Welcome to our dedicated page for Pacific Vy Bk Salinas Calif news (Ticker: PVBK), a resource for investors and traders seeking the latest updates and insights on Pacific Vy Bk Salinas Calif stock.
Pacific Valley Bancorp (PVBK) is a well-established business bank headquartered in Salinas, California. With a focus on providing exceptional service, the bank offers a wide range of banking products and services to small and medium-sized businesses, agriculture-related businesses, non-profit organizations, professional service providers, and individuals. The company has shown consistent organic income and asset growth, with a commitment to maintaining a high level of liquidity and conservative lending policies. Total assets, loans, and deposits have increased steadily over the years, reflecting the Bank's dedication to serving its community. With a strong financial position and a focus on credit quality and operational efficiency, Pacific Valley Bancorp is positioned for sustainable growth and profitability.
Pacific Valley Bank (OTC: PVBF) has appointed David V. Heald to its Board of Directors, bringing nearly five decades of banking experience. Heald's notable achievements include growing Santa Cruz County Bank from $13.2 million to $1.6 billion in assets during his tenure as President, CEO, and Vice Chairman from 2004 to 2020.
Prior to this, Heald was a founding executive at Coast Commercial Bank, where he served as Chief Credit Officer and Chief Banking Officer, helping grow the institution from $3.2 million initial capitalization to a $100 million sale. He currently serves on several boards, including the Menlo College Board of Trustees, California Bankers Association Bankers Benefit Board, and California Community Bankers Network Board.
Pacific Valley Bancorp (PVBK) reported Q4 2024 financial results with net income of $1.1 million, down 8.7% year-over-year due to higher interest expenses. The company's net interest margin decreased to 3.30% from 3.69% in Q4 2023.
Key highlights include: gross loans growth of 7.4% to $486.0 million year-over-year, total deposits increase of 12.9% to $579.5 million, and shareholders' equity growth of 9.1% to $56.4 million. The Bank maintains a strong Community Bank Leverage Ratio of 13.33%, well above the 9% regulatory requirement.
Annual net income for 2024 was $4.4 million, an 8.7% decrease from 2023, primarily due to higher deposit interest expense and lower Fed funds interest income. The company's loan quality remains strong with non-performing loans at 0.03% of gross loans. No provision for credit losses was required, with the allowance at 1.57% of gross loans.
Pacific Valley Bank (OTC: PVBK) has appointed William F. Filippin as Chief Credit Officer, bringing over 30 years of community banking experience to the role. Filippin, who previously served as Director of Special Projects at Community West Bank following its merger with Central Valley Community Bank, has extensive expertise in credit risk management, portfolio oversight, and strategic growth.
Prior to the merger, Filippin held executive positions including President and Chief Credit Officer at Community West Bank, where he led strategic initiatives such as the bank's expansion into San Luis Obispo County, portfolio management enhancement, CECL implementation, and credit risk assessment programs. A graduate of California Polytechnic State University and the Graduate School of Banking in Madison, Wisconsin, Filippin has been actively involved in local organizations including the Arroyo Grande Chamber of Commerce.
Pacific Valley Bank (OTC: PVBK) has announced the appointment of Mirna Hills as Senior Vice President, Director of Treasury Management. Hills, who brings over 40 years of community banking experience in Monterey County, will oversee treasury operations for the Salinas, Monterey, and King City branches. She previously served as Director of Treasury Management Strategies and Sales at 1st Capital Bank in Salinas.
The appointment strengthens PVBK's leadership team in implementing financial strategies to support Monterey County businesses. Hills is also actively involved in community service, supporting local nonprofits including Relay for Life cancer walk, United Way of Monterey County, and the Boys and Girls Club of Salinas.
Founded in 2004, Pacific Valley Bank operates full-service locations in Salinas, King City, and Monterey, serving small and medium-sized businesses, agricultural enterprises, non-profits, professional service providers, and individuals throughout Monterey County.
Pacific Valley Bank (OTC: PVBK) announced its expansion into Santa Cruz with the appointment of Dean Austin as Senior Vice President & Market President. This marks the bank's first presence in the Santa Cruz market, expanding beyond its current operations in Monterey County.
Austin brings over 25 years of commercial banking experience, having previously held officer positions at 1st Capital Bank, Wells Fargo Bank, and Coast Commercial Bank. He currently serves on the Board of Directors for several local organizations including Second Harvest Food Bank of Santa Cruz County, Hospice of Santa Cruz County, and the Santa Cruz County Business Council.
Pacific Valley Bank, founded in 2004, currently operates through three full-service locations in Salinas, King City, and Monterey, serving small and medium-sized businesses, agricultural enterprises, non-profit organizations, professional service providers, and individuals.
Pacific Valley Bancorp (PVBK) reported Q3 2024 net income of $1.1 million, down 9.3% year-over-year but up 12.2% quarter-over-quarter. Net interest margin decreased to 3.29% from 3.42% in Q3 2023. Gross loans grew 9.8% year-over-year to $470.4 million, while total deposits decreased 2.4% to $473.0 million. The bank maintains strong capital positions with a Community Bank Leverage Ratio of 13.19%, well above the 9% regulatory requirement. Credit quality remains robust with non-performing loans at 0.24% of gross loans.
Pacific Valley Bancorp (OTC Pink: PVBK) announced its Q2 2024 financial results. Net income for the quarter was $1.0 million, down 11.7% year-over-year and 15.7% quarter-over-quarter. Key highlights include:
- Net interest margin decreased to 3.32% from 3.45% in Q2 2023
- Gross loans grew 11.0% year-over-year to $455.8 million
- Non-performing loans to gross loans ratio improved to 0.22%
- Community Bank Leverage Ratio strengthened to 13.75%
- Total assets decreased 1.1% year-over-year to $533.8 million
- Total deposits decreased 2.7% year-over-year to $459.6 million
- Shareholders' equity grew 11.1% year-over-year to $53.9 million
The company faces challenges from rising interest expenses but sees growth opportunities in the changing market landscape.
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