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Article Excerpt
CHICO, Calif., Nov. 3 /PRNewswire-FirstCall/ -- On October 18, 2006, Community Valley Bancorp (the "Company") issued a press release announcing earnings for the third quarter 2006. Subsequent to this press release management became aware of an accounting error with respect to insufficient accrual of deferred compensation expense. The effect of this adjustment for the quarter and nine months ended September 30, 2006 is an increase in salaries and employee benefit expense of $255,000 resulting in an after tax reduction in net income of $180,000. As a result of this adjustment, net income was $1,733,000 for the quarter ended September 30, 2006 and $5,592,000 for the nine month period ended September 30, 2006 compared to $1,913,000 and $5,772,000 respectively, as previously reported. The Earnings Release has been restated showing this adjustment.
Following is the restated third quarter earnings information. Keith Robbins, President and CEO commented: "Although the restated earnings release shows net income quarter over quarter results are lower than last year, the year to date net income total is 4.7% percent ahead."
Third quarter earnings of $1,733,000 represents a decrease of $426,000 or 19.7% from the same period in 2005. Diluted earnings...
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