On Wednesday a number of companies announced their financial results, and many of those are going to be in focus this morning. One of the companies that could be in focus is Pacific Valley Bancorp (OTC: PVBK), which announced its financial results for the fourth fiscal quarter of 2024. In this feature, we take a closer look at its performance.
The Numbers
The company reported net income of $1.1 million for the quarter, which worked out to a decline of 8.7% or $101,000 from the performance in the prior year quarter. In the news release, the company stated that the decline had come about owing to higher expenses on interest. On a sequential basis, the net income went down by 6.1% or $69,000 from the quarter that ended on September 30, 2024. The basic earnings on a per-share basis were $0.22 as opposed to $0.23 in the previous quarter.
Further Information
For the year ended on December 31, 2024, Pacific Valley Bancorp generated net income to the tune of $4.4 million, and that worked out to a drop of 8.7% or $424,000 from the previous fiscal year. The expenses incurred for deposit interests had gone up from one fiscal year to the next, the company noted.
Management Quote
“We are pleased to see our investments in loan and deposit production personnel make an impact, as loans increased $16 million in the fourth quarter of 2024. Deposits dramatically increased due to a $107 million agricultural deposit that came in at the end of December and left the bank in mid-January. Deposits increased $10 million, excluding the short-term deposit. While the cost of deposits for the fourth quarter increased to 2.30% compared to 2.22% in the third quarter, the rate of increase has slowed and should reverse due to the recent interest rate cuts by the Federal Reserve,” said Anker Fanoe, CEO.
