Valley Republic Bancorp reports record earnings – QNT Press Release

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Bakersfield, California, July 21, 2021 /PRNewswire/ – Valley Republic Bancorp (“Company”) (OTCQX:VLLX), the parent company of Valley Republic Bank (“Bank”), today announced its unaudited financial results for the quarter ended June 30, 2021.

2^nd Compared to the second quarter of 2021^nd 2020 quarter:

• Net income after tax increased by 23.8% to USD 4.554 million or 1.07 USD Diluted per share
• Total assets increased by 12.0% to $1.366 billion
• Deposit increased by 14.4% to $1.212 billion
• Total loans increased by 5.4% to US$903,661 million
• Excluding Payroll Protection Program (PPP) loans, total loans increased by 12.7% to 735,923 million US dollars
• Shareholders’ equity increased by 18.5% to $103,103 million
• Book value increased to 24.32 USD Per share
• Year-to-date average return on assets is 1.27%
• Year-to-date average return on equity is 17.11%

Overview:

Jero Smith, President and CEO said: “Given the difficult interest rate environment, I am very satisfied with our company’s financial performance. Our professional team is still focused on serving existing customers and bringing the new name to the bank, which is reflected in Our core balance sheet growth in the first six months of this year. In addition, we deliberately focus on non-interest income by expanding our fund management capabilities, driving our non-interest income to grow by 29% year-on-year. -Interest income, excluding our previous years The proceeds from the sale of securities. Non-interest income and the development of new relationships remain our company’s top priority.”

Financial Performance

The net income for the second quarter of 2021 is USD 4.554 million compared to 3.678 million US dollars Compared with the same period last year, an increase of US$876,000 Or 23.8%. Earnings per share for the second quarter of 2021 are 1.07 USD The diluted shares of the outstanding shares and 0.87 USD Diluted earnings per share reported in the second quarter of 2020 increased by 23.0%.

The end of six months June 30, 2021, The net income is USD 8.262 million compared to $5.933 million Compared with the same period of the previous year, an increase of $2.329 million Or 39.3%.YTD earnings are 1.94 USD Compared with diluted earnings per share 1.41 USD The same period in 2020.

The end of the three and six months June 30, 2021, The company’s average return on assets were 1.34% and 1.27%, and the average return on equity was 18.51% and 17.11%.

The table below sets forth a summary of average balances and interest rates during the presentation period. Average loans include non-accrual loans.Interest income includes fee income $1.843 million with US$126,000 End of three months June 30, 2021 with June 30, 2020, Respectively.Interest income includes expenses and (cost) net $2.661 million with $ (16) thousand The end of six months June 30, 2021 with June 30, 2020, Respectively. Certain loans and debt securities are tax-exempt, but the income from these profitable assets is not important, so no adjustments are made to reflect the interest earned on these profitable assets on a tax-equivalent basis.

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