Pacific Valley Bancorp Announces Second Quarter 2023 Financial Results
SECOND QUARTER HIGHLIGHTS:
- Net income for the quarter ended June 30, 2023, was
representing a decrease of$1.1 million 9.9% or from the quarter ended March 31, 2023. The decrease was primarily the result of higher deposit interest expense. Basic earnings per share for the quarter were$126 thousand compared to$0.26 per share for the prior quarter.$0.29 - Year to date net income as of June 30, 2023 was
representing a decrease of$2.4 million 9.8% or from the six months ended June 30, 2022. Excluding PPP fees and interest income of$263 thousand in the prior year, net income in the first six months of 2023 increased by$1.9 million or$1.1 million 85.7% over the prior year period. - The net interest margin for the second quarter 2023 equated to
3.45% compared with4.19% for the same period in 2022. Net interest margin without PPP interest and fees was3.45% and3.49% for the second quarters of 2023 and 2022, respectively. - Gross Core Loans, excluding PPP, grew by
8.9% or from June 30, 2022 to June 30, 2023, primarily as a result of increased CRE loans.$33.4 million - Non-Performing loans to gross loans for the quarter ended June 30, 2023, was
0.24% compared to0.06% as of June 30, 2022. - The Bank subsidiary's community bank leverage ratio has been consistently strong. As of June 30, 2023 the ratio was
12.60% , compared to12.42% at March 31, 2023, and12.44% at June 30, 2022.
"The Company continues to maintain consistent organic income and asset growth in 2023 despite the pressure that rising deposit interest expense has placed on our margins. Core loans and total deposits have grown
"Our liquidity position remains very strong, as our primary liquidity ratio (cash and equivalents, deposits held in other banks and unpledged available-for-sale (AFS) securities as a percentage of total assets) was
As of June 30, 2023, total assets were
The investment securities portfolio totaled
Total gross loans outstanding were
As of June 30, 2023, total deposits were
Shareholder Equity was
Net Interest Income was
No provision for loan losses was recorded in the second quarter of 2023 or the second quarter of 2022. The lack of provision in 2023 was directly related to the Company's loan portfolio quality. Allowance for Loan Losses is
For the quarter ended June 30, 2023, Non-Interest Income was
Operating expenses were
Return on average assets was
Pacific Valley Bancorp | ||||||
Selected Financial Data - Unaudited | ||||||
$ in thousands, Except Per Share Data | ||||||
Assets | June 30, 2023 Pacific | March 31, 2023 Pacific | June 30, 2022 Pacific | |||
Cash and Due From Banks | ||||||
Investment Securities | 26,862 | 27,579 | 26,228 | |||
Gross Loans Outstanding | 410,668 | 406,337 | 380,011 | |||
Allowance for Loan Losses | (7,512) | (7,512) | (5,726) | |||
Other Assets | 11,498 | 12,045 | 9,050 | |||
Total Assets | ||||||
Liabilities and Capital | June 30, 2023 Pacific | March 31, 2023 Pacific | June 30, 2022 Pacific | |||
Non-Interest Bearing Deposits | ||||||
Interest Bearing Deposits | 197,780 | 256,963 | 223,044 | |||
Borrowings | 16,802 | 16,789 | 16,749 | |||
Other Liabilities | 2,300 | 2,347 | 3,035 | |||
Equity | 48,527 | 47,615 | 45,446 | |||
Total Liabilities and Capital | ||||||
Key Ratios: | June 30, 2023 Pacific | March 31, 2023 Pacific | June 30, 2022 Pacific | |||
Net Loan to Deposits | 85.37 % | 88.28 % | 85.51 % | |||
Allowance for loan losses to gross loans (1) | 1.84 % | 1.86 % | 1.53 % | |||
Non-performing loans to gross loans (1) | 0.24 % | 0.25 % | 0.06 % | |||
Equity Leverage Ratio | 9.32 % | 9.16 % | 9.40 % | |||
Book Value | ||||||
(1) excluding PPP loans | ||||||
Income Statement, Three Months Ended | June 30, 2023 Pacific | March 31, 2023 Pacific | June 30, 2022 Pacific | |||
Interest Income | ||||||
Interest Expense | 1,881 | 1,387 | ||||
Net Interest Income | 4,312 | 4,549 | ||||
Provision (Benefit) for Loan Losses | 0 | 0 | ||||
Non-Interest Income | 399 | 368 | ||||
Non-Interest Expense | 3,087 | 3,119 | ||||
Income Tax | 476 | 524 | ||||
Net Income | ||||||
Key Ratios, Three Months Ended: | June 30, 2023 Pacific | March 31, 2023 Pacific | June 30, 2022 Pacific | |||
Earnings per basic share | ||||||
Net Interest Margin, annualized | 3.45 % | 3.67 % | 4.19 % | |||
Net Interest Margin, excluding PPP income | 3.45 % | 3.68 % | 3.49 % | |||
Quarter Efficiency Ratio | 65.53 % | 63.43 % | 59.60 % | |||
Return on Average Assets, annualized | 0.88 % | 0.98 % | 1.26 % | |||
Return on Average Equity, annualized | 9.52 % | 10.47 % | 13.79 % | |||
Pacific Valley Bancorp | ||||||
Selected Financial Data - Unaudited | ||||||
$ in thousands, Except Per Share Data | ||||||
Income Statement, Six Months Ended | June 30, 2023 Pacific | June 30, 2022 Pacific | ||||
Interest Income | ||||||
Interest Expense | 3,268 | 486 | ||||
Net Interest Income | 8,861 | 9,764 | ||||
Provision (Benefit) for Loan Losses | 0 | 177 | ||||
Non-Interest Income | 767 | 680 | ||||
Non-Interest Expense | 6,206 | 6,441 | ||||
Income Tax | 1,000 | 1,142 | ||||
Net Income | ||||||
Key Ratios, Six Months Ended | June 30, 2023 Pacific | June 30, 2022 Pacific | ||||
Earnings per basic share | ||||||
Net Interest Margin, annualized | 3.54 % | 4.24 % | ||||
Net Interest Margin, excluding PPP income | 3.55 % | 3.60 % | ||||
Efficiency Ratio | 64.46 % | 61.67 % | ||||
Return on Average Assets | 0.93 % | 1.11 % | ||||
Return on Average Equity | 10.00 % | 12.09 % |
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