-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QPKLAP4u5PgA/ZcgQuplnT104t4e1VONfhSVhpIhrt558/srvGNBDbTZUPUJVM6o KofT3sb/hVahHmpkyPnUsw== 0001157523-04-000823.txt : 20040202 0001157523-04-000823.hdr.sgml : 20040202 20040202060405 ACCESSION NUMBER: 0001157523-04-000823 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040130 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEMECULA VALLEY BANCORP INC CENTRAL INDEX KEY: 0001172678 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 460476193 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-49844 FILM NUMBER: 04557638 BUSINESS ADDRESS: STREET 1: 27710 JEFFERSON AVENUE STREET 2: SUITE A-100 CITY: TEMECULA STATE: CA ZIP: 92590 BUSINESS PHONE: 9096949940 MAIL ADDRESS: STREET 1: 27710 JEFFERSON AVENUE STREET 2: SUITE A-100 CITY: TEMECULA STATE: CA ZIP: 92590 8-K 1 a4562416.txt TEMECULA VALLEY BANCORP 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) January 30, 2004 ---------------- TEMECULA VALLEY BANCORP INC. - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) DELAWARE 46-0476193 - --------------------------- ---------------------- ---------------- (State or other jurisdiction (File number) (I.R.S. Employer of incorporation) Identification No.) 27710 Jefferson Avenue, Suite A100, Temecula, CA 92590 - --------------------------------------- ----------------------- (Address of principal executive office) (Zip Code) Registrant's telephone number, including area code: (909) 694-9940 ------------------ - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 1 of 2 Exhibit Index on Page 2 ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (C) Exhibits 99 Press Release SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: January 30, 2004 TEMECULA VALLEY BANCORP INC. By: /S/ Stephen H. Wacknitz ----------------------------- Stephen H. Wacknitz President and Chief Executive Officer By: /S/ DONALD A. PITCHER ----------------------------- DONALD A. PITCHER Senior Vice President Chief Financial Officer EXHIBIT INDEX ------------- EXHIBIT NO. DESCRIPTION PAGE NO. - ----------- ----------- -------- 99 Press Release 3 2 of 2 Exhibit Index on Page 2 EX-99 3 a4562416ex99.txt EXHIBIT 99 PRESS RELEASE Exhibit 99 Temecula Valley Bancorp Net Income Increases 87% TEMECULA, Calif.--(BUSINESS WIRE)--Jan. 30, 2004--Temecula Valley Bancorp (OTCBB:TMCV) announced today that net income for the 12-month period ending December 31, 2003 increased from $4,191,054 in 2002 to $7,854,339 in 2003, an 87% increase. Net income for the quarter ending December 31st increased from $1,770,529 to $2,130,887, a 20% increase. "We are pleased with the financial results for 2003 and expect that this level of performance will place the company in a category with the highest performing banks in the nation," said Stephen H. Wacknitz, President/CEO and chairman of the board. As of December 31, 2003, total assets grew 39% to $430,840,000, total loans increased 33% to $360,749,000, deposits increased 42% to $383,487,000 and shareholder equity increased 51% to $29,683,000. Tier-One Capital remained strong at 9.06%, compared to 8.00% at December 31, 2002. The return on average equity was 31.84% in 2003 compared to 24.34% in 2002, and the return on average assets was 2.04% in 2003 compared to 1.69% in 2002. Both ratios are approximately double banking industry averages. During 2004 the company will continue to expand its presence with the opening of a full service office in Rancho Bernardo and the conversion of the Corona Loan Production Office to a full service branch office. Temecula Valley Bank was established in 1996 and operates full service offices in Temecula, Murrieta, Fallbrook, Escondido and El Cajon. Temecula Valley Bancorp was established in June 2002 and operates as a one-bank holding company for Temecula Valley Bank. As a Preferred Lender (PLP) since 1998, the locally owned and operated bank also has SBA loan production offices in Sherman Oaks, CA, Fresno CA, Chico, CA, Anaheim Hills, CA, Bellevue, WA, Gurnee, IL, Westlake, OH, Tampa/St. Petersburg FL, Coral Springs, FL, Jacksonville, FL and Atlanta, GA. The Bancorp's common stock is traded over the counter with the stock symbol TMCV.OB and the banks' Internet Web site can be reached at www.temvalbank.com. Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, the effect of interest rate changes, the ability to control costs and expenses, the impact of consolidation in the banking industry, financial policies of the United States government, and general economic conditions. Additional information on these and other factors that could affect financial results are included in its Securities and Exchange Commission filings. TEMECULA VALLEY BANCORP INC. FINANCIAL DATA DECEMBER 2003 DEC 31 DEC 31 INCREASE /(DECREASE) -------------------------- ------------------------ 2003 2002 AMOUNT PERCENT -------------------------- ------------------------ Total Assets $430,840,000 $310,289,000 $120,551,000 39% Total Loans $360,749,000 $271,426,000 $89,323,000 33% Total Deposits $383,487,000 $269,321,000 $114,166,000 42% Shareholder Equity $29,683,000 $19,616,000 $10,067,000 51% Tier One Capital Ratio 9.06% 8.00% Annualized Net Loan Charge-offs 0.14% 0.33% (Recoveries) as a percent of Average Loans Non-performing loans 4,160,000 1,908,000 SBA/SBDC Guaranteed portion (3,378,000) (1,077,000) -------------------------- Net non- performing loans 782,000 831,000 ========================== Other real estate owned 485,036 0 ========================== THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31 DECEMBER 31 -------------------------- ------------------------ 2003 2002 2003 2002 -------------------------- ------------------------ Income before Income Taxes $3,600,384 $3,000,472 $13,282,228 $7,065,564 Provision for Income Taxes $1,469,497 $1,229,943 $5,427,889 $2,874,510 -------------------------- ------------------------ Net Income $2,130,887 $1,770,529 $7,854,339 $4,191,054 Per Share - Basic $0.26 $0.24 $1.00 $0.57 Per Share - Diluted $0.23 $0.21 $0.89 $0.50 Annualized Return on Average Assets 1.97% 2.33% 2.04% 1.69% Annualized Return on Average Equity 29.65% 37.64% 31.84% 24.34% Shares Outstanding 8,151,914 7,446,646 8,151,914 7,446,646 Average Shares Outstanding 8,130,796 7,433,202 7,823,950 7,372,504 Average Shares & Equivalents 9,091,184 8,477,382 8,861,706 8,370,040 Note: All per share and share data adjusted for 2 for 1 split effective 12/19/2003, payable 12/24/2003. CONTACT: Temecula Valley Bank, Temecula Stephen H. Wacknitz, 909-694-9940 -----END PRIVACY-ENHANCED MESSAGE-----