Press Releases

10/15/2009 - PREMIER VALLEY BANK ANNOUNCES THIRD QUARTER 2009 FINANCIAL RESULTS

Premier Valley Bank (OTC Bulletin Board PVLY) today announced its third quarter 2009 financial results.

FRESNO, CALIFORNIA - October 15, 2009 - Premier Valley Bank (OTC Bulletin Board PVLY) today announced its third quarter 2009 financial results. Net income for the third quarter of 2009 totaled $332 thousand ($.03 per share), compared to $866 thousand ($.08 per share) for the quarter ended September 30, 2008. For the first nine months of 2009, net income was $1.44 million ($.12 per share), compared to $2.76 million ($.24 per share) reported for the first nine months of 2008. At September 30, 2009, total assets stood at $487 million, compared to $488 million at December 31, 2008 and $487 million at September 30, 2008. As of September 30, 2009, deposits totaled $420 million, compared to $396 million at December 31, 2008 and $410 million at September 30, 2008, while loans outstanding were $371 million, compared to $375 million at December 31, 2008 and $368 million at September 30, 2008. Shareholders' equity at September 30, 2009 was more than $59 million, reflecting a very strong capital ratio of over 12% of total assets.

J. Mike McGowan, President and Chief Executive Officer, stated, "The financial results for the third quarter of 2009 reflect a very challenging operating environment, directly affected by unprecedented low short-term interest rates and continuing softness in local economic conditions, including real estate markets. However, the Bank continues to fortify its balance sheet, building capital and reserves, while following a controlled growth philosophy and focusing on the best interests of our shareholders. By executing these fundamentals, we will be well prepared to participate in the "new normal" when this economic downturn ends."

Premier Valley Bank is a full service bank known as "THE" Business and Professional Bank in Central California and "THE" Community Bank Serving the Sierra. The Bank's Directors are Jerry E. Cook; Mateo F. De Soto, M.D.; Surinder P. Dhillon, M.D.; Linda F. East; Richard H. Lehman; Michael S. Mathiesen; J. Mike McGowan; Thomas G. Richards; and Joe Williams.

Cautionary Statement: This release may contain certain forward-looking statements which are not historical facts and may pertain to future operating results. These forward-looking statements are within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause the Bank's actual results to be materially different from the results discussed herein. These risks and uncertainties include those related to the economic environment particularly in the region where Premier Valley Bank does business, competitive products and pricing, general interest rate changes, the fiscal and monetary policies of the United States Government, credit risk management, regulatory actions, and other risks and uncertainties. Words such as "anticipate," "believe," "estimate," "expect," "should," "intend," "project," and words or phrases of similar meaning are intended to identify forward-looking statements.