Valley Commerce Bancorp Reports Strong Earnings For Second Quarter 2013

The news release, Valley Commerce Bancorp Reports First Quarter 2013 Results, issued on July 18, 2013, was incorrectly published by PR Newswire. The release should have reported the Company's second quarter 2013 earnings results rather than report the Company's first quarter 2013 earnings. The complete, correct release follows:

Valley Commerce Bancorp Reports Strong Earnings For Second Quarter 2013

VISALIA, Calif., July 18, 2013 /PRNewswire/ -- Valley Commerce Bancorp, (OTCBB: VCBP), a bank holding company and the parent company of Valley Business Bank, today announced second quarter 2013 net income of $1.6 million or $0.58 per diluted share.  This compared to earnings of $892 thousand, or $0.32 per diluted share, for the second quarter of 2012.  For the six months ended June 30, 2013, the Company reported net income of $2.4 million, or $0.84 per diluted share.  This compared to earnings of $1.8 million, or $0.59 per diluted share, for the six months ended June 30, 2012.  

Allan W. Stone, President and Chief Executive Officer, remarked, "As we've stated before, our focus is on producing steady, sustainable earnings.  I am pleased to report that high quality loan growth is reflected in this earnings release.  Our continued success and vigilant focus on loan quality combined with our positive outlook on economic trends and their potential impact on our loan portfolio resulted in our determining that a $1.5 million reversal of loan loss provisioning was appropriate during the quarter.  I am also pleased to report we are maintaining a favorable net interest margin and have controlled costs while making the investments needed to provide state of the art service to our customers.  Our team is looking forward to building on this successful first half of 2013."

Selected financial information is presented in the following table:














Six Months ended June 30,




December 31,



2013



2012




2012*














ANNUALIZED KEY FINANCIAL RATIOS












 Net income

$

2,374,341



$

1,751,254



$

3,232,906


 Return on average equity


12.41

%



9.00

%



8.47

%

 Return on average assets


1.31

%



1.00

%



0.92

%

 Net interest margin


4.16

%



4.53

%



4.50

%

 Efficiency ratio


70.14

%



66.07

%



69.50

%

 Loan to deposit ratio at period end


72.62

%



72.51

%



72.04

%

 Tier 1 leverage ratio


11.5

%



11.0

%



11.3

%

 Tier 1 risk based ratio


16.5

%



15.2

%



15.6

%

 Total risk-based capital ratio


17.7

%



16.5

%



16.9

%













SHARE AND PER SHARE DATA












 Basic earnings per common share

$

0.84



$

0.60



$

1.13


 Diluted earnings per common share

$

0.84



$

0.59



$

1.12


 Quarterly weighted average common shares outstanding


2,810,159




2,784,593




2,788,018


 Quarterly wtd. avg. diluted common shares outstanding


2,820,800




2,789,570




2,797,835


 Book value per common share

$

13.98



$

12.97



$

13.46


 Total common shares outstanding


2,803,055




2,784,593




2,815,036












      *For the year ended December 31, 2012


























Loans

Net loans were $233.9 million at June 30, 2013, an increase of $6.6 million or 3% from the $227.3 million at December 31, 2012.  The increase occurred primarily in commercial, real estate-mortgage and agricultural loans.  Average gross loans were $228.0 million for the six months ended June 30, 2013 and $222.8 million for the six months ended June 30, 2012, an increase of $5.2 million or 2%.

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


June 30, 2013


December 31, 2012


June 30, 2012

Commercial

$

44,717,238


19%


$

41,270,395


18%


$

38,737,726


17%

Real estate – mortgage

173,729,991


72


170,868,701


74


164,980,288


73

Real estate – construction

14,050,302


6


15,521,971


6


15,870,040


7

Agricultural

3,928,588


2


3,700,775


1


3,966,101


2

Consumer and other

1,529,173


1


1,508,824


1


1,575,094


1

    Subtotal

237,955,292


100%


232,870,666


100%


225,129,249


100%

Deferred loan fees, net

(318,854)




(417,743)




(337,918)



Allowance for loan and lease losses

(3,769,368)




(5,192,436)




(5,275,733)



    Total loans, net

$

233,867,070




$

227,260,487




$

219,515,598















    Average loans outstanding

$

227,995,752




$

222,804,682




$

227,979,257


















Investment Securities

Available-for-sale investment securities were $56.9 million at June 30, 2013 compared to $53.0 million at December 31, 2012, an increase of $3.9 million or 8%.  There were $16.0 million of investment securities purchased during the six months ended June 30, 2013 which were offset by normal repayments, maturities, calls, and sales.  Gain on sale of investment securities was $125 thousand for the first six 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:


June 30, 2013




Gross


Gross


Estimated


Amortized


Unrealized


Unrealized


Fair


 Cost


Gains


Losses


Value

Debt securities:








  U.S. Government sponsored entities and agencies 

$   3,314,496


$        64,309


$       (26,805)


$     3,352,000

Mortgage-backed securities:        








  U.S. Government sponsored entities and agencies     

25,619,171


156,566


(418,737)


25,357,000

  Small Business Administration     

9,587,684


424,316


-


10,012,000

Obligations of states and political subdivisions     

17,987,895


314,558


(128,453)


18,174,000

            Total             

$ 56,509,246


$      959,749


$      (573,995)


$    56,895,000


















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 $6.6 million or 2%, from $315.5 million at December 31, 2012 to $322.1 million at June 30, 2013.  Average total deposits were $318.3 million for the six months ended June 30, 2013, a $14.8 million or 5% increase from the $303.5 million in average total deposits for the six months ended June 30, 2012.

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


June 30, 2013


December 31, 2012


June 30, 2012

Non-interest bearing

$

123,416,532


38%


$

120,900,110


38%


$

106,042,180


36%

Interest bearing

133,385,853


42


127,819,122


41


127,365,802


42

Time deposits

65,256,234


20


66,764,761


21


69,349,668


23

           Total

$

322,058,619


100%


$

315,483,993


100%


$

302,757,650


100%

Shareholders' Equity

Total shareholders' equity was $39.2 million at June 30, 2013, an increase of $1.3 million or 3%, from the $37.9 million at December 31, 2012.  The increase was due to earnings of $2.4 million offset by a reduction in accumulated other comprehensive income of $832 thousand 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 six months ended June 30, 2013 and 2012 the Company paid common stock cash dividends totaling $168 thousand or $0.06 per share and $111 thousand or $0.04 per share, respectively.

Asset Quality

Nonperforming loans at June 30, 2013 were comprised of eleven nonaccrual loans spread among seven customer relationships with an aggregate balance of $4.7 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 June 30, 2013.

Impaired loans totaled $7.9 million and $8.0 million at June 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:



















June 30,

2013


December 31, 2012


June 30,

2012







Nonperforming loans

$         4,673,637


$           4,422,050


$         4,301,837

Loans past due 90 days or more and still accruing

-


-


-

Total nonperforming loans

$         4,673,637


$           4,422,050


$         4,301,837







Other real estate owned

$                       -


$                          -


$         1,505,047

Total nonperforming assets

$        4,673,637


$           4,422,050


$         5,806,884







Specific loss reserve

$           427,662


$              590,890


$            817,716

Nonperforming assets to total loans

1.96%


1.90%


2.58%

Nonperforming loans to total loans

2.00%


1.95%


1.96%

Nonperforming assets to total assets

1.27%


1.23%


1.68%

Classified loans

$      18,078,475


$         16,360,586


$       21,113,921

30-89 Day Delinquent loans

$           669,757


$              200,000


$            752,538

A summary of troubled debt restructured loans is set forth below:


June 30, 2013


December 31, 2012




Specific






Specific






loan loss


No of




loan loss


No of


Amount


reserve


Loans


Amount


reserve


Loans

























Nonperforming Loans

$

3,468,356


$

49,857


9


$

2,913,258


$

59,765


7

Performing Loans


718,570



-


2



1,676,136



425,632


6













Total troubled debt restructured loans

$

4,186,926


$

49,857


11


$

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:


Six Months Ended

June 30, 2013


Six Months Ended

June 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

-


(318,877)


(318,877)

Real estate construction

-


-


-

Consumer

(1,021)


(950)


(100,523)

Total charge-offs

(1,021)


(319,827)


(419,400)

Recoveries:






Commercial and agricultural

77,953


126,802


143,078

Real estate mortgage

-


-


-

Real estate construction

-


-


-

Consumer

-


-


-

Total recoveries

77,953


126,802


143,078

Net recoveries (charge-offs)

76,932


(193,025)


(276,322)

Reversal of  provision for loan losses

(1,500,000)


-


-

Balance at end of period

$

3,769,368


$

5,275,733


$

5,192,436

Net recoveries (charge-offs) to average loans outstanding

0.034

%


(0.087)

%


(0.121)

%

Ending allowance to total loans  outstanding at end of period

1.59

%


2.35

%


2.23

%













During the quarter ended June 30, 2013 we recorded a $1.5 million reversal of provision for loan losses compared to no loan loss provisioning in the first quarter of 2013 or for the year ended 2012.  In determining the amount of ALLL required at June 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.  Based on this detailed analysis, management determined that the reversal was appropriate.

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 six-month periods indicated:




Average balances and weighted average yields and costs


Six Months ended June 30,


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

$

46,282


$

62


0.27%


$

33,798


$

45


0.27%

Available-for-sale investment securities:












         Taxable

33,167


259


1.57%


37,572


373


2.00%

         Exempt from Federal income taxes (1)

17,873


335


5.73%


19,217


409


6.48%

    Total securities (1)

51,040


594


3.03%


56,789


782


3.52%

Loans (2) (3)

227,638


6,304


5.61%


222,466


6,573


5.94%

      Total interest-earning assets (1)

324,960


6,960


4.44%


313,053


7,400


4.89%













Noninterest-earning assets, net of allowance for loan losses

39,661






36,884





       Total assets

$

364,621






$

349,937

















LIABILITIES AND SHAREHOLDERS' EQUITY












Deposits:












   Other interest bearing

$

130,017


$

209


0.32%


$

123,137


$

242


0.40%

   Time deposits less than $100,000

19,040


53


0.56%


20,823


75


0.72%

   Time deposits $100,000 or more

47,555


135


0.57%


49,759


185


0.75%

   Total interest-bearing deposits

196,612


397


0.41%


193,719


502


0.52%

Long-term debt

-


-


-%


11


-


-%

Junior subordinated deferrable interest debentures

3,093


56


3.65%


3,093


60


3.90%

      Total interest-bearing liabilities

199,705


453


0.46%


196,823


562


0.57%













Noninterest bearing deposits

121,720






109,793





Other liabilities

4,615






4,297





    Total liabilities

326,040






310,913





Shareholders' equity

38,581






39,024





    Total liabilities and shareholders' equity

$

364,621






$

349,937

















Net interest income and margin (1)



$

6,507


4.16%




$

6,838


4.53%













(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 $151 thousand and $253 thousand in foregone interest on nonaccrual loans for the six months ended June 30, 2013 and 2012, respectively. Income received from nonaccrual loans was $179 thousand in the 2013 period and $129 in the 2012 period.



(3)

Interest income on loans includes amortized loan fees, net of costs, of $252 thousand and $242 thousand for 2013 and 2012, respectively.


Net interest income for the periods ended June 30, 2013 and 2012 was $6.5 million and $6.8 million, respectively, a decrease of $331 thousand or 5%.  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 $5.2 million or 2 percent increase in the average balance of loans.

Net interest margin was 4.16% and 4.53% for the periods ended June 30, 2013 and 2012, a 37 basis point (bps) decrease.  Average loan yield was 5.61% and 5.94% for the six months ended June 30, 2013 and 2012, respectively, a decrease of 33 bps, which reflected the strongly competitive environment for high quality loan customers.  This decrease was offset by an 11 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 $11.9 million or 11 percent.  These funds were primarily deployed into low yielding overnight deposits which adversely impacted the net interest margin for the 2013 period.

Non-Interest Income

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

 

 Non-interest income




Six Months ended

June 30,





2013


2012


Increase (Decrease)

Service charges


$

313,354


$

353,667


$

(40,313)

Gain on sale of available-for-sale investment securities


125,926


152,224


(26,298)

Mortgage loan brokerage fees


30,117


21,002


9,115

Earnings on cash surrender value of life insurance policies


155,478


167,644


(12,166)

Other


133,321


125,406


7,915

     Total non-interest income


$

758,196


$

819,943


$

(61,747)

For the period ended June 30, 2013, non-interest income totaled $758 thousand, a decrease of $62 thousand or 8% from the $820 thousand recorded during the first half of 2012.  Decreases in service charges, reduced gains on sales of investment securities 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 mortgage loan underwriting fees.  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 six-month periods ended June 30, 2013 and 2012:

 

Non-interest expense




Six Months ended

June 30,





2013


2012


Increase (Decrease)

Salaries and employee benefits


$

2,946,841


$

3,027,416


$

(80,575)

Occupancy and equipment


725,499


637,977


87,522

Other real estate owned


1,180


12,110


(10,930)

Data processing


262,951


321,337


(58,386)

Operations


166,530


170,910


(4,380)

Professional and legal


152,011


183,260


(31,249)

Advertising and business development


118,390


138,556


(20,166)

Telephone and postal


111,829


115,405


(3,576)

Supplies


95,707


82,362


13,345

Assessment and insurance


182,467


132,915


49,552

Other expenses


332,217


237,475


94,742

     Total non-interest expense


$

5,095,622


$

5,059,723


$

35,899

For the periods ended June 30, 2013 and 2012, non-interest expense remained constant at $5.1 million.  Occupancy and equipment expense increased by $88 thousand or 14% due to technology and operational risk management initiatives.  FDIC insurance and assessment expense increased by $50 thousand or 37% due to nonrecurring adjustments made in the 2012 period to reflect the implementation of FDIC's revised methodology for calculating insurance premiums.  These were offset by a $81 thousand or 3% decrease in salaries and employee benefit expense due to reductions in stock option expense and a $31 thousand or 17% decrease in professional and legal expense due to timing of audit costs and reduced legal costs.  There also was a $58 thousand or 18% 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)




June 30,

2013


December 31,

2012


June 30,

2012








Assets







Cash and due from banks


$

55,958,851


$

57,573,424


$

44,630,469

Available-for-sale investment securities, at fair value


56,895,000


53,001,000


57,149,000

Loans, net of deferred fees


237,636,438


232,452,923


224,791,331

Less: allowance for loan and lease losses


3,769,368


5,192,436


5,275,733

   Net Loans


233,867,070


227,260,487


219,515,598

Bank premises and equipment, net


7,900,634


7,995,072


8,036,642

Cash surrender value of bank-owned life insurance


8,132,305


7,992,697


7,847,247

Other real estate owned


-


-


1,505,047

Accrued interest receivable and other assets


5,811,511


7,056,100


7,052,288

Total assets


$

368,565,371


$

360,878,780


$

345,736,291








Liabilities and Shareholders' Equity







Deposits:







Noninterest-bearing


$

123,416,532


$

120,900,110


$

106,042,180

Interest-bearing


198,642,087


194,583,883


196,715,470

Total deposits


322,058,619


315,483,993


302,757,650

Accrued interest payable and other liabilities


4,217,282


4,398,621


3,779,943

Junior subordinated deferrable interest debentures


3,093,000


3,093,000


3,093,000

Total liabilities


329,368,901


322,975,614


309,630,593








Commitments and contingencies














Shareholders' equity:







Common stock


28,040,389


28,080,655


27,657,558

Retained earnings


10,929,065


8,763,327


7,618,261

Accumulated other comprehensive income, net of taxes


227,016


1,059,184


829,879

Total shareholders' equity


39,196,470


37,903,166


36,105,698








              Total liabilities and shareholders' equity


$

368,565,371


$

360,878,780


$

345,736,291








 

CONDENSED CONSOLIDATED STATEMENT OF INCOME

(UNAUDITED)

 



For the Three Months


For the Six Months



Ended June 30,


Ended June, 30



2013


2012


2013


2012

Interest Income:









Interest and fees on loans


$

3,162,437


$

3,276,640


$

6,304,146


$

6,573,146

Interest on investment securities:







Taxable


136,989


184,021


258,869


372,855

Exempt from Federal income taxes


167,066


185,087


335,241


408,663

Interest on deposits in banks


30,728


20,055


61,998


44,909

Total interest income


3,497,220


3,665,803


6,960,254


7,399,989










Interest Expense:









Interest on deposits


188,125


248,974


397,614


502,106

Interest on short-term debt


-


-


-


168

   Interest on junior subordinated deferrable interest debentures


27,984


29,513


55,873


59,681

           Total interest expense


216,109


278,487


453,487


561,955










              Net interest income before reversal of provision for loan losses


3,281,111


3,387,316


6,506,767


6,838,034










Reversal of provision for loan losses


(1,500,000)


-


(1,500,000)


-

              Net interest income after reversal of provision for loan losses


4,781,111


3,387,316


8,006,767


6,838,034










Non-Interest Income:









Service charges


160,025


174,994


313,354


353,667

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


-


124,267


125,926


152,224

Mortgage loan brokerage fees


16,668


15,002


30,117


21,002

Earnings on cash surrender value of life insurance policies


78,170


81,688


155,478


167,644

Other


71,865


65,321


133,321


125,406

         Total non-interest income


326,728


461,272


758,196


819,943










Non-Interest Expense:









Salaries and employee benefits


1,396,682


1,441,762


2,946,841


3,027,416

Occupancy and equipment


370,160


317,084


725,499


637,977

Other


740,501


771,327


1,423,282


1,394,330

         Total non-interest expense


2,507,343


2,530,173


5,095,622


5,059,723










         Income before provision for income taxes


2,600,496


1,318,415


3,669,341


2,598,254










Provision for income taxes


969,000


426,000


1,295,000


847,000












            Net income


$

1,631,496


$

892,415



2,374,341


$

1,751,254

            Dividends accrued and discount accreted on preferred  shares


-


-


-


93,209

            Net income available to common shareholders


$

1,631,496


$

892,415


$

2,374,341


$

1,658,045












Basic earnings per share


$

0.58


$

0.32


$

0.84


$

0.60












Diluted earnings per share


$

0.58


$

0.32


$

0.84


$

0.59














Cash dividends paid per common share


$

0.06


$

0.04


$

0.06


$

0.04
















 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

(UNAUDITED)

 

For the Years Ended December 31, 2011 and 2012 and Six Months Ended June 30, 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, 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










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










2,374,341




2,374,341

Other comprehensive loss












(832,168)


(832,168)

Cash dividends $0.06 per Common share










(167,941)




(167,941)

Common stock repurchased






(16,000)


(159,818)


(40,662)




(200,480)

Stock options exercised and related tax benefit






4,019


44,506






44,506

Stock-based compensation expense








75,046






75,046
















Balance, June 30, 2013


-


$                  -


2,803,055


$    28,040,389


$  10,929,065


$      227,016


$    39,196,470




















































SOURCE Valley Commerce Bancorp



RELATED LINKS
http://www.valleybusinessbank.net

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