Pacific Valley Bancorp Announces Its Third Quarter 2024 Financial Results
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 (PVBK) ha riportato un utile netto di 1,1 milioni di dollari per il terzo trimestre del 2024, in calo del 9,3% rispetto all'anno precedente ma in aumento del 12,2% rispetto al trimestre precedente. Il margine di interesse netto è diminuito al 3,29% rispetto al 3,42% del terzo trimestre del 2023. I prestiti lordi sono cresciuti del 9,8% rispetto all'anno scorso, raggiungendo i 470,4 milioni di dollari, mentre i depositi totali sono diminuiti del 2,4% a 473,0 milioni di dollari. La banca mantiene solide posizioni di capitale con un rapporto di leva del 13,19%, ben al di sopra del requisito normativo del 9%. La qualità del credito rimane robusta, con i prestiti non performanti allo 0,24% dei prestiti lordi.
Pacific Valley Bancorp (PVBK) reportó un ingreso neto de 1.1 millones de dólares en el tercer trimestre de 2024, lo que representa una disminución del 9.3% interanual, pero un aumento del 12.2% con respecto al trimestre anterior. El margen de interés neto disminuyó al 3.29% desde el 3.42% en el tercer trimestre de 2023. Los préstamos brutos crecieron un 9.8% en comparación con el año anterior, alcanzando los 470.4 millones de dólares, mientras que los depósitos totales disminuyeron un 2.4% a 473.0 millones de dólares. El banco mantiene posiciones de capital sólidas con un ratio de apalancamiento bancario comunitario del 13.19%, muy por encima del requisito regulatorio del 9%. La calidad crediticia sigue siendo sólida, con préstamos no productivos en el 0.24% de los préstamos brutos.
퍼시픽 밸리 뱅콥 (PVBK)는 2024년 3분기 순이익이 110만 달러에 달했다고 보고했으며, 이는 전년 대비 9.3% 감소했지만 전 분기 대비 12.2% 증가한 수치입니다. 순이자 마진은 2023년 3분기의 3.42%에서 3.29%로 감소했습니다. 총 대출은 전년 대비 9.8% 성장해 4억 7천 4백만 달러에 달했으며, 총 예금은 2.4% 감소하여 4억 7천 3백만 달러가 되었습니다. 은행은 커뮤니티 뱅크 레버리지 비율이 13.19%로, 9%의 규제 요구를 훨씬 초과하는 강력한 자본 위치를 유지하고 있습니다. 신용 품질은 여전히 견고하며, 비수익 대출은 총 대출의 0.24%에 해당합니다.
Pacific Valley Bancorp (PVBK) a rapporté un bénéfice net de 1,1 million de dollars pour le troisième trimestre 2024, en baisse de 9,3 % par rapport à l'année précédente, mais en hausse de 12,2 % par rapport au trimestre précédent. La marge d'intérêt nette a diminué à 3,29 % contre 3,42 % au troisième trimestre 2023. Les prêts bruts ont augmenté de 9,8 % par rapport à l'année dernière, atteignant 470,4 millions de dollars, tandis que les dépôts totaux ont diminué de 2,4 % à 473,0 millions de dollars. La banque maintient des positions de capital solides avec un ratio de levier de 13,19 %, bien au-dessus de l'exigence réglementaire de 9 %. La qualité du crédit reste robuste, avec des prêts non performants représentant 0,24 % des prêts bruts.
Pacific Valley Bancorp (PVBK) berichtete für das 3. Quartal 2024 einen Nettogewinn von 1,1 Millionen Dollar, was einem Rückgang von 9,3 % im Vergleich zum Vorjahr, aber einem Anstieg von 12,2 % im Vergleich zum Vorquartal entspricht. Die Nettozinsmarge verringerte sich von 3,42 % im 3. Quartal 2023 auf 3,29 %. Die Bruttodarlehen stiegen im Jahresvergleich um 9,8 % auf 470,4 Millionen Dollar, während die Gesamteinlagen um 2,4 % auf 473,0 Millionen Dollar zurückgingen. Die Bank hält starke Kapitalpositionen mit einem Community Bank Leverage Ratio von 13,19 %, was deutlich über den regulatorischen Anforderungen von 9 % liegt. Die Kreditqualität bleibt robust, mit notleidenden Krediten von 0,24 % der Bruttodarlehen.
- Gross loans increased 9.8% YoY ($42.2 million)
- Strong capital position with 13.19% Community Bank Leverage Ratio
- Quarter-over-quarter net income increased 12.2%
- Excellent credit quality with non-performing loans at 0.24%
- Combined liquidity covers 182% of uninsured deposits
- Net income decreased 9.3% YoY in Q3 2024
- Net interest margin declined to 3.29% from 3.42% YoY
- Total deposits decreased 2.4% YoY ($11.8 million)
- Higher interest expenses impacting profitability
- Return on average assets declined to 0.83% from 0.93% YoY
FINANCIAL HIGHLIGHTS:
- Net income for the quarter ended September 30, 2024, was
$1.1 million 12.2% or$124 thousand $0.23 $0.21 - Net income for the nine months ended September 30, 2024 was
$3.4 million 8.8% or$323 thousand - Net interest margin for the third quarter September 30, 2024 was
3.29% compared with3.42% for the same period in 2023. The decrease resulted from higher deposit interest expense and lower Fed funds interest income, partially offset by higher loan interest income. - Net interest margin for the nine months ended September 30, 2024 was
3.39% compared with3.51% for the same period in 2023. The decrease is primarily the result of higher deposit interest expense and lower Fed funds interest income. - Gross loans outstanding grew by
9.8% or$42.2 million - Non-Performing loans to gross loans for the quarter ended September 30, 2024, was
0.24% compared to0.23% as of September 30, 2023. - The Bank subsidiary's Community Bank Leverage Ratio has been consistently strong. As of September 30, 2024 the ratio was
13.19% , compared to13.75% on June 30, 2024, and12.39% on September 30, 2023. The regulatory requirement for this ratio is9.00% .
"We are pleased to see our investments in loan and deposit production personnel are starting to bear fruit, 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. 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 market changes," 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 September 30, 2024, total assets were
The investment securities portfolio totaled
Total gross loans outstanding were
As of September 30, 2024, total deposits were
Shareholders' equity was
Net interest income was
No provision for credit losses was recorded in the third quarter of 2024 or in the third quarter of the prior year. 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 September 30, 2024, non-interest income was
Non-interest expense was
Return on average assets was
Pacific Valley Bancorp Selected Financial Data ‐ Unaudited $ In thousands, Except per Share Data | |||||
Assets | September 30, 2024 | June 30, 2024 | September 30, 2023 | ||
Cash and Due From Banks | |||||
Investment Securities | 27,044 | 26,966 | 28,614 | ||
Gross Loans Outstanding | 470,430 | 455,811 | 428,279 | ||
Allowance for Credit Losses | (7,576) | (7,544) | (7,512) | ||
Other Assets | 15,425 | 16,823 | 14,875 | ||
Total Assets | |||||
Liabilities and Capital | September 30, 2024 | June 30, 2024 | September 30, 2023 | ||
Non-Interest Bearing Deposits | |||||
Interest Bearing Deposits | 316,682 | 285,856 | 287,044 | ||
Borrowings | 16,868 | 16,855 | 16,815 | ||
Other Liabilities | 5,334 | 3,398 | 3,413 | ||
Equity | 55,645 | 53,899 | 49,548 | ||
Total Liabilities and Capital | |||||
Key Ratios: | September 30, 2024 | June 30, 2024 | September 30, 2023 | ||
Net Loan to Deposits | 97.86 % | 97.53 % | 86.80 % | ||
Allowance for credit losses to gross loans | 1.61 % | 1.66 % | 1.75 % | ||
Non-performing loans to gross loans | 0.24 % | 0.22 % | 0.23 % | ||
Equity to Year-to-Date Average Assets | 10.51 % | 10.37 % | 9.39 % | ||
Book Value per Share | |||||
Income Statement, Three Months Ended | September 30, 2024 | June 30, 2024 | September 30, 2023 | ||
Interest Income | |||||
Interest Expense | 3,199 | 2,699 | 2,310 | ||
Net Interest Income | 4,374 | 4,155 | 4,480 | ||
Provision for Credit Losses | 0 | 0 | 0 | ||
Non-Interest Income | 378 | 412 | 361 | ||
Non-Interest Expense | 3,137 | 3,133 | 3,070 | ||
Income Tax | 477 | 420 | 516 | ||
Net Income | |||||
Key Ratios, Three Months Ended: | September 30, 2024 | June 30, 2024 | September 30, 2023 | ||
Earnings per basic share | |||||
Net Interest Margin, annualized | 3.29 % | 3.32 % | 3.42 % | ||
Quarter Efficiency Ratio | 66.01 % | 68.60 % | 63.42 % | ||
Return on Average Assets, annualized | 0.83 % | 0.78 % | 0.93 % | ||
Return on Average Equity, annualized | 8.20 % | 7.40 % | 10.21 % | ||
Pacific Valley Bancorp Selected Financial Data ‐ Unaudited $ In thousands, Except per Share Data | |||
Income Statement, Nine Months Ended | September 30, 2024 | September 30, 2023 | |
Interest Income | |||
Interest Expense | 8,385 | 5,578 | |
Net Interest Income | 13,024 | 13,341 | |
Provision for Credit Losses | 0 | 0 | |
Non-Interest Income | 1,141 | 1,128 | |
Non-Interest Expense | 9,411 | 9,276 | |
Income Tax | 1,400 | 1,516 | |
Net Income | |||
Key Ratios, Nine Months Ended | September 30, 2024 | September 30, 2023 | |
Earnings per basic share | |||
Net Interest Margin, annualized | 3.39 % | 3.51 % | |
Efficiency Ratio | 66.44 % | 64.11 % | |
Return on Average Assets | 0.84 % | 0.93 % | |
Return on Average Equity | 8.24 % | 10.07 % | |
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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