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.
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.