SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2004
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File No. 0-31525
COMMUNITY VALLEY BANCORP
(Exact name of registrant as specified in its charter)
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California |
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68-0479553 |
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(State or other
jurisdiction of |
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(IRS Employer ID Number) |
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2041 Forest Avenue, Chico, California |
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95928 |
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(Address of principal executive offices) |
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(Zip code) |
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(530) 899-2344 |
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(Registrant’s telephone number, |
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including area code) |
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not applicable |
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(Former name, former address and former fiscal year, if changed |
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since last report.) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12-b-2)
Yes o No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
No par value Common Stock 3,636,291 shares outstanding at October 31, 2004.
PART 1-FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
COMMUNITY VALLEY BANCORP
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
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(In thousands except per share data) |
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September 30, |
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December 31, |
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ASSETS |
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Cash and due from banks |
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$ |
25,677 |
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$ |
26,205 |
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Federal funds sold |
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14,425 |
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50,605 |
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Interest-bearing deposits in banks |
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9,607 |
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7,925 |
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Investment securities (market value of $7,133 at September 30, 2004 and $4,325 at December 31, 2003) |
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7,128 |
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4,325 |
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Loans held for sale |
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1,569 |
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2,279 |
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Loans, less allowance for loan losses of $4,233 at September 30, 2004 and $3,587 at December 31, 2003 |
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339,852 |
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270,231 |
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Bank premises and equipment, net |
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9,045 |
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8,554 |
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Accrued interest receivable and other assets |
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15,874 |
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16,599 |
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$ |
423,177 |
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$ |
386,723 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Deposits: |
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Non-interest bearing |
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$ |
76,987 |
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$ |
68,463 |
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Interest bearing |
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297,830 |
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274,048 |
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Total deposits |
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374,817 |
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342,511 |
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Employee stock ownership plan note payable |
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722 |
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832 |
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Subordinated debentures |
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8,248 |
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8,248 |
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Accrued interest payable and other liabilities |
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6,012 |
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5,183 |
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Total liabilities |
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389,799 |
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356,774 |
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Commitments and contingencies |
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Shareholders’ equity: |
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Common stock – no par value; 20,000,000 shares authorized; issued and outstanding – 3,632,391 shares at September 30, 2004 and 3,621,824 shares at December 31, 2003 |
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7,773 |
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7,271 |
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Unearned ESOP shares (85,691 shares at September 30, 2004 and 90,909 shares at December 31, 2003, at cost) |
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(1,014 |
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(1,070 |
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Retained earnings |
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26,612 |
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23,746 |
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Accumulated other comprehensive income, net (Note 3) |
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7 |
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2 |
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Total shareholders’ equity |
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33,378 |
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29,949 |
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$ |
423,177 |
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$ |
386,723 |
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See Notes to Unaudited Consolidated Financial Statements
2
COMMUNITY VALLEY BANCORP
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
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For the periods ended September 30, |
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Three months |
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Nine Months |
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(In thousands, except per share data) |
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2004 |
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2003 |
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2004 |
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2003 |
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Interest income: |
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Interest and fees on loans |
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$ |
6,306 |
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$ |
5,308 |
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$ |
17,278 |
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$ |
14,493 |
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Interest on Federal funds sold |
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86 |
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152 |
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329 |
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533 |
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Interest on deposits in banks |
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64 |
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55 |
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180 |
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145 |
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Interest and dividends on investment securities: |
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Taxable |
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47 |
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9 |
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108 |
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70 |
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Exempt from Federal income taxes |
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16 |
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0 |
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36 |
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38 |
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Dividends |
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0 |
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1 |
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3 |
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1 |
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Total interest income |
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6,519 |
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5,525 |
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17,934 |
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15,740 |
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Interest expense: |
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Interest on deposits |
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878 |
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964 |
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2,605 |
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2,996 |
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Interest on subordinated debentures |
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112 |
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103 |
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315 |
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336 |
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Interest on note payable |
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8 |
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8 |
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25 |
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25 |
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Total interest expense |
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998 |
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1,075 |
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2,945 |
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3,357 |
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