FOR IMMEDIATE RELEASE 

 
CONTACT:     Roy Estridge. EVP/CFO
 
Valley Commerce Bancorp
 
(559) 622-9000


VALLEY COMMERCE BANCORP REPORTS RECORD RESULTS FOR 2006
 
VISALIA, Calif., January 26, 2007/ -- Valley Commerce Bancorp (OTCBB: VCBP), a bank holding company and the parent company of Valley Business Bank, today reported unaudited consolidated net income of $2,956,000 or $1.28 per diluted share for the year ended December 31, 2006, compared to $2,163,000, or $0.94 per diluted share for 2005. Return on average assets for 2006 was 1.22% compared to 1.05% for 2005, while return on average equity for 2006 was 12.6% compared to 10.4% for 2005. Net income, earnings per share, and return on assets were all records for the Company.
 
“We are quite pleased to announce these record results and to report that we are entering 2007 with a high quality loan portfolio,” stated Don Gilles, President and CEO. “There will be a number of challenges that the banking industry will face in 2007 but as far as Valley Business Bank is concerned, the upcoming year looks to be an exciting time as new ideas put into action bring added value to our customers.”
 
The Company’s consolidated total assets grew to a record $264 million at December 31, 2006, a $36 million or 16% increase over the prior year end total of $228 million. At December 31, 2006, net loans totaled $182 million, a $32 million or 22% increase over the December 31, 2005 total of $150 million. Total deposits at December 31, 2006 totaled $208 million, a $15 million or 8% increase over the December 31, 2005 total of $193 million.
 
Net interest income for 2006 was $11.2 million compared to $9.8 million recorded in 2005, an increase of $1.4 million or 14%. The Company’s net interest margin decreased to 5.15% for 2006 from 5.23% for 2005. The decrease in margin was the result of rising interest costs for deposits and other funding sources which outpaced the rise in asset yields during 2006. Although the series of Fed funds rate increases begun in 2004 was discontinued in mid-2006, funding costs continued to rise through the end of the year.
 
For the quarters ended December 31, 2006 and 2005, the Company earned $0.32 and $0.31 per diluted share, respectively. Fourth quarter 2006 earnings were $746,000 compared to $710,000 achieved in the comparable quarter of 2005, an increase of $36,000 or 5 percent. Net interest income decreased by $0.1 million to $2.7 million from $2.8 million for the quarters ended December 31, 2006 and 2005, respectively, as increases in the costs of funds offset the growth of earning assets.
 
The allowance for loan losses totaled $1.7 million or 0.9% of total loans at December 31, 2006. This compared to $1.8 million or 1.2% of total loans at December 31, 2005. Based upon management’s assessment of the adequacy of the allowance for loan losses and the strong credit quality of the loan portfolio, no loan loss provision was recorded during 2006 compared to a loan loss provision for 2005 of $369,000. The Company’s net loan charge-offs for 2006 and 2005 were $21,000 and $3,000, respectively.
 
The Company had no non-performing assets at December 31, 2006 compared to non-performing assets of $21,000, or 0.01% of total loans, at December 31, 2005.
 
Non-interest income during the three- and twelve-month periods ended December 31, 2006 totaled $307,000 and $996,000, respectively. Non-interest income for the same periods in 2005 was $173,000 and $888,000, respectively. Non-interest income increased in 2006 due to rising service charges and mortgage loan brokerage fees, increased dividend income from the Federal Home Loan Bank, and expanded use of bank owned life insurance.

 
 

The following information was filed by Valley Commerce Bancorp (VCBP) on Monday, January 29, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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