North Valley Bancorp, parent company of North Valley Bank, which has a branch in Santa Rosa, announced a net loss of $4 million for the quarter ending June 30.
The company reported a $1.5 million net loss for the same quarter of 2008.
President and Chief Executive Officer Michael Cushman said that though the bank reported a loss, the bank grew deposits by $13 million in the quarter and by $45 million since year-end.
Total assets of the bank are at $913 million, up from the $879 million reported at year end but down from the $934 million from the same time last year. The local outstanding loan portfolio is $89 million.
FDIC assessments for the first six months of 2008 were $112,000. This year with the regular deposit insurance and the one time five basis point assessment, the bank paid out $1.2 million in fees.
Nonperforming loans totaled $44 million, up from the $21 million at the same time last year.
The increase in nonperforming loans was due in large part by the addition of nineteen loans in the amount of $29.8 million as nonaccrual loans.
These additions to nonaccruals are centered in two customer relationships totaling $24 million. In Sonoma County loans secured by real estate totaling $16 million and an unsecured line of credit totaling $3 million were put in to the nonperforming category.
North Valley Bancorp stock was trading today at $4.10 a share. Its 52-week high was $7.64.
