SOURCE: North Valley Bancorp

North Valley Bancorp

October 29, 2013 20:00 ET

North Valley Bancorp Reports Results for the Quarter and Nine Months Ended September 30, 2013

REDDING, CA--(Marketwired - Oct 29, 2013) - North Valley Bancorp (NASDAQ: NOVB), a bank holding company with approximately $912 million in assets, today reported results for the third quarter and nine months ended September 30, 2013. North Valley Bancorp ("the Company") is the parent company for North Valley Bank ("the Bank").

The Company reported net income for the third quarter ended September 30, 2013 of $580,000, or $0.08 per diluted share, compared to net income of $4,004,000, or $0.59 per diluted share for the same period in 2012. The Company reported net income for the nine months ended September 30, 2013 of $2,735,000, or $0.40 per diluted share, compared to net income of $5,745,000, or $0.84 per diluted share, for the same period in 2012. Net income for the three and nine months ended September 30, 2012 included a $2,930,000 benefit for income taxes as a result of the $4,277,000 release of the deferred tax asset valuation allowance that was established in the third quarter of 2010. "On October 29, 2013, the Bank was successful in selling eight OREO properties at their recorded value of $9,885,000. After considering this sale of OREO properties, our nonperforming assets, as a percentage of total assets on a pro forma basis as of September 30, 2013, equaled 1.14%. It has been six years since we have had this level of excellent credit quality. The Bank continues to be primarily focused on growth and profitability, which is achieved by delivering excellent service and products to new and existing customers," stated Michael J. Cushman, President and CEO.

Continued improvement in the overall credit quality of the Company's loan portfolio resulted in no provision for loan losses being recorded for the third quarter and nine months ended September 30, 2013 compared to provisions for loan losses of $700,000 and $2,100,000 for the third quarter and nine months ended September 30, 2012, respectively. The allowance for loan losses at September 30, 2013 was $9,312,000, or 1.83% of total loans, compared to $10,458,000, or 2.12% of total loans at December 31, 2012 and $11,427,000, or 2.33% of total loans at September 30, 2012.

At September 30, 2013, total assets were $912,447,000, an increase of $19,393,000, or 2.2%, from $893,054,000 at September 30, 2012. The loan portfolio totaled $509,092,000 at September 30, 2013, an increase of $19,192,000, or 3.9%, compared to $489,900,000 at September 30, 2012. The loan to deposit ratio at September 30, 2013 was 65.3% as compared to 64.6% at September 30, 2012, and 64.0% at December 31, 2012. Total deposits increased $21,294,000, or 2.8%, to $779,770,000 at September 30, 2013 compared to $758,476,000 at September 30, 2012. When compared to December 31, 2012, total assets at September 30, 2013 increased $10,104,000 from $902,343,000, loans increased by $16,881,000 from $492,211,000 and deposits increased by $11,190,000 from $768,580,000. Available-for-sale investment securities increased $7,812,000 while Federal funds sold decreased $13,520,000, from December 31, 2012 to September 30, 2013.

At September 30, 2013, the Company's Total Risk-based Capital was $117,597,000, and its risk-based capital ratios were: Total Risk-based Capital ratio - 18.6%; Tier 1 risk-based Capital ratio - 17.3%; and Tier 1 Leverage ratio - 12.2%. The Bank's Total Risk-based Capital at September 30, 2013 was $117,171,000, and its risk-based capital ratios were: Total Risk-based Capital ratio - 18.5%; Tier 1 risk-based Capital ratio - 17.3%; and Tier 1 Leverage ratio - 12.2%.

Credit Quality

Nonperforming loans (defined as nonaccrual loans and loans 90 days or more past due and still accruing interest) decreased $6,363,000 to $5,216,000 at September 30, 2013 from $11,579,000 at September 30, 2012, and decreased $619,000 when compared to the December 31, 2012 balance of $5,835,000. Nonperforming loans as a percentage of total loans were 1.02% at September 30, 2013, compared to 2.36% at September 30, 2012, and 1.19% at December 31, 2012.

The overall level of nonperforming loans decreased $655,000 to $5,216,000 at September 30, 2013 from $5,871,000 at June 30, 2013. During the third quarter of 2013, the Company identified seven loans totaling $863,000 as additional nonperforming loans. The additions were offset by reductions in nonperforming loans totaling $1,518,000 due primarily to charge-offs and collections received on certain loans and the transfer of one property to OREO totaling $41,000. Of the seven loans totaling $863,000 identified as nonaccrual loans and added to nonperforming loans during the third quarter of 2013, the largest loan was a $639,000 commercial real estate loan secured by property in Shasta County. No specific reserve has been established for this loan. The remaining six loans in this group of nonperforming loans total $224,000 and specific reserves totaling $16,000 have been established.

Gross loan charge-offs for the third quarter of 2013 were $290,000 and recoveries totaled $75,000 resulting in net charge-offs of $215,000 compared to gross loan charge-offs for the third quarter of 2012 of $1,094,000 and recoveries of $89,000 resulting in net charge-offs of $1,005,000. Gross charge-offs for the nine months ended September 30, 2013 were $1,491,000 and recoveries totaled $345,000 resulting in net charge-offs of $1,146,000, compared to gross charge-offs for the nine months ended September 30, 2012 of $3,651,000 and recoveries of $322,000 resulting in net charge-offs of $3,329,000. These continued improvement trends in credit quality, partially offset by growth in the loan portfolio, resulted in management's determination that the allowance for loan losses of $9,312,000 or 1.83% of total loans at September 30, 2013 was adequate as an estimate of the probable incurred losses in the portfolio. The allowance for loan losses at December 31, 2012 was $10,458,000 or 2.12% of total loans compared to the September 30, 2012 balance of $11,427,000 or 2.33% of total loans.

Nonperforming assets (nonperforming loans and OREO) totaled $20,261,000 at September 30, 2013, a decrease of $13,007,000 from the September 30, 2012 balance of $33,268,000, and a $7,997,000 decrease from the December 31, 2012 balance of $28,258,000. Nonperforming assets as a percentage of total assets were 2.22% at September 30, 2013 compared to 3.72% at September 30, 2012 and 3.13% at December 31, 2012.

The Company's OREO properties decreased $1,279,000 to $15,045,000 at September 30, 2013 from $16,324,000 at June 30, 2013. The decrease in OREO was due to the sale of two properties totaling $179,000, loss on sale of OREO of $2,000, and a net write-down of certain other OREO properties during the quarter ended September 30, 2013 of $1,139,000 as a result of recent offers for purchase received on those properties and their anticipated sale in the fourth quarter of 2013. The decrease in OREO was partially offset by the transfer of one property into OREO totaling $41,000. Subsequent to September 30, 2013, the Company sold eight OREO properties located in Sonoma County at their recorded value of $9,885,000 which resulted in no additional gain or loss. The transaction closed on October 29, 2013.

Operating Results

Net interest income, which represents the Company's largest component of revenues and is the difference between interest earned on loans, investments, and other earning assets and interest paid on deposits and borrowings, increased $61,000, or 0.8%, for the three months ended September 30, 2013 compared to the same period in 2012. Interest income decreased by $261,000, primarily due to the decrease in interest income on loans due to the decrease in yield on average loan balances. The Company had foregone interest income of $36,000 related to loans currently on nonaccrual status for the three months ended September 30, 2013 compared to $138,000 for the same period in 2012. Average loans increased $24,320,000 in the third quarter of 2013 compared to the third quarter of 2012, while the yield on the loan portfolio decreased 43 basis points to 5.13% for the third quarter of 2013. Offsetting this decrease in interest income was a decrease in interest expense of $322,000, or 45.2%, primarily due to a decrease in the rates paid on deposits and secondarily to a decrease in interest expense on the Company's subordinated debentures. Overall, average earning assets decreased $4,654,000 in the third quarter of 2013 compared to the third quarter of 2012. Average yields on earning assets decreased 12 basis points from the quarter ended September 30, 2012, to 4.01% for the quarter ended September 30, 2013 while the average rate paid on interest-bearing liabilities decreased by 20 basis points to 0.25%. The Company's net interest margin for the quarter ended September 30, 2013 was 3.82%, an increase of 4 basis points from the margin of 3.78% for the third quarter in 2012 and an increase of 5 basis points from the 3.77% net interest margin for the quarter ended June 30, 2013. Net interest income increased $354,000 for the nine months ended September 30, 2013 compared to the same period in 2012. Total interest income decreased by $1,441,000 for the nine months ended September 30, 2013 compared to the same period in 2012, primarily due to a decrease in interest income on investment securities of $1,207,000 as a result of a decrease in the average balance of investment securities. Interest expense decreased $1,795,000 due primarily to both a decrease on rates paid on deposits and a decrease in interest expense on the Company's subordinated debentures for the nine months ended September 30, 2013 compared to the same period in 2012. The net interest margin for the nine months ended September 30, 2013 increased 9 basis points to 3.79% from the net interest margin of 3.70% for the nine months ended September 30, 2012.

Noninterest income for the quarter ended September 30, 2013 decreased $995,000, or 23.7%, to $3,209,000 from $4,204,000 for the same period in 2012. Service charges on deposits decreased $127,000 to $959,000 for the third quarter of 2013 compared to $1,086,000 for the third quarter of 2012, while other fees and charges increased by $50,000 to $1,152,000 for the third quarter of 2013 compared to $1,102,000 for the same period in 2012. The Company recorded gains on the sale of mortgage loans of $574,000 for the third quarter of 2013, a decrease of $159,000 from $733,000 for the same period in 2012 as the activity of the Company's real estate mortgage department, consistent with industry trends, slowed at the end of the third quarter of 2013. The Company recorded a gain on the sale of securities of $5,000 for the third quarter ended September 30, 2013, a decrease of $692,000 from $697,000 for the same period in 2012. Noninterest income for the nine months ended September 30, 2013 decreased $961,000 to $11,189,000 from $12,150,000 for the same period in 2012. Service charges on deposits decreased $392,000 to $2,882,000 for the nine months ended September 30, 2013 compared to $3,274,000 for the same period in 2012, and other fees and charges decreased by $240,000 to $3,380,000 for the nine months ended September 30, 2013 compared to $3,620,000 for the same period in 2012. The Company recorded gains on the sale of mortgage loans of $2,031,000 for the nine months ended September 30, 2013, an increase of $315,000 from $1,716,000 for the same period in 2012, and the Company recorded gains on the sale of SBA loans of $410,000 for the nine months ended September 30, 2013, an increase of $268,000 from $142,000 for the same period in 2012. The Company recorded a gain on the sale of securities of $548,000 for the nine months ended September 30, 2013, a decrease of $1,108,000 from $1,656,000 for the same period in 2012.

Noninterest expense increased $277,000 to $10,036,000 for the third quarter of 2013 from $9,759,000 for the third quarter of 2012. Salaries and employee benefits increased $79,000 to $5,084,000 for the third quarter of 2013 compared to the third quarter of 2012, and other real estate owned expense increased $409,000 to $1,226,000 for the third quarter of 2013 compared to the third quarter of 2012. These increases were partially offset by a decrease in occupancy and equipment expense of $36,000, a decrease in FDIC insurance premiums and state assessments of $5,000, and a decrease in other expenses of $170,000. Noninterest expense for the nine months ended September 30, 2013 was $29,860,000, an increase of $1,217,000 compared to $28,643,000 for the same period in 2012. For the nine months ended September 30, 2013, salaries and employee benefits increased $210,000 and other real estate owned expense increased by $799,000, while occupancy and equipment expense decreased $98,000, and FDIC insurance premiums and state assessments decreased by $63,000 compared to the first nine months of 2012. Other expenses increased by $369,000 to $8,785,000 for the first nine months of 2013 compared to $8,416,000 for the first nine months of 2012.

The Company recorded provisions for income taxes for the quarter and nine months ended September 30, 2013 of $367,000 and $1,382,000, respectively, resulting in an effective tax rate of 38.7% for the quarter ended September 30, 2013, and an effective tax rate of 33.5% for the nine months ended September 30, 2013. The Company recorded a benefit for income taxes for the quarter and nine months ended September 30, 2012 of $2,546,000 and $1,904,000, respectively, which was the result of the reversal of the $4,277,000 deferred tax asset valuation established in 2010.

North Valley Bancorp is a bank holding company headquartered in Redding, California. Its subsidiary, North Valley Bank ("NVB"), 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 NVB, 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, NVB engages in a full complement of lending activities including consumer, commercial and real estate loans. Additionally, NVB 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; (f) possible shortages of gas and electricity at utility companies operating in the State of California, and (g) 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.

   
NORTH VALLEY BANCORP  
CONDENSED CONSOLIDATED FINANCIAL DATA  
(Unaudited)  
(Dollars in thousands, except per share data)  
                       
    Three Months Ended        
    September 30,        
Statement of Income   2013   2012     $ Change     % Change  
Interest income                            
  Loans (including fees)   $ 6,462   $ 6,663     $ (201 )   (3.02 %)
  Investment securities     1,700     1,753       (53 )   (3.02 %)
  Federal funds sold and other     3     10       (7 )   (70.00 %)
    Total interest income     8,165     8,426       (261 )   (3.10 %)
Interest expense                            
  Interest on deposits     257     462       (205 )   (44.37 %)
  Other borrowings     -     8       (8 )   (100.00 %)
  Subordinated debentures     134     243       (109 )   (44.86 %)
    Total interest expense     391     713       (322 )   (45.16 %)
Net interest income     7,774     7,713       61     0.79 %
Provision for loan losses     -     700       (700 )   (100.00 %)
Net interest income after provision for loan losses     7,774     7,013       761     10.85 %
                             
Noninterest income                            
  Service charges on deposit accounts     959     1,086       (127 )   (11.69 %)
  Other fees and charges     1,152     1,102       50     4.54 %
  Gain on sales of mortgage loans     574     733       (159 )   (21.69 %)
  Gain on sales of SBA loans     22     36       (14 )   (38.89 %)
  Gain on sales of securities, net     5     697       (692 )   (99.28 %)
  Other     497     550       (53 )   (9.64 %)
    Total noninterest income     3,209     4,204       (995 )   (23.67 %)
                             
Noninterest expenses                            
  Salaries and employee benefits     5,084     5,005       79     1.58 %
  Occupancy     629     651       (22 )   (3.38 %)
  Furniture and equipment     223     237       (14 )   (5.91 %)
  Other real estate owned expense     1,226     817       409     50.06 %
  FDIC and state assessments     207     212       (5 )   (2.36 %)
  Other     2,667     2,837       (170 )   (5.99 %)
    Total noninterest expenses     10,036     9,759       277     2.84 %
    Income before provision (benefit) for income taxes     947     1,458       (511 )   (35.05 %)
Provision (benefit) for income taxes     367     (2,546 )     2,913     (114.41 %)
    Net income   $ 580   $ 4,004     $ (3,424 )   (85.51 %)
                             
                             
Common Share Data                            
Earnings per share                            
  Basic   $ 0.08   $ 0.59     $ (0.51 )   (86.44 %)
  Diluted   $ 0.08   $ 0.59     $ (0.51 )   (86.44 %)
                             
Weighted average shares outstanding     6,835,380     6,834,769                
Weighted average shares outstanding - diluted     6,860,617     6,835,769                
Book value per share   $ 13.91   $ 14.27                
Tangible book value per share   $ 13.89   $ 14.23                
Shares outstanding     6,836,632     6,835,192                
                             
                             
   
NORTH VALLEY BANCORP  
CONDENSED CONSOLIDATED FINANCIAL DATA  
(Unaudited)  
(Dollars in thousands, except per share data)  
                       
    Nine Months Ended        
    September 30,        
Statement of Income   2013   2012     $ Change     % Change  
Interest income                            
  Loans (including fees)   $ 19,244   $ 19,457     $ (213 )   (1.09 %)
  Investment securities     4,736     5,943       (1,207 )   (20.31 %)
  Federal funds sold and other     34     55       (21 )   (38.18 %)
    Total interest income     24,014     25,455       (1,441 )   (5.66 %)
Interest expense                            
  Interest on deposits     825     1,800       (975 )   (54.17 %)
  Other borrowings     1     8       (7 )   (87.50 %)
  Subordinated debentures     400     1,213       (813 )   (67.02 %)
    Total interest expense     1,226     3,021       (1,795 )   (59.42 %)
Net interest income     22,788     22,434       354     1.58 %
Provision for loan losses     -     2,100       (2,100 )   (100.00 %)
Net interest income after provision for loan losses     22,788     20,334       2,454     12.07 %
                             
Noninterest income                            
  Service charges on deposit accounts     2,882     3,274       (392 )   (11.97 %)
  Other fees and charges     3,380     3,620       (240 )   (6.63 %)
  Gain on sales of mortgage loans     2,031     1,716       315     18.36 %
  Gain on sales of SBA loans     410     142       268     188.73 %
  Gain on sales of securities, net     548     1,656       (1,108 )   (66.91 %)
  Other     1,938     1,742       196     11.25 %
    Total noninterest income     11,189     12,150       (961 )   (7.91 %)
                             
Noninterest expenses                            
  Salaries and employee benefits     15,323     15,113       210     1.39 %
  Occupancy     1,877     1,911       (34 )   (1.78 %)
  Furniture and equipment     645     709       (64 )   (9.03 %)
  Other real estate owned expense     2,592     1,793       799     44.56 %
  FDIC and state assessments     638     701       (63 )   (8.99 %)
  Other     8,785     8,416       369     4.38 %
    Total noninterest expenses     29,860     28,643       1,217     4.25 %
    Income before provision (benefit) for income taxes     4,117     3,841       276     7.19 %
Provision for income (benefit) taxes     1,382     (1,904 )     3,286     (172.58 %)
    Net income   $ 2,735   $ 5,745     $ (3,010 )   (52.39 %)
                             
                             
Common Share Data                            
Earnings per share                            
  Basic   $ 0.40   $ 0.84     $ (0.44 )   (52.38 %)
  Diluted   $ 0.40   $ 0.84     $ (0.44 )   (52.38 %)
                             
Weighted average shares outstanding     6,835,255     6,834,095                
Weighted average shares outstanding - diluted     6,853,452     6,835,095                
Book value per share   $ 13.91   $ 14.27                
Tangible book value per share   $ 13.89   $ 14.23                
Shares outstanding     6,836,632     6,835,192                
                             
                             
                   
NORTH VALLEY BANCORP  
CONDENSED CONSOLIDATED FINANCIAL DATA  
(Unaudited)  
(Dollars in thousands)  
                   
    September 30,     December 31,     September 30,  
Balance Sheet Data   2013     2012     2012  
Assets                        
  Cash and due from banks   $ 23,780     $ 22,654     $ 19,436  
  Federal funds sold     2,345       15,865       405  
  Time deposits at other financial institutions     2,219       2,219       2,210  
  Available-for-sale securities - at fair value     293,627       285,815       299,025  
  Held-to-maturity securities - at amortized cost     6       6       6  
                         
  Loans     509,092       492,211       489,900  
  Allowance for loan losses     (9,312 )     (10,458 )     (11,427 )
    Net loans     499,780       481,753       478,473  
                         
  Premises and equipment, net     8,572       9,181       9,303  
  Other real estate owned     15,045       22,423       21,689  
  Core deposit intangibles, net     146       255       292  
  Accrued interest receivable and other assets     66,927       62,172       62,215  
Total assets   $ 912,447     $ 902,343     $ 893,054  
                         
Liabilities and Shareholders' Equity                        
  Deposits:                        
    Demand, noninterest bearing   $ 184,471     $ 177,855     $ 166,968  
    Demand, interest bearing     197,647       185,315       181,302  
    Savings and money market     244,039       233,034       232,865  
    Time     153,613       172,376       177,341  
      Total deposits     779,770       768,580       758,476  
                         
  Accrued interest payable and other liabilities     15,952       15,951       15,360  
  Other borrowings     -       -       -  
  Subordinated debentures     21,651       21,651       21,651  
Total liabilities     817,373       806,182       795,487  
  Shareholders' equity     95,074       96,161       97,567  
Total liabilities and shareholders' equity   $ 912,447     $ 902,343     $ 893,054  
                         
Asset Quality                        
  Nonaccrual loans   $ 5,216     $ 5,835     $ 11,573  
  Loans past due 90 days and accruing interest     -       -       6  
  Other real estate owned     15,045       22,423       21,689  
    Total nonperforming assets   $ 20,261     $ 28,258     $ 33,268  
                         
  Classified assets   $ 28,842     $ 45,297     $ 49,921  
  Bank Tier 1 Capital + ALLL   $ 118,564     $ 115,580     $ 115,852  
  Classified assets ratio     24.33 %     39.19 %     43.09 %
                         
  Allowance for loan losses to total loans     1.83 %     2.12 %     2.33 %
  Allowance for loan losses to NPL's     178.53 %     179.23 %     98.69 %
                         
                         
                         
NORTH VALLEY BANCORP  
CONDENSED CONSOLIDATED FINANCIAL DATA  
(Unaudited)  
(Dollars in thousands)  
                         
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
Selected Financial Ratios   2013     2012     2013     2012  
  Return on average total assets     0.25 %     1.74 %     0.40 %     0.84 %
  Return on average shareholders' equity     2.46 %     16.91 %     3.82 %     8.29 %
  Net interest margin (tax equivalent basis)     3.82 %     3.78 %     3.79 %     3.70 %
  Efficiency ratio     91.38 %     81.89 %     87.88 %     82.82 %
                                 
Selected Average Balances                                
  Loans   $ 499,920     $ 475,600     $ 491,919     $ 458,826  
  Taxable investments     299,956       311,736       288,727       313,546  
  Tax-exempt investments     7,594       11,663       8,549       12,290  
  Federal funds sold and other     4,645       17,770       19,410       31,207  
    Total earning assets   $ 812,115     $ 816,769     $ 808,605     $ 815,869  
    Total assets   $ 907,394     $ 913,239     $ 903,867     $ 912,386  
                                 
  Demand deposits - interest bearing   $ 194,608     $ 180,431     $ 192,284     $ 178,725  
  Savings and money market     244,571       226,630       243,324       223,022  
  Time deposits     155,453       184,802       160,366       199,983  
  Other borrowings     25,664       35,172       23,569       33,076  
    Total interest bearing liabilities   $ 620,296     $ 627,035     $ 619,543     $ 634,806  
  Demand deposits - noninterest bearing   $ 177,400     $ 168,658     $ 170,906     $ 161,464  
  Shareholders' equity   $ 93,527     $ 93,957     $ 95,724     $ 92,365  
                                 
                                 
                 
NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
 
    For the Quarter Ended
    September   June   March   December
    2013   2013   2013   2012
Interest income   $ 8,165   $ 7,981   $ 7,868   $ 8,276
Interest expense     391     403     432     504
  Net interest income     7,774     7,578     7,436     7,772
                         
Provision for loan losses     -     -     -     -
Noninterest income     3,209     3,651     4,329     4,269
Noninterest expense     10,036     9,936     9,888     11,336
                         
Income before provision for income taxes     947     1,293     1,877     705
Provision for income taxes     367     399     616     160
  Net income   $ 580   $ 894   $ 1,261   $ 545
                         
Earnings per common share:                        
  Basic   $ 0.08   $ 0.13   $ 0.18   $ 0.08
  Diluted   $ 0.08   $ 0.13   $ 0.18   $ 0.08
                           
                           

Contact Information

  • For further information contact:

    Michael J. Cushman
    President & Chief Executive Officer
    (530) 226-2900
    Fax: (530) 221-4877

    or

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