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Previous: NORTH VALLEY BANCORP, 8-K, EX-99.24, 2000-10-26 |
Next: KILICO VARIABLE ANNUITY SEPARATE ACCOUNT, 485APOS, 2000-10-26 |
<TABLE>
<CAPTION>
NORTH VALLEY BANCORP AND SIX RIVERS NATIONAL BANK
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS (unaudited)
NINE MONTHS ENDED SEPTEMBER 30, 2000
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
NVBANCORP AND
NVBANCORP SRNB SRNB COMBINED
----------- ----------- -------------
<S> <C> <C> <C>
INTEREST INCOME
Loans and leases including fees $ 14,842 $ 7,971 $ 22,813
Other interest income 3,249 3,646 6,895
----------- ----------- -------------
TOTAL INTEREST INCOME 18,091 11,617 29,708
----------- ----------- -------------
INTEREST EXPENSE
Interest on Deposits 6,929 4,549 11,478
Other borrowings 506 506
----------- ----------- -------------
TOTAL INTEREST EXPENSE 6,929 5,055 11,984
----------- ----------- -------------
NET INTEREST INCOME 11,162 6,562 17,724
PROVISION FOR LOAN LOSSES 780 540 1,320
----------- ----------- -------------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 10,382 6,022 16,404
----------- ----------- -------------
NONINTEREST INCOME
Service charges on deposit accounts 2,310 835 3,145
Other fees and charges 619 619
Other 1,067 312 1,379
----------- ----------- -------------
TOTAL NONINTEREST INCOME 3,996 1,147 5,143
----------- ----------- -------------
NONINTEREST EXPENSE
Salaries and employee benefits 4,564 2,854 7,418
Occupancy & furniture, fixtures and equipment 1,078 1,023 2,101
Merger & integration expenses 447 236 683
Other 3,242 1,991 5,233
----------- ----------- -------------
TOTAL NONINTEREST EXPENSES 9,331 6,104 15,435
----------- ----------- -------------
INCOME BEFORE PROVISION FOR INCOME TAXES 5,047 1,065 6,112
Provision for income taxes 1,413 447 1,860
----------- ----------- -------------
NET INCOME $ 3,634 $ 618 $ 4,252
=========== =========== =============
EARNINGS PER SHARE:(1)
BASIC $ 0.98 $ 0.42 $ 0.73
=========== =========== =============
DILUTED $ 0.97 $ 0.41 $ 0.73
=========== =========== =============
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC 3,717,000 1,482,000 5,792,000
=========== =========== =============
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED 3,742,000 1,495,000 5,835,000
=========== =========== =============
</TABLE>
(1) Common Stock
North Valley Bancorp and Six Rivers National Bank combined earnings per share
and outstanding shares is calculated as the historical North Valley Bancorp
weighted average share plus the historical Six Rivers National Bank weighted
average shares adjusted for the conversion ratio of 1.40.
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