Dear Customers, Shareholders, and Community,

We at Pacific Valley Bank (the Bank or PVB) pride ourselves on creating a stable, safe, and sound institution that you can count on. In light of recent industry events, particularly the failure of Silicon Valley Bank (Silicon), I wanted to share information with you relative to the stability of Pacific Valley Bank.

Our business model is very different than Silicon Valley Bank. We have a bond portfolio of less than 5% of total assets while, Silicon had a bond portfolio that made up a significant amount of their total assets, approximately 56%. Additionally, we have a diverse customer base, while Silicon had concentration in the technology industry.

PVB is considered “well capitalized” in accordance with regulatory guidelines. As of December 31, 2022, we had a community bank leverage capital ratio of 12.68%, significantly above the FDIC well capitalized guideline.

PVB has a strong liquidity position including an abundant cash position and $27 million in liquid marketable securities as well as $52 million in unused borrowing capacity at the Federal Home Loan Bank and other correspondent banks.

PVB has a history of profitability and had record earnings in 2022. December 31, 2022, net income was $5.2 million representing an increase of 38% or $1.4 million over the year ended December 31, 2021. We encourage you to read the 4th quarter press release with our detailed financial results for a complete picture of our financial health.

Our strong capital position ensures that the funds you deposit with us are safe. As a community bank your deposits are reinvested back into local businesses in the form of loans to help our community thrive. We look forward to continuing to serve our community as we have for the past 19 years.

Your PVB team is a group of local bankers with long term plans to serve our community—we’re here for you and because of you. Charlotte Radmilovic, our CFO, and I are happy to have a conversation with anyone needing more information.

Anker Fanoe
Anker Fanoe
President and CEO

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