Pacific Valley Bank Announces 20% Growth of Total Assets since June 30, 2018 and an Increase of 19% in Net Income over the First Half of 2018
Salinas, CA – July 29, 2019 – Pacific Valley Bank (OTC Pink: PVBK) announced its unaudited second quarter 2019 Net Income of $674 thousand or $0.17 basic earnings per share. Net Income increased 21% compared to the same quarter of 2018, when the Bank reported Net Earnings of $557 thousand or $0.14 basic earnings per share. Net Income for the first half of 2019 was $1,222,000 or $0.31 basic earnings per share, compared to the first half of 2018 with a reported $1,027,000 or $0.26 basic earnings per share.
Second Quarter 2019 Financial Highlights (annualized)
Return on Average Assets (ROAA): 0.85%
Net Interest Margin (NIM): 3.95%
Efficiency Ratio: 69.64%
Total Assets were at a record high $321.3 million
First Half 2019 Financial Highlights (annualized)
Return on Average Assets (ROAA): 0.79%
Net Interest Margin (NIM): 3.97%
Efficiency Ratio: 72.14%
“We are pleased to announce that the Bank saw improvement of 19% growth in Net Income year over year,” said Anker Fanoe, President and Chief Executive Officer. “The Bank has continued to increase local market share by enhanced focus on specific industries and in creating innovative banking packages to meet customer demand. Our employees have been dedicated to ensuring that we surpass customer expectations.”
