Premier Valley Bank posts $1.52M first quarter earnings

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Published on 04/26/2012 - 4:30 pm

Written by Business Journal staff

Premier Valley Bank kept the momentum of a record year in 2011 by increasing its earnings by 32 percent for the first quarter of 2012 compared to same quarter a year ago.

The first quarter earnings for the bank was $1.52 million or 12 cents per share. 

“We are pleased to report that Premier Valley Bank continues to perform very well in the midst of these subdued economic times,” said J. Mike McGowan, president and chief executive officer, in a release. 

The bank also grew its assets to $533 million, as of March 31, 2012, compared to $522 million on Dec. 31, 2011 and $493 million on March 31, 2011. Plus the bank was able to increase its dividend for the first quarter of 2012.

 “The 50 percent increase in our quarterly cash dividend, to 6 cents per share from 4 cents per share this time last year, is another indication of our confidence in the future of the Bank,” McGowan said.