Bank of Visalia First Quarter 2001 Net Income Up 12 Percent

Apr 18, 2001, 01:00 ET from Bank of Visalia

    VISALIA, Calif., April 18 /PRNewswire/ -- Don Gilles, President and CEO of
 Bank of Visalia (OTC Bulletin Board:   BKVS) reported Net Income of $221,000 for
 the first quarter of 2001, up $24,000 or 12% over the first quarter of 2000.
 Earnings per share were $0.28 for the first three months of this year versus
 $0.26 for the first three months of last year.
     "Growth in first quarter Net Income was driven by increases in Earning
 Assets funded by higher deposits, along with controlled Noninterest Expenses,"
 said Gilles.  "Asset quality remains strong with adequate reserves in place,"
 he added.
     Net Interest Income was $1.1 million in the first quarter of 2001 compared
 to $1.2 million in the fourth quarter of 2000 and $1.1 million in the first
 quarter of last year.  "Like many banks in California, Bank of Visalia is an
 asset sensitive bank, which means that more assets are available for immediate
 repricing than liabilities.  The lowering of the Prime Interest Rate by 1.50%
 over the past three months has made an impact on the Bank's net interest
 margins," explained Gilles.
     Noninterest Income in the first quarter of 2001 totaled $150,000, which is
 up slightly from the $146,000 earned in the fourth quarter of 2000 and is up
 4% or $6,000 from the first quarter of last year.
     Noninterest Expense for the first quarter of 2001 was $924,000 which is up
 $4,000 from the fourth quarter of 2000 and up $19,000 from that recorded in
 the first quarter one year ago.
     At March 31,2001, Total Assets were $88.0 million and Total Loans were
 $58.4 million, up 7% and 12% respectively, from March 31, 2000.
     Bank of Visalia is locally owned, independent bank operating offices in
 Visalia, Woodlake and Tipton.  The Bank celebrated its fifth anniversary on
 April 8, 2001.  More information can be obtained by accessing their website,
 www.bankvisalia.com. Bank of Visalia common stock is traded Over the Counter
 under the symbol BKVS.  For additional information, call Wedbush Morgan
 Securities, 800-234-0480.
     This press release may contain forward-looking statements that are subject
 to risks and uncertainties.  Such risks and uncertainties may include but are
 not necessarily limited to fluctuations in interest rates, inflation,
 government regulations and general economic conditions, and competition within
 the business areas in which the Bank is conducting its operation, including
 the real estate market in California and other factors beyond the Bank's
 control.  Such risks and uncertainties could cause results for subsequent
 interim periods or for the entire year to differ materially from those
 indicated.  Readers should not place undue reliance on the forward-looking
 statements, which reflect management's view only as of the date hereof.  The
 Bank undertakes no obligation to publicly revise these forward-looking
 statements to reflect subsequent events or circumstances.
 
 

SOURCE Bank of Visalia
    VISALIA, Calif., April 18 /PRNewswire/ -- Don Gilles, President and CEO of
 Bank of Visalia (OTC Bulletin Board:   BKVS) reported Net Income of $221,000 for
 the first quarter of 2001, up $24,000 or 12% over the first quarter of 2000.
 Earnings per share were $0.28 for the first three months of this year versus
 $0.26 for the first three months of last year.
     "Growth in first quarter Net Income was driven by increases in Earning
 Assets funded by higher deposits, along with controlled Noninterest Expenses,"
 said Gilles.  "Asset quality remains strong with adequate reserves in place,"
 he added.
     Net Interest Income was $1.1 million in the first quarter of 2001 compared
 to $1.2 million in the fourth quarter of 2000 and $1.1 million in the first
 quarter of last year.  "Like many banks in California, Bank of Visalia is an
 asset sensitive bank, which means that more assets are available for immediate
 repricing than liabilities.  The lowering of the Prime Interest Rate by 1.50%
 over the past three months has made an impact on the Bank's net interest
 margins," explained Gilles.
     Noninterest Income in the first quarter of 2001 totaled $150,000, which is
 up slightly from the $146,000 earned in the fourth quarter of 2000 and is up
 4% or $6,000 from the first quarter of last year.
     Noninterest Expense for the first quarter of 2001 was $924,000 which is up
 $4,000 from the fourth quarter of 2000 and up $19,000 from that recorded in
 the first quarter one year ago.
     At March 31,2001, Total Assets were $88.0 million and Total Loans were
 $58.4 million, up 7% and 12% respectively, from March 31, 2000.
     Bank of Visalia is locally owned, independent bank operating offices in
 Visalia, Woodlake and Tipton.  The Bank celebrated its fifth anniversary on
 April 8, 2001.  More information can be obtained by accessing their website,
 www.bankvisalia.com. Bank of Visalia common stock is traded Over the Counter
 under the symbol BKVS.  For additional information, call Wedbush Morgan
 Securities, 800-234-0480.
     This press release may contain forward-looking statements that are subject
 to risks and uncertainties.  Such risks and uncertainties may include but are
 not necessarily limited to fluctuations in interest rates, inflation,
 government regulations and general economic conditions, and competition within
 the business areas in which the Bank is conducting its operation, including
 the real estate market in California and other factors beyond the Bank's
 control.  Such risks and uncertainties could cause results for subsequent
 interim periods or for the entire year to differ materially from those
 indicated.  Readers should not place undue reliance on the forward-looking
 statements, which reflect management's view only as of the date hereof.  The
 Bank undertakes no obligation to publicly revise these forward-looking
 statements to reflect subsequent events or circumstances.
 
 SOURCE  Bank of Visalia