Written by The Business Journal Staff
On the basis of diluted earnings, net income was 31 cents per share in the period, compared to 22 cents for the three months ending March 31, 2015.
The earnings increase was attributed to an increase in net interest income, a decrease in non-interest expenses, a decreases in provision for credit losses and an increase in non-interest income.
“The first quarter financial results demonstrate the Company’s continued positive trends in performance. Loans and deposits have grown year-over-year, which reflect the hard work of the entire Central Valley Community Bank team and the valued referrals from customers. Our strategic focus continues to be improving the financial metrics of the Company, while expanding and deepening client relationships throughout our footprint. We remain dedicated to that purpose and our first quarter financial results reflect that commitment,” stated James M. Ford, President and CEO of Central Valley Community Bancorp and Central Valley Community Bank.
Total assets as of March 31 were $1.27 billion, mostly unchanged from the same date last year.