published on October 19, 2018 - 1:01 PM
Written by The Business Journal Staff

Central Valley Community Bancorp, parent of Fresno’s Central Valley Community Bank, reported third-quarter income of $5.75 million, or 42 cents per diluted common share.

That is up from $4.49 million and 36 cents per share for the same period of 2017.

For the nine months ending Sept. 30, net income was $16 million, or $1.16 per share, up nearly 17 percent from the same period of 2017.

“Our financial results for the three months and nine months ended September 30, 2018, confirm that we are successfully executing our Strategic Plan for 2018. With our continual growth in earnings, our Board of Directors has increased our quarterly dividend for the third consecutive quarter to $0.09 per share,” stated James M. Ford, President and CEO.

Among the third-quarter highlights:

– Net loans increased $11.0 million or 1.23 percent, and total assets decreased $142.2 million or 8.56 percent at Sept. 30 compared to Dec. 31, 2017.

– Total deposits decreased 10.53 percent to $1.28 billion in that same period

Total assets were $1.51 billion on Sept. 30, up from $1.42 billion a year ago.

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