Pacific Valley Bank (OTCQB: PVBK) announced its unaudited first quarter 2019 net income of $547,536 or $0.14 basic undiluted earnings per share. Per share calculations have been retroactively adjusted to reflect the effect of the 2018 stock dividend.

First Quarter 2019 Financial Highlights (annualized)
Return on Average Assets (ROAA): 0.72%
Net Interest Margin (NIM): 4.00%
Efficiency Ratio: 74.71%
Leverage Ratio: 11.10%
Asset Growth Over 1Q 2018: 16%

“Our continued execution of customer-centric strategies continues to yield strong results year over year,” stated Anker Fanoe, President and CEO. “The headwinds we are currently facing include strong competition for quality loan and deposit relationships. This is currently a common issue throughout the banking industry.” Fanoe added, “In addition, margin compression is a fundamental concern facing financial institutions industry-wide, resulting from an increase in cost of funds.” He continued, “Our present emphasis is placed on the augmentation of our client relationships, while concurrently driving results to maximize market expansion.”

Total assets were $308 million as of March 31, 2019. This represents a net growth of $43 million over the same period last year. Asset quality is strong and as of March 31, 2019, non-performing assets accounted for less than 1% of the Bank’s total assets.

Loans Outstanding at March 31, 2019 totaled $244 million, an increase of $33 million or 16% over March 31, 2018. Nonaccrual loan balances totaled $2 million at the end of March. At March 31, 2019 the Bank’s Allowance for Loan Losses (ALLL) was $4.6 million or 1.88% of loans outstanding. There have not been any loans charged off in 2018 or 2019.

Press-Release – March 2019

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