SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
AMENDMENT NO. 1
TO
ANNUAL REPORT
For the fiscal year ended December 31, 1997
Commission File No. 0-10652
NORTH VALLEY BANCORP
(Exact name of registrant as specified in its charter)
California 94-2751350
(State or other diction (I.R.S. Employer
of incorporatioganization) Identification No.)
880 E. Cypress Avenue, Redding 96002
(Address of principal executive office) (Zip code)
(530) 221-8400
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
No par value common stock
(Title of class)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
during the preceeding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. [X]
The aggregate market value of the voting stock held by non-affiliates computed
by reference to the average bid and asked prices of such stock, was $47,613,000
as of March 1, 1998.
The number of shares outstanding of common stock as of March 1, 1998, was
1,839,092.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of Registrant's Definitive Proxy Statement for the 1998 Annual Meeting
of Shareholders are incorporated by reference in Part III, Items 10, 11, 12 and
13 of this Form 10-K.
North Valley Bancorp (the "Corporation") hereby amends its Annual Report on
Form 10-K for the year ended December 31, 1997, to include Restated Financial
Data Schedules for the years ended December 31, 1997, 1996, and 1995, and for
the first, second and third quarters of 1996 and 1997. The Amendment
is a result of the Corporation's adoption of Statement of Financial
Accounting Standards No. 128, "Earnings Per Share", and restatement of
income and expense items to reflect year to date totals.
Accordingly, the undersigned registrant hereby files the following exhibits
as set forth in the pages attached hereto:
Exhibit 27.1 - Financial Data Schedule Restated for the Years Ended
December 31, 1997, December 31, 1996 and December 31, 1995
Exhibit 27.2 - Financial Data Schedule Restated for the periods ended
March 31, 1997, June 30, 1997 and September 30, 1997
Exhibit 27.3 - Financial Data Schedule Restated for the periods ended
March 31, 1996, June 30, 1996 and September 30, 1996
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS AMENDMENT NO. 1 TO BE
SIGNED ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO DULY AUTHORIZED.
Dated: June 19, 1998 NORTH VALLEY BANCORP
By: /s/ Sharon Benson
Senior Vice President &
Chief Financial Officer
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934,
THIS AMENDMENT NO. 1 HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS ON BEHALF
OF THE REGISTRANT AND IN THE CAPACITIES AND ON THE DATES INDICATED.
Signature Title Date
President & Chief Executive Officer
/s/ Martin R. Sorensen and Director 6/19/98
Senior Vice President & Chief
/s/ Sharon Benson Financial Officer 6/19/98
/s/ Rudy V. Balma Director 6/19/98
/s/ William W. Cox Director 6/19/98
/s/ Dan W. Ghidinelli Director 6/19/98
/s/ Thomas J. Ludden Director 6/19/98
/s/ Kelly V. Pierce Director 6/19/98
/s/ Douglas M. Treadway Director 6/19/98
/s/ J. M. Wells, Jr. Director 6/19/98
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
VALLEY BANCORP CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 1997, 1996 AND
1995 AND CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31,
1997, 1996 AND 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<CIK> 0000353191
<NAME> NORTH VALLEY BANCORP
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> YEAR YEAR YEAR
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1996 DEC-31-1995
<PERIOD-START> JAN-01-1997 JAN-01-1996 JAN-01-1995
<PERIOD-END> DEC-31-1997 DEC-31-1996 DEC-31-1995
<CASH> 8,842 10,407 11,868
<INT-BEARING-DEPO 1,670 0 0
<FED-FUNDS-SOLD> 13,100 18,100 16,600
<TRADING-ASSETS> 0 0 0
<INVESTMENTS-HELD 26,613 9,223 12,684
<INVESTMENTS-CARR 39,219 39,997 35,217
<INVESTMENTS-MARK 41,231 41,871 37,057
<LOANS> 169,209 168,237 149,133
<ALLOWANCE> 1,702 1,254 1,325
<TOTAL-ASSETS> 270,757 256,877 235,072
<DEPOSITS> 238,522 229,228 211,075
<SHORT-TERM> 0 0 0
<LIABILITIES-OTHER> 4,169 3,749 3,024
<LONG-TERM> 0 0 0
<PREFERRED-MANDATOR 0 0 0
0 0 0
<COMMON> 10,161 9,896 9,766
<OTHER-SE> 17,905 14,004 11,207
<TOTAL-LIABILITIES-AND-EQUITY> 270,757 256,877 235,072
<INTEREST-LOAN> 15,238 14,517 13,230
<INTEREST-INVEST> 4,495 4,124 4,239
<INTEREST-OTHER> 0 0 0
<INTEREST-TOTAL> 19,733 18,641 17,469
<INTEREST-DEPOSIT> 8,644 8,077 7,559
<INTEREST-EXPENSE> 8,644 8,077 7,559
<INTEREST-INCOME-NET> 11,089 10,564 9,910
<LOAN-LOSSES> 770 720 375
<SECURITIES-GAINS> 250 31 31
<EXPENSE-OTHER> 8,312 6,786 6,412
<INCOME-PRETAX> 6,145 5,639 5,753
<INCOME-PRE-EXTRAORDINARY> 6,145 5,639 5,753
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 5,145 4,107 4,083
<EPS-PRIMARY> 2.81 2.23 2.22
<EPS-DILUTED> 2.78 2.20 2.20
<YIELD-ACTUAL> 4.45 4.51 4.65
<LOANS-NON> 536 1,190 282
<LOANS-PAST> 244 14 15
<LOANS-TROUBLED> 0 0 0
<LOANS-PROBLEM> 0 0 0
<ALLOWANCE-OPEN> 1,254 1,325 1,144
<CHARGE-OFFS> 362 813 281
<RECOVERIES> 40 22 87
<ALLOWANCE-CLOSE> 1,702 1,254 1,325
<ALLOWANCE-DOMESTIC> 0 0 0
<ALLOWANCE-FOREIGN> 0 0 0
<ALLOWANCE-UNALLOCATED> 0 0 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
VALLEY BANCORP CONDENSED CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 1997,
JUNE 30, 1997 AND SEPTEMBER 30, 1997 AND CONDENSED CONSOLIDATED STATEMENTS OF
INCOME FOR THE THREE MONTHS ENDED MARCH 31, 1997, FOR THE SIX MONTHS ENDED
JUNE 30, 1997 AND THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<CIK> 0000353191
<NAME> NORTH VALLEY BANCORP
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-START> JAN-01-1997 JAN-01-1997 JAN-01-1997
<PERIOD-END> MAR-31-1997 JUN-30-1997 SEP-30-1997
<CASH> 8,773 12,854 10,798
INT-BEARING-DEPOSITS> 0 0 1,771
<FED-FUNDS-SOLD> 26,200 20,400 12,000
<TRADING-ASSETS> 0 0 0
<INVESTMENTS-HELD-FOR-SALE> 9,175 15,356 20,460
<INVESTMENTS-CARRYING> 40,330 40,173 39,592
<INVESTMENTS-MARKET> 41,469 41,810 41,527
<LOANS> 167,006 165,978 170,375
<ALLOWANCE> 1,374 1,386 1,509
<TOTAL-ASSETS> 264,011 267,853 266,406
<DEPOSITS> 235,589 238,677 235,210
<SHORT-TERM> 0 0 0
<LIABILITIES-OTHER> 3,510 3,636 3,542
<LONG-TERM> 0 0 0
0 0 0
0 0 0
<COMMON> 9,896 9,956 9,956
<OTHER-SE> 15,016 15,584 17,698
<TOTAL-LIABILITIES-AND-EQUITY> 264,011 267,853 266,406
<INTEREST-LOAN> 3,756 7,603 11,454
<INTEREST-INVEST> 1,035 2,140 3,299
<INTEREST-OTHER> 0 0 0
<INTEREST-TOTAL> 4,791 9,743 14,753
<INTEREST-DEPOSIT> 2,102 4,256 6,428
<INTEREST-EXPENSE> 2,102 4,256 6,428
<INTEREST-INCOME-NET> 2,689 5,487 8,325
<LOAN-LOSSES> 180 360 500
<SECURITIES-GAINS> 89 140 211
<EXPENSE-OTHER> 1,765 3,615 5,817
<INCOME-PRETAX> 1,477 2,982 5,365
<INCOME-PRE-EXTRAORDINARY> 1,477 2,982 5,365
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 1,097 2,183 4,166
<EPS-PRIMARY> .60 1.20 2.28
<EPS-DILUTED> .59 1.18 2.25
<YIELD-ACTUAL> 4.50 4.54 4.57
<LOANS-NON> 507 596 439
<LOANS-PAST> 52 5 17
<LOANS-TROUBLED> 0 0 0
<LOANS-PROBLEM> 0 0 0
<ALLOWANCE-OPEN> 1,254 1,254 1,254
<CHARGE-OFFS> 70 242 276
<RECOVERIES> 10 14 31
<ALLOWANCE-CLOSE> 1,374 1,386 1,509
<ALLOWANCE-DOMESTIC> 0 0 0
<ALLOWANCE-FOREIGN> 0 0 0
<ALLOWANCE-UNALLOCATED> 0 0 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
VALLEY BANCORP CONDENSED CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 1996,
JUNE 30, 1996 AND SEPTEMBER 30, 1996 AND CONDENSED CONSOLIDATED STATEMENTS OF
INCOME FOR THE THREE MONTHS ENDED MARCH 31, 1996, SIX MONTHS ENDED JUNE 30,
1996 AND NINE MONTHS ENDED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<CIK> 0000353191
<NAME> NORTH VALLEY BANCORP
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996 DEC-31-1996
<PERIOD-START> JAN-01-1996 JAN-01-1996 JAN-01-1996
<PERIOD-END> MAR-30-1996 JUN-30-1996 SEP-30-1996
<CASH> 8,480 10,934 13,193
<INT-BEARING-DEPOSITS> 0 0 0
<FED-FUNDS-SOLD> 19,800 11,900 13,000
<TRADING-ASSETS> 1,979 1,964 0
<INVESTMENTS-HELD-FOR-SALE> 11,080 11,541 11,553
<INVESTMENTS-CARRYING> 38,490 39,583 40,315
<INVESTMENTS-MARKET> 39,941 40,593 41,567
<LOANS> 149,484 159,589 165,721
<ALLOWANCE> 1,345 1,449 1,658
<TOTAL-ASSETS> 239,015 245,292 253,540
<DEPOSITS> 214,141 220,264 227,266
<SHORT-TERM> 0 0 0
<LIABILITIES-OTHER> 2,908 2,757 2,857
<LONG-TERM> 0 0 0
0 0 0
0 0 0
<COMMON> 9,780 22,271 9,814
<OTHER-SE> 12,186 0 13,603
<TOTAL-LIABILITIES-AND-EQUITY> 239,015 245,292 253,540
<INTEREST-LOAN> 3,475 7,028 10,702
<INTEREST-INVEST> 1,010 2,025 3,061
<INTEREST-OTHER> 0 0 0
<INTEREST-TOTAL> 4,485 9,053 13,763
<INTEREST-DEPOSIT> 1,995 3,944 5,984
<INTEREST-EXPENSE> 1,995 3,944 5,984
<INTEREST-INCOME-NET> 2,490 5,109 7,779
<LOAN-LOSSES> 105 210 465
<SECURITIES-GAINS> 0 ( 17) 2
<EXPENSE-OTHER> 1,621 3,334 5,010
<INCOME-PRETAX> 1,396 2,787 4,184
<INCOME-PRE-EXTRAORDINARY> 1,396 2,787 4,184
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 1,024 2,020 3,024
<EPS-PRIMARY> .56 1.10 1.64
<EPS-DILUTED> .55 1.08 1.62
<YIELD-ACTUAL> 4.56 4.55 4.54
<LOANS-NON> 511 501 1,384
<LOANS-PAST> 46 3 6
<LOANS-TROUBLED> 0 0 0
<LOANS-PROBLEM> 0 0 0
<ALLOWANCE-OPEN> 1,325 1,325 1,325
<CHARGE-OFFS> 92 95 146
<RECOVERIES> 7 9 14
<ALLOWANCE-CLOSE> 1,345 1,449 1,658
<ALLOWANCE-DOMESTIC> 0 0 0
<ALLOWANCE-FOREIGN> 0 0 0
<ALLOWANCE-UNALLOCATED> 0 0 0
</TABLE>
