Salinas, CA – June 2, 2020 – Pacific Valley Bank (OTC Pink: PVBK) announced its unaudited first quarter 2020 Net Income of $599 thousand or $0.15 basic earnings per share. Net Income for the first three months of 2019 was $548 thousand or $0.14 basic earnings per share.

First Quarter 2020 Financial Highlights (annualized)
Return on Average Assets (ROAA): 0.69%
Net Interest Margin (NIM): 3.86%
Efficiency Ratio: 72.05%

“The Bank fully participated in the Small Business Administration’s Paycheck Protection Program” stated Anker Fanoe, President and CEO. “Through the efforts of our exceptionally dedicated staff, we have provided over $80 million in funding to 465 small businesses. We see this as an essential step toward facilitating the recovery of businesses in our community.” He continued, “Every person in every department in varying degrees served to ensure the success of our participation in the program in order to meet the needs of our community. I am proud of the extraordinary teamwork, time commitment, and heart of our staff who gave so much to make this happen.”

As of March 31, 2020, total assets were $334.1 million. Since March 31, 2019, total assets have increased $25.7 million, or 8%. Total gross loans outstanding were $267.2 million as of March 31, 2020. This exceeded gross loan balances at March 31, 2019, by $23.5 million, or 10%. The Bank’s asset quality in 2020 was good, with non-accruing assets accounting for less than 1% of the Bank’s total assets at March 31, 2020, and no loans greater than 30 days past-due.

Shareholder Equity was $36.5 million at March 31, 2020, representing growth of $2.8 million over a year ago. This increase was the result of strong profitability. The Bank is considered to be well capitalized and its Capital Ratios well exceed regulatory minimums.

Capital Ratios as reported in the March 31, 2020 Call Report:
Leverage Ratio 10.50%
Tier 1 Capital Ratio 13.53%
Total Capital Ratio 14.78%

Net Interest Income, before the Provision for Loan Losses, was $3.2 million for the three months ending March 31, 2020. This exceeds the same period last year by $242 thousand or 8%. The Provision for Loan Losses was $75,000 during the first quarter of 2020; there was no provision expense during the same period of 2019.

For the three months ended March 31, 2020, Non-Interest Income of $157 thousand increased 20% compared with the same period of 2019. Operating expenses were $2.4 million for the first quarter 2020, an increase of 5% compared with the same period of 2020.

View 1Q 2020 Earnings Release

FDIC - Federal Deposit Insurance Corporation Logo
Equal Housing Lender Logo