Financial legacy, heritage Bank and Bank of the Central Valley, said Wednesday quarterly net profit rises to $ clean 1.84 million from $ 1. 71 million in the quarter ended 30 September last year.
Earnings per share, however, shrunk from 15 cents to 12 cents because of the increase in the number of shares after the Olympia-based company raised additional capital last December.
"Safe Harbor" statement under the private Securities Litigation Reform Act of 1995: this release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to: credit risk of lending activities, including changes in levels and trends of borrowing situations and deletions and changes in our credit allowance for loan losses and provisions that may be affected by the decline in residential and commercial real estate market; changes in general economic conditions, national as well as in our market areas; changes in interest rates, and relatively short term interest rate differentials and long, the interest rates of deposits, net interest margins and funding sources; fluctuations in demand loan, the amount of unsold homes and property and fluctuations in real estate value in our market area; the result of our examination by the Board of Governors of the Federal Reserve System ("Council of the Federal Reserve") and a subsidiary of the bank by the Federal Deposit Insurance Corporation ("FDIC"), the Washington State Department of financial institutions, Division of banks ("Washington DFI") or other authorities, including the possibility that the authority of the regulation may, inter alia, asks us to increase our reserves for loan losses, write down assets, change the position of our capital rules or affect our ability to borrow funds or maintain or increase deposits, which may affect liquidity and income; legislative or regulatory changes that affect our business, including changes in the policies and principles, including the interpretation of modal regulations or other rules, including a change of the Dodd-Frank Wall Street reform and Consumer Protection Act and regulations thereunder have been or will be announced; our ability to control operating costs and expenses; use of estimates in determining the fair value of certain of our assets, that estimates may prove to be wrong and resulted in a significant reduction in the assessment; the difficulty in reducing the risks associated with loans on our balance sheets; staff fluctuations in response to demand for the product or the implementation of the corporate strategy that affects labor and related costs of potential; the computer system on which we rely may fail or experience a security breach; our ability to retain key members of senior management team; cost and effect of litigation, including settlements and judgments; our ability to implement the strategy of expansion; our ability to successfully integrate the assets, liabilities, customers, systems, and personnel management including transaction we acquire Bank and commercial banks Cowlitz Pierce or maybe in the future acquire into our operations and our ability to realize synergies and revenue-related savings in the time frame expected costs and the cost of the goodwill associated with it; risks associated with obtaining the assets or to enter markets where we do not have previously operated and may not be familiar, changes in consumer spending, borrowing and saving habit; the availability of resources to address changes in laws, rules or regulations or to respond to regulatory actions; adverse changes in the securities market; the inability of third-party providers key to carry out their obligations to us; changes in accounting policies and practices, due to be adopted by the financial institution regulatory agencies or financial accounting standards Council, including additional guidance and interpretations on accounting issues and details of the implementation of the new accounting method; other economic, competitive, governmental, regulatory, and technological factors that affect our operations, pricing, products and services; and other risks detailed from time to time in our filings with the Securities and Exchange Commission.
The company cautions readers not to place undue reliance on any forward-looking statements. In addition, You should treat these statements speak only as of the date they are made and only on the basis of the information that came to be known the actual company. The company did not do and a special release obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for the year 2011 and beyond will be different from those expressed in any forward-looking statements made by, or on behalf of, the US, and adversely affecting the company's operating and share price performance.
Loans purchased closed, net allowance for loan losses of $ 3,682, $ 2,516 and $ 0 111,392 117,604 134,011
