PLEASANTON, CA — (Marketwire) — 07/29/11 — Valley Community Bank (the “Company”) (OTCBB: VCBC) today reported a 2011 second quarter net profit of $655,000, or $0.35 per diluted common share, compared to a net profit of $145,000, or $0.08 per diluted common share, for the same period a year ago. Net income available to common shareholders, after preferred dividends and accretions, was a net profit of $642,000, or $0.34 per diluted share, compared to a net profit of $56,000, or $0.03 per diluted share, for the same period a year ago. As of June 30, 2011, total assets were $195.7 million, down from $218.5 million at June 30, 2010. Total loans and leases have decreased $16.5 million to $151.0 million at June 30, 2011 compared to $167.5 million at June 30, 2010. Total deposits decreased to $163.2 million at June 30, 2011 compared to $193.9 million at June 30, 2010.
Richard P. Loupe, President and CEO, stated, “For the first six months of 2011, the Bank had good SBA loan production and associated sales of the guaranteed portion of those loans. The Bank had gross premium revenues from SBA loan sales of $1.7 million for the six months ended June 30, 2011. However from this increase loan sale income, the Bank did have to set aside some additional loan reserves to adequately cover other types of problem loans which are mostly in the land and construction area. Our diligent loan collection efforts are beginning to show results which should accelerate into the second half of 2011.”
Total Risk-based Capital at June 30, 2011, was 15.64%, compared to 14.33% at June 30, 2010, placing it well above the regulatory threshold of 10.00% to be considered “well capitalized.” At June 30, 2011 the Bank had over $33.9 million in cash and investments in AAA rated short term US GSE Agency bonds. This level represented a liquid asset position of over 17.3% of total assets.
Stock Symbol is VCBC
Media Contact:
Richard Loupe
President & CEO
(925) 621-7200