North Valley Bancorp (NOVB) Tuesday reported an increase in profit for the second quarter, due mainly to higher non-interest income and lower loan loss provisions.
The Redding, California-based company's second-quarter net profit was $1.26 million or $0.18 per share, compared to $519 thousand or $0.08 per share last year.
Net interest income for the quarter dropped to $7.33 million from $8.16 million in the year-ago quarter. Total non-interest income grew to $4.69 million from $3.48 million in the prior-year quarter.
Loan loss provisions for the quarter decreased to $1.0 million from $1.25 million last year.
Non-interest expense for the quarter decreased to $9.23 million from $9.74 million in the prior-year quarter.
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