Pacific Valley Bancorp Announces Its Fourth Quarter 2024 Financial Results
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 Bancorp (PVBK) ha riportato i risultati finanziari del Q4 2024 con un utile netto di 1,1 milioni di dollari, in calo dell'8,7% rispetto all'anno precedente a causa di maggiori spese per interessi. Il margine di interesse netto dell'azienda è diminuito al 3,30% rispetto al 3,69% del Q4 2023.
Tra i punti salienti ci sono: una crescita dei prestiti lordi del 7,4% a 486,0 milioni di dollari rispetto all'anno precedente, un aumento dei depositi totali del 12,9% a 579,5 milioni di dollari e una crescita del patrimonio netto dei soci del 9,1% a 56,4 milioni di dollari. La Banca mantiene un forte rapporto di leva della Community Bank del 13,33%, ben al di sopra del requisito normativo del 9%.
L'utile netto annuale per il 2024 è stato di 4,4 milioni di dollari, con una diminuzione dell'8,7% rispetto al 2023, principalmente a causa delle maggiori spese per interessi sui depositi e di un reddito inferiore sugli interessi dei fondi della Fed. La qualità dei prestiti dell'azienda rimane forte, con prestiti non performanti allo 0,03% dei prestiti lordi. Non è stata necessaria alcuna accantonamento per perdite su crediti, con l'accantonamento al 1,57% dei prestiti lordi.
Pacific Valley Bancorp (PVBK) reportó los resultados financieros del Q4 2024 con un ingreso neto de 1,1 millones de dólares, una disminución del 8,7% interanual debido a mayores gastos por intereses. El margen de interés neto de la empresa disminuyó al 3,30% desde el 3,69% en el Q4 2023.
Los aspectos más destacados incluyen: un crecimiento de préstamos brutos del 7,4% a 486,0 millones de dólares interanual, un aumento total de depósitos del 12,9% a 579,5 millones de dólares y un crecimiento del patrimonio neto de los accionistas del 9,1% a 56,4 millones de dólares. El banco mantiene una sólida relación de apalancamiento de banco comunitario del 13,33%, muy por encima del requisito regulatorio del 9%.
El ingreso neto anual para 2024 fue de 4,4 millones de dólares, una disminución del 8,7% respecto a 2023, principalmente debido a mayores gastos por intereses de depósitos y a menores ingresos por intereses de los fondos de la Fed. La calidad de los préstamos de la empresa se mantiene sólida, con préstamos no productivos en el 0,03% de los préstamos brutos. No fue necesario realizar ninguna provisión para pérdidas crediticias, con la provisión en el 1,57% de los préstamos brutos.
퍼시픽 밸리 은행(PVBK)은 2024년 4분기 재무 결과를 발표하며 순이익이 110만 달러로 작년 대비 8.7% 감소했다고 보고했습니다. 이는 이자 비용 증가 때문입니다. 회사의 순이자 마진은 2023년 4분기의 3.69%에서 3.30%로 감소했습니다.
주요 내용으로는: 총 대출이 작년 대비 7.4% 증가하여 4억 8,600만 달러에 달하고, 총 예금이 12.9% 증가하여 5억 7,950만 달러에 달하며, 주주 자본이 9.1% 증가하여 5천 640만 달러에 이릅니다. 은행은 13.33%의 강력한 커뮤니티 뱅크 레버리지 비율을 유지하고 있으며, 이는 9%의 규제 요건을 훨씬 초과하는 수치입니다.
2024년 연간 순이익은 440만 달러로, 2023년 대비 8.7% 감소했으며, 이는 주로 예금 이자비용 증가와 연준 자금 이자 수입 감소 때문입니다. 회사의 대출 품질은 여전히 강력하며, 불량 대출 비율은 총 대출의 0.03%에 불과합니다. 신용 손실에 대한 설정은 필요하지 않았으며, 설정 비율은 총 대출의 1.57%입니다.
Pacific Valley Bancorp (PVBK) a annoncé ses résultats financiers pour le T4 2024 avec un revenu net de 1,1 million de dollars, en baisse de 8,7 % par rapport à l'année précédente en raison de charges d'intérêt plus élevées. La marge d'intérêt nette de l'entreprise a diminué à 3,30 %, contre 3,69 % au T4 2023.
Les points forts incluent : une croissance des prêts bruts de 7,4 % à 486,0 millions de dollars par rapport à l'année précédente, une augmentation des dépôts totaux de 12,9 % à 579,5 millions de dollars et une croissance des capitaux propres des actionnaires de 9,1 % à 56,4 millions de dollars. La Banque maintient un solide ratio de levier de banque communautaire de 13,33 %, bien au-dessus de l'exigence réglementaire de 9 %.
Le revenu net annuel pour 2024 s'élevait à 4,4 millions de dollars, en baisse de 8,7 % par rapport à 2023, principalement en raison de charges d'intérêts des dépôts plus élevées et de revenus d'intérêts de fonds de la Fed plus faibles. La qualité des prêts de l'entreprise reste forte, avec des prêts non performants représentant 0,03 % des prêts bruts. Aucune provision pour pertes de crédit n'était nécessaire, la provision s'élevant à 1,57 % des prêts bruts.
Pacific Valley Bancorp (PVBK) hat die Finanzergebnisse für das 4. Quartal 2024 bekannt gegeben, mit einem Nettoergebnis von 1,1 Millionen Dollar, was einem Rückgang von 8,7% im Jahresvergleich entspricht, bedingt durch höhere Zinsaufwendungen. Die Nettomarge des Unternehmens sank im Vergleich zum 4. Quartal 2023 von 3,69% auf 3,30%.
Zu den wichtigsten Highlights gehören: ein Wachstum der Bruttokredite von 7,4% auf 486,0 Millionen Dollar im Jahresvergleich, ein Anstieg der Gesamteinlagen um 12,9% auf 579,5 Millionen Dollar und ein Wachstum des Eigenkapitals der Aktionäre um 9,1% auf 56,4 Millionen Dollar. Die Bank weist eine starke Community Bank Leverage Ratio von 13,33% auf, die deutlich über der regulatorischen Anforderung von 9% liegt.
Das jährliche Nettoergebnis für 2024 betrug 4,4 Millionen Dollar, was einem Rückgang von 8,7% im Vergleich zu 2023 entspricht, hauptsächlich aufgrund höherer Kosten für die Einlagenzinsen und gesunkener Zinserträge aus Fed-Fonds. Die Kreditqualität des Unternehmens bleibt stark, mit nicht leistungsfähigen Krediten, die 0,03% der Bruttokredite ausmachen. Es war keine Rückstellung für Kreditverluste erforderlich, die Rückstellung liegt bei 1,57% der Bruttokredite.
- Strong loan growth of 7.4% YoY to $486.0 million
- Robust deposit growth of 12.9% YoY to $579.5 million
- Healthy Community Bank Leverage Ratio of 13.33%, well above 9% requirement
- Strong credit quality with non-performing loans at just 0.03%
- No credit loss provisions required, indicating portfolio strength
- Net income decreased 8.7% YoY to $1.1 million in Q4 2024
- Net interest margin declined to 3.30% from 3.69% YoY
- Annual net income dropped 8.7% to $4.4 million in 2024
- Higher interest expenses impacting profitability
- Earnings per share decreased to $0.90 from $1.09 YoY
FINANCIAL HIGHLIGHTS:
- Net income for the quarter ended December 31, 2024, was
$1.1 million 6.1% or$69 thousand $0.22 $0.23 - Net income for the year ended December 31, 2024 was
$4.4 million 8.7% or$424 thousand - Net interest margin for the quarter ended December 31, 2024 was
3.30% , compared with3.69% for the same period in 2023. The decrease was the result of lower Fed funds interest income and higher personnel expense, partially offset by lower money market and certificate of deposit interest expense. - Net interest margin for the year ended December 31, 2024 was
3.37% compared with3.55% for the same period in 2023. The decrease is primarily the result of higher deposit interest expense and lower Fed funds interest income, partially offset by higher loan interest income. - Gross loans outstanding grew by
7.4% or$33.5 million - Non-Performing loans to gross loans for the year ended December 31, 2024, was
0.03% compared to0.02% as of December 31, 2023. - The Bank subsidiary's Community Bank Leverage Ratio has been consistently strong. As of December 31, 2024 the ratio was
13.33% , compared to13.19% on September 30, 2024, and13.02% on December 31, 2023. The regulatory requirement for this ratio is9.00% .
"We are pleased to see our investments in loan and deposit production personnel make an impact, as loans increased
"Changes in our market resulting from the acquisitions of competitor banks present opportunities for growth. As mentioned, we have increased loan and deposit production and support personnel to take advantage of these opportunities, and will also be increasing our spending on marketing. We recently hired a Market President and a Director of Treasury Management with deep experience in our markets. These investments will reduce current net income, but we believe they will lead to greater profitability in the long term. I am excited about the Company's prospects as our markets change," stated CEO Fanoe.
"Our liquidity position remains strong, as our primary liquidity ratio (cash, deposits held in other banks, and securities as a percentage of total assets) was
As of December 31, 2024, total assets were
The investment securities portfolio totaled
Total gross loans outstanding were
As of December 31, 2024, total deposits were
Shareholders' equity was
Net interest income was
No provision for credit losses was recorded in the years ended December 31, 2024 or December 31, 2023. The lack of provision in 2024 and 2023 reflects the quality of the Company's loan portfolio. The allowance for credit losses was
For the quarter ended December 31, 2024, non-interest income was
For the year ended December 31, 2024, non-interest expense was
Return on average assets was
Pacific Valley Bancorp | |||||
Assets | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||
Cash and Due From Banks | |||||
Investment Securities | 24,905 | 27,044 | 26,946 | ||
Gross Loans Outstanding | 485,992 | 470,430 | 452,532 | ||
Allowance for Credit Losses | (7,619) | (7,576) | (7,512) | ||
Other Assets | 15,410 | 15,425 | 16,634 | ||
Total Assets | |||||
Liabilities and Capital | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||
Non-Interest Bearing Deposits | |||||
Interest Bearing Deposits | 319,458 | 316,682 | 253,374 | ||
Borrowings | 16,881 | 16,868 | 16,828 | ||
Other Liabilities | 2,867 | 5,334 | 4,404 | ||
Equity | 56,379 | 55,645 | 51,677 | ||
Total Liabilities and Capital | |||||
Key Ratios: | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||
Net Loan to Deposits | 82.55 % | 97.86 % | 86.73 % | ||
Allowance for credit losses to gross loans | 1.57 % | 1.61 % | 1.66 % | ||
Non-performing loans to gross loans | 0.03 % | 0.24 % | 0.02 % | ||
Equity to Year-to-Date Average Assets | 10.54 % | 10.51 % | 9.78 % | ||
Book Value per Share | |||||
Income Statement, Three Months Ended | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||
Interest Income | |||||
Interest Expense | 2,970 | 3,199 | 2,389 | ||
Net Interest Income | 4,403 | 4,374 | 4,707 | ||
Provision for Credit Losses | 0 | 0 | 0 | ||
Non-Interest Income | 337 | 378 | 372 | ||
Non-Interest Expense | 3,221 | 3,137 | 3,392 | ||
Income Tax | 450 | 477 | 516 | ||
Net Income | |||||
Key Ratios, Three Months Ended: | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||
Earnings per basic share | |||||
Net Interest Margin, annualized | 3.30 % | 3.29 % | 3.69 % | ||
Quarter Efficiency Ratio | 67.95 % | 66.01 % | 66.80 % | ||
Return on Average Assets, annualized | 0.78 % | 0.83 % | 0.88 % | ||
Return on Average Equity, annualized | 7.53 % | 8.20 % | 9.12 % | ||
Pacific Valley Bancorp | ||
Income Statement, Year Ended | December 31, 2024 | December 31, 2023 |
Interest Income | ||
Interest Expense | 11,355 | 7,967 |
Net Interest Income | 17,427 | 18,048 |
Provision for Credit Losses | 0 | 0 |
Non-Interest Income | 1,478 | 1,500 |
Non-Interest Expense | 12,632 | 12,669 |
Income Tax | 1,850 | 2,032 |
Net Income | ||
Key Ratios, Year Ended | December 31, 2024 | December 31, 2023 |
Earnings per basic share | ||
Net Interest Margin, annualized | 3.37 % | 3.55 % |
Efficiency Ratio | 66.82 % | 64.81 % |
Return on Average Assets | 0.83 % | 0.92 % |
Return on Average Equity | 8.05 % | 9.82 % |
ABOUT PACIFIC VALLEY BANCORP:
Pacific Valley Bancorp completed its formation and reorganization as a bank holding company for Pacific Valley Bank on January 4, 2022. The Company is a registered bank holding company with the Federal Reserve Bank, but it has not registered its securities under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, and it therefore does not file periodic reports with the Securities and Exchange Commission.
Pacific Valley Bank is a full service business bank that commenced operations in September 2004 to provide exceptional service to customers in
For more information, visit www.pacificvalleybank.com .
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. Accordingly, readers should not place undue reliance on these forward- looking statements. These risks and uncertainties include, but are not limited to, economic conditions in all areas in which the Company conducts business, including the competitive environment for attracting loans and deposits; supply and demand for real estate and periodic deterioration in real estate prices and/or values in
Contact
Anker Fanoe, Chief Executive Officer (831) 771-4384
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SOURCE Pacific Valley Bancorp
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