Press Releases
7/16/2009 - PREMIER VALLEY BANK ANNOUNCED ITS SECOND QUARTER 2009 FINANCIAL RESULTS
Premier Valley Bank (OTC Bulletin Board PVLY) today announced its second quarter 2009 financial results.
FRESNO, CALIFORNIA - July 16, 2009 - Premier Valley Bank (OTC Bulletin Board PVLY) today announced its second quarter 2009 financial results. Net income for the second quarter of 2009 totaled $500 thousand ($.04 per share), compared to $606 thousand ($.05 per share) for the first quarter of 2009 and $875 thousand ($.07 per share) for the quarter ended June 30, 2008. For the first half of 2009, net income was $1.11 million ($.09 per share), compared to $1.89 million ($.16 per share) reported for the first half of 2008. At June 30, 2009, total assets stood at $482 million, compared to $488 million at December 31, 2008 and $492 million at June 30, 2008. As of June 30, 2009, deposits totaled $416 million, compared to $396 million at December 31, 2008 and $428 million at June 30, 2008, while loans outstanding were $364 million, compared to $375 million at December 31, 2008 and $350 million at June 30, 2008. Shareholders' equity at June 30, 2009 was approximately $58 million, reflecting a very strong capital ratio of 12% of total assets.
J. Mike McGowan, President and Chief Executive Officer, stated, "The 2009 second quarter results are reflective of the troubled environment in which we operate, significantly impacted by unprecedented low short-term interest rates and continuing softness in local economic conditions, including real estate markets. However, the Bank's net interest margin has been markedly consistent through these challenging times while we continue to make improvements in our fundamental operations. Premier Valley Bank remains very well positioned to take advantage of both short term opportunities which may arise due to issues facing many of our competitors and longer term prospects that will be available when this economic cycle reverses."
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.
