Business News • MarketWire • Valley Community Bank Reports Fourth Quarter 2010 Results |
Valley Community Bank Reports Fourth Quarter 2010 Results |
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Valley Community Bank Reports Fourth Quarter 2010 Results
PLEASANTON, CA--(Marketwire - February 3, 2011) - Valley Community Bank (OTCBB: VCBC),
reported results for the fourth quarter and fiscal year ended December 31,
2010. For the fiscal year 2010, net income after tax was almost unchanged
at $527,000 compared to $526,000 in 2009. Net interest income before
provision for loan loss increased 2% over 2009 to $9.46 million. This
increase was attributable to lower deposit and borrowing costs which
decreased 29% year over year. Revenues from non interest income for 2010
were lower by 37% compared to 2009, partially due to a required regulatory
accounting change to delay revenue recognition from SBA loan sales, a
historically strong earnings area for the Bank. This required accounting
change resulted in $526,000 of SBA loan sales revenue being delayed into
the first quarter of 2011.
View More : http://www.marketwire.com/mw/release.do?id=1390539&sourceType=3
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