Temecula Valley Bancorp Inc. (TMCV)
Temecula Valley Bancorp Inc. served as the holding company for Temecula Valley Bank, which offered a comprehensive suite of banking products and services across California. Its deposit options included checking, savings, money market, and time accounts, as well as certificates of deposit (CDs). The company primarily specialized in real estate-backed lending, providing construction loans for both single-family to four-unit residences and commercial properties, alongside financing for land acquisition and development. It also extended commercial and Small Business Administration (SBA) loans. The lending portfolio was further diversified with consumer credit, encompassing loans for vehicles (automobiles, RVs, boats), home improvements, home equity lines of credit (HELOCs), and various secured and unsecured personal loans, including those collateralized by deposit accounts. As of December 31, 2008, the bank operated eleven full-service branches throughout Southern California, specifically in Temecula, Carlsbad, Corona, El Cajon, Escondido, Fallbrook, Murrieta, Ontario, Solana Beach, San Marcos, and the Rancho Bernardo district of San Diego. Established in 1996 with its headquarters in Temecula, California, Temecula Valley Bancorp Inc. ultimately sought Chapter 7 liquidation on November 6, 2009, by filing a voluntary petition with the US Bankruptcy Court for the Central District of California.
Sector: Banks - Regional
Industry: Banks - Regional
Temecula Valley Bancorp Inc.
OTC:TMCVFinancial Services · Banks - Regional
Mkt Cap-
Float8.37M
O/S10.04M
Inst Own-
Dilution
Financials Summary
Revenue$94.66M
Net Income-$59.04M
Total Assets$1.51B
Free Cash Flow-$73.43M
Debt & Equity
Debt 77%
Equity 23%
Total Debt$158.82M
Total Equity$46.62M
Shares Outstanding
Short Interest
Split History1 split
- 2:1Forward splitDec 24, 20031 share → 2
Balance Sheet Details
Assets$1.51B
Liabilities$1.47B
Accounts Receivable$31.13M
Accounts Payable$3.48M
Inventory$0
PP&E (Net)$5.51M
Goodwill$0
Intangible Assets$31.13M
Income Statement
| Period | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 | 1999-12-31 | 1998-12-31 |
| Revenue | $94.66M | $132M | $113.67M | $81.95M | $62.31M | $48.37M | $34.45M | $20.97M | $6.03M | $3.85M | $3.47M |
| YoY Growth | -28.3% | 16.1% | 38.7% | 31.5% | 28.8% | 40.4% | 64.3% | 247.6% | 56.6% | 11.2% | - |
| Cost of Revenue | $123.62M | $54.58M | $38.1M | $17.48M | $10.24M | $5.97M | $5.58M | $3.13M | $2.84M | $1.88M | $1.93M |
| Gross Profit | -$28.96M | $77.42M | $75.57M | $64.47M | $52.08M | $42.4M | $28.87M | $17.84M | $3.2M | $1.97M | $1.53M |
| Gross Margin | -30.6% | 58.7% | 66.5% | 78.7% | 83.6% | 87.7% | 83.8% | 85.1% | 53.0% | 51.3% | 44.2% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $25.39M | $34.73M | $32.96M | $28.09M | $23.48M | $21.21M | $14.87M | $9.31M | $0 | $0 | $0 |
| Other | $21.31M | $17.17M | $14.03M | $12.53M | $10.48M | $7.91M | $6.93M | $5.52M | $1.1M | $1.13M | $1.03M |
| Total Operating Expenses | $46.71M | $51.91M | $46.99M | $40.63M | $33.96M | $29.12M | $21.8M | $14.83M | $1.1M | $1.13M | $1.03M |
| Operating Income (EBIT) | -$75.67M | $25.52M | $28.58M | $23.84M | $18.11M | $13.28M | $7.07M | $3.01M | $2.1M | $849K | $501K |
| Operating Margin | -79.9% | 19.3% | 25.1% | 29.1% | 29.1% | 27.5% | 20.5% | 14.3% | 34.7% | 22.0% | 14.5% |
| Interest Expense | $45.19M | $49.98M | $34.45M | $14.58M | $6.42M | $4.95M | $3.12M | $2.73M | $2.45M | $1.7M | $1.43M |
| Interest Income | $92.73M | $115.61M | $94.23M | $58.13M | $33.62M | $23.89M | $16.51M | $12.02M | $9.36M | $5.7M | $4M |
| Other Income (Expense) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Income Before Tax (EBT) | -$75.67M | $25.52M | $28.58M | $23.84M | $18.11M | $13.28M | $7.07M | $3.01M | $2.1M | $849K | $501K |
| Income Tax Expense | -$16.63M | $10.38M | $11.66M | $9.89M | $7.54M | $5.43M | $2.87M | $1.21M | $0 | $0 | $0 |
| Net Income | -$59.04M | $15.14M | $16.92M | $13.95M | $10.58M | $7.85M | $4.19M | $1.8M | $1.26M | $536K | $500K |
| Net Income Margin | -62.4% | 11.5% | 14.9% | 17.0% | 17.0% | 16.2% | 12.2% | 8.6% | 20.9% | 13.9% | 14.4% |
| Supplementary Data | |||||||||||
| EPS | -5.87 | 1.45 | 1.83 | 1.58 | 1.24 | 1.00 | 0.57 | 0.28 | 0.24 | 0.12 | 0.12 |
| Diluted EPS | -5.87 | 1.41 | 1.73 | 1.46 | 1.13 | 0.89 | 0.50 | 0.26 | 0.22 | 0.09 | 0.10 |
| Weighted Average OS | 10.05M | 10.41M | 9.25M | 8.83M | 8.53M | 7.85M | 7.35M | 6.44M | 5.25M | 4.66M | 4.17M |
| EBITDA | -$73.71M | $27.46M | $41.8M | $32.55M | $25.09M | $18.23M | $9.2M | $4.06M | $2.1M | $849K | $501K |
| EBITDA Margin | -77.9% | 20.8% | 36.8% | 39.7% | 40.3% | 37.7% | 26.7% | 19.3% | 34.7% | 22.0% | 14.5% |
Balance Sheet
| Period | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 | 1999-12-31 | 1998-12-31 |
| Assets | |||||||||||
| Current Assets | |||||||||||
| Cash and Cash Equivalents | $23.82M | $14.21M | $15.29M | $18.31M | $6.32M | $9.35M | $12.18M | $9.73M | $0 | $0 | $0 |
| Short-Term Investments | $5.59M | $7.13M | $20.18M | $36.3M | $19.18M | $22.55M | $1.46M | $16.4M | $0 | $0 | $0 |
| Cash and Short-Term Investments | $29.41M | $21.34M | $35.47M | $54.61M | $25.5M | $31.89M | $13.64M | $26.13M | $0 | $0 | $0 |
| Accounts Receivable | $31.13M | $15.38M | $19.37M | $25.54M | $31.27M | $25.26M | $16.65M | $3.55M | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Assets | $60.53M | $36.72M | $54.84M | $80.15M | $56.76M | $57.15M | $30.29M | $29.67M | $0 | $0 | $0 |
| Long-Term Assets | |||||||||||
| Property, Plant & Equipment Net | $5.51M | $5.27M | $5.49M | $4.88M | $4.38M | $2.19M | $2.34M | $2.29M | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $31.13M | $0 | $0 | $0 | $31.27M | $25.26M | $16.65M | $0 | $0 | $0 | $0 |
| Long-Term Investments | $1.4B | $1.24B | $1.15B | $758.1M | $533.9M | $363.05M | $272.77M | $151.48M | $0 | $0 | $0 |
| Deferred Tax Assets | $30.84M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $10.33M | $35.84M | $28.62M | $25.86M | $4.2M | $2.71M | $1.35M | $6.58M | $117.76M | $85.11M | $57.83M |
| Total Long-Term Assets | $1.45B | $1.28B | $1.18B | $788.84M | $550.07M | $374.06M | $280.22M | $160.35M | $117.76M | $85.11M | $57.83M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $1.51B | $1.32B | $1.24B | $868.99M | $606.83M | $431.21M | $310.51M | $190.02M | $117.76M | $85.11M | $57.83M |
| Liabilities | |||||||||||
| Current Liabilities | |||||||||||
| Accounts Payable | $3.48M | $2.33M | $2.09M | $957K | $8.54M | $5.67M | $4.35M | $1.99M | $0 | $0 | $0 |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $10M | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $1.3B | $1.16B | $1.08B | $742.43M | $534.77M | $383.49M | $269.32M | $172.93M | $107.31M | $77.51M | $52.23M |
| Total Current Liabilities | $1.3B | $1.16B | $1.08B | $743.39M | $543.3M | $389.16M | $283.67M | $174.92M | $107.31M | $77.51M | $52.23M |
| Long-Term Liabilities | |||||||||||
| Long-Term Debt | $158.82M | $34.02M | $41.24M | $58.87M | $20.62M | $12.37M | $7.22M | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $9.48M | $13.14M | $10.09M | $8.55M | $1K | $0 | $0 | $0 | $1.51M | $680K | $249K |
| Total Long-Term Liabilities | $168.31M | $47.17M | $51.33M | $67.42M | $20.62M | $12.37M | $7.22M | $0 | $1.51M | $680K | $249K |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.47B | $1.21B | $1.13B | $810.81M | $563.92M | $401.53M | $290.89M | $174.92M | $108.82M | $78.19M | $52.48M |
| Stockholders' Equity | |||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $36.22M | $0 | $0 | $0 | $0 | $14.08M | $11.87M | $4K | $0 | $0 | $0 |
| Retained Earnings | $10.54M | $70.78M | $57.05M | $40.13M | $26.18M | $15.6M | $7.75M | $3.56M | $0 | $0 | $0 |
| Comprehensive Income & Other | -$140K | $0 | -$172K | $409K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | -$140K | $37.18M | $46.21M | $18.05M | $16.73M | $0 | $0 | $11.54M | $8.94M | $6.92M | $5.35M |
| Total Equity | $46.62M | $107.96M | $103.26M | $58.18M | $42.9M | $29.68M | $19.62M | $15.1M | $8.94M | $6.92M | $5.35M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $1.51B | $1.32B | $1.24B | $868.99M | $606.83M | $431.21M | $310.51M | $190.02M | $117.76M | $85.11M | $57.83M |
| Supplementary Data | |||||||||||
| Total Debt | $158.82M | $34.02M | $41.24M | $58.87M | $20.62M | $12.37M | $17.22M | $0 | $0 | $0 | $0 |
| Net Debt | $135.01M | $19.81M | $25.95M | $40.56M | $14.3M | $3.02M | $5.04M | -$9.73M | $0 | $0 | $0 |
Cash Flow Statement
| Period | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 |
| Operating Activities | ||||||||
| Net Income | -$59.04M | $15.14M | $16.92M | $13.95M | $10.58M | $7.85M | $4.19M | $1.8M |
| Depreciation & Amortization | $1.96M | $1.94M | $13.22M | $8.71M | $6.97M | $4.95M | $2.13M | $1.05M |
| Deferred Income Tax | -$4.04M | -$3.94M | -$2.31M | -$1.67M | -$1.98M | -$665K | -$909K | -$299K |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||
| Accounts Receivable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | -$87.93M | -$12.13M | -$74.8M | $0 | $0 | $0 | $0 | -$1.05M |
| Total Working Capital Change | -$87.93M | -$12.13M | -$74.8M | $0 | $0 | $0 | $0 | -$1.05M |
| Other Non-Cash Items | $75.62M | -$12.25M | -$15.5M | -$46.64M | $3.35M | -$2.97M | -$14.3M | -$13.28M |
| Net Cash from Operating | -$73.43M | -$11.25M | -$62.48M | -$25.64M | $18.92M | $9.17M | -$8.88M | -$11.77M |
| Investing Activities | ||||||||
| Capital Expenditures | -$2.33M | -$1.46M | -$2.14M | -$1.73M | -$3.01M | -$515K | -$701K | -$1.09M |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$45.87M | -$3.42M | -$2.23M | -$1.85M | -$2.23M | -$300K | -$1.88M | -$554K |
| Sales of Investments | $22.65M | $600K | $2.45M | $1.2M | $1M | $647K | $1.01M | $450K |
| Other Investing Activities | -$153.52M | -$62.02M | -$302.76M | -$190.38M | -$183.51M | -$101.54M | -$117.17M | -$48.93M |
| Net Cash from Investing | -$176.74M | -$66.2M | -$304.73M | -$192.75M | -$187.75M | -$101.71M | -$118.75M | -$50.13M |
| Financing Activities | ||||||||
| Debt Repaid | -$124.8M | $7.22M | $17.63M | -$38.25M | -$8.25M | $4.84M | -$10M | - |
| Common Stock Issuance | $0 | $0 | $26.25M | $876K | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | -$2.04M | -$12.06M | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | -$1.61M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $134.09M | $80.7M | $340.45M | $207.66M | $151.28M | $114.17M | $96.39M | $65.62M |
| Net Cash from Financing | $255.55M | $61.51M | $349.07M | $246.79M | $161.2M | $111.11M | $113.68M | $69.96M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $5.39M | -$15.94M | -$18.14M | $28.39M | -$7.63M | $18.57M | -$13.95M | $8.06M |
| Supplementary Data | ||||||||
| Operating Cash Flow | -$73.43M | -$11.25M | -$62.48M | -$25.64M | $18.92M | $9.17M | -$8.88M | -$11.77M |
| Capital Expenditure | -$2.33M | -$1.36M | -$2.14M | -$1.73M | -$3.01M | -$515K | -$701K | -$1.09M |
| Free Cash Flow | -$73.43M | -$11.25M | -$62.48M | -$27.37M | $15.91M | $8.65M | -$9.58M | -$12.87M |
| Cash at Beginning | $17.43M | $33.37M | $51.51M | $23.12M | $30.75M | $12.18M | $26.13M | $18.06M |
| Cash at End | $22.82M | $17.43M | $33.37M | $51.51M | $23.12M | $30.75M | $12.18M | $26.13M |