central valley comm bancorp (CVCY) Key Developments
Central Valley Community Bancorp Declares Regular Quarterly Cash Dividend, Payable on June 26, 2015
May 21 15
Central Valley Community Bancorp has declared a regular quarterly cash dividend of $0.06 per share on the company's common stock. The dividend is payable on June 26, 2015 to shareholders of record as of June 12, 2015.
Central Valley Community Bancorp Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015
Apr 15 15
Central Valley Community Bancorp reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported diluted earnings per common share of $0.22 compared to $0.24 per diluted common share for the three months ended March 31, 2014. Net interest income before the provision for credit losses was $9,720,000, compared to $10,099,000 for the quarter ended March 31, 2014. Net income was $2,466,000 compared to $2,616,000 a year ago. Net income decreased 5.73%, primarily driven by a decrease in net interest income and an increase in non-interest expenses, offset by an increase in non-interest income in 2015 compared to 2014. Net interest income during the first quarter of 2014 had been positively impacted by the collection of nonaccrual loans totaling $1,618,000, which resulted in a recovery of interest income of $721,000. Annualized return on average equity (ROE) for the quarter ended March 31, 2015 was 7.41%, compared to 8.37% for the quarter ended March 31, 2014. This decrease in ROE reflects a decrease in net income, as well as an increase in capital from an increase in AOCI and an increase in retained earnings. Annualized return on average assets (ROA) was 0.83% and 0.93% for the quarters ended March 31, 2015 and 2014, respectively. The decrease in ROA in the first quarter of 2015 was due to a comparative decrease in net income. Book value per share was $12.24 compared to $11.55 a year ago.
Central Valley Community Bancorp and Central Valley Community Bank Announces Management Changes
Mar 20 15
James M. Ford, President and Chief Executive Officer of Central Valley Community Bancorp and Central Valley Community Bank announced the promotion of Patrick J. Carman to Executive Vice President, Chief Credit Officer for the company and the bank, effective April 1, 2015. Thomas L. Sommer, the current Executive Vice President, Chief Credit Officer for the company and the Bank, has served in this position since his arrival in 1998. In 2014, he had announced his intent to retire, with April 30, 2015 as the effective date. Carman joined Central Valley Community Bank in November 2008, and has over 42 years of bank credit management experience. In his new role, he will manage the credit administration team and oversee credit quality for the Bank. He actively serves the California Bankers Association and is a member of its Chief Credit Officer Symposium Planning Committee. Sommer joined Central Valley Community Bank in 1998 and has over 31 years of credit management experience. During the month of April, Sommer will work closely with Carman to ensure a smooth transition of responsibilities.
Central Valley Community Bancorp, Annual General Meeting, May 20, 2015
Mar 18 15
Central Valley Community Bancorp, Annual General Meeting, May 20, 2015., at 18:00 Pacific Standard Time. Location: 7100 n. financial drive, suite 101. Agenda: To elect directors; to ratify the appointment of Crowe Horwath LLP as the company’s independent registered public accounting firm; to approve the Central Valley Community Bancorp 2015 omnibus incentive plan; to adopt a non-binding advisory resolution approving executive compensation; and to transact such other business as may properly come before the annual meeting.
Central Valley Community Bancorp Appoints Carolyn Kutka as Vice President
Feb 19 15
Central Valley Community Bank announced that it has named Carolyn Kutka as vice president and branch manager of the Fig Garden Village office in Fresno, California located at 5180 North Palm, Suite 105. Kutka brings more than 30 years of professional customer service, management and team development experience to the bank. In her role as Branch Manager, she is responsible for the overall branch management of the Fig Garden Village office, as well as the development of new personal and business banking relationships in the Fresno region.