Central Valley Community Bancorp Reports Earnings Results for the Nine Months and Quarter Ended September 30, 2013
FRESNO, CA--(Marketwired - Oct 16, 2013) - The Board of Directors of Central Valley Community Bancorp (Company) (NASDAQ: CVCY), the parent company of Central Valley Community Bank (Bank), reported today unaudited consolidated net income of $6,039,000, and diluted earnings per common share of $0.57 for the nine months ended September 30, 2013, compared to $5,878,000 and $0.58 per diluted common share for the nine months ended September 30, 2012. Net income increased 2.74%, primarily driven by an increase in net interest income in 2013 compared to 2012, increases in non-interest income, and lower provision for credit losses offset by increases in non-interest expense. Non-performing assets decreased $1,549,000 or 15.98% to $8,146,000 at September 30, 2013, compared to $9,695,000 at December 31, 2012. The Company had $124,000 in OREO as of September 30, 2013 compared to none at December 31, 2012. During the nine months ended September 30, 2013, the Company's shareholders' equity increased $9,208,000, or 7.83%. The increase in shareholders' equity was driven by the issuance of stock as part of the Visalia Community Bank acquisition and a net increase in retained earnings, partially offset by a decrease in accumulated other comprehensive income (AOCI). The decrease in AOCI was primarily due to an increase in longer term interest rates, which resulted in a decrease in the market value of the Company's available-for-sale investment securities. The Company also declared and paid $1,502,000 in cash dividends to holders of common stock during the first nine months of 2013 ($0.15 per share).
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