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Exhibit 99.4

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 North Valley Bancorp Reports Unaudited Results for the Fourth

Quarter and Year Ended December 31, 2013

  

January 30, 2014 - REDDING, CA - North Valley Bancorp (NASDAQ:NOVB), a bank holding company with $918 million in assets, today reported results for the fourth quarter and year ended December 31, 2013. North Valley Bancorp (the “Company”) is the parent company for North Valley Bank (the Bank”).

 

The Company reported net income of $890,000, or $0.13 per diluted share, for the quarter ended December 31, 2013 compared to net income of $545,000, or $0.08 per diluted share, for the quarter ended December 31, 2012. The Company reported net income for the year ended December 31, 2013 of $3,625,000, or $0.53 per diluted share, compared to net income of $6,290,000, or $0.92 per diluted share for the year ended December 31, 2012.

 

Michael J. Cushman, President and Chief Executive Officer, stated “we are pleased with the overall performance during 2013. We were able to grow loan totals and deposits, while significantly decreasing nonperforming assets. As we announced on January 21, 2014, we have agreed to merge with TriCo Bancshares and we are excited about the future of the combined organization.”

 

The Company did not record a provision for loan losses in the fourth quarter ended December 31, 2013 or the fourth quarter ended December 31, 2012. The Company did not record a provision for loan losses for the year ended December 31, 2013 compared to provisions for loan losses of $2,100,000 for the year ended December 31, 2012. The allowance for loan losses at December 31, 2013 was $9,301,000 or 1.83% of total loans, compared to $10,458,000, or 2.12% of total loans at December 31, 2012.

 

At December 31, 2013, total assets were $917,764,000, an increase of $15,421,000, or 1.7% from $902,343,000 at December 31, 2012. Total loans were $509,244,000 at December 31, 2013, an increase of $17,033,000, or 3.5%, compared to $492,211,000 at December 31, 2012. The loan to deposit ratio at December 31, 2013 was 64.6% as compared to 64.0% at December 31, 2012. Total deposits increased $19,269,000, or 2.5%, to $787,849,000 at December 31, 2013 compared to $768,580,000 at December 31, 2012. Available-for-sale investment securities decreased $6,336,000 to $279,479,000 at December 31, 2013 from $285,815,000 at December 31, 2012, while Federal funds sold increased $22,270,000 to $38,135,000 at December 31, 2013 from $15,865,000 at December 31, 2012.

 

At December 31, 2013, the Company’s Total Risk-based Capital was $119,178,000, and its capital ratios were: Total Risk-based Capital ratio – 19.0%; Tier 1 Risk-based Capital ratio – 17.8%; and Tier 1 Leverage ratio – 12.2%. At December 31, 2013, the Bank’s Total Risk-based Capital was $116,783,000, and its capital ratios were: Total Risk-based Capital ratio – 18.7%; Tier 1 Risk-based Capital ratio – 17.4%; and Tier 1 Leverage ratio – 11.9%.

 

As announced by the Company on January 21, 2014 and reported in the Company’s Current Report on Form 8-K filed with the Commission on January 22, 2014 (the “Current Report”), the Company has entered into an Agreement and Plan of Merger and Reorganization dated January 21, 2014 (the “Merger Agreement”), pursuant to which the Company would merge with and into TriCo Bancshares, a California corporation (“TriCo”), with TriCo being the surviving corporation. Immediately thereafter, the Company’s subsidiary bank, North Valley Bank, would be merged with and into TriCo’s subsidiary bank, Tri Counties Bank. A copy of the Merger Agreement (together with certain other information regarding the proposed merger) is provided in the Current Report. The transaction is expected to close in the second or third quarter of this year, pending approvals of the merger by the Company shareholders and the TriCo shareholders, the receipt of all necessary regulatory approvals, and the satisfaction of other closing conditions which are customary for such transactions.

 
 

Credit Quality

Nonperforming loans (defined as nonaccrual loans and loans 90 days or more past due and still accruing interest) decreased $742,000, or 12.7%, to $5,093,000 at December 31, 2013 from $5,835,000 at December 31, 2012. Nonperforming loans as a percentage of total loans were 1.00% at December 31, 2013, compared to 1.19% at December 31, 2012.

 

The overall level of nonperforming loans decreased $123,000 to $5,093,000 at December 31, 2013 from $5,216,000 at September 30, 2013. During the fourth quarter of 2013, the Company identified five loans totaling $631,000 as additional nonperforming loans. These additions were offset by reductions in nonperforming loans totaling $754,000 due primarily to collections received on certain loans and charge-offs. Of the five loans totaling $631,000 identified as nonaccrual loans and added to nonperforming loans, the largest loan of this group totaled $240,000. This loan is a commercial loan and it has a specific reserve of $150,000. The remaining four loans in this group of nonperforming loans totaled $391,000 and no specific reserves have been established for them.

 

Gross loan charge-offs for the fourth quarter of 2013 were $349,000 and recoveries totaled $338,000 resulting in net charge-offs of $11,000 compared to gross loan charge-offs for the fourth quarter of 2012 of $1,051,000 and recoveries of $82,000 resulting in net charge-offs of $969,000. Gross loan charge-offs for the year ended December 31, 2013 were $1,840,000 and recoveries for the same year totaled $683,000 resulting in net charge-offs of $1,157,000, compared to gross charge-offs for the year ended December 31, 2012 of $4,702,000 and recoveries of $404,000 resulting in net charge-offs of $4,298,000.

 

Nonperforming assets (nonperforming loans and other real estate owned (“OREO”)) totaled $8,547,000 at December 31, 2013, a decrease of $19,711,000, or 69.8%, from the December 31, 2012 balance of $28,258,000. Nonperforming assets as a percentage of total assets were 0.93% at December 31, 2013 compared to 3.13% at December 31, 2012.

 

The Company’s OREO properties decreased $11,591,000 to $3,454,000 at December 31, 2013 from $15,045,000 at September 30, 2013. The decrease in OREO was due to the sale of thirteen properties totaling $11,281,000, and the write-down of certain other OREO properties totaling $937,000 during the quarter ended December 31, 2013. The decrease was partially offset by the addition of one OREO property in the amount of $627,000, which was originally purchased for expansion by the Company but subsequently concluded that it was no longer needed.

 

Operating Results

Net interest income, which represents the Company’s largest component of revenues and is the difference between interest earned on loans and investments and interest paid on deposits and borrowings, increased $35,000, or 0.5%, for the three months ended December 31, 2013 compared to the same period in 2012. Interest income decreased by $77,000, or 0.9%, for the three months ended December 31, 2013, primarily due to the decrease in yield on average loan balances. The Company had foregone interest income of $53,000 related to loans currently on nonaccrual status for the three months ended December 31, 2013 compared to $80,000 for the same period in 2012. Average loans increased $24,109,000 in the fourth quarter of 2013 compared to the fourth quarter of 2012 while the yield on the loan portfolio decreased 35 basis points to 5.09% for the fourth quarter of 2013. Offsetting this decrease in interest income for the quarter was a decrease in interest expense of $112,000, or 22.2%, primarily due to a decrease in the rates paid on deposits. Overall, average earning assets increased $47,619,000 in the fourth quarter of 2013 compared to the fourth quarter of 2012. Average yields on earning assets decreased 28 basis points from the quarter ended December 31, 2012, to 3.90% for the quarter ended December 31, 2013 while the average rate paid on interest-bearing liabilities decreased by 8 basis points to 0.25%. The Company’s net interest margin (tax equivalent basis) for the quarter ended December 31, 2013 was 3.71%, a decrease of 22 basis points from 3.93% for the fourth quarter of 2012 and a decrease of 11 basis points from the net interest margin (tax equivalent basis) of 3.82% for the linked quarter ended September 30, 2013. Net interest income increased $389,000, or 1.3%, for the year ended December 31, 2013 compared to the year ended December 31, 2012. Total interest income decreased by $1,518,000, or 4.5%, primarily due to a decrease in yield on securities and secondarily due to a decrease in yield on loans. Interest expense decreased $1,907,000, or 54.1%, due to a decrease in interest expense on subordinated debentures and a decrease in rates paid on deposits for the year ended December 31, 2013 compared to the year ended December 31, 2012. The net interest margin for the year ended December 31, 2013 decreased 3 basis points to 3.77% from the net interest margin of 3.80% for the year ended December 31, 2012.

 
 

Noninterest income for the quarter ended December 31, 2013 decreased $1,321,000, or 30.9%, to $2,948,000 compared to $4,269,000 for the same period in 2012. Service charges on deposits decreased $251,000 to $808,000 for the fourth quarter of 2013 compared to $1,059,000 for the same period in 2012, and other fees and charges decreased by $53,000 to $1,042,000 for the fourth quarter of 2013 compared to $1,095,000 for the same period in 2012. The Company recorded gains on the sale of mortgage loans of $314,000, and gains on the sale of SBA loans of $283,000 for the quarter ended December 31, 2013 compared to gains of $966,000 and $330,000, respectively, for the same period in 2012. The Company did not record any gains or losses on the sale of investment securities for the fourth quarter of 2013 compared to gains of $221,000 for the same period in 2012. Noninterest income for the year ended December 31, 2013 decreased by $2,282,000, or 13.9%, to $14,137,000 from $16,419,000 for the year ended December 31, 2012. The primary reason for the decrease in noninterest income in 2013 compared to 2012 was due to a decrease in gains on the sale of available for sale securities of $1,329,000. The Company recognized gains on the sale of investment securities of $548,000 for the year ended December 31, 2013 compared to $1,877,000 for the year ended December 31, 2012. Service charges on deposit accounts decreased $643,000 to $3,690,000 for the year ended December 31, 2013 compared to $4,333,000 for the year ended December 31, 2012. Other fees and charges decreased $293,000 to $4,422,000 for the year ended December 31, 2013 compared to $4,715,000 for the year ended December 31, 2012. The Company recorded gains on the sale of mortgage loans of $2,345,000, and gains on the sale of SBA loans of $693,000 for the year ended December 31, 2013 compared to $2,682,000 and $472,000, respectively, for the year ended December 31, 2012.

 

Noninterest expenses decreased $1,683,000 to $9,653,000 for the fourth quarter of 2013 from $11,336,000 for the fourth quarter of 2012. Salaries and employee benefits decreased $33,000 in the fourth quarter of 2013 from the fourth quarter of 2012, and the Company experienced decreases in occupancy expense and furniture and equipment expense of $32,000, and decreases in FDIC and state assessments of $39,000 in the fourth quarter of 2013 compared to the fourth quarter of 2012. The Company’s other real estate owned expense decreased $816,000 to $947,000 for the fourth quarter of 2013 compared to $1,763,000 for the fourth quarter of 2012. Other noninterest expense, primarily associated with regulatory compliance assessments, decreased $763,000 to $2,560,000 in the fourth quarter of 2013 compared to $3,323,000 for the fourth quarter of 2012. Noninterest expenses for the year ended December 31, 2013 decreased $466,000 to $39,513,000 compared to $39,979,000 for the year ended December 31, 2012. Salaries and employee benefits increased $177,000 for the year ended December 31, 2013 from the year ended December 31, 2012, while the Company experienced decreases in occupancy expense and furniture and equipment expense of $130,000, and decreases in FDIC and state assessments of $102,000 for the year ended December 31, 2013 compared to the year ended December 31, 2012. The Company’s other real estate owned expense decreased $102,000 to $3,539,000 for the year ended December 31, 2013 compared to $3,556,000 for the year ended December 31, 2012, and other noninterest expense decreased $394,000 to $11,345,000 for the year ended December 31, 2013 compared $11,739,000 for the year ended December 31, 2012.

 

The Company recorded a provision for income taxes for the quarter ended December 31, 2013 of $212,000, compared to $160,000 for the quarter ended December 31, 2012. The Company recorded a provision for income taxes for the year ended December 31, 2013 of $1,594,000, compared to a benefit for income taxes of $1,744,000 for the year ended December 31, 2012.

 

ADDITIONAL INFORMATION ABOUT NORTH VALLEY’S PENDING MERGER WITH TRICO AND WHERE TO FIND IT

 

TriCo Bancshares intends to file a registration statement on Form S-4 with the Securities and Exchange Commission (the “SEC”), and TriCo Bancshares and North Valley Bancorp intend to mail a proxy statement/prospectus to their respective shareholders, containing information about the proposed merger transaction. Investors and shareholders of TriCo and North Valley are urged to read the proxy statement/prospectus and other relevant materials when they become available in order to obtain important information about Trico, North Valley and the proposed merger. In addition to the registration statement to be filed by TriCo and the proxy statement/prospectus to be mailed to the TriCo and North Valley shareholders, TriCo and North Valley file annual, quarterly and current reports, proxy statements and other information with the SEC. Investors and shareholders may obtain a free copy of the proxy statement/prospectus and other relevant documents (when they become available) and any other documents filed with the SEC at its website at www.sec.gov. These documents may also be obtained free of charge from TriCo by requesting them by telephone or mail at TriCo Bancshares, 63 Constitution Drive, Chico, California 95973, Attention: Investor Relations, telephone (530) 898-0300, or by accessing TriCo’s website at www.tcbk.com under “Investor Relations,” or by directing a request by telephone or mail to North Valley Bancorp, 300 Park Marina Circle, Redding, California 96001, Attention: Corporate Secretary, telephone (530) 226-2900, or by accessing North Valley’s website at www.novb.com under “Investor Relations.” TriCo, North Valley and their respective officers and directors may be deemed to be participants in the solicitation of proxies from their respective shareholders with respect to the transactions contemplated by the proposed merger. Information regarding TriCo’s officers and directors will be included in TriCo’s Form 10-K Annual Report to be filed with the SEC, and information regarding North Valley’s officers and directors will be included in North Valley’s Form 10-K Annual Report to be filed with the SEC. Descriptions of the interests of the directors and executive officers of TriCo and North Valley in the proposed merger will be set forth in the proxy statement/prospectus and other relevant documents filed with the SEC (when they become available).

 
 

North Valley Bancorp is a bank holding company headquartered in Redding, California. Its subsidiary, North Valley Bank (the “Bank”), operates twenty-two commercial banking offices in Shasta, Humboldt, Del Norte, Mendocino, Yolo, Sonoma, Placer and Trinity Counties in Northern California, including two in-store supermarket branches and six Business Banking Centers. North Valley Bancorp, through the Bank, offers a wide range of consumer and business banking deposit products and services including internet banking and cash management services. In addition to these depository services, the Bank engages in a full complement of lending activities including consumer, commercial and real estate loans. Additionally, the Bank has SBA Preferred Lender status and provides investment services to its customers. Visit the Company’s website address at www.novb.com for more information.

 

Cautionary Statement: This release contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those stated herein. Management’s assumptions and projections are based on their anticipation of future events and actual performance may differ materially from those projected. Risks and uncertainties which could impact future financial performance include, among others, (a) competitive pressures in the banking industry; (b) changes in the interest rate environment; (c) general economic conditions, either nationally, regionally or locally, including fluctuations in real estate values; (d) changes in the regulatory environment; (e) changes in business conditions or the securities markets and inflation; and (f) the effects of terrorism, including the events of September 11, 2001, and thereafter, and the conduct of the war on terrorism by the United States and its allies. Therefore, the information set forth herein, together with other information contained in the periodic reports filed by the Company with the Securities and Exchange Commission, should be carefully considered when evaluating the business prospects of the Company. North Valley Bancorp undertakes no obligation to update any forward-looking statements contained in this release, except as required by law.

 

For further information contact:

 

Michael J. Cushman or                           Kevin R. Watson
President & Chief Executive Officer                    Executive Vice President & Chief Financial Officer
(530) 226-2900    Fax: (530) 221-4877   (530) 226-2900   Fax: (530) 221-4877
 
 

NORTH VALLEY BANCORP

CONDENSED CONSOLIDATED FINANCIAL DATA

(Unaudited)

(Dollars in thousands, except per share data)

 

   Three Months Ended         
   December 31,         
Statement of Income  2013   2012   $ Change   % Change 
Interest income                    
Loans (including fees)  $6,495   $6,605   $(110)   (1.67%)
Investment securities   1,684    1,660    24    1.45%
Federal funds sold and other   20    11    9    81.82%
Total interest income   8,199    8,276    (77)   (0.93%)
Interest expense                    
Interest on deposits   259    365    (106)   (29.04%)
Other borrowings   1        1     
Subordinated debentures   132    139    (7)   (5.04%)
Total interest expense   392    504    (112)   (22.22%)
Net interest income   7,807    7,772    35    0.45%
Provision for loan losses                
Net interest income after provision for loan losses   7,807    7,772    35    0.45%
                     
Noninterest income                    
Service charges on deposit accounts   808    1,059    (251)   (23.70%)
Other fees and charges   1,042    1,095    (53)   (4.84%)
Gain on sales of mortgage loans   314    966    (652)   (67.49%)
Gain on sales of SBA loans   283    330    (47)   (14.24%)
Gain on sales of securities, net       221    (221)   (100.00%)
Other   501    598    (97)   (16.22%)
Total noninterest income   2,948    4,269    (1,321)   (30.94%)
                     
Noninterest expenses                    
Salaries and employee benefits   5,131    5,164    (33)   (0.64%)
Occupancy   618    636    (18)   (2.83%)
Furniture and equipment   215    229    (14)   (6.11%)
Other real estate owned expense   947    1,763    (816)   (46.28%)
FDIC and state assessments   182    221    (39)   (17.65%)
Other   2,560    3,323    (763)   (22.96%)
Total noninterest expenses   9,653    11,336    (1,683)   (14.85%)
Income before provision for income taxes   1,102    705    397    56.31%
Provision for income taxes   212    160    52    32.50%
Net income  $890   $545   $345    63.30%
                     
Common Share Data                    
Earnings per share                    
Basic  $0.13   $0.08   $0.05    62.50%
Diluted  $0.13   $0.08   $0.05    62.50%
                     
Weighted average shares outstanding   6,836,463    6,835,192           
Weighted average shares outstanding - diluted   6,870,482    6,836,192           
Book value per share  $13.67   $14.07           
Tangible book value per share  $13.65   $14.03           
Shares outstanding   6,836,463    6,835,192           
 
 

NORTH VALLEY BANCORP

CONDENSED CONSOLIDATED FINANCIAL DATA

(Unaudited)

(Dollars in thousands, except per share data)

 

   Twelve Months Ended         
   December 31,         
Statement of Income  2013   2012   $ Change   % Change 
Interest income                    
Loans (including fees)  $25,739   $26,062   $(323)   (1.24%)
Investment securities   6,420    7,603    (1,183)   (15.56%)
Federal funds sold and other   54    66    (12)   (18.18%)
Total interest income   32,213    33,731    (1,518)   (4.50%)
Interest expense                    
Interest on deposits   1,084    2,165    (1,081)   (49.93%)
Other borrowings   2    8    (6)   (75.00%)
Subordinated debentures   532    1,352    (820)   (60.65%)
Total interest expense   1,618    3,525    (1,907)   (54.10%)
Net interest income   30,595    30,206    389    1.29%
Provision for loan losses       2,100    (2,100)   (100.00%)
Net interest income after provision for loan losses   30,595    28,106    2,489    8.86%
                     
Noninterest income                    
Service charges on deposit accounts   3,690    4,333    (643)   (14.84%)
Other fees and charges   4,422    4,715    (293)   (6.21%)
Gain on sales of mortgage loans   2,345    2,682    (337)   (12.57%)
Gain on sales of SBA loans   693    472    221    46.82%
Gain on sales of securities, net   548    1,877    (1,329)   (70.80%)
Other   2,439    2,340    99    4.23%
Total noninterest income   14,137    16,419    (2,282)   (13.90%)
                     
Noninterest expenses                    
Salaries and employee benefits   20,454    20,277    177    0.87%
Occupancy   2,495    2,547    (52)   (2.04%)
Furniture and equipment   860    938    (78)   (8.32%)
Other real estate owned expense   3,539    3,556    (17)   (0.48%)
FDIC and state assessments   820    922    (102)   (11.06%)
Other   11,345    11,739    (394)   (3.36%)
Total noninterest expenses   39,513    39,979    (466)   (1.17%)
Income before provision (benefit) for income taxes   5,219    4,546    673    14.80%
Provision (benefit) for income taxes   1,594    (1,744)   3,338    (191.40%)
Net income  $3,625   $6,290   $(2,665)   (42.37%)
                     
Common Share Data                    
Earnings per share                    
Basic  $0.53   $0.92   $(0.39)   (42.39%)
Diluted  $0.53   $0.92   $(0.39)   (42.39%)
                     
Weighted average shares outstanding   6,835,554    6,835,371           
Weighted average shares outstanding - diluted   6,857,929    6,836,371           
Book value per share  $13.67   $14.07           
Tangible book value per share  $13.65   $14.03           
Shares outstanding   6,836,463    6,835,192           
 
 

NORTH VALLEY BANCORP

CONDENSED CONSOLIDATED FINANCIAL DATA

(Unaudited)
(Dollars in thousands)

 

   December 31,   December 31, 
Balance Sheet Data  2013   2012 
Assets          
Cash and due from banks  $19,348   $22,654 
Federal funds sold   38,135    15,865 
Time deposits at other financial institutions   2,226    2,219 
Available-for-sale securities - at fair value   279,479    285,815 
Held-to-maturity securities - at amortized cost   2    6 
           
Loans   509,244    492,211 
Allowance for loan losses   (9,301)   (10,458)
Net loans   499,943    481,753 
           
Premises and equipment, net   7,833    9,181 
Other real estate owned   3,454    22,423 
Core deposit intangibles, net   109    255 
Accrued interest receivable and other assets   67,235    62,172 
Total assets  $917,764   $902,343 
           
Liabilities and Shareholders’ Equity          
Deposits:          
Demand, noninterest bearing  $184,971   $177,855 
Demand, interest bearing   202,508    185,315 
Savings and money market   250,633    233,034 
Time   149,737    172,376 
Total deposits   787,849    768,580 
           
Accrued interest payable and other liabilities   14,835    15,951 
Other borrowings        
Subordinated debentures   21,651    21,651 
Total liabilities   824,335    806,182 
Shareholders’ equity   93,429    96,161 
Total liabilities and shareholders’ equity  $917,764   $902,343 
           
Asset Quality          
Nonaccrual loans  $5,093   $5,835 
Loans past due 90 days and accruing interest        
Other real estate owned   3,454    22,423 
Total nonperforming assets  $8,547   $28,258 
           
Classified assets  $17,973   $45,297 
Bank Tier 1 Capital + ALLL  $118,248   $115,580 
Classified assets ratio   15.20%   39.19%
           
Allowance for loan losses to total loans   1.83%   2.12%
Allowance for loan losses to NPL’s   182.62%   179.23%
 
 

NORTH VALLEY BANCORP

CONDENSED CONSOLIDATED FINANCIAL DATA

(Unaudited)
(Dollars in thousands)

 

   Three Months Ended   Twelve Months Ended 
   December 31,   December 31, 
Selected Financial Ratios  2013   2012   2013   2012 
Return on average total assets   0.38%   0.24%   0.40%   0.69%
Return on average shareholders’ equity   3.67%   2.19%   3.78%   6.70%
Net interest margin (tax equivalent basis)   3.71%   3.93%   3.77%   3.80%
Efficiency ratio   89.75%   94.15%   88.33%   85.75%
                     
Selected Average Balances                    
Loans  $506,107   $481,998   $495,495   $464,647 
Taxable investments   291,831    279,807    289,510    297,451 
Tax-exempt investments   6,116    10,749    7,936    11,903 
Federal funds sold and other   34,012    17,893    23,091    27,861 
Total earning assets  $838,066   $790,447   $816,032   $801,862 
Total assets  $923,889   $904,083   $908,911   $910,295 
                     
Demand deposits - interest bearing  $203,251   $183,948   $195,048   $180,038 
Savings and money market   251,004    235,146    245,260    226,070 
Time deposits   151,181    174,096    158,051    193,476 
Other borrowings   21,651    21,651    23,085    30,205 
Total interest bearing liabilities  $627,087   $614,841   $621,444   $629,789 
Demand deposits - noninterest bearing  $184,298   $173,296   $174,281   $164,437 
Shareholders’ equity  $96,226   $98,512   $95,848   $93,906 
                     
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
 
  
   For the Quarter Ended 
   December   September   June   March 
   2013   2013   2013   2013 
Interest income  $8,199   $8,165   $7,981   $7,868 
Interest expense   392    391    403    432 
Net interest income   7,807    7,774    7,578    7,436 
                     
Provision for loan losses                
Noninterest income   2,948    3,209    3,651    4,329 
Noninterest expense   9,653    10,036    9,936    9,888 
                     
Income before provision for income taxes   1,102    947    1,293    1,877 
Provision for income taxes   212    367    399    616 
Net income  $890   $580   $894   $1,261 
                     
Earnings per common share:                    
Basic  $0.13   $0.08   $0.13   $0.18 
Diluted  $0.13   $0.08   $0.13   $0.18