Written by The Business Journal Staff
Central Valley Community Bancorp, parent company of Fresno’s Central Valley Community Bank, reported second quarter net income of $4.96 million, or 36 cents per diluted common share.
That’s up slightly from $4.94 million in Q2 2017. Per-share earnings were 40 cents in that period.
For the first half of 2018, net income was $10.25 million, or 74 cents per share, compared to $9.19 million and 75 cents per share for the first six months of 2017.
Among the highlights for the second quarter, Central Valley Community Bank consolidated two banking offices into branches currently serving the same communities — one in Visalia and one in Folsom.
During the third quarter of this year, the bank also plans to close its Tracy office and sell the customer deposits to another institution.
“The second quarter marks another successful quarter for our Company. Loans continued to grow and net income was and should remain positively affected by strategic branch and operational initiatives. As the economy continues to gain momentum in our market area, we are positioned to grow with our clients and develop new relationships, particularly in our more recent acquisition markets,” stated James M. Ford, President & CEO of Central Valley Community Bank and Central Valley Community Bancorp.
Total assets as of June 30 were $1.58 billion, up from $1.44 billion at the same time last year.