Written by The Business Journal Staff
Central Valley Community Bank reported net income of $6.05 million for the second quarter, nearly double the same quarter in 2015.
The holding company of Fresno-based Central Valley Community Bank attributed the income jump to a decrease in provision for credit losses and an increase in non-interest income.
For the first six months of the year, net income was $9.46 million, up from $5.54 million in the same period last year.
“The positive growth trend in revenue, loans, deposits and asset quality for the second quarter illustrates the tremendous hard work and dedication of our team, and the loyal support of our communities, customers and Central Valley Community Bancorp shareholders,” stated James M. Ford, President and CEO of Central Valley Community Bancorp and Central Valley Community Bank. “All aspects of our 2016 strategic initiatives are moving ahead and we expect continued success through the remainder of 2016. While we are pleased with results thus far, we continue to monitor the agricultural risk throughout the San Joaquin Valley due to continued water restrictions.”
In April, Central Valley Community Bank announced a merger with Sierra Vista Bank in the Sacramento area. The merger is expected to be complete in the fourth quarter, Ford added.
Total assets were $1.29 billion on June 30, compared to $1.27 billion on Dec. 31, 2015.