Pacific Valley Bancorp Q3 net income up as CRE and multifamily loans increase
PVBK•Pacific Valley Bancorp’s third-quarter net income rose 45% year over year to $1.40 million, and basic EPS increased to $0.24. Net interest income was $6.20 million, net interest margin was 3.84%, and assets, loans and deposits grew by double digits.
1. Quarterly results
Pacific Valley Bancorp reported third-quarter net income of $1.40 million, up 45% year over year, and basic EPS of $0.24. Net interest income was $6.20 million and net interest margin was 3.84%, both higher than a year earlier.
2. Loan and deposit growth
The company said growth in non-owner occupied commercial real estate and multifamily loans drove double-digit loan growth. Higher loan interest income contributed to improved net interest margin, while increased money market accounts and certificates of deposit drove deposit growth. The company provided no specific financial guidance for upcoming quarters or the full year.
