Valley Commerce Bancorp Reports Solid Earnings For Third Quarter 2013

VISALIA, Calif., Oct. 23, 2013 /PRNewswire/ -- Valley Commerce Bancorp, (OTCBB: VCBP), a bank holding company and the parent company of Valley Business Bank, today announced third quarter 2013 net income of $905 thousand or $0.32 per diluted share.  This compared to earnings of $839 thousand, or $0.30 per diluted share, for the third quarter of 2012.  For the nine months ended September 30, 2013, the Company reported net income of $3.3 million, or $1.16 per diluted share.  This compared to earnings of $2.6 million, or $0.89 per diluted share, for the nine months ended September 30, 2012.  

Allan W. Stone, President and Chief Executive Officer, remarked, "I am very pleased to report solid earnings for the third quarter of 2013 and that we are on track for record earnings in 2013.  Our determined efforts to maintain high credit quality are evidenced by our continued reduction in classified loans, net recoveries of loans previously charged-off and the release of loan loss reserves.  We anticipate that the overall quality of our loan portfolio will remain favorable which will enhance our ability to meet the many economic and regulatory challenges facing the community banking industry."  Mr. Stone commented further, "As we commence our annual planning efforts, our team is already in high gear addressing these challenges.  I am very confident in our team and believe that our bank will continue to demonstrate strong financial performance as it makes the changes needed to remain successful over the longer term."

Selected financial information is presented in the following table:














Nine Months ended September 30,




December 31,



2013



2012




2012*














ANNUALIZED KEY FINANCIAL RATIOS












 Net income

$

3,279,220



$

2,590,606



$

3,232,906


 Return on average equity


11.29

%



9.04

%



8.47

%

 Return on average assets


1.20

%



0.99

%



0.92

%

 Net interest margin


4.20

%



4.49

%



4.50

%

 Efficiency ratio


68.55

%



66.49

%



69.50

%

 Loan to deposit ratio at period end


74.81

%



77.26

%



72.04

%

 Tier 1 leverage ratio


11.7

%



11.2

%



11.3

%

 Tier 1 risk based ratio


16.1

%



15.2

%



15.6

%

 Total risk-based capital ratio


17.4

%



16.5

%



16.9

%













SHARE AND PER SHARE DATA












Basic earnings per common share

$

1.17



$

0.90



$

1.13


Diluted earnings per common share

$

1.16



$

0.89



$

1.12


Weighted average common shares outstanding


2,805,410




2,784,593




2,788,018


Weighted avg. diluted common shares outstanding


2,820,754




2,792,100




2,797,835


Book value per common share

$

14.19



$

13.35



$

13.46


Total common shares outstanding


2,784,229




2,784,593




2,815,036










      *For the year ended December 31, 2012
























Loans

Net loans were $232.6 million at September 30, 2013, an increase of $5.4 million or 2% from the $227.3 million at December 31, 2012.  The increase occurred primarily in real estate-mortgage and construction loans.  Average gross loans were $230.0 million for the nine months ended September 30, 2013 and $226.0 million for the nine months ended September 30, 2012, an increase of $4.0 million or 2%.

Net loans at September 30, 2013, December 31, 2012, and September 30, 2012 are summarized in the following table:



September 30, 2013


December 31, 2012


September 30, 2012

Commercial

$

38,460,805


16%


$

41,270,395


18%


$

39,976,678


17%

Real estate – mortgage

173,374,307


73


170,868,701


74


172,715,551


74

Real estate – construction

19,794,496


8


15,521,971


6


15,178,846


6

Agricultural

3,602,363


2


3,700,775


1


3,909,712


2

Consumer and other

1,593,826


1


1,508,824


1


1,999,533


1

    Subtotal

236,825,797


100%


232,870,666


100%


233,780,320


100%

Deferred loan fees, net

(298,850)




(417,743)




(385,607)



Allowance for loan and lease losses

(3,893,357)




(5,192,436)




(5,193,852)



    Total loans, net

$

232,633,590




$

227,260,487




$

228,200,861















    Average loans outstanding

$

230,025,913




$

227,979,257




$

225,995,961


















Investment Securities

Available-for-sale investment securities were $65.7 million at September 30, 2013 compared to $53.0 million at December 31, 2012, an increase of $12.7 million or 24%.  There were $23.1 million of investment securities purchased during the nine months ended September 30, 2013 which were offset by normal repayments, maturities, calls, and sales.  Gain on sale of investment securities was $126 thousand for the nine months of 2013 compared to $152 thousand for the same period in 2012. 

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



September 30, 2013



Gross

  Gross

Estimated


Amortized

Unrealized

Unrealized

Fair


Cost

Gains

Losses

Value

    Debt securities:





     U.S. Government sponsored entities and agencies           

$      4,232,685

$          29,297

$         (79,982)

$       4,182,000

     Mortgage-backed securities:                                                           





       U.S. Government sponsored entities and agencies       

30,079,496

194,046

(568,542)

29,705,000

       Small Business Administration    

10,243,263

401,847

(110)

10,645,000

     Obligations of states and political subdivisions           

21,077,675

273,555

(150,230)

21,201,000

            Total          

$ 65,633,119

$     898,745

$       (798,864)

$    65,733,000






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 decreased by $4.5 million or 1%, from $315.5 million at December 31, 2012 to $311.0 million at September 30, 2013.  The decrease resulted from management's decision to not renew approximately $18 million in public funds deposit contracts for the purpose of managing deposit concentrations.  However, these public funds were replaced by organic deposit growth in the areas of both time deposits and non-interest bearing deposits.  Average total deposits were $317.3 million for the nine months ended September 30, 2013, a $13.6 million or 4% increase from the $303.7 million in average total deposits for the nine months ended September 30, 2012.

Total deposits at September 30, 2013, December 31, 2012, and September 30, 2012 are summarized in the following table:



September 30, 2013


December 31, 2012


September 30, 2012

Non-interest bearing

$

123,525,101


40%


$

120,900,110


38%


$

105,968,329


36%

Interest bearing

123,920,315


40


127,819,122


41


120,891,019


41

Time deposits

63,516,140


20


66,764,761


21


68,505,022


23

           Total

$

310,961,556


100%


$

315,483,993


100%


$

295,364,370


100%


Shareholders' Equity

Total shareholders' equity was $39.5 million at September 30, 2013, an increase of $2.4 million or 6%, from the $37.9 million at December 31, 2012.  The increase was due to earnings of $3.3 million offset by a reduction in accumulated other comprehensive income of $1.0 million resulting from a decrease in the value of investment securities and to a lesser extent the repurchase of common stock and cash dividends paid.  During the nine months ended September 30, 2013 and 2012 the Company paid common stock cash dividends totaling $336 thousand or $0.12 per share and $222.8 thousand or $0.08 per share, respectively.  Common stock repurchases during the nine months ended September 30, 2013 totaled $602 thousand, at an average of $13.47 per share.  There were no common stock repurchases during 2012.

Asset Quality

Nonperforming loans at September 30, 2013 were comprised of ten nonaccrual loans spread among six customer relationships with an aggregate balance of $4.1 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 September 30, 2013.

Impaired loans totaled $7.6 million and $8.0 million at September 30, 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.

A summary of nonperforming assets is set forth below:








September 30,

2013


December 31,

2012


September 30,

2012







Nonperforming loans

$        4,062,127


$           4,422,050


$         4,590,963

Loans past due 90 days or more and still accruing






-


-


-

Total nonperforming loans

$        4,062,127


$           4,422,050


$         4,590,963







Other real estate owned

$                      -


$                          -


$         1,140,547

Total nonperforming assets

$       4,062,127


$           4,422,050


$         5,731,510







Specific loss reserves on impaired loans

$          411,599


$              590,890


$           604,637

Nonperforming assets to total loans

1.71  %


1.90%


2.45%

Nonperforming loans to total loans

1.75  %


1.95%


2.01%

Nonperforming assets to total assets

1.13  %


1.23%


1.69%

Classified loans

$     14,325,970


$         16,360,586


$      20,490,696

30-89 Day Delinquent loans

$                    --


$              200,000


$                     --







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



September 30, 2013


December 31, 2012




Specific






Specific






loan loss


No. of




loan loss


No. of


Amount


reserve


Loans


Amount


reserve


Loans

























Nonperforming loans

$

3,356,950


$

41,935


9


$

2,913,258


$

59,765


7

Performing loans


1,839,993



131,658


6



1,676,136



425,632


6













Total troubled debt restructured loans

$

5,196,943


$

173,593


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:








Nine Months Ended

September 30, 2013


Nine Months Ended

September 30, 2012


Year Ended

December 31, 2012













Balance at beginning of period

$

5,192,436


$

5,468,758


$

5,468,758

Charge-offs:






Commercial and agricultural

-


-


-

Real estate mortgage

-


(318,777)


(318,877)

Real estate construction

-


-


-

Consumer

(1,021)


(97,106)


(100,523)

Total charge-offs

(1,021)


(415,983)


(419,400)

Recoveries:






Commercial and agricultural

201,942


141,077


143,078

Real estate mortgage

-


-


-

Real estate construction

-


-


-

Consumer

-


-


-

Total recoveries

201,942


141,077


143,078

Net recoveries (charge-offs)

200,941


(274,906)


(276,322)

Reversal of  provision for loan losses

(1,500,000)


-


-

Balance at end of period

$

3,893,357


$

5,193,852


$

5,192,436

Net recoveries (charge-offs) to average loans outstanding

0.087%


(0.122)%


(0.121)%

Ending allowance to total loans outstanding at end of period

1.64%


2.23%


2.23%













During the nine months ended September 30, 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 in the third quarter of 2013 or for the year ended 2012.  In determining the amount of ALLL required at September 30, 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 nine-month periods indicated:




Average balances and weighted average yields and costs


Nine months ended September 30,


2013


2012


Average

Balance


Interest

income/

Expense


Average

yield/

Cost


 

 

Average

Balance


Interest

income/

Expense


Average

yield/

Cost

(dollars in thousands)

ASSETS












Due from banks

$

40,953


$

83


0.27%


$

30,543


$

62


0.27%

Available-for-sale investment securities:












         Taxable

36,038


460


1.71%


36,836


538


1.95%

         Exempt from Federal income taxes (1)

18,394


512


5.64%


19,216


589


6.20%

    Total securities (1)

54,432


972


3.04%


56,052


1,127


3.41%

Loans (2) (3)

229,681


9,495


5.55%


225,644


9,839


5.82%

      Total interest-earning assets (1)

325,066


10,550


4.47%


312,239


11,028


4.85%













Noninterest-earning assets, net of allowance for loan losses

38,896






37,091





       Total assets

$

363,962






$

349,330

















LIABILITIES AND SHAREHOLDERS' EQUITY












Deposits:












   Other interest bearing

$

128,978


$

295


0.31%


$

124,219


$

364


0.39%

   Time deposits less than $100,000

18,762


77


0.55%


20,555


108


0.70%

   Time deposits $100,000 or more

47,204


199


0.56%


49,343


266


0.72%

   Total interest-bearing deposits

194,944


571


0.39%


194,117


738


0.51%

Long-term debt

-


-


-%


8


-


-%

Junior subordinated deferrable interest debentures

3,093


84


3.63%


3,093


90


3.89%

      Total interest-bearing liabilities

198,037


655


0.44%


197,218


828


0.56%













Noninterest bearing deposits

122,336






109,565





Other liabilities

4,757






4,269





    Total liabilities

325,130






311,052





Shareholders' equity

38,832






38,278





    Total liabilities and shareholders' equity

$

363,962






$

349,330

















Net interest income and margin (1)




$

9,895


4.20%




$

10,200


4.49%



(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 $177 thousand and $471 thousand in foregone interest on nonaccrual loans for the nine months ended September 30, 2013 and 2012, respectively. Income received from nonaccrual loans was $263 thousand in the 2013 period and $129 in the 2012 period.

(3)

Interest income on loans includes amortized loan fees, net of costs, of $395 thousand and $362 thousand for 2013 and 2012, respectively.




















Net interest income before provision for loan and lease losses for the nine month periods ended September 30, 2013 and 2012 was $9.9 million and $10.2 million, respectively, a decrease of $306 thousand or 3%.  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 $4.0 million or 2 percent increase in the average balance of loans.

Net interest margin was 4.20% and 4.49% for the periods ended September 30, 2013 and 2012, a 29 basis point (bps) decrease.  Average loan yield was 5.55% and 5.82% for the nine months ended September 30, 2013 and 2012, respectively, a decrease of 27 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 $12.8 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 the growth in net interest income and net income.

Non-Interest Income

The following table describes the components of non-interest income for the nine-month periods ended September 30, 2013 and 2012:                      


Non-interest income




Nine Months ended

September 30,





2013


2012


Increase (Decrease)

Service charges


$

477,476


$

523,808


$

(46,332)

Gain on sale of available-for-sale investment securities


125,926


152,224


(26,298)

Gain on sale of other real estate


-


1,208


(1,208)

Mortgage loan brokerage fees


44,487


59,976


(15,489)

Earnings on cash surrender value of life insurance policies


233,524


249,009


(15,485)

Other


224,021


182,634


41,387

     Total non-interest income


$

1,105,434


$

1,168,859


$

(63,425)


For the period ended September 30, 2013, non-interest income totaled $1.1 million, a decrease of $63 thousand or 5% from the $1.2 million recorded during the period ended September 30, 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.  Service charge income decreased due to fewer occurrences of non-sufficient funds charges.

Non-Interest Expense

The following table describes the components of non-interest expense for the nine-month periods ended September 30, 2013 and 2012: 


 Non-interest expense




Nine Months ended

September 30,





2013


2012


Increase (Decrease)

Salaries and employee benefits


$

4,367,768


$

4,488,822


$

(121,054)

Occupancy and equipment


1,107,887


992,898


114,989

Other real estate owned


-


20,474


(20,474)

Data processing


388,730


479,443


(90,713)

Operations


242,241


258,338


(16,097)

Professional and legal


269,611


263,680


5,931

Advertising and business development


175,889


190,471


(14,582)

Telephone and postal


174,607


167,847


6,760

Supplies


157,315


126,153


31,162

Assessment and insurance


205,962


224,910


(18,948)

Other expenses


450,217


346,096


104,121

     Total non-interest expense


$

7,540,227


$

7,559,132


$

(18,905)


For the periods ended September 30, 2013 and 2012, non-interest expense was $7.5 million and $7.6 million a decrease of $19 thousand or .03%.  Occupancy and equipment expense increased by $115 thousand or 12% due to contracted costs for new software applications, supplies increased by $31 thousand or 25% due to timing of forms ordered, and other expenses increased by $104 thousand or 30% due to increased training expense and sundry losses.  These were offset by a $121 thousand or 3% decrease in salaries and employee benefit expense due to staff reductions and reductions in stock option expense. In addition, FDIC insurance and assessment expense decreased by $19 thousand or 8% due to more favorable methodology for calculating insurance premiums.  There also was a $91 thousand or 19% 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)

 



September 30,

2013


December 31,

2012


September 30,

2012








Assets







Cash and due from banks


$

37,792,907


$

57,573,424


$

31,843,399

Available-for-sale investment securities, at fair value


65,733,000


53,001,000


55,831,000








Loans, net of deferred fees


236,526,947


232,452,923


233,394,713

Less: allowance for loan and lease losses


3,893,357


5,192,436


5,193,852

   Net Loans


232,633,590


227,260,487


228,200,861

Bank premises and equipment, net


7,819,063


7,995,072


7,918,597

Cash surrender value of bank-owned life insurance


8,202,185


7,992,697


7,921,419

Other real estate owned


-


-


1,140,547

Accrued interest receivable and other assets


5,942,915


7,056,100


7,092,505

Total assets


$

358,123,660


$

360,878,780


$

339,948,328








Liabilities and Shareholders' Equity







Deposits:







Noninterest-bearing


$

123,525,101


$

120,900,110


$

105,968,329

Interest-bearing


187,436,455


194,583,883


189,396,041

Total deposits


310,961,556


315,483,993


295,364,370

Accrued interest payable and other liabilities


4,559,647


4,398,621


4,327,420

Junior subordinated deferrable interest debentures


3,093,000


3,093,000


3,093,000

Total liabilities


318,614,203


322,975,614


302,784,790








Commitments and contingencies














Shareholders' equity:







Common stock


27,905,468


28,080,655


27,704,938

Retained earnings


11,545,209


8,763,327


8,346,229

Accumulated other comprehensive income, net of taxes


58,780


1,059,184


1,112,371

Total shareholders' equity


39,509,457


37,903,166


37,163,538








              Total liabilities and shareholders' equity


$

358,123,660


$

360,878,780


$

339,948,328








 


CONDENSED CONSOLIDATED STATEMENT OF INCOME

(UNAUDITED)

 



For the Three Months


For the Nine Months



Ended September 30,


Ended September, 30



2013


2012


2013


2012

Interest Income:









Interest and fees on loans


$

3,190,213


$

3,265,028


$

9,494,359


$

9,838,590

Interest on investment securities:







Taxable


201,398


165,654


460,267


538,509

Exempt from Federal income taxes


176,866


180,863


512,107


589,526

Interest on deposits in banks


20,889


16,913


82,887


61,822

Total interest income


3,589,366


3,628,458


10,549,620


11,028,447










Interest Expense:









Interest on deposits


172,911


235,920


570,525


738,026

Interest on short-term debt


-


5


-


173

   Interest on junior subordinated deferrable interest debentures


28,209


29,688


84,082


89,369

           Total interest expense


201,120


265,613


654,607


827,528










              Net interest income before reversal of provision for loan losses


3,388,246


3,362,845


9,895,013


10,200,879










Reversal of provision for loan losses


-


-


(1,500,000)


-

              Net interest income after reversal of provision for loan losses


3,388,246


3,362,845


11,395,013


10,200,879










Non-Interest Income:









Service charges


164,122


170,141


477,476


523,808

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


-


-


125,926


152,224

Gain on sale of other real estate


-


1,208


-


1,208

Mortgage loan brokerage fees


14,370


38,974


44,487


59,976

Earnings on cash surrender value of life insurance policies


78,046


81,365


233,524


249,009

Other


90,700


57,228


224,021


182,634

         Total non-interest income


347,238


348,916


1,105,434


1,168,859










Non-Interest Expense:









Salaries and employee benefits


1,420,927


1,461,406


4,367,768


4,488,822

Occupancy and equipment


382,388


354,921


1,107,887


992,898

Other


641,290


683,082


2,064,572


2,077,412

         Total non-interest expense


2,444,605


2,499,409


7,540,227


7,559,132










         Income before provision for income taxes


1,290,879


1,212,352


4,960,220


3,810,606










Provision for income taxes


386,000


373,000


1,681,000


1,220,000












            Net income


$

904,879


$

839,352


$

3,279,220


$

2,590,606

            Dividends accrued and discount accreted on preferred shares


-


-


-


93,209

            Net income available to common shareholders


$

904,879


$

839,352


$

3,279,220


$

2,497,397












Basic earnings per share


$

0.32


$

0.30


$

1.17


$

0.90












Diluted earnings per share


$

0.32


$

0.30


$

1.16


$

0.89














Cash dividends paid per common share


$

0.06


$

0.04


$

0.12


$

0.08
















 


CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

(UNAUDITED)

For the Years Ended December 31, 2011 and 2012 and Nine Months Ended September 30, 2013

 













Accumulated

Other

Comprehensive

Income (Loss)

(Net of Taxes)






























Total

Shareholders'

Equity



Preferred Stock


Common Stock















Retained

Earnings





Shares


Amount


Shares


Amount


































Balance, January 1, 2011


8,085


$

7,821,800


2,630,480


$

26,137,158


$

4,831,883


$

(41,149)


$

38,749,692
















Net income










3,103,979




3,103,979

Other comprehensive income






855,670

855,670

Dividend and accretion on preferred stock


















77,000






(494,346)




(417,346)

Stock dividend






131,243


1,181,187


(1,181,187)





Cash paid for fractional shares










(2,529)


-


(2,529)

Restricted stock grant






2,927









Stock options exercised and related tax benefit




















19,943


117,000






117,000

Stock-based compensation expense








98,946






98,946
















Balance, December 31, 2011


8,085


$   7,898,800


2,784,593


$    27,534,291


$    6,257,800


$      814,521


$    42,505,412
















Net income

Other comprehensive income










3,232,906


244,663


3,232,906

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










3,279,220




3,279,220

Other comprehensive loss












(1,000,404)


(1,000,404)

Cash dividends $0.12 per Common share










(335,694)




(335,694)

Common stock repurchased






(44,700)


(440,636)


(161,644)




(602,280)

Stock options exercised and related tax benefit






13,893


153,576






153,576

Stock-based compensation expense








111,873






111,873
















Balance, September 30, 2013


-


$                  -


2,784,229


$    27,905,468


$  11,545,209


$        58,780


$    39,509,457




















































 

SOURCE Valley Commerce Bancorp



RELATED LINKS
http://www.valleybusinessbank.net

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