $502 thousand or $0.18 per share and $448 thousand or $0.16 per share, respectively.  Common stock repurchases during the year ended December 31, 2013 totaled $788 thousand, at an average of $13.59 per share.  There were no common stock repurchases during 2012.

Asset Quality

Nonperforming loans at December 31, 2013 were comprised of nine nonaccrual loans spread among five customer relationships with an aggregate balance of $3.2 million compared with twelve nonaccrual loans spread among eight customer relationships at December 31, 2012 with an aggregate balance of $4.4 million.  The Company had no other real estate owned at December 31, 2012 or December 31, 2013.

Impaired loans totaled $6.6 million and $8.0 million at December 31, 3013 and December 31, 2012, respectively, and were comprised of the nonaccrual loans included in nonperforming assets and certain accruing loans whose terms have been modified from the original loan agreement.  The Company had no loans over 30 days past due at December 31, 2013, including the nonaccrual loans described above.

A summary of nonperforming assets is set forth below:


December 31,

2013


December 31,
2012





Nonperforming loans

$

3,160,120


$

4,422,050

Loans past due 90 days or more and still accruing

-


-

Total nonperforming loans

$

3,160,120


$

4,422,050





Other real estate owned

$

-


$

-

Total nonperforming assets

$

3,160,120


$

4,422,050





Specific loss reserves on impaired loans

$

197,344


$

590,890

Nonperforming assets to total loans

1.32%


1.90%

Nonperforming loans to total net loans

1.35%


1.95%

Nonperforming assets to total assets

0.87%


1.23%

Classified loans

$

13,628,603


$

16,360,586

30-89 day delinquent loans

$

-


$

200,000

A summary of troubled debt restructured loans outstanding as of the dates indicated are set forth below:


December 31, 2013


December 31, 2012




Specific






Specific






loan loss


No. of




loan loss


No. of


Amount


reserve


Loans


Amount


reserve


Loans

























Nonperforming loans

$

3,160,120


$

35,990


9


$

2,913,258


$

59,765


7

Performing loans


1,784,329



11,527


6



1,676,136



425,632


6













Total troubled debt restructured loans

$

4,944,449


$

147,517


15


$

4,589,394


$

485,397


13













The following table summarizes the changes in the allowance for loan and lease losses (ALLL) for the periods indicated:


Year Ended

December 31, 2013





Year Ended

December 31, 2012







Balance at beginning of period

$

5,192,436


$

5,468,758

Charge-offs:




Commercial and agricultural

-


-

Real estate mortgage

(27,135)


(318,877)

Real estate construction

-


-

Consumer

(1,021)


(100,523)

Total charge-offs

(28,156)


(419,400)

Recoveries:




Commercial and agricultural

210,844


143,078

Real estate mortgage

-


-

Real estate construction

-


-

Consumer

-


-

Total recoveries

210,844


143,078

Net recoveries (charge-offs)

182,688


(276,322)

Reversal of provision for loan losses

(1,500,000)


-

Off balance sheet credit exposures

(8,616)


-

Balance at end of period

$

3,866,508


$

5,192,436

Net recoveries (charge-offs) to average loans outstanding

0.079%


(0.121)%

Ending allowance to total loans  outstanding at end of period

1.63%


2.23%










During the year ended December 31, 2013 we recorded a $1.5 million reversal of provision for loan losses. The reversal was recorded during the second quarter.  There was no loan loss provisioning for the year ended 2012.  In determining the amount of ALLL required at December 31, 2013, management analyzed the composition and strength of the Company's loan portfolio, including borrower performance trends, the potential for losses in loans classified nonperforming, the potential for loan loss recoveries, and the results of recent internal credit reviews. 

Net Interest Income and Net Interest Margin

The following table presents the Company's average balance sheet, including weighted average yields and rates on a taxable-equivalent basis, for the years indicated:




Average balances and weighted average yields and costs


Years ended December 31,


2013


2012




Interest


Average




Interest


Average


Average


income/


yield/


Average


income/


yield/

(dollars in thousands)

Balance


Expense


Cost


Balance


Expense


Cost

ASSETS












Due from banks

$

38,347


$

105


0.27%


$

28,574


$

82


0.29%

Available-for-sale investment securities:












         Taxable

38,195


721


1.89%


36,058


697


1.93%

         Exempt from Federal income taxes (1)

19,326


696


5.46%


19,173


769


6.08%

    Total securities (1)

57,521


1,417


3.09%


55,231


1,466


3.37%

Loans (2) (3)

231,256


12,683


5.51%


227,617


13,139


5.77%

      Total interest-earning assets (1)

327,124


14,205


4.45%


311,422


14,687


4.84%













Noninterest-earning assets, net of allowance for loan losses

38,339






38,715





       Total assets

$

365,463






$

350,137

















LIABILITIES AND SHAREHOLDERS' EQUITY












Deposits:












   Other interest bearing

$

128,948


$

385


0.30%


$

124,475


$

483


0.39%

   Time deposits less than $100,000

18,416


100


0.54%


20,377


140


0.69%

   Time deposits $100,000 or more

46,842


260


0.56%


49,044


339


0.69%

   Total interest-bearing deposits

194,206


745


0.38%


193,896


962


0.50%

Short-term debt

-


-


-%


6


-


-%

Junior subordinated deferrable interest debentures

3,093


112


3.62%


3,093


118


3.82%

      Total interest-bearing liabilities

197,299


857


0.43%


196,995


1,080


0.55%













Noninterest bearing deposits

124,266






110,655





Other liabilities

4,792






4,335





    Total liabilities

326,357






311,985





Shareholders' equity

39,106






38,152





    Total liabilities and shareholders' equity

$

365,463






$

350,137

















Net interest income and margin (1)



$

13,348


4.21%




$

13,607


4.50%













(1)

Interest income is not presented on a taxable-equivalent basis, however, the average yield was calculated on a taxable-equivalent basis by using a marginal tax rate of 34%.

(2)

Nonaccrual loans are included in total loans. Interest income is included on nonaccrual loans only to the extent cash payments have been received. There was $14 interest income reversed on nonaccrual loans for 2012 and none for 2013. Income received from nonaccrual loans was $251 thousand in the 2013 period and $129 in the 2012 period.

(3)

Interest income on loans includes amortized loan fees, net of costs, of $540 thousand and $489 thousand for 2013 and 2012, respectively.

Net interest income before provision for loan losses for the year ended December 31, 2013 and 2012 was $13.3 million and $13.6 million, respectively, a decrease of $259 thousand or 2%.  Net interest income decreased during the 2013 period due to a decrease in the average yields of loans and investment securities offset by reduced cost of interest-bearing liabilities.  The impact of decreasing loan yield was slightly offset by a $3.6 million or 2% increase in the average balance of loans.

Net interest margin was 4.21% and 4.50% for the years December 31, 2013 and 2012, a 29 basis point (bps) decrease.  Average loan yield was 5.51% and 5.77% for the years ended December 31, 2013 and 2012, respectively, a decrease of 26 bps, which reflected the strongly competitive environment for high quality loan customers.  This decrease was offset by a 12 bps decrease in the average rate paid on deposits and other interest-bearing liabilities that reflected weak competition for deposits as well as a reduction in the average balances of time deposits.  Average noninterest-bearing deposits increased by $13.6 million or 12 percent.  These funds were primarily deployed into low yielding overnight deposits which adversely impacted the net interest margin for the 2013 period but provided an overall beneficial contribution to net interest income and net income.

Non-Interest Income

The following table describes the components of non-interest income for the years ended December 31, 2013 and 2012:

                                                            Non-interest income



Years ended

December 31





2013


2012


Increase (Decrease)

Service charges


$

645,958


$

686,749


$

(40,791)

Gain on sale of available-for-sale investment securities


125,926


152,224


(26,298)

Gain on sale of other real estate


-


6,981


(6,981)

Mortgage loan brokerage fees


48,687


68,571


(19,884)

Earnings on cash surrender value of life insurance policies


308,888


327,973


(19,085)

Other


291,248


246,940


44,308

     Total non-interest income


$

1,420,707


$

1,489,438


$

(68,731)

For the year ended December 31, 2013, non-interest income totaled $1.4 million, a decrease of $69 thousand or 5% from the $1.5 million recorded during the year ended December 31, 2012.  Decreases in service charges, reduced gains on sales of investment securities, mortgage loan underwriting fees and cash surrender value of life insurance policies contributed to the decrease in non-interest income during the 2013 period, which were offset by an increase in FHLB stock dividends included in other.  Service charge income decreased due to fewer occurrences of non-sufficient funds and account analysis charges.

Non-Interest Expense

The following table describes the components of non-interest expense for the year periods ended December 31, 2013 and 2012:

                                                            Non-interest expense



Year ended

December 31,





2013


2012


Increase (Decrease)

Salaries and employee benefits


$

5,897,113


$

6,205,799


$

(308,686)

Occupancy and equipment


1,474,658


1,375,395


99,263

Other real estate owned


288


41,253


(40,965)

Data processing


507,585


640,195


(132,610)

Operations


325,529


348,760


(23,231)

Professional and legal


359,058


432,521


(73,463)

Advertising and business development


243,853


241,667


2,186

Telephone and postal


250,891


222,406


28,485

Supplies


212,300


179,810


32,490

Assessment and insurance


288,057


301,270


(13,213)

Other expenses


664,914


503,327


161,587

     Total non-interest expense


$

10,224,246


$

10,492,403


$

(268,587)

For the years ended December 31, 2013 and 2012, non-interest expense was $10.2 million and $10.5 million, respectively, a decrease of $268 thousand or 3%.  Occupancy and equipment expense increased by $99 thousand or 7% due to contracted costs for new software applications, supplies increased by $32 thousand or 18% due to replenishment of forms, and other expenses increased by $162 thousand or 32% due to increased training expense, sundry losses and other employee benefits.  These were offset by a $309 thousand or 5% decrease in salaries and employee benefit expense due to deferred loan origination costs attributed to salaries, retirement benefit expense reductions and reductions in stock option expense. In addition, FDIC insurance and assessment expense decreased by $13 thousand or 4% due to more favorable methodology for calculating insurance premiums.  There also was a $133 thousand or 21% decrease in data processing costs due to renegotiation of data processing service contracts.

OTHER INFORMATION:  Valley Commerce Bancorp stock trades on NASDAQ's Over the Counter Bulletin Board under the symbol VCBP.  Valley Business Bank, the wholly owned subsidiary of Valley Commerce Bancorp, is a commercial bank that commenced operations in 1996.  Valley Business Bank operates through Business Banking Centers in Visalia, Tulare, and Fresno, California and has branch offices in Woodlake and Tipton, California.  Additional information about Valley Business Bank is available from the Bank's website at http://www.valleybusinessbank.net.

FORWARD-LOOKING STATEMENTS:  In addition to historical information, this release includes forward-looking statements, which reflect management's current expectations for Valley Commerce Bancorp's future financial results, business prospects and business developments.  Management's expectations for Valley Commerce Bancorp's future necessarily involve assumptions, estimates and the evaluation of risks and uncertainties. Various factors could cause actual events or results to differ materially from those expectations.  The forward-looking statements contained herein represent management's expectations as of the date of this release. Valley Commerce Bancorp undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events.  For those statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

 

VALLEY COMMERCE BANCORP

CONDENSED CONSOLIDATED BALANCE SHEET

(UNAUDITED)




December 31,

2013


December 31,

2012






Assets





Cash and due from banks


$

42,006,511


$

57,573,424

Available-for-sale investment securities, at fair value


66,490,000


53,001,000

Loans, net of deferred fees


238,500,817


232,452,923

Less: allowance for loan and lease losses


3,866,508


5,192,436

   Net Loans


234,634,309


227,260,487

Bank premises and equipment, net


7,701,676


7,995,072

Cash surrender value of bank-owned life insurance


8,268,894


7,992,697

Accrued interest receivable and other assets


6,044,999


7,056,100

Total assets


$

365,146,389


$

360,878,780






Liabilities and Shareholders' Equity





Deposits:





Noninterest-bearing


$

123,817,308


$

120,900,110

Interest-bearing


194,070,851


194,583,883

Total deposits


317,888,159


315,483,993

Accrued interest payable and other liabilities


4,401,788


4,398,621

Junior subordinated deferrable interest debentures


3,093,000


3,093,000

Total liabilities


325,382,947


322,975,614






Commitments and contingencies










Shareholders' equity:





Common stock


27,811,859


28,080,655

Retained earnings


12,098,091


8,763,327

Accumulated other comprehensive (loss) income, net of taxes


(146,508)


1,059,184

Total shareholders' equity


39,763,442


37,903,166






              Total liabilities and shareholders' equity


$

365,146,389


$

360,878,780






 

CONDENSED CONSOLIDATED STATEMENT OF INCOME

(UNAUDITED)




For the Three Months


For the Year



Ended December 31,


Ended December, 31



2013


2012


2013


2012

Interest Income:









Interest and fees on loans


$

3,188,605


$

3,300,704


$

12,682,964


$

13,139,294

Interest on investment securities:







Taxable


235,320


158,986


695,587


697,495

Exempt from Federal income taxes


208,737


179,216


720,844


768,742

Interest on deposits in banks


22,238


19,686


105,125


81,508

Total interest income


3,654,900


3,658,592


14,204,520


14,687,039










Interest Expense:









Interest on deposits


173,885


223,757


744,410


961,783

Interest on short-term debt


-


-


-


173

    Interest on junior subordinated deferrable interest debentures


28,021


28,843


112,103


118,212

           Total interest expense


201,906


252,600


856,513


1,080,168










              Net interest income before reversal of provision for loan losses


3,452,994


3,405,992


13,348,007


13,606,871










Reversal of provision for loan losses


-


-


(1,500,000)


-

              Net interest income after reversal of provision for loan losses


3,452,994


3,405,992


14,848,007


13,606,871










Non-Interest Income:









Service charges


168,482


162,941


645,958


686,749

Gain on sale of available-for-sale investment securities, net


-


-


125,926


152,224

Gain on sale of other real estate


-


5,773


-


6,981

Mortgage loan brokerage fees


4,200


8,595


48,687


68,571

Earnings on cash surrender value of life insurance policies


75,364


78,964


308,888


327,973

Other


67,227


64,306


291,248


246,940

         Total non-interest income


315,273


320,579


1,420,707


1,489,438










Non-Interest Expense:









Salaries and employee benefits


1,529,345


1,716,977


5,897,113


6,205,799

Occupancy and equipment


366,771


382,497


1,474,658


1,375,395

Other


787,903


832,797


2,852,475


2,911,209

         Total non-interest expense


2,684,019


2,932,271


10,224,246


10,492,403










         Income before provision for income taxes


1,084,248


794,300


6,044,468


4,603,906










Provision for income taxes


309,000


152,000


1,990,000


1,371,000












            Net income


$

775,248


$

642,300


$

4,054,468


$

3,232,906

            Dividends accrued and discount accreted on preferred shares


-


-


-


93,209

            Net income available to common shareholders


$

775,248


$

642,300


$

4,054,468


$

3,139,697












Basic earnings per share


$

0.28


$

0.23


$

1.45


$

1.13












Diluted earnings per share


$

0.27


$

0.23


$

1.43


$

1.12














Cash dividends paid per common share


$

0.06


$

0.08


$

0.18


$

0.16
















 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

(UNAUDITED)


For the Years Ended December 31, 2012 and 2013














Accumulated















Other















Compre-


Total



Preferred Stock


Common Stock




hensive


Share-











Retained


Income (Loss)


holders'



Shares


Amount


Shares


Amount


Earnings


(Net of Taxes)


Equity
















Balance, January 1, 2012


8,085


$   7,898,800


2,784,593


$    27,534,291


$    6,257,800


$      814,521


$    42,505,412
















Net income










3,232,906




3,232,906

Other comprehensive income












244,663


244,663

 Dividend and accretion on preferred stock




186,200






(279,409)




(93,209)

Preferred stock repurchased


(8,085)


(8,085,000)










(8,085,000)

Cash dividends $0.16 per common share










(447,970)




(447,970)

Stock options exercised and related tax benefit






30,443


272,248






272,248

Stock-based compensation expense








274,116






274,116
















Balance, December 31, 2012


-


$                  -


2,815,036


$    28,080,655


$    8,763,327


$   1,059,184


$    37,903,166
















Net income










4,054,468




4,054,468

Other comprehensive loss












(1,205,692)


(1,205,692)

Cash dividends $0.18 per common share










(501,949)




(501,949)

Repurchase common stock






(58,000)


(570,725)


(217,755)




(788,480)

Stock options exercised and related tax benefit






13,893


153,576






153,576

Stock-based compensation expense








148,353






148,353
















Balance, December 31, 2013


-


$                  -


2,770,929


$    27,811,859


$  12,098,091


$    (146,508)


$    39,763,442































 

SOURCE Valley Commerce Bancorp

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