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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 Bancorp (PVBK) reported a strong performance for the year ending December 31, 2022, with net income soaring to $5.2 million, a 38% increase from 2021. Earnings per share rose to $1.28, up from $0.95 in 2021. The fourth quarter saw net income of $1.2 million, reflecting a 79% jump year-over-year. Total assets grew by 12% to $559 million, and core loans increased 22.5% to $409.3 million. The company declared a 10% stock dividend for shareholders, signaling confidence in ongoing growth despite economic uncertainties.
Pacific Valley Bancorp (PVBK) reported third-quarter 2022 earnings with a net income of $1.2 million, or $0.30 per share, marking a 47% increase year-over-year. Year-to-date net income reached $3.9 million, with basic earnings per share of $0.98. Core loan growth surged by 34.2% to $401 million amid strong loan demand. However, total assets declined by 3.7% sequentially. The bank maintained a low non-performing loan ratio of 0.05% and improved credit quality. Total deposits decreased by 2.3% year-over-year.
Abaca and Pacific Valley Bank (PVBK) are collaborating to enhance banking access for legal cannabis operators in California, marking a significant milestone since the state's medical marijuana legalization 26 years ago. This partnership provides a comprehensive banking solution for cannabis businesses, offering accounts, electronic payment services, and cash management options. With only a few banks willing to serve the cannabis sector, this initiative aims to reduce the industry's underbanked status. Abaca has processed over $3 billion in transactions, demonstrating its commitment to the cannabis market.
Pacific Valley Bancorp (PVBK) reported strong second quarter 2022 earnings, with net income reaching $1.5 million, up 36% from the prior quarter. Earnings per share increased to $0.38, compared to $0.28 in Q1 2022. Total assets grew to $502.9 million, marking a 4.3% increase since Q1 2022. Core loan growth was impressive at 30% year-over-year, while non-performing loans decreased significantly to 0.06%. For H1 2022, net income totaled $2.7 million, with basic EPS of $0.67.
Pacific Valley Bank (PVB) announced the addition of Sun Shine Hohman as Vice President and Relationship Manager, based in Monterey. Hohman, a seasoned banker with over 20 years of experience in the region, has previously worked at Bank of America and Chase Bank where she managed client relationships. Her local community involvement includes serving on the boards of Junior League of Monterey County and Carmel Youth Baseball. PVB, established in 2004, offers a range of banking services primarily to small and medium-sized businesses in Monterey County.
Pacific Valley Bancorp (PVBK) reported its unaudited earnings for Q1 2022, showing a net income of $1.14 million, a 64% increase from Q4 2021. Earnings per share rose to $0.28 from $0.17 in the previous quarter. Core loan growth reached $78.25 million, a 29% year-over-year increase. While total deposits decreased by 7.8% quarter-over-quarter, shareholder equity grew by 8.9% year-over-year. Non-performing loans comprised just 0.07% of total loans, indicating improved asset quality.
Pacific Valley Bank (OTC Pink: PVBK) reported a net income of $3.77 million for 2021, up 16% year-over-year. Earnings per share rose to $0.94 from $0.81 in 2020. Core loan growth, excluding PPP loans, surged by 22.7% to $60.9 million. Total assets climbed by $34.4 million to $499.2 million. Deposits increased by 7.3% to $454 million. Following the formation of Pacific Valley Bancorp in January 2022, the bank aims to raise capital for further growth and acquisitions.
Pacific Valley Bank (PVBK) announced Q3 2021 earnings with a net income of $833k for the quarter and $3.08 million year-to-date, up 33% year-over-year. Basic earnings per share increased to $0.21 for Q3, from $0.25 last year. Total assets decreased slightly to $473.4 million, while total deposits fell by 1.1% to $428 million. Core loan growth was strong, with a 9.0% increase in loans excluding PPP. The bank is forming a holding company, Pacific Valley Bancorp, expected to support future capital raising and acquisitions.
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