Salinas, CA – July 26, 2021 – Pacific Valley Bank (OTC Pink: PVBK) announced its unaudited earnings results for the second quarter 2021. Net income for the three months ended June 30, 2021, was $1.11 million representing an increase of 68% compared with the same period of 2020. Earnings per share for the second quarter 2021 were $0.28 compared with $0.18 for the second quarter 2020.
KEY SECOND QUARTER HIGHLIGHTS:
- Increased EPS of 52% year over year or an increase of $0.09 per share.
- Core Loan growth, excluding PPP, remains strong: up $15.4 million or 5.7% during the second quarter of 2021.
- Cannabis Related Bank Program continues to grow: revenue for second quarter was $135k compared to $96k in the first quarter.
As of June 30, 2021, total assets were $477.2 million. Since March 31, 2021, total assets have increased $10.40 million or 2.2%, and since June 30, 2020, total assets have increased by $52.9 million or 12.5%.
Anker Fanoe, President and CEO, commented, “The second quarter results are exciting. The Bank is growing the core loan portfolio while sensibly managing costs. Continued economic recovery provides opportunities for the Bank’s future growth and ability to further serve our community.”
Total gross loans outstanding were $362.7 million as of June 30, 2021, which includes $75.1 million in Paycheck Protection Program (PPP) loans. This exceeded gross loan balances at June 30, 2020, by $17.2 million representing an increase of 5% year-over-year.
Shareholder Equity was $41.4 million at June 30, 2021, representing growth of $4.2 million, or 11.6% over a year ago. The Bank is considered to be well capitalized and its Capital Ratios exceed regulatory minimums.
Net Interest Income was $4.1 million, $4.0 million and $3.4 million for the three months ending June 30, 2021, March 31, 2021, and June 30, 2020, respectively. The Bank’s cost of funds decreased compared to the second quarter of last year resulting in $139 thousand less in interest expense, primarily due to the low interest rate environment for deposit products.