Wednesday, February 9, 2011

North Valley Bancorp posts 4Q profit

REDDING, Calif. (AP) — Bank holding company North Valley Bancorp said Tuesday it posted a fourth-quarter profit because it did not have to set aside millions for loan losses and impairment charges.

The company reported net income of $2.3 million, or 33 cents per share, compared with a loss of $19.3 million, or $12.90 per share a year ago.

Analysts surveyed by FactSet expected a loss of 20 cents per share.

The Redding-based parent company for North Valley Bank did not record a provision for loan and lease losses in the fourth quarter ended Dec. 31. A year ago, the provision was $9 million.

It also had a $15.2 million impairment of goodwill charge in the year-ago quarter, but none in the current quarter.

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