Pacific Valley Bancorp's Q4 profit falls on higher personnel expenses
Overview
California business bank's Q4 net income fell 18.5% due to higher personnel expenses
Total assets grew 8.3% yr/yr to $710 mln, driven by increased loans
Taylor Fresh Foods acquired 16.3% stake in Pacific Valley Bancorp
Outlook
Company did not provide specific guidance for future quarters or years
Result Drivers
LOAN GROWTH - Gross loans increased by 10.3% or $49.8 mln, driven by C&I, agricultural real estate, and CRE loans
DEPOSIT INCREASE - Deposits rose 7.0% to $620 mln, boosted by a $106 mln seasonal agricultural deposit
PERSONNEL INVESTMENT - Higher personnel expenses aimed at loan and deposit growth led to lower net income
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q4 Net Income |
| $774,000 |
|
Q4 Net Interest Income |
| $5.60 mln |
|
Q4 Basic EPS |
| $0.14 |
|
Q4 Net Interest Margin |
| 3.86% |
|
Press Release: ID:nPn72Gtyxa
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
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