SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the Quarterly Period Ended March 31, 2005 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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Commission File No. 0-31525 |
COMMUNITY VALLEY BANCORP
(Exact name of registrant as specified in its charter)
California |
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68-0479553 |
(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 |
(Address of principal executive offices) |
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(Zip code) |
(530) 899-2344
(Registrant’s telephone number,
including area code)
not applicable
(Former name, former address and former fiscal year, if changed
since last report.)
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 – 3,655,124 shares outstanding at April 30, 2005.
PART 1-FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
COMMUNITY VALLEY BANCORP
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
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(In thousands, except share amounts) |
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March 31, |
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December 31, |
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ASSETS |
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Cash and due from banks |
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$ |
21,557 |
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$ |
21,778 |
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Federal funds sold |
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43,905 |
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46,440 |
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Total cash and cash equivalents |
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65,462 |
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68,218 |
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Interest-bearing deposits in banks |
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8,814 |
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8,715 |
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Investment securities (market value of $8,764 at March 31, 2005 and $6,963 at December 31, 2004) |
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8,798 |
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6,961 |
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Loans held for sale, at lower of cost or market |
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3,477 |
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1,490 |
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Loans, less allowance for loan losses of $4,605 at March 31, 2005 and $4,381 at December 31, 2004 |
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344,324 |
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339,174 |
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Bank premises and equipment, net |
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9,201 |
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9,027 |
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Accrued interest receivable and other assets |
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18,637 |
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16,091 |
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Total Assets |
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$ |
458,713 |
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$ |
449,676 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Deposits: |
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Non-interest bearing |
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$ |
88,732 |
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$ |
80,793 |
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Interest bearing |
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318,108 |
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318,266 |
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Total deposits |
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406,840 |
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399,059 |
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Employee stock ownership plan (ESOP) note payable |
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800 |
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833 |
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Junior 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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6,919 |
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7,005 |
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Total liabilities |
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422,807 |
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415,145 |
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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 – 3,650,179 Shares at March 31, 2005 and 3,636,791 shares at December 31, 2004 |
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8,066 |
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7,861 |
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Unallocated ESOP shares (88,015 shares at March 31, 2005 and 89,642 shares at December 31, 2004, at cost) |
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(1,126 |
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(1,144 |
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Retained earnings |
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28,982 |
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27,802 |
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Accumulated other comprehensive (loss) income, net o taxes |
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(16 |
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12 |
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Total shareholders’ equity |
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35,906 |
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34,531 |
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Total liabilities and shareholders’ equity |
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$ |
458,713 |
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$ |
449,676 |
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See Notes to Unaudited Condensed Consolidated Financial Statements |
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2
COMMUNITY VALLEY BANCORP
CONDENSED CONSOLIDATED
STATEMENT OF INCOME
(Unaudited)
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For the 3 months ended March 31, |
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(In thousands, except per share data) |
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2005 |
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2004 |
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Interest income: |
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Interest and fees on loans |
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$ |
6,688 |
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$ |
5,357 |
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Interest on Federal funds sold |
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232 |
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122 |
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Interest on deposits in banks |
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60 |
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58 |
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Interest on investment securities: |
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Taxable |
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47 |
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28 |
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Exempt from Federal income taxes |
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25 |
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10 |
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Total interest income |
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7,052 |
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5,575 |
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Interest expense: |
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Interest on deposits |
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1,003 |
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878 |
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Interest junior subordinated debentures |
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131 |
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101 |
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Interest on ESOP note payable |
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11 |
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9 |
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Total interest expense |
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1,145 |
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988 |
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Net interest income before provision for loan losses |
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5,907 |
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4,587 |
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Provision for loan losses |
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225 |
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225 |
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Net interest income after provision for loan losses |
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5,682 |
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4,362 |
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Non-interest income |
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1,636 |
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1,229 |
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Non-interest expense: |
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Salaries and employee benefits |
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3,036 |
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2,279 |
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Occupancy |
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281 |
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239 |
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Furniture and equipment |
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