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North Valley Bancorp Reports Unaudited Results for the Fourth Quarter and Year Ended December 31, 2012

REDDING, CA -- (Marketwire) -- 02/06/13 -- North Valley Bancorp (NASDAQ: NOVB), a bank holding company with $902 million in assets, today reported results for the fourth quarter and year ended December 31, 2012. North Valley Bancorp (the "Company") is the parent company for North Valley Bank (the "Bank").

The Company reported net income of $545,000, or $0.08 per diluted share, for the quarter ended December 31, 2012 compared to net income of $809,000, or $0.12 per diluted share, for the quarter ended December 31, 2011. The Company reported net income for the year ended December 31, 2012 of $6,290,000, or $0.92 per diluted share, compared to net income of $3,047,000, or $0.45 per diluted share for the year ended December 31, 2011.

Michael J. Cushman, President and Chief Executive Officer, stated, "2012 was a year of many successes and positions us well for 2013. We had positive loan growth, improved the mix of our deposits, reduced nonperforming assets, and had a good year of profitability, among other achievements. Our team continues to work hard in a challenging environment, and the results are positive. I want to thank them, our customers, and our shareholders for their continued support of our Company."

The Company did not record a provision for loan losses in the fourth quarter ended December 31, 2012 or the fourth quarter ended December 31, 2011. The Company recorded provisions for loan losses of $2,100,000 for the year ended December 31, 2012 compared to provisions for loan losses of $2,650,000 for the year ended December 31, 2011. The allowance for loan losses at December 31, 2012 was $10,458,000 or 2.12% of total loans, compared to $12,656,000, or 2.77% of total loans at December 31, 2011.

At December 31, 2012, total assets were $902,343,000, a decrease of $2,623,000, or 0.3% from $904,966,000 at December 31, 2011. Total loans were $492,211,000 at December 31, 2012, an increase of $35,996,000, or 7.9%, compared to $456,215,000 at December 31, 2011. The loan to deposit ratio at December 31, 2012 was 64.0% as compared to 59.5% at December 31, 2011. Total deposits increased $2,341,000, or 0.3%, to $768,580,000 at December 31, 2012 compared to $766,239,000 at December 31, 2011. Available-for-sale investment securities decreased $26,390,000 to $285,815,000 at December 31, 2012 from $312,205,000 at December 31, 2011, as proceeds and paydowns from the investment portfolio were used to fund loan growth.

At December 31, 2012, the Company's Total Risk-based Capital was $113,028,000, and its capital ratios were: Total Risk-based Capital ratio - 18.3%; Tier 1 risk-based Capital ratio - 17.0%; and Tier 1 Leverage ratio - 11.8%. At December 31, 2012, the Bank's Total Risk-based Capital was $112,938,000, and its capital ratios were: Total Risk-based Capital ratio - 18.3%; Tier 1 risk-based Capital ratio - 17.0%; and Tier 1 Leverage ratio - 11.8%.

Credit Quality

Nonperforming loans (defined as nonaccrual loans and loans 90 days or more past due and still accruing interest) decreased $12,576,000, or 68.3%, to $5,835,000 at December 31, 2012 from $18,411,000 at December 31, 2011. Nonperforming loans as a percentage of total loans were 1.19% at December 31, 2012, compared to 4.04% at December 31, 2011.

The overall level of nonperforming loans decreased $5,744,000 to $5,835,000 at December 31, 2012 from $11,579,000 at September 30, 2012. During the fourth quarter of 2012, the Company identified four loans totaling $777,000 as additional nonperforming loans. These additions were offset by reductions in nonperforming loans totaling $6,521,000 due primarily to the transfer to OREO of five properties totaling $4,755,000, and secondarily due to collections received on certain loans and charge-offs. Of the four loans totaling $777,000 identified as nonaccrual loans and added to nonperforming loans, one loan represented $623,000 of the total. This loan is for a commercial real estate building located in Shasta County. This loan had a charge-off of $78,000 in the fourth quarter of 2012 to write the loan down to its net realizable value. The remaining three loans in this group of nonperforming loans totaled $154,000 and no specific reserve has been established for them.

Gross loan and lease charge-offs for the fourth quarter of 2012 were $1,051,000 and recoveries totaled $82,000 resulting in net charge-offs of $969,000 compared to gross loan and lease charge-offs for the fourth quarter of 2011 of $1,151,000 and recoveries of $136,000 resulting in net charge-offs of $1,015,000. Gross charge-offs for the year ended December 31, 2012 were $4,702,000 and recoveries for the same year totaled $404,000 resulting in net charge-offs of $4,298,000, compared to gross charge-offs for the year ended December 31, 2011 of $5,525,000 and recoveries of $538,000 resulting in net charge-offs of $4,987,000.

Nonperforming assets (nonperforming loans and other real estate owned ("OREO")) totaled $28,258,000 at December 31, 2012, a decrease of $10,259,000, or 26.6%, from the December 31, 2011 balance of $38,517,000. Nonperforming assets as a percentage of total assets were 3.13% at December 31, 2012 compared to 4.26% at December 31, 2011.

The Company's OREO properties increased $734,000 to $22,423,000 at December 31, 2012 from $21,689,000 at September 30, 2012. The increase in OREO was due to the transfer of five properties totaling $4,755,000. The increase in OREO was partially offset by the sale of four properties totaling $2,475,000 with losses of $218,000 associated with those sales and the write-down of certain other OREO properties totaling $1,328,000 during the quarter ended December 31, 2012.

Operating Results

Net interest income, which represents the Company's largest component of revenues and is the difference between interest earned on loans and investments and interest paid on deposits and borrowings, increased $224,000, or 3.0%, for the three months ended December 31, 2012 compared to the same period in 2011. Interest income decreased by $603,000, or 6.8%, for the three months ended December 31, 2012, primarily due to the decrease in interest income on loans due to the decrease in yield on average loan balances. The Company had foregone interest income of $80,000 related to loans currently on nonaccrual status for the three months ended December 31, 2012 compared to $173,000 for the same period in 2011. Average loans increased $19,471,000 in the fourth quarter of 2012 compared to the fourth quarter of 2011 while the yield on the loan portfolio decreased 47 basis points to 5.44% for the fourth quarter of 2012. Offsetting this decrease in interest income for the quarter was a decrease in interest expense of $827,000, or 62.1%, primarily due to a decrease in the rates paid on deposits and secondarily a decrease in interest expense on subordinated debentures. Overall, average earning assets decreased $32,677,000 in the fourth quarter of 2012 compared to the fourth quarter of 2011. Average yields on earning assets decreased 33 basis points from the quarter ended December 31, 2011, to 3.99% for the quarter ended December 31, 2012 while the average rate paid on interest-bearing liabilities decreased by 50 basis points to 0.33%. The Company's net interest margin (tax equivalent basis) for the quarter ended December 31, 2012 was 3.74%, an increase of 6 basis points from 3.68% for the fourth quarter of 2011 and a decrease of 4 basis points from the net interest margin (tax equivalent basis) of 3.78% for the linked quarter ended September 30, 2012. Net interest income decreased $1,153,000, or 3.7%, for the year ended December 31, 2012 compared to the year ended December 31, 2011. Total interest income decreased by $3,414,000, or 9.2%, primarily due to a decrease in income on loans as a result of both the decrease in average balance of loans and a decrease in yield on loans. Interest expense decreased $2,261,000, or 39.1%, due to a decrease in rates paid on deposits and due to a decrease in interest expense on subordinated debentures for the year ended December 31, 2012 compared to the year ended December 31, 2011. The net interest margin for the year ended December 31, 2012 decreased 17 basis points to 3.75% from the net interest margin of 3.92% for the year ended December 31, 2011.

Noninterest income for the quarter ended December 31, 2012 increased $552,000, or 14.9%, to $4,269,000 compared to $3,717,000 for the same period in 2011. Service charges on deposits decreased $33,000 to $1,059,000 for the fourth quarter of 2012 compared to $1,092,000 for the same period in 2011, and other fees and charges decreased by $85,000 to $1,095,000 for the fourth quarter of 2012 compared to $1,180,000 for the same period in 2011. The Company recorded gains on the sale of mortgage loans of $966,000, and gains on the sale of SBA loans of $330,000 for the quarter ended December 31, 2012 compared to gains of $215,000 and zero, respectively, for the same period in 2011. The Company recognized gains on the sale of investment securities of $221,000 for the fourth quarter of 2012 compared to $828,000 for the same period in 2011. Noninterest income for the year ended December 31, 2012 increased by $2,054,000, or 14.3%, to $16,419,000 from $14,365,000 for the year ended December 31, 2011. The primary reason for the increase in noninterest income in 2012 compared to 2011 was due to an increase in gains on the sale of mortgage loans of $2,189,000. Service charges on deposit accounts decreased $302,000 to $4,333,000 for the year ended December 31, 2012 compared to $4,635,000 for the year ended December 31, 2011, while other fees and charges increased $52,000 to $4,715,000 for the year ended December 31, 2012 compared to $4,663,000 for the year ended December 31, 2011. The Company recorded gains on the sale of mortgage loans of $2,682,000, and gains on the sale of SBA loans of $472,000 for the year ended December 31, 2012 compared to $493,000 and $680,000, respectively, for the year ended December 31, 2011. The Company recognized gains on the sale of investment securities of $1,877,000 for the year ended December 31, 2012 compared to $1,677,000 for the year ended December 31, 2011.

Noninterest expenses increased $424,000 to $11,336,000 for the fourth quarter of 2012 from $10,912,000 for the fourth quarter of 2011. Salaries and employee benefits increased $401,000 in the fourth quarter of 2012 from the fourth quarter of 2011, while the Company experienced decreases in occupancy expense and furniture and equipment expense of $40,000, and decreases in FDIC and state assessments of $94,000 in the fourth quarter of 2012 compared to the fourth quarter of 2011. The Company's other real estate owned expense decreased $535,000 to $1,763,000 for the fourth quarter of 2012 compared to $2,298,000 for the fourth quarter of 2011. Other noninterest expense increased $692,000 to $3,323,000 in the fourth quarter of 2012 compared to $2,631,000 for the fourth quarter of 2011. Noninterest expenses for the year ended December 31, 2012 increased $264,000 to $39,979,000 compared to $39,715,000 for the year ended December 31, 2011. The reason for the increase was due primarily to an increase in salaries and employee benefits of $1,620,000 to $20,277,000 for the year ended December 31, 2012 compared to $18,657,000 for the year ended December 31, 2011. The increase was partially offset due to decreases in occupancy expense and furniture and equipment expense of $363,000, decreases in other real estate owned expense of $1,248,000 and FDIC and state assessments of $433,000 for the year ended December 31, 2012 compared to the year ended December 31, 2011.

The Company recorded a provision for income taxes for the quarter ended December 31, 2012 of $160,000, compared to a benefit for income taxes of $456,000, for the quarter ended December 31, 2011. The Company recorded a benefit for income taxes for the year ended December 31, 2012 of $1,744,000, compared to a provision for income taxes of $312,000 for the year ended December 31, 2011.

On January 30, 2013, the Company filed a Current Report on Form 8-K, reporting that its interim financial statements as of and for the three and nine months ended September 30, 2012 would be restated because there was an error in the calculation of the tax benefits recorded in that quarter. In its previously filed third quarter 2012 Form 10-Q, the Company reported tax benefits of $3,893,000 and $3,251,000 for the three and nine months ended September 30, 2012, respectively. The correct amounts were $2,546,000 and $1,904,000, respectively. The Company intends to amend and correct its third quarter Form 10-Q as soon as practicable. The difference in recorded tax benefits is expected to reduce the Company's net income to $4,004,000 and $5,745,000 for the three and nine months ended September 30, 2012, respectively. For additional information, reference should be made to the Company's Current Report on Form 8-K as filed on January 30, 2013.

North Valley Bancorp is a bank holding company headquartered in Redding, California. Its subsidiary, North Valley Bank (the "Bank"), operates twenty-two commercial banking offices in Shasta, Humboldt, Del Norte, Mendocino, Yolo, Sonoma, Placer and Trinity Counties in Northern California, including two in-store supermarket branches and six Business Banking Centers. North Valley Bancorp, through the Bank, offers a wide range of consumer and business banking deposit products and services including internet banking and cash management services. In addition to these depository services, the Bank engages in a full complement of lending activities including consumer, commercial and real estate loans. Additionally, the Bank has SBA Preferred Lender status and provides investment services to its customers. Visit the Company's website address at www.novb.com for more information.

Cautionary Statement: This release contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those stated herein. Management's assumptions and projections are based on their anticipation of future events and actual performance may differ materially from those projected. Risks and uncertainties which could impact future financial performance include, among others, (a) competitive pressures in the banking industry; (b) changes in the interest rate environment; (c) general economic conditions, either nationally, regionally or locally, including fluctuations in real estate values; (d) changes in the regulatory environment; (e) changes in business conditions or the securities markets and inflation; and (f) the effects of terrorism, including the events of September 11, 2001, and thereafter, and the conduct of the war on terrorism by the United States and its allies. Therefore, the information set forth herein, together with other information contained in the periodic reports filed by the Company with the Securities and Exchange Commission, should be carefully considered when evaluating the business prospects of the Company. North Valley Bancorp undertakes no obligation to update any forward-looking statements contained in this release, except as required by law.


                           NORTH VALLEY BANCORP
                   CONDENSED CONSOLIDATED FINANCIAL DATA
                                (Unaudited)
          (Dollars in thousands, except share and per share data)

                                  Three Months Ended
                                     December 31,
Statement of Operations Data       2012       2011      $ Change  % Change
                                ---------- ----------  ---------  --------
Interest income
  Loans (including fees)        $    6,605 $    6,885  $    (280)    (4.07%)
  Investment securities              1,660      1,958       (298)   (15.22%)
  Federal funds sold and other          11         36        (25)   (69.44%)
                                ---------- ----------  ---------  --------
    Total interest income            8,276      8,879       (603)    (6.79%)
                                ---------- ----------  ---------  --------
Interest expense
  Interest on deposits                 365        859       (494)   (57.51%)
  Subordinated debentures              139        472       (333)   (70.55%)
  Other borrowings                       -          -          -         -
                                ---------- ----------  ---------  --------
    Total interest expense             504      1,331       (827)   (62.13%)
                                ---------- ----------  ---------  --------
Net interest income                  7,772      7,548        224      2.97%
Provision for loan losses                -          -          -         -
                                ---------- ----------  ---------  --------
Net interest income after
 provision for loan losses           7,772      7,548        224      2.97%
                                ---------- ----------  ---------  --------

Noninterest income
  Service charges on deposit
   accounts                          1,059      1,092        (33)    (3.02%)
  Other fees and charges             1,095      1,180        (85)    (7.20%)
  Gain on sales of mortgage
   loans                               966        215        751    349.30%
  Gain on sales of SBA loans           330          -        330         -
  Gain on sales of securities,
   net                                 221        828       (607)   (73.31%)
  Other                                598        402        196     48.76%
                                ---------- ----------  ---------  --------
    Total noninterest income         4,269      3,717        552     14.85%
                                ---------- ----------  ---------  --------

Noninterest expenses
  Salaries and employee
   benefits                          5,164      4,763        401      8.42%
  Occupancy                            636        662        (26)    (3.93%)
  Furniture and equipment              229        243        (14)    (5.76%)
  Other real estate owned
   expense                           1,763      2,298       (535)   (23.28%)
  FDIC and state assessments           221        315        (94)   (29.84%)
  Other                              3,323      2,631        692     26.30%
                                ---------- ----------  ---------  --------
    Total noninterest expenses      11,336     10,912        424      3.89%
                                ---------- ----------  ---------  --------
    Income before provision
     (benefit) for income taxes        705        353        352     99.72%
Provision (benefit) for income
 taxes                                 160       (456)       616   (135.09%)
                                ---------- ----------  ---------  --------
    Net income                  $      545 $      809  $    (264)   (32.63%)
                                ========== ==========  =========  ========


Common Share Data
Earnings per share
  Basic                         $     0.08 $     0.12  $   (0.04)   (33.33%)
  Diluted                       $     0.08 $     0.12  $   (0.04)   (33.33%)

Weighted average shares
 outstanding                     6,835,192  6,833,752
Weighted average shares
 outstanding - diluted           6,836,192  6,833,752
Book value per share            $    14.07 $    13.09
Tangible book value             $    14.03 $    13.03
Shares outstanding               6,835,192  6,833,752


                           NORTH VALLEY BANCORP
                   CONDENSED CONSOLIDATED FINANCIAL DATA
                                (Unaudited)
          (Dollars in thousands, except share and per share data)

                                  Twelve Months Ended
                                     December 31,
Statement of Operations Data       2012        2011     $ Change  % Change
                                ----------  ---------- ---------  --------
Interest income
  Loans (including fees)        $   26,062  $   28,863 $  (2,801)    (9.70%)
  Investment securities              7,603       8,209      (606)    (7.38%)
  Federal funds sold and other          66          73        (7)    (9.59%)
                                ----------  ---------- ---------  --------
    Total interest income           33,731      37,145    (3,414)    (9.19%)
                                ----------  ---------- ---------  --------
Interest expense
  Interest on deposits               2,165       3,893    (1,728)   (44.39%)
  Subordinated debentures            1,352       1,892      (540)   (28.54%)
  Other borrowings                       8           1         7    700.00%
                                ----------  ---------- ---------  --------
    Total interest expense           3,525       5,786    (2,261)   (39.08%)
                                ----------  ---------- ---------  --------
Net interest income                 30,206      31,359    (1,153)    (3.68%)
Provision for loan losses            2,100       2,650      (550)   (20.75%)
                                ----------  ---------- ---------  --------
Net interest income after
 provision for loan losses          28,106      28,709      (603)    (2.10%)
                                ----------  ---------- ---------  --------

Noninterest income
  Service charges on deposit
   accounts                          4,333       4,635      (302)    (6.52%)
  Other fees and charges             4,715       4,663        52      1.12%
  Gain on sales of mortgage
   loans                             2,682         493     2,189    444.02%
  Gain on sales of SBA loans           472         680      (208)   (30.59%)
  Gain on sales of securities,
   net                               1,877       1,677       200     11.93%
  Other                              2,340       2,217       123      5.55%
                                ----------  ---------- ---------  --------
    Total noninterest income        16,419      14,365     2,054     14.30%
                                ----------  ---------- ---------  --------

Noninterest expenses
  Salaries and employee
   benefits                         20,277      18,657     1,620      8.68%
  Occupancy                          2,547       2,786      (239)    (8.58%)
  Furniture and equipment              938       1,062      (124)   (11.68%)
  Other real estate owned
   expense                           3,556       4,804    (1,248)   (25.98%)
  FDIC and state assessments           922       1,355      (433)   (31.96%)
  Other                             11,739      11,051       688      6.23%
                                ----------  ---------- ---------  --------
    Total noninterest expenses      39,979      39,715       264      0.66%
                                ----------  ---------- ---------  --------
    Income before (benefit)
     provision for income taxes      4,546       3,359     1,187    (35.34%)
(Benefit) provision for income
 taxes                              (1,744)        312    (2,056)   658.97%
                                ----------  ---------- ---------  --------
    Net income                       6,290       3,047     3,243   (106.43%)
                                ----------  ---------- ---------  --------


Common Share Data
Earnings per share
  Basic                         $     0.92  $     0.45 $    0.47   (104.44%)
  Diluted                       $     0.92  $     0.45 $    0.47   (104.44%)

Weighted average shares
 outstanding                     6,835,371   6,833,031
Weighted average shares
 outstanding - diluted           6,836,371   6,833,031
Book value per share            $    14.07  $    13.09
Tangible book value             $    14.03  $    13.03
Shares outstanding               6,835,192   6,833,752


                            NORTH VALLEY BANCORP
                   CONDENSED CONSOLIDATED FINANCIAL DATA
                                (Unaudited)
                           (Dollars in thousands)

                                                December 31,   December 31,
Balance Sheet Data                                  2012           2011
                                               -------------  -------------
Assets
  Cash and due from banks                      $      22,654  $      18,758
  Federal funds sold                                  15,865         40,210
  Time deposits at other financial
   institutions                                        2,219          1,959
  Available-for-sale securities - at fair
   value                                             285,815        312,205
  Held-to-maturity securities - at amortized
   cost                                                    6              6

  Loans net of deferred loan fees                    492,211        456,215
  Allowance for loan losses                          (10,458)       (12,656)
                                               -------------  -------------
    Net loans                                        481,753        443,559

  Premises and equipment, net                          9,181          8,661
  Other real estate owned                             22,423         20,106
  Core deposit intangibles, net                          255            401
  Accrued interest receivable and other assets        62,172         59,101
                                               -------------  -------------
Total assets                                   $     902,343  $     904,966
                                               =============  =============

Liabilities and Shareholders' Equity
  Deposits:
    Demand, noninterest bearing                $     177,855  $     167,506
    Demand, interest bearing                         185,315        170,124
    Savings and money market                         233,034        216,299
    Time                                             172,376        212,310
                                               -------------  -------------
      Total deposits                                 768,580        766,239

  Accrued interest payable and other
   liabilities                                        15,951         17,301
  Subordinated debentures                             21,651         31,961
                                               -------------  -------------
Total liabilities                                    806,182        815,501
  Shareholders' equity                                96,161         89,465
                                               -------------  -------------
Total liabilities and shareholders' equity     $     902,343  $     904,966
                                               =============  =============

Asset Quality
  Nonaccrual loans                             $       5,835  $      18,359
  Loans past due 90 days and accruing interest             -             52
  Other real estate owned                             22,423         20,106
                                               -------------  -------------
    Total nonperforming assets                 $      28,258  $      38,517
                                               =============  =============

  Classified assets                            $      45,297  $      59,742
  Bank Tier 1 Capital + ALLL                   $     115,580  $     126,323
  Classified assets ratio                              39.19%         47.29%

  Allowance for loan losses to total loans              2.12%          2.77%
  Allowance for loan losses to NPL's                  179.23%         68.74%
  Allowance for loan losses to NPA's                   37.01%         32.86%


                            NORTH VALLEY BANCORP
                   CONDENSED CONSOLIDATED FINANCIAL DATA
                                (Unaudited)
                           (Dollars in thousands)

                                  Three Months Ended    Twelve Months Ended
                                     December 31,          December 31,
Selected Financial Ratios           2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
  Return on average total assets      0.24%      0.35%      0.69%      0.34%
  Return on average
   shareholders' equity               2.19%      3.66%      6.70%      3.54%
  Net interest margin (tax
   equivalent basis)                  3.74%      3.68%      3.75%      3.92%
  Efficiency ratio                   94.15%     96.87%     85.75%     86.86%

Selected Average Balances
  Loans                          $ 481,998  $ 462,527  $ 464,647  $ 482,845
  Taxable investments              279,807    286,708    297,451    280,708
  Tax-exempt investments            10,749     13,974     11,903     14,205
  Federal funds sold and other      17,893     59,915     27,861     31,103
                                 ---------  ---------  ---------  ---------
    Total earning assets         $ 790,447  $ 823,124  $ 801,862  $ 808,861
                                 ---------  ---------  ---------  ---------
    Total assets                 $ 904,083  $ 917,642  $ 910,295  $ 901,271
                                 ---------  ---------  ---------  ---------

  Demand deposits - interest
   bearing                       $ 183,948  $ 168,997  $ 180,038  $ 164,616
  Savings and money market         235,146    219,283    226,070    220,501
  Time deposits                    174,096    215,689    193,476    216,408
  Other borrowings                  21,651     31,961     30,205     32,012
                                 ---------  ---------  ---------  ---------
    Total interest bearing
     liabilities                 $ 614,841  $ 635,930  $ 629,789  $ 633,537
                                 ---------  ---------  ---------  ---------
  Demand deposits - noninterest
   bearing                       $ 173,296  $ 163,157  $ 164,437  $ 159,242
                                 ---------  ---------  ---------  ---------
  Shareholders' equity           $  98,512  $  87,583  $  93,906  $  86,106
                                 ---------  ---------  ---------  ---------


                            NORTH VALLEY BANCORP
                    CONDENSED CONSOLIDATED FINANCIAL DATA
                                 (Unaudited)
                (Dollars in thousands, except per share data)

                                              For the Quarter Ended
                                    ----------------------------------------
                                     December September     June     March
                                       2012      2012       2012      2012
                                    --------- ---------  --------- ---------
Interest income                     $   8,276 $   8,426  $   8,420 $   8,609
Interest expense                          504       713      1,091     1,217
                                    --------- ---------  --------- ---------
  Net interest income                   7,772     7,713      7,329     7,392

Provision for loan losses                   -       700      1,000       400
Noninterest income                      4,269     4,204      4,687     3,259
Noninterest expense                    11,336     9,759      9,228     9,656
                                    --------- ---------  --------- ---------

Income before provision (benefit)
 for income taxes                         705     1,458      1,788       595
Provision (benefit) for income
 taxes                                    160    (2,546)       527       115
                                    --------- ---------  --------- ---------
  Net income                        $     545 $   4,004  $   1,261 $     480
                                    ========= =========  ========= =========

Earnings per common share:
  Basic                             $    0.08 $    0.59  $    0.18 $    0.07
                                    ========= =========  ========= =========
  Diluted                           $    0.08 $    0.59  $    0.18 $    0.07
                                    ========= =========  ========= =========

For further information contact:
Michael J. Cushman
President & Chief Executive Officer
(530) 226-2900
Fax: (530) 221-4877

or

Kevin R. Watson
Executive Vice President & Chief Financial Officer
(530) 226-2900
Fax: (530) 221-4877

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@ThingsExpo Stories
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nigeria has the largest economy in Africa, at more than US$500 billion, and ranks 23rd in the world. A recent re-evaluation of Nigeria's true economic size doubled the previous estimate, and brought it well ahead of South Africa, which is a member (unlike Nigeria) of the G20 club for political as well as economic reasons. Nigeria's economy can be said to be quite diverse from one point of view, but heavily dependent on oil and gas at the same time. Oil and natural gas account for about 15% of Nigera's overall economy, but traditionally represent more than 90% of the country's exports and as...
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...