Pacific Valley Bancorp (OTC Pink: PVBK) has announced its unaudited financial results for the fourth quarter of 2024:
Fourth Quarter 2024 Highlights
- Net income: $1.1 million, down 8.7% year-over-year
- Earnings per share: $0.22, compared to $0.23 in Q3 2024
- Net interest margin: 3.30%, down from 3.69% in Q4 2023
- Gross loans: $486.0 million, up 7.4% year-over-year
- Total deposits: $579.5 million, up 12.9% year-over-year
Full Year 2024 Results
- Net income: $4.4 million, down 8.7% from 2023
- Net interest margin: 3.37%, compared to 3.55% in 2023
- Return on average assets: 0.83%, down from 0.92% in 2023
Key Financial Metrics
- Total assets: $655.6 million, up 11.9% year-over-year
- Shareholders’ equity: $56.4 million, up 9.1% year-over-year
- Community Bank Leverage Ratio: 13.33%, well above the 9.00% regulatory requirement
- Non-performing loans to gross loans: 0.03%, up slightly from 0.02% in 2023
Strategic Updates
- Increased investments in loan and deposit production personnel
- Hired a new Market President and Director of Treasury Management
- Planning increased marketing spending to capitalize on market changes
- Strong liquidity position with primary liquidity ratio at 24.7%
The company attributes the decrease in net income primarily to higher interest expenses and lower Fed funds interest income, partially offset by higher loan interest income. Despite challenges, Pacific Valley Bancorp remains well-capitalized and is positioning itself for future growth opportunities in its changing market.
Source link
#Pacific #Valley #Bancorp #PVBK #Pink #Current #Pacific #Valley #Bancorp #Announces #Fourth #Quarter #Financial #Results
PressAlchemy helps businesses of all size from startups to established companies to turn their news into headlines. Whether you’re announcing a corporate update, sharing a major project milestone, or launching a new product, press release distribution ensures your story reaches the right audience on top platforms. If you own a business or have a story to share, now’s the time to get noticed.
Expand your reach to 900+ Media Networks, 13.3k Journalists, and a global audience of over a billion users! Get your Press Release or Article featured for your business or story – CLICK HERE.
