Valley Commerce Bancorp Reports Record Earnings For 2015

Jan 15, 2016, 19:37 ET from Valley Commerce Bancorp

VISALIA, Calif., Jan. 15, 2016 /PRNewswire/ -- Valley Commerce Bancorp, (OTCBB: VCBP), a bank holding company and the parent company of Valley Business Bank, today announced unaudited fourth quarter 2015 net income of $1.5 million or $0.50 per diluted share.  This compared to earnings of $1.1 million, or $0.35 per diluted share, for the fourth quarter of 2014.  For the year 2015, the company reported unaudited net income of $4.5 million, or $1.51 per diluted share.  This compared to earnings of $4.3 million, or $1.43 per diluted share, for the year 2014.

Allan W. Stone, President and Chief Executive Officer, remarked, "It is my pleasure to announce earnings of $4.5 million and a return on average assets of 1.08 percent for 2015.  This marks our fifth consecutive year of record earnings and we anticipate once again being ranked among the top performing banks.  Our solid loan growth and continued dedication to credit quality were key factors in our 2015 earnings performance.   We ended the year with gross loans exceeding $300 million, a significant milestone for our bank.  Our loan growth and our success at resolving nonperforming loan issues resulted in a favorable 4.40 percent annual net interest margin.  We were also successful at increasing noninterest income."

Stone noted, "Our 2015 pretax earnings of $6.8 million included a $400 thousand release of loan loss reserves that was prompted by our net loan loss recoveries for the year of $428 thousand.  The 2015 release was significantly reduced from 2013 and 2014 when we found it necessary to release $1.5 million and $1.0 million, respectively, and we continue to maintain healthy loan loss reserves relative to the risk in our loan portfolio."

Stone added, "While a record earnings year is good news in and of itself, I am also very pleased to report that the bank made significant progress on its longer term objectives that we believe will pave the way for future success.  In 2015 we continued to strengthen our risk management teams and systems to meet operational and economic challenges, as well as the challenges of a more demanding regulatory environment.  This sets us apart from many other community banks and we will continue to work towards building a bank that is exemplary in every respect for its customers and shareholders.  As we enter our 20th year of operations, we firmly believe that greater benefits are ahead for Valley Commerce Bancorp shareholders."

Selected financial information is presented in the following table:







Years ended December 31,


2015


2014







ANNUALIZED KEY FINANCIAL RATIOS






Net income

$

4,457,211


$

4,251,231

Return on average equity


9.81%



10.06%

Return on average assets


1.08%



1.08%

Net interest margin


4.40%



4.10%

Yield on earning assets


4.58%



4.33%

Cost of interest-bearing liabilities


0.34%



0.41%

Efficiency ratio


64.09%



65.85%

Loan to deposit ratio at period end


84.74%



73.60%

Common equity tier 1 ratio


14.43%



n/a

Tier 1 leverage ratio


11.31%



10.59%

Tier 1 risk based ratio


14.43%



15.04%

Total risk-based capital ratio


15.40%



16.04%



















SHARE AND PER SHARE DATA






Basic earnings per common share

$

1.54


$

1.46

Diluted earnings per common share

$

1.51


$

1.43

Weighted average common shares outstanding


2,901,907



2,918,002

Weighted avg. diluted common shares outstanding


2,955,100



2,963,288

Book value per common share

$

16.23


$

15.17

Total common shares outstanding


2,882,800



2,913,047







 

Loans

Net loans were $298.5 million at December 31, 2015, an increase of $34.0 million or 13% from the $264.5 million at December 31, 2014.  The increase occurred in the categories of commercial and real estate-mortgage. Average gross loans were $276.6 million for the year 2015 and $251.6 million for the year 2014, an increase of $25.1 million or 10%.

Net loans at December 31, 2015 and December 31, 2014 are summarized in the following table:


December 31, 2015


December 31, 2014

Commercial

$

47,089,710


15%


$

35,775,422


13%

Real estate – mortgage

239,001,811


79


212,489,061


79

Real estate – construction

10,642,292


3


14,130,127


5

Agricultural

3,280,391


2


3,924,397


2

Consumer and other

1,796,451


1


1,525,156


1

    Subtotal

301,810,655


100%


267,844,163


100%

Deferred loan costs (fees), net

45,699




(37,816)



Allowance for loan and lease losses

(3,343,197)




(3,298,346)



    Total loans, net

$

298,513,157




$

264,508,001











    Average loans outstanding

$

276,617,309




$

251,556,527













 

Investment Securities

Available-for-sale investment securities were $71.1 million at December 31, 2015 compared to $68.1 million at December 31, 2014, an increase of $3.0 million or 11%.  There were $20.1 million of investment securities purchased during the 2015 year which were offset by normal repayments, maturities, calls, and sales.  Gain on sale of investment securities was $140 thousand for 2015 compared to $246 thousand for 2014. 

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


December 31, 2015




Gross


Gross


Estimated


Amortized


Unrealized


Unrealized


Fair


Cost


Gains


Losses


Value









Debt securities:








   U.S. Government sponsored entities and agencies

$

1,531,830


$

33,248


$

(5,078)


$

1,560,000

   Mortgage-backed securities:








     U.S. Government sponsored entities and agencies

23,817,083


174,465


(231,548)


23,760,000

     Small Business Administration

19,290,248


227,678


(83,926)


19,434,000

   Obligations of states and political subdivisions

25,704,333


677,762


(7,095)


26,375,000

                  Total

$

70,343,494


$

1,113,153


$

(327,647)


$

71,129,000




December 31, 2014




Gross


Gross


Estimated


Amortized


Unrealized


Unrealized


Fair


Cost


Gains


Losses


Value









Debt securities:








   U.S. Government sponsored entities and agencies

$

3,641,077


$

43,670


$

(11,747)


$

3,673,000

Mortgage-backed securities:








   U.S. Government sponsored entities and agencies

25,163,339


318,308


(128,647)


25,353,000

   Small Business Administration

11,708,079


269,277


(5,356)


11,972,000

 Obligations of states and political subdivisions

26,368,563


763,282


(48,845)


27,083,000

                  Total

$

66,881,058


$

1,394,537


$

(194,595)


$

68,081,000

 

Deposits and Borrowings

Total deposits decreased by $7.1 million or 2%, from $359.4 million at December 31, 2014 to $352.2 million at December 31, 2015.  The year over year decrease reflected the expected drawdown of large deposits made at the end of 2014 by certain business customers.  There was a $12.2 million or 8% decrease in interest bearing deposits and a $2.1 million or 3% decrease in time deposits which were offset by a $7.1 million or 5% increase in noninterest bearing deposits.  Average total deposits were $361.2 million for 2015, a $17.7 million or 5% increase from the $343.5 million in average total deposits for 2014.  Our loan to deposit ratio was 84.7% at December 31, 2015 as compared to 73.6% at the same time a year ago which reflects increased loans and decreased deposits.

Total deposits at December 31, 2015 and December 31, 2014 are summarized in the following table:


December 31, 2015


December 31, 2014

Non-interest bearing

$

155,721,531


44%


$

148,637,177


41%

Interest bearing

139,465,193


40


151,639,425


42

Time deposits

57,062,457


16


59,112,364


17

           Total

$

352,249,181


100%


$

359,388,966


100%

 

Borrowings outstanding were $18.0 million at December 31, 2015 and average borrowings for the year were only $131 thousand.  These short term borrowings were utilized to fund loan growth during the year.

Shareholders' Equity

Total shareholders' equity was $46.8 million at December 31, 2015, an increase of $2.6 million or 6%, from the $44.2 million at December 31, 2014.  The increase was due to earnings of $4.5 million offset by a decrease in accumulated other comprehensive income of $244 thousand resulting from decreased value of available-for-sale investment securities. Shareholders' equity was further reduced by the company's repurchase of common stock and payment of cash dividends.  During the years 2015 and 2014 the company paid common stock cash dividends totaling $1.1 million or $0.38 per share and $860 thousand or $0.30 per share, respectively.  Common stock repurchases during the year 2015 totaled $752 thousand at an average cost of $15.57 per share.  Common stock repurchases during the year 2014 totaled $351 thousand, at an average cost of $14.57 per share.

Asset Quality

Nonperforming loans at December 31, 2015 were comprised of six nonaccrual loans spread among three customer relationships with an aggregate balance of $1.8 million.  This compared with nine nonaccrual loans spread among five customer relationships at December 31, 2014 with an aggregate balance of $2.8 million.  The decrease in impaired loans was due to payoffs and receipt of scheduled payments.  The company had no other real estate owned at December 31, 2015 or December 31, 2014.

Impaired loans totaled $4.4 million and $5.6 million at December 31, 3015 and December 31, 2014, 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.  The company had no loans over 30 days past due at December 31, 2015, including the nonaccrual loans described above.

A summary of nonperforming assets is set forth below:

 






December 31, 2015


December 31, 2014





Nonperforming loans

$        1,779,062


$           2,824,029

Loans past due 90 days or more and




     still accruing

-


-

Total nonperforming loans

$        1,779,062


$           2,824,029





Other real estate owned

$                       -


$                          -

Total nonperforming assets

$        1,779,062


$           2,824,029





Specific loss reserves on impaired loans

$           245,231


$              358,356

Nonperforming assets to total loans

0.59 %


1.05 %

Nonperforming loans to total net loans

0.60 %


1.07 %

Nonperforming assets to total assets

0.42 %


0.69 %

Classified loans

$        9,333,380


$        11,340,434

30-89 day delinquent loans

$           249,063


$                         -

 

The following table summarizes the changes in the allowance for loan and lease losses (ALLL) for the periods indicated:


Year Ended

December 31, 2015





Year Ended

December 31, 2014







Balance at beginning of period

$

3,298,346


$

3,866,508

Charge-offs:




  Commercial and agricultural

-


-

  Real estate mortgage

-


-

  Real estate construction

-


-

  Consumer

(9,744)


-

Total charge-offs

(9,744)


-

Recoveries:




  Commercial and agricultural

437,513


440,304

  Real estate mortgage

-


-

  Real estate construction

-


-

  Consumer

-


-

Total recoveries

437,513


440,304

    Net recoveries

427,769


440,304

Reversal of provision for loan losses

(400,000)


(1,000,000)

Off balance sheet credit exposures

17,082


(8,466)

Balance at end of period

$

3,343,197


$

3,298,346

  Net recoveries to average loans outstanding

0.155%



0.175%

  Ending allowance to total loans  outstanding at end of period

1.11%



1.23%






 

During the year 2015 the company recorded a $400 thousand reversal of provision for loan losses compared to a $1.0 million reversal of provision for loan losses in 2014.  The reversals were recorded during the fourth and second quarter of 2015 and 2014, respectively.  The ALLL represented 1.11% of total loans at December 31, 2015 compared to 1.23% at December 31, 2015.  The ALLL percentage decreased due primarily to increased loan volume as the reversal of provision for loan losses was offset by net recoveries of $428 thousand.  In determining the amount of ALLL required at December 31, 2015, 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 years indicated:




Average balances and weighted average yields and costs


Years ended December 31,


2015


2014




Interest


Average




Interest


Average


Average


income/


yield/


Average


income/


yield/

(dollars in thousands)

Balance


Expense


Cost


Balance


Expense


Cost

ASSETS












Due from banks

$

20,461


$

59


0.29%


$

37,061


$

93


0.25%

Available-for-sale investment securities:












         Taxable

45,331


745


1.64%


42,889


863


2.01%

         Exempt from Federal income taxes (1)

27,095


870


4.87%


23,648


848


5.23%

    Total securities (1)

72,426


1,615


2.85%


66,537


1,711


3.23%

Loans (2) (3)

276,619


14,734


5.35%


251,424


13,090


5.23%

      Total interest-earning assets (1)

369,506


16,408


4.58%


355,022


14,894


4.33%













Noninterest-earning assets, net of allowance for loan losses

41,335






38,887





       Total assets

$

410,841






$

393,909

















LIABILITIES AND SHAREHOLDERS' EQUITY












Deposits:












   Other interest bearing

$

142,785


$

404


0.28%


$

138,182


$

400


0.29%

   Time deposits less than $100,000

16,575


78


0.47%


17,531


91


0.52%

   Time deposits $100,000 or more

41,624


198


0.48%


43,744


225


0.51%

   Total interest-bearing deposits

200,984


680


0.34%


199,457


716


0.364%

   Short-term borrowings

131


1


0.44%







Junior subordinated deferrable interest debentures

-


-


-%


2,975


107


3.60%

      Total interest-bearing liabilities

201,115


681


0.34%


202,432


823


0.41%













Noninterest bearing deposits

159,236






144,021





Other liabilities

5,038






5,182





    Total liabilities

365,389






351,635





Shareholders' equity

45,452






42,274





    Total liabilities and shareholders' equity

$

410,841






$

393,909

















Net interest income and margin (1)



$

15,727


4.40%




$

14,071


4.10%













(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 no interest income reversed on nonaccrual loans for 2015 and 2014.  Income received from nonaccrual loans was $838 thousand in the 2015 period and $157 in the 2014 period.

(3)

Interest income on loans excludes amortized $67 thousand and of $40 thousand of loan origination costs net of loan origination fees, for 2015 and 2014, respectively.

 

Net interest income before provision for loan losses for the years 2015 and 2014 was $15.7 million and $14.1 million, respectively, an increase of $1.7 million or 12%.  There was a $1.6 million or 12% increase in interest income from loans that reflected a $25.2 million or 10% increase in the average balance of loans as well as a $705 thousand increase in income from nonaccrual loans.  The increase in loan interest was offset by a $96 thousand or 5% decrease in interest income from available-for-sale investment securities.  In 2015, investment securities saw an increase in average volume but a decline in average yield.

Net interest margin was 4.40% and 4.10% for the years 2015 and 2014, a 30 basis points (bps) increase.  Average loan yield was 5.35% and 5.23% for the years 2015 and 2014, respectively, an increase of 12 bps, which reflected the income from nonaccrual loans noted above market conditions for high quality loans remained competitive.  Excluding the interest income recorded on nonaccrual loans, average loan yields for the years ended 2015 and 2014 were 5.05% and 5.23% respectively.  There was a 7 bps decrease in the average rate paid on interest-bearing deposits and other interest-bearing liabilities that reflected continued weak market conditions for funds.  Average noninterest-bearing deposits increased by $15.2 million or 10%.  These funds were primarily deployed into average loans which favorably impacted the company's net interest income and net income.

Non-Interest Income

The following table describes the components of non-interest income for the years 2015 and 2014:

Non-interest income




Years ended

December 31





2015


2014


Increase (Decrease)

Service charges


$

804,396


$

716,613


$

87,783

Gain on sale of available-for-sale investment securities


139,893


245,540


(105,647)

Gain on sale of loans


408,977


-


408,977

Gain on debt extinguishment


-


337,500


(337,500)

Mortgage loan brokerage fees


6,225


22,027


(15,802)

Earnings on cash surrender value of life insurance policies


310,377


302,194


8,183

Other


463,968


346,805


117,163

     Total non-interest income


$

2,133,836


$

1,970,679


$

163,157

 

For the year 2015, non-interest income totaled $2.1 million, an increase of $163 thousand or 8% from the $2.0 million recorded during 2014.  The company realized $409 thousand in gains from the sale of loans in 2015, primarily related to the sale of two nonaccrual loans.  Increases in service charges for 2015 reflected changes to the company's fee structure and the acquisition of new deposit customers.  Federal Home Loan Bank of San Francisco dividends contributed to the increase in the other category and resulted from increased cash dividends paid, including a special mid-year cash dividend paid to all of FHLBSF's cooperative members.

The company's $3.1 million of junior subordinated deferrable interest debentures were redeemed in their entirety in the fourth quarter of 2014 at a discount of $338 thousand that was included in noninterest income as gain on debt extinguishment.  The favorable increases for 2015 were also offset by a decrease in fees from mortgage loan underwriting, an activity the company discontinued in February 2015.  In addition, gains on sales of investment securities decreased from 2014 due to reduced sales activity. 

Non-Interest Expense

The following table describes the components of non-interest expense for the years 2015 and 2014:

Non-interest expense




Year ended

December 31,





2015


2014


Increase (Decrease)

Salaries and employee benefits


$

6,810,855


$

6,217,736


$

593,119

Occupancy and equipment


1,485,233


1,405,900


79,333

Data processing


586,861


538,387


48,474

Operations


331,928


305,749


26,179

Professional and legal


416,742


359,125


57,617

Advertising and business development


330,819


286,022


44,797

Telephone and postal


250,286


271,367


(21,081)

Supplies


188,204


178,312


9,892

Assessment and insurance


346,089


326,618


19,471

Other expenses


700,939


673,932


27,007

     Total non-interest expense


$

11,447,956


$

10,563,148


$

884,808

 

For the years 2015 and 2014, non-interest expense was $11.4 million and $10.6 million, respectively, an increase of $885 thousand or 8%.  Salaries and employee benefits increased by $593 thousand or 10% due primarily to new hires related to business development and risk management as well as normal adjustments to salaries and post-retirement benefits.  Full-time equivalent employees totaled 87.5 and 86.1 at December 31, 2015 and 2014, respectively.  Occupancy and equipment increased by $79 thousand or 6% due primarily to risk management and security software costs.  Data processing increased by $48 thousand or 9% due to additional investment in mobile banking technology and growing customer activity.  Advertising and business development increased by $45 thousand or 16% due to increased customer-focused marketing and greater charitable contributions.   FDIC insurance and other assessments increased by $19 thousand or 6% due to continued asset growth.  The other category increased $27 thousand or 4% due to internal appraisal costs.  These increases were offset by a $21 thousand or 8% reduction in telephone and postal due to changes to communication services that generated a refund in 2015 and other savings.

For the 2015 year the effective tax rate increased to 34.58% from 34.38% in 2014.  The effective tax rate increased from years prior to 2014 due to the curtailment of tax credits and deductions previously allowed by the State of California.

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)




December 31, 2015


December 31, 2014






Assets





Cash and due from banks


$

29,610,189


$

53,379,864

Available-for-sale investment securities, at fair value


71,129,000


68,081,000

Loans, net of deferred fees


301,856,354


267,806,347

Less: allowance for loan and lease losses


3,343,197


3,298,346

   Net loans


298,513,157


264,508,001

Bank premises and equipment, net


7,651,706


7,407,632

Cash surrender value of bank-owned life insurance


9,105,189


8,834,279

Accrued interest receivable and other assets


5,312,578


6,329,357

Total assets


$

421,321,819


$

408,540,133






Liabilities and Shareholders' Equity





Deposits:





Noninterest-bearing


$

155,721,531


$

148,637,177

Interest-bearing


196,527,650


210,751,789

Total deposits


352,249,181


359,388,966

Accrued interest payable and other liabilities


4,286,466


4,956,019

Short-term borrowings


18,000,000


-

Total liabilities


374,535,647


364,344,985






Commitments and contingencies










Shareholders' equity:





Common stock


29,969,237


30,240,026

Retained earnings


16,354,665


13,248,956

Accumulated other comprehensive income, net of taxes


462,270


706,166

Total shareholders' equity


46,786,172


44,195,148






              Total liabilities and shareholders' equity


$

421,321,819


$

408,540,133






 

CONDENSED CONSOLIDATED STATEMENT OF INCOME

(UNAUDITED)




For the Three Months


For the Year



Ended December 31,


Ended December, 31



2015


2014


2015


2014

Interest Income:









Interest and fees on loans


$

4,273,433


$

3,372,645


$

14,734,192


$

13,089,936

Interest on investment securities:







Taxable


190,527


215,632


744,417


862,915

Exempt from Federal income taxes


197,260


219,124


870,254


847,519

Interest on deposits in banks


6,155


25,675


59,422


93,430

Total interest income


4,667,375


3,833,076


16,408,285


14,893,800










Interest Expense:









Interest on deposits


160,946


182,227


680,377


715,914

   Interest on short-term borrowings


577


-


577


-

   Interest on junior subordinated deferrable interest debentures


-


24,307


-


107,186

           Total interest expense


161,523


206,534


680,954


823,100










              Net interest income before reversal of provision for loan losses


4,505,852


3,626,542


15,727,331


14,070,700










Reversal of provision for loan losses


(400,000)


-


(400,000)


(1,000,000)

              Net interest income after reversal of provision for loan losses


4,905,852


3,626,542


16,127,331


15,070,700










Non-Interest Income:









Service charges


205,486


195,231


804,396


716,613

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


-


-


139,893


245,540

Gain on sale of loans, net


-


-


408,977


-

Gain on debt extinguishment


-


337,500


-


337,500

Mortgage loan brokerage fees


-


4,350


6,225


22,027

Earnings on cash surrender value of life insurance policies


78,403


79,854


310,377


302,194

Other


98,268


82,449


463,968


346,805

         Total non-interest income


382,157


699,384


2,133,836


1,970,679










Non-Interest Expense:









Salaries and employee benefits


1,673,322


1,575,412


6,810,855


6,217,736

Occupancy and equipment


373,011


377,858


1,485,233


1,405,900

Other


924,086


846,569


3,151,868


2,939,512

         Total non-interest expense


2,970,419


2,799,839


11,447,956


10,563,148










         Income before provision for income taxes


2,317,590


1,526,087


6,813,211


6,478,231










Provision for income taxes


837,000


475,000


2,356,000


2,227,000












            Net income


$

1,480,590


$

1,051,087


$

4,457,211


$

4,251,231












Basic earnings per share


$

0.51


$

0.36


$

1.54


$

1.46












Diluted earnings per share


$

0.50


$

0.35


$

1.51


$

1.43














Cash dividends paid per common share


$

0.10


$

0.08


$

0.38


$

0.30
















 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

(UNAUDITED)


For the Years Ended December 31, 2015 and 2014










Accumulated











Other











Compre-


Total



Common Stock




hensive


Share-







Retained


Income (Loss)


holders'



Shares


Amount


Earnings


Net of Taxes


Equity












Balance, January 1, 2014


2,770,929


$    27,811,859


$  12,098,091


$    (146,508)


$    39,763,442












Net income






4,251,231




4,251,231

Other comprehensive income








852,674


852,674

Cash dividends $0.30 per share






(859,819)




(859,819)

Stock dividend 5% per share


138,700


2,131,819


(2,131,819)




-

Repurchase of common stock


(24,093)


(242,302)


(108,728)




(351,030)

Stock options exercised and related tax benefit


27,511


295,490






295,490

Stock-based compensation expense




243,160






243,160












Balance, December 31, 2014


2,913,047


$    30,240,026


$  13,248,956


$      706,166


$    44,195,148












Net income

Other comprehensive loss






4,457,211


 

(243,896)



4,457,211

(243,896)

Stock repurchase


(48,278)


(501,401)


(250,358)




(751,759)

Cash dividends $0.38 per share






(1,101,144)




(1,101,144)

Repurchase of common stock


(48,278)


(501,401)


(250,358)




(751,759)

Stock options exercised and related tax benefit


18,031


37,538






37,538

Stock-based compensation expense




193,074






193,074












Balance, December 31, 2015


2,882,800


$

29,969,237


$

16,354,665


$

462,270


$

46,786,172





























 

 

SOURCE Valley Commerce Bancorp