Last $21.70 USD
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As of 10:21 AM 10/1/14 All times are local (Market data is delayed by at least 15 minutes).

north valley bancorp (NOVB) Key Developments

North Valley Bancorp (North Valley) and Trico Bancshares Names as Defendants in Putative Class Action

North Valley Bancorp (North Valley), the members of its board of directors and TriCo Bancshares (TriCo) have been named as defendants in a putative class action filed on behalf of North Valley shareholders. The lawsuit, which is captioned Solak v. North Valley Bancorp, et al., Case No. 179099 (the Action) and filed in the Superior Court of the State of California, Shasta County (the Court), challenges, among other things, the agreement and plan of merger, dated as of January 21, 2014 by and between TriCo and North Valley and the proposed merger between TriCo and North Valley contemplated therein. On July 31, 2014, following settlement discussions, the defendants entered into a memorandum of understanding with the plaintiffs regarding the settlement of the Action. In connection with the settlement contemplated by the memorandum of understanding and in consideration for the full settlement and release of all claims under the Action, TriCo and North Valley agreed to make certain additional disclosures related to the proposed merger. The memorandum of understanding contemplates that the parties will negotiate in good faith and uses their reasonable best efforts to enter into a stipulation of settlement. The stipulation of settlement will be subject to customary conditions, including Court approval following notice to North Valley's shareholders. In the event that the parties enter into a stipulation of settlement, a hearing will be scheduled at which the Court will consider the settlement. There can be no assurance that the parties will ultimately enter into a stipulation of settlement or that the Court will approve the settlement even if the parties were to enter into such stipulation. In such event, the proposed settlement as contemplated by the memorandum of understanding may be terminated. The settlement will not affect the timing of the annual meeting of TriCo shareholders or the special meeting of North Valley shareholders, which are both scheduled to be held on August 7, 2014. The settlement is not, and should not be construed as, an admission of wrongdoing or liability by any defendant.

North Valley Bancorp Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Announces Net Charge-Offs for the Second Quarter Ended June 30, 2014

North Valley Bancorp announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net interest income of $7,446,000 against $7,578,000 a year ago. Income before provision for income taxes was $1,575,000 against $1,293,000 a year ago. Net income was $1,260,000 or $0.18 basic and diluted per share against $894,000 or $0.13 basic and diluted per share a year ago. Return on average total assets was 0.55% against 0.40% a year ago. Return on average shareholders' equity 5.19% against 3.69% a year ago. Interest income decreased, primarily due to a decrease in investment securities income as a result of a decrease in average investment securities balances, and secondarily due to decrease in loan income. For the six months, the company reported net interest income of $15,208,000 against $15,014,000 a year ago. Income before provision for income taxes was $3,011,000 against $3,170,000 a year ago. Net income was $2,179,000 or $0.32 basic and diluted per share against $2,155,000 or $0.31 diluted per share a year ago. Book value per share as on June 30, 2014 was $14.46 against $13.57 as at June 30, 2013. Tangible book value per share as on June 30, 2014 was $14.46 against $13.54 as at June 30, 2013. Return on average total assets was 0.48% against 0.48% a year ago. Return on average shareholders' equity 4.57% against 4.49% a year ago. For the quarter, the company reported net charge-offs of $46,000 compared to $124,000 a year ago.

North Valley Bancorp Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Reports Net Charge Offs for the First Quarter Ended March 31, 2014

North Valley Bancorp reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported total interest income of $8,119,000 compared to total interest income of $7,868,000 for the same period a year ago. Net interest income was $7,762,000 compared to $7,436,000 last year. Income before provision for income taxes was $1,436,000 compared to $1,877,000 last year. Net income was $919,000 or $0.13 per basic and diluted share compared to $1,261,000 or $0.18 per basic and diluted share last year. Net interest income increased $326,000, or 4.4%, for the three months ended March 31, 2014 compared to the same period in 2013. Interest income increased by $251,000, or 3.2%, primarily due to an increase in average earning asset balances. Book value per share was $13.99 compared to $14.18 per share last year. Tangible book value per share was $13.97 compared to $14.15 per share last year. Return on average total assets was 0.41% compared to 0.57% last year. Return on average shareholders' equity was 3.92% compared to 5.30% last year. Gross loan charge offs for the first quarter of 2014 were $298,000 and recoveries totaled $55,000 resulting in net charge offs of $243,000. Gross loan charge offs for the first quarter of 2013 were $1,056,000 and recoveries totaled $249,000 resulting in net charge offs of $807,000.

North Valley Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2013

North Valley Bancorp reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. The company reported net income of $890,000, or $0.13 per diluted share, for the quarter ended December 31, 2013 compared to net income of $545,000, or $0.08 per diluted share, for the quarter ended December 31, 2012. For the quarter, the company reported total interest income of $8,199,000 against $8,276,000 for the same period last year. Net interest income was $7,807,000 against $7,772,000 for the same period last year. Income before provision for income taxes was $1,102,000 against $705,000 for the same period last year. Return on average total assets was 0.38% against 0.24% for the same period last year. Return on average shareholders' equity was 3.67% against 2.19% for the same period last year. Interest income decreased, primarily due to the decrease in yield on average loan balances. The company reported net income for the year ended December 31, 2013 of $3,625,000, or $0.53 per diluted share, compared to net income of $6,290,000, or $0.92 per diluted share for the year ended December 31, 2012. For the year, the company reported total interest income of $32,213,000 against $33,731,000 for the same period last year. Net interest income was $30,595,000 against $30,206,000 for the same period last year. Income before provision for income taxes was $5,219,000 against $4,546,000 for the same period last year. Return on average total assets was 0.40% against 0.69% for the same period last year. Return on average shareholders' equity was 3.78% against 6.70% for the same period last year. Book value per share as at December 31, 2013 was $13.67 against $14.07 as at December 31, 2012. Tangible book value per share as at December 31, 2013 was $13.65 against $14.03 as at December 31, 2012. For the fourth quarter of 2013, the company reported net charge-offs of $11,000 compared to $969,000 a year ago.

North Valley Bancorp Announces Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Records Net Charge-Offs for the Third Quarter of 2013

North Valley Bancorp announced consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported total interest income of $8,165,000 compared with $8,426,000 for the same period a year ago. Net interest income was $7,774,000 compared with $7,713,000 for the same period a year ago. Income before provision for income taxes was $947,000 compared with $1,458,000 for the same period a year ago. Net income was $580,000 or $0.08 per basic and diluted share compared with $4,004,000 or $0.59 per basic and diluted share for the same period a year ago. Return on average total assets was 0.25% compared with 1.74% for the same period a year ago. Return on average shareholders' equity was 2.46% compared with 16.91% for the same period a year ago. For the nine months, the company reported total interest income of $24,014,000 compared with $25,455,000 for the same period a year ago. Net interest income was $22,788,000 compared with $22,434,000 for the same period a year ago. Income before provision for income taxes was $4,117,000 compared with $3,841,000 for the same period a year ago. Net income was $2,735,000 or $0.40 per basic and diluted share compared with $5,745,000 or $0.84 per basic and diluted share for the same period a year ago. Book value per share was $13.91 compared with $14.27 for the same period a year ago. Tangible book value per share was $13.89 compared with $14.23 for the same period a year ago. Return on average total assets was 0.40% compared with 0.84% for the same period a year ago. Return on average shareholders' equity was 3.82% compared with 8.29% for the same period a year ago. Gross loan charge-offs for the third quarter of 2013 were $290,000 and recoveries totaled $75,000 resulting in net charge-offs of $215,000 compared to gross loan charge-offs for the third quarter of 2012 of $1,094,000 and recoveries of $89,000 resulting in net charge-offs of $1,005,000.

 

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Price/Earnings 40.7x
Price/Sales 3.5x
Price/Book 1.5x
Price/Cash Flow 40.4x
TEV/Sales NM Not Meaningful
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