Business News • MarketWire • Valley Community Bank Reports Adjustment to 2010 4th Quarter Results |
Valley Community Bank Reports Adjustment to 2010 4th Quarter Results |
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Valley Community Bank Reports Adjustment to 2010 4th Quarter Results
PLEASANTON, CA--(Marketwire - April 19, 2011) - In late March 2011, Valley Community Bank (OTCBB: VCBC), determined that an additional adjustment to the provision for loan loss was warranted for the period of December 2010 due to late first quarter 2011 receipt of previously ordered valuations of collateral. "The result of this loan loss adjustment reduced net income for the year from $527,000 to $204,000," said President and CEO Rick Loupe. "As such, annual net earnings available to common shareholders were also reduced from the previously stated amount of $172,000 net income to $151,000 net loss.
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