Written by The Business Journal Staff
For the fourth quarter of last year the Central Valley Community Bank’s net income was $2.6 million, down slightly from $2.9 million in the same period of 2015. The drop was primarily due to an increase in non-interest expenses as well as an increase in the provision for income taxes, according to the bank.
“The financial results for this quarter and for the full year indicate our strategic plan is being successfully implemented by our dedicated team of bankers. One significant part of this quarter’s success was the completion of our merger with Sierra Vista Bank, welcoming new team members and customers in the Greater Sacramento market and representing the fourth acquisition in our Company’s history,” stated James M. Ford, president and CEO of Central Valley Community Bancorp and Central Valley Community Bank.
“With the recent acquisition, our Bank is well-positioned to build upon the strength and business growth opportunities in the Greater Sacramento region. We are additionally optimistic about the continued economic improvement throughout our entire footprint, and we remain focused on our unique brand of relationship banking which has served our Bank well for over 37 years.”
The bank’s total assets as of Dec. 31, 2016 were $1.44 billion, compared to $1.27 billion at the same time in 2015.