Pacific Valley Bank has reported net loss of $478,400, or $0.25 per share for the first quarter of 2008, an increase over the net loss of $424,900, or $0.22 per share for the corresponding period of 2007.
The bank said that the loss during the first quarter was primarily due to the rapid decrease in interest rates, which reduced the bank’s net interest income considerably.
Net interest income was $1.4 million for the first quarter of 2008, an increase of 31% compared to $1.09 million for the same period in 2007. Interest expense was $1.1 million for the first quarter of 2008, compared to $852,800 for the corresponding period of 2007.
The bank closed the first quarter of 2008 with an asset base of $174.9 million, an increase of $14.1 million over December 31, 2007 assets of $160.8 million. Loans, net of deferred loan fees, increased from $107.8 million at December 31, 2007 to $132.8 million at March 31, 2008, a growth of 23%.
The bank’s total deposits showed a growth of $8.1 million in 2008 with deposits increasing from $139.2 million at year end 2007 to $147.3 million at March 31, 2008.
Ben Tinkey, president, said: I am pleased to announce that we again showed remarkable growth. 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.