SOURCE: Pacific Valley Bank

August 18, 2008 12:02 ET

Pacific Valley Bank Reports Its Financial Results for the First Half of 2008

SALINAS, CA--(Marketwire - August 18, 2008) - Pacific Valley Bank (OTCBB: PVBK), the Salinas Valley's locally owned and managed community bank, today released its unaudited 2008 first half financial results.

On June 30, 2008, our assets were $192.0 million an increase of $31.2 million (19%) compared to $160.8 million at December 31, 2007. Our loans were $158.1 million an increase of $50.5 million (47%) compared to $107.8 million at December 31, 2007. Our deposits were $150.2 million an increase of $11.0 million (8%) compared to $139.2 million at December 31, 2007.

Interest income for the six months ended June 30, 2008 was $5,185,500, an increase of $1,168,200 (29%) compared to $4,017,300 for the same period in 2007. Interest expense for the six months ended June 30, 2008 was $2,096,700, an increase of $284,300 (16%) compared to $1,812,400 for the same period in 2007. Net interest income for the six months ended June 30, 2008 was $3,088,800, an increase of $883,900 (40%) compared to $2,204,900 for the same period in 2007. Net interest income was higher in 2008, despite the significant decrease in interest rates during the period, primarily due to an increase in the volume of interest earning assets.

Non-interest income for the six months ended June 30, 2008 was $107,000, an increase of $73,800 (222%) compared to $33,200 for the same period in 2007. Non-interest expense for the six-month period ending June 30, 2008 was $3,392,700, an increase of $140,700 (4%) compared to $3,252,000 for the same period in 2007. This modest increase in the first half is due to the rapid growth of the bank during 2007, and has actually decreased during the second quarter as we have been able to put staff efficiencies in place.

Our net loss was $1,030,300, or $0.53 per share, and $1,062,500, or $0.55 per share, for the six-month periods ended June 30, 2008 and 2007, respectively. Our net loss was $551,900, or $0.29 per share, and $637,700, or $0.33 per share, for the three-month periods ended June 30, 2008 and 2007, respectively.

"I am pleased that we again showed remarkable growth," said President Ben Tinkey. "While these are trying times for many in the financial industry, we have been able to continue to increase our market share and exceed our growth objectives for the period. We are especially pleased with the quality of the new lending relationships we have established. We believe that our ability to deliver the combination of true community banking responsiveness and local decision making is the reason that more and more individuals and businesses are switching to Pacific Valley Bank."

Pacific Valley Bank is a full-service community-based bank organized by local business and community leaders. It opened its doors in September 2004 and has approximately 1100 shareholders. The Bank now has five branches with two located in Salinas, and one each in King City, Hollister and Monterey. The Bank's 2nd Quarter 10-Q Report may be found on our website www.PacificValleyBank.com.

Contact Information

  • CONTACTS:
    Ben Tinkey
    831-771-4306
    President & Chief Executive Officer