Premier Valley Bank of Fresno announced Thursday that its fourth-quarter net earnings amounted to $1.7 million, or 14 cents per share, compared to $2 million or 16 cents per share in the last quarter of 2013.
The quarterly earnings pushed the bank’s full-year profit to a record $7.2 million, or 58 cents per share, up from the previous record earnings of $6.5 million or 51 cents per share reported in 2013.
J. Mike McGowan, Premier Valley’s president/CEO, said that “2014 was the most profitable year in the history of the bank, the fourth consecutive year we have been able to make this statement.” In addition to rising earnings, the bank’s total assets as of Dec. 31 grew to $650 million, a $74 million increase from the end of 2013; the value of loans outstanding also climbed by $34 million during 2014, to $387 million.
Premier Valley is traded on the OTC Markets under the stock symbol PVLY. The bank’s stock closed Thursday at $6.10 per share, unchanged from Wednesday’s close.