UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A, NO. 1
(Mark One)
[x] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the Period Ended September 30, 1999.
[ ] Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934 for the
Transition Period From to
Commission file number 0-10652
NORTH VALLEY BANCORP
(Exact name of registrant as specified in its charter)
California 94-2751350
State or other jurisdiction (IRS Employer ID Number)
of incorporation or organization)
880 E. Cypress Avenue, Redding, CA 96002
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (530) 221-8400
Not applicable
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of
the Exchange Act of 1934 during the preceding 12 months (or
for such shorter periods 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 the number of shares outstanding of each of the
issuer's classes of common stock, as of the last practical
date.
Common Stock - -3,708,418 shares as of October 31, 1999.
North Valley Bancorp (the Company) hereby amends Item 2
of its Quarterly Report on Form 10-Q for the quarter ended
September 30, 1999, as follows:
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Earnings Summary
For the three months ended For the nine months ended
September 30, September 30,
(in thousands except 1999 1998 1999 1998
per share amounts)
Net interest income $ 3,338 $ 2,886 $ 9,770 $ 8,677
Provision for loan losses (280) (800) (835) (1,160)
Noninterest income 1,131 1,061 2,866 3,009
Noninterest expense (2,495) (2,193) (7,220) (6,473)
Provision for income taxes (402) (269) (1,226) (1,135)
Net income $ 1,292 $ 685 $ 3,355 $ 2,918
Earnings Per Share
Basic $ 0.35 $ 0.19 $ 0.91 $ 0.79
Diluted $ 0.35 $ 0.18 $ 0.90 $ 0.78
Return on Average Assets 1.68% 0.97% 1.50% 1.39%
Return on Average Equity 16.01% 9.09% 14.25% 13.05%
For the nine-month period ended September 30, 1999, the
Company achieved net income of $3,355,000 as compared to
$2,918,000 for the same period in 1998. On a per share
basis, diluted earnings per share was $.90 for the nine
months ended September 30, 1999 compared to $.78 for the
same period in 1998.
For the nine months ended September 30, 1999, the
Company continued quarterly dividends totaling $1,111,000
for the year to stockholders of the Company. The Company's
return on average total assets and average stockholders'
equity were 1.50% and 14.25% for the nine months ended
September 30, 1999, compared with 1.39% and 13.05% for the
same period in 1998.
For the nine months ended September 30, 1999, the
increase in net interest income was primarily due to the
increase in average loans outstanding, coupled with a
decrease in rates paid on average interest bearing deposits
and offset by a decrease in rates earned on average earning
assets. The Company's loan loss provision decreased
$325,000. For the nine months ended September 30, 1999,
noninterest income was impacted by a reduction in gain on
available for sale securities of $703,000 offset by
increased service charge and other fee income from the
expanded customer base. The increase in noninterest expense
in the same period is primarily the result of costs
associated with the addition of two super-market branches,
the Business Banking Center as well as an expanded
Investment Services Department. The Company has made a
substantial investment in technology updates that have
resulted in the addition of new products and services to
provide for future expansion.
For the three months ended September 30, 1999, net
income was $1,292,000 compared to $685,000. The increase of
$607,000 was a result of an increase in net interest income,
lower provision for loan loss, an increase in service
charges and other fees offset by decreases in gains on sale
of securities, and an increase in noninterest expenses.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the Company has duly caused this Amendment No.
1 to Form 10-Q to be signed on its behalf by the undersigned
thereunto duly authorized.
Dated: November 23, 1999 NORTH VALLEY BANCORP
By: /s/ Sharon Benson
Senior Vice President &
Chief Financial Officer
