Premier Valley Bank reported strong 2015 earnings in its third-quarter report.
For the first nine months of the year, net income was $6.1 million, or 50 cents a share, up from $5.5 million, or 44 cents per share, for the same period last year. As of Sept. 30, total assets stood at $683 million, up from $619 million from a year earlier.
Net earnings in the third quarter were $1.8 million, or 15 cents a share. That compares to $1.9 million, or 16 cents a share, for the third quarter of 2014.
The bank’s board also authorized a cash dividend of 8 cents per share, which will be payable on Nov. 20 and will be distributed to shareholders on Dec. 4.
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Premier noted that based on the recent trading price of the bank’s over-the-counter stock (ticker symbol PVLY), the dividend totals approximately $984,000 and has an annualized yield of 4.2 percent.
Premier Valley Bank agreed in May to be acquired by Iowa-based Heartland Financial USA Inc. in a deal expected to be finalized this year.