Valley Republic Bancorp : Financial Results

Valley Republic Bancorp and Subsidiary
	Balance Sheet
(Unaudited. Dollars in thousands, except per share data.)			March 31, 2021	December 31, 2020
ASSETS
Cash and Due From Banks	$	13,180	$	10,585
Federal Funds Sold & Interest-Bearing Deposits in Banks			111,343		130,141
Total Cash and Equivalents			124,523		140,726
Debt Securities			205,161		212,317
Loans, Net of Deferred Fees and Costs			987,973		849,226
Allowance for Loan losses			(10,999)		(10,624)
Net Loans			976,974		838,602
Premises and Equipment			6,693		6,948
Bank Owned Life Insurance			13,332		13,264
Interest Receivable and Other Assets			23,747		24,153
TOTAL ASSETS	$	1,350,430	$	1,236,010
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits
Noninterest-Bearing	$	447,745	$	381,733
Interest-Bearing			750,286		702,140
Total Deposits			1,198,031		1,083,873
Short-Term FHLB Borrowing			5,000		5,000
Long-Term Debt			39,411		39,371
Accrued Interest Payable and Other Liabilities			11,521		12,652
Total Liabilities			1,253,963		1,140,896
Shareholders' Equity
Common Stock, no Par Value			48,724		48,530
Additional Paid-in Capital			914		808
Retained Earnings			45,850		42,143
Accumulated Other Comprehensive Income (Loss)			979		3,633
Total Shareholders' Equity			96,467		95,114
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$	1,350,430	$	1,236,010
Book Value per Share	$	22.84	$	22.55

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Valley Republic Bancorp and Subsidiary
	Income Statement
(Unaudited. Dollars in thousands, except per share data.)			Quarters Ended March 31,
			2021			2020
INTEREST INCOME
Loans (Including Fees and Costs)	$	9,258		$	7,385
Debt Securities			968			1,004
Other			21			261
Total Interest Income			10,247			8,650
INTEREST EXPENSE
Deposits			401			1,102
Other			550			300
Total Interest Expense			951			1,402
Net Interest Income			9,296			7,248
Provision For Loan Losses			375			375
Net Interest Income After Provision for Loan Losses			8,921			6,873
NON-INTEREST INCOME
Service Charges and Fees on Deposits			190			150
Other Non-Interest Income			328			210
Gain (Loss) on Sale of Securities			-			-
Total Non-Interest Income			518			360
NON-INTEREST EXPENSE
Salaries and Employee Benefits			2,370			2,620
Occupancy & Equipment			487			469
Other			1,485			1,071
Total Non-Interest Expense			4,342			4,160
Income Before Taxes			5,097			3,073
Income Taxes			1,389			818
NET INCOME		$	3,708		$	2,255
Basic Earnings per Share	$	0.88		$	0.54

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