Written by The Business Journal Staff
Central Valley Community Bancorp, parent company of Fresno’s Central Valley Community Bank, reported net income of $4.94 million for the second quarter, down 18 percent from the same quarter of last year.
For the first six months of the year, the bank reported net income of $9.19 million, down about 2 percent from the same period of 2016.
The earnings decreases are attributed to a greater allowance for loan losses and increases in non-interest expenses.
It’s been a busy period for the bank, which is in the process of acquiring Folsom Lake Bank near Sacramento.
“The Company’s second quarter results reflect the continuation of our Greater Sacramento Region expansion along with the strength of the San Joaquin Valley. Economic growth remains steady throughout our territory, albeit not at the level the business community had hoped for at the beginning of the year. The dedicated team at Central Valley Community Bank continues to provide banking advocacy and value to the communities we serve, resulting in solid financial performance for our shareholders,” stated James M. Ford, President and CEO of Central Valley Community Bancorp and Central Valley Community Bank.
“Our merger with Folsom Lake Bank remains on track and we look forward to welcoming the additional team of professional bankers and customers,” continued Ford.
Total assets stood at $1.44 billion as of June 30, compared to $1.29 billion on June 30, 2016.