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Premier Valley Bank earnings drop 61.6%

Published online on Thursday, Oct. 15, 2009

Bee staff and news services
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Premier Valley Bank announced a 61.6% decrease in third-quarter earnings Thursday.

The Fresno-based bank reported net income of $332,000, or 3 cents per share, compared with $866,000, or 8 cents per share, during the same time last year.

President and chief executive J. Mike McGowan said the results reflect the challenging times, including "unprecedented low short-term interest rates and continuing softness in local economic conditions, including real estate markets."

McGowan said the bank is building capital and reserves and is well-positioned for the future.


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