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The Prather location of Central Valley Community Bank has reopened after a yearlong remodeling project. Image contributed
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Central Valley Community Bancorp, parent company of Central Valley Community Bank in Fresno, announced net income of $7.56 million for the second quarter — up from $2.3 million in the same quarter of last year.
For the first six months of the year, net income was $15.04 million, compared to $8.92 million in the same period of 2020.
Net loans decreased $29.9 million or 2.75%, and total assets increased $276.5 million or 13.79% at June 30 compared to Dec. 31. The net loan decrease consisted of a decrease of $83.4 million in the SBA Paycheck Protection Program (PPP) loans, offset by an increase of $53.5 million in
non-PPP loan growth.
“We are pleased to report continued growth in deposits and non-PPP loans for second quarter 2021 – a sign of improving economic conditions in our region,” stated James M. Ford, President & CEO. “Growth in deposits is also a result of new client relationships, as well as existing clients maintaining large amounts of liquidity.
“Additionally, our involvement in first round PPP loans is winding down and we are proud to have participated in the second round of the PPP lending resulting in assisting 512 small business clients with approximately $78 million in financial support to help offset persistent challenges for these companies due to the pandemic. As the State of California economic conditions recover from the effects of the COVID-19 pandemic, this recovery should prove beneficial to our region, clients, Company and our shareholders”, concluded Ford.
Total assets as of June 30 were $2.28 billion, up from $2 billion on Dec. 31.