Valley Republic Bancorp : Financial Results

Valley Republic Bancorp and Subsidiary

Balance Sheet

(Unaudited. Dollars in thousands, except per share data.)	December 31, 2021	December 31, 2020
ASSETS
Cash and Due From Banks	$	10,924	$	10,585
Federal Funds Sold & Interest-Bearing Deposits in Banks		278,308		130,141
Total Cash and Equivalents		289,232		140,726
Debt Securities		230,529		212,317
Loans, Net of Deferred Fees and Costs		829,196		849,226
Allowance for Loan losses		(11,124)		(10,624)
Net Loans		818,072		838,602
Premises and Equipment		5,783		6,948
Bank Owned Life Insurance		13,545		13,264
Interest Receivable and Other Assets		23,187		24,153
TOTAL ASSETS	$	1,380,348	$	1,236,010
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits
Noninterest-Bearing	$	420,496	$	381,733
Interest-Bearing		796,859		702,140
Total Deposits		1,217,355		1,083,873
Short-Term FHLB Borrowing		-		5,000
Long-Term Debt		39,530		39,371
Accrued Interest Payable and Other Liabilities		13,483		12,652
Total Liabilities		1,270,368		1,140,896
Shareholders' Equity
Common Stock, no Par Value		49,459		48,530
Additional Paid-in Capital		1,106		808
Retained Earnings		58,444		42,143
Accumulated Other Comprehensive Income (Loss)		971		3,633
Total Shareholders' Equity		109,980		95,114
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,380,348	$	1,236,010
Shares of Common Stock Outstanding at End of Period		4,271,811		4,217,267
Book Value per Share	$	25.75	$	22.55

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Valley Republic Bancorp and Subsidiary

Income Statement

(Unaudited. Dollars in thousands, except per share data.)		Quarters Ended December 31,			Year to Date Ended December 31,
		2021			2020			2021			2020
INTEREST INCOME
Loans (Including Fees and Costs)	$	11,566	$	9,206	$	40,392	$	32,835
Debt Securities		974			1,038			3,936			3,696
Other		102			27			229			353
Total Interest Income		12,642			10,271			44,557			36,884
INTEREST EXPENSE
Deposits		426			420			1,713			2,510
Other		588			571			2,352			1,586
Total Interest Expense		1,014			991			4,065			4,096
Net Interest Income		11,628			9,280			40,492			32,788
Provision For Loan Losses		-			600			500			2,275
Net Interest Income After Provision for Loan Losses		11,628			8,680			39,992			30,513
NON-INTEREST INCOME
Service Charges and Fees on Deposits		267			183			957			660
Other Non-Interest Income		710			518			2,058			1,768
Gain (Loss) on Sale of Securities		-			22			-			1,111
Total Non-Interest Income		977			723			3,015			3,539
NON-INTEREST EXPENSE
Salaries and Employee Benefits		3,410			2,801			11,159			10,016
Occupancy & Equipment		504			501			2,005			1,939
Other		2,147			1,275			6,935			4,930
Total Non-Interest Expense		6,061			4,577			20,099			16,885
Income Before Taxes		6,544			4,826			22,908			17,167
Income Taxes		1,879			1,312			6,607			4,636
NET INCOME	$	4,665		$	3,514		$	16,301		$	12,531
Basic Earnings per Share	$	1.10		$	0.83		$	3.85		$	2.99
Diluted Earnings per Share	$	1.08	$	0.83	$	3.81	$	2.97
Weighted Average Shares		4,255,448			4,210,513			4,236,632			4,193,464
Weighted Average Diluted Shares		4,307,915			4,228,432			4,273,950			4,217,728
Average Assets		1,422,747			1,221,033			1,365,475			1,119,732
Average Equity		107,856			91,881			101,998			86,234

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