Overview

* Pacific Valley Bancorp Q3 net income falls 16.5% yr/yr due to higher personnel expense

* Gross loans outstanding grew 10.2% yr/yr, driven by agricultural real estate and CRE loans

* Net interest margin for Q3 rises to 3.53% from 3.29% yr/yr due to higher loan interest income

Outlook

* Company plans to open a branch office in Santa Cruz in November

* Company sees opportunities for growth from competitor bank acquisitions

* Company plans increased spending on marketing to capitalize on growth opportunities

Result Drivers

* LOAN GROWTH - Gross loans increased 10.2% yr/yr, driven by agricultural real estate and CRE loans

* PERSONNEL EXPENSE - Higher personnel expenses contributed to a 16.5% yr/yr decline in net income

* INFRASTRUCTURE INVESTMENTS - Co is expanding infrastructure with a new branch and loan production office to drive future growth

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Net $950,000

Income

Q3 Net $5 mln

Interest

Income

Q3 Basic $0.19

EPS

Q3 Net 3.53%

Interest

Margin

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)