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Last $11.01 USD
Change Today +0.22 / 2.04%
Volume 3.8K
CVCY On Other Exchanges
Symbol
Exchange
NASDAQ CM
As of 8:10 PM 04/24/15 All times are local (Market data is delayed by at least 15 minutes).

central valley comm bancorp (CVCY) Key Developments

Central Valley Community Bancorp Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

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

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 Appoints Carolyn Kutka as Vice President

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.

Central Valley Community Bancorp Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Net Loan Charge-Offs for the Fourth Quarter of 2014

Central Valley Community Bancorp announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the full year, the company reported unaudited consolidated net income available to common shareholders of $5,294,000, and diluted earnings per common share of $0.48 for the year ended December 31, 2014, compared to $8,250,000 and $0.77 per diluted common share for the year ended December 31, 2013. Net income decreased 35.83%, primarily driven by an increase in provision for credit losses offset by an increase in net interest income in 2014 compared to 2013. Annualized return on average equity (ROE) for the year ended December 31, 2014 was 4.06%, compared to 6.89% for the year ended December 31, 2013. The decrease in ROE during the year 2014 reflects a decrease in net income, as well as an increase in capital from an increase in AOCI and an increase in retained earnings as previously discussed. Annualized return on average assets (ROA) was 0.46% and 0.84% for the years ended December 31, 2014 and 2013, respectively. The decrease in ROA is due to a decrease in net income. Net interest income after provision for credit losses was $31.898 million against $33.451 million a year ago. Income before provision for income taxes was $4.724 million against $9.597 million a year ago. Total interest income was $41,039,000 compared to $34,836,000 a year ago. For the quarter ended December 31, 2014, the company reported an unaudited consolidated net loss available to common shareholders of $2,366,000 and diluted loss per common share of $0.22, compared to consolidated net income available to common shareholders of $2,211,000 and $0.19 per diluted share for the same period in 2013. Net income for the immediately trailing quarter ended September 30, 2014 was $2,351,000, or $0.21 per diluted common share. The decrease in net income during the fourth quarter of 2014 compared to the same period in 2013 was primarily driven by an increase in provision for credit losses, partially offset by an increase in net interest income. Annualized return on average equity (ROE) for the fourth quarter of 2014 was (7.06)%, compared to 7.04% for the same period of 2013. The decrease in ROE reflects a decrease in net income, and an increase in capital from the retention of earnings, net of dividends paid, and improvement in unrealized gains on available-for-sale securities recorded in accumulated other comprehensive income (AOCI). Annualized return on average assets (ROA) was (0.80)% for the fourth quarter of 2014 compared to 0.79% for the same period in 2013. This decrease is due to a decrease in net income, along with an increase in average assets. Net interest income after provision for credit losses was $1.620 million against $9.192 million a year ago. Loss before provision for income taxes was $5.116 million against income of $2.619 million a year ago. Book value per share as at December 31, 2014 was $11.93 against $11.00 per share as at December 31, 2013. Total interest income was $10,276,000 compared to $9,539,000 a year ago. During the fourth quarter of 2014, the Company recorded $7,566,000 in net loan charge-offs compared to $524,000 for the same period in 2013.

Central Valley Community Bancorp Names Debra Walker as Vice President and SBA Loan Officer

Central Valley Community Bank, or CVCB, has announced the promotion of Debra Walker as vice president and SBA loan officer. Walker joined Central Valley Community Bank in 2005 as an SBA Assistant, and was promoted to SBA Loan Officer in 2013. In her new role as vice president, Walker is responsible for developing relationships with commercial business customers, managing a portfolio of SBA and commercial loans and lines of credit, and is in charge of supervising and directing the activities of a loan support team.

 

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CVCY Competitors

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Company Last Change
American Business Bank $29.90 USD 0.00
Bank of Commerce Holdings $5.68 USD +0.01
First Northern Community Bancorp $7.63 USD 0.00
FNB Bancorp/CA $28.55 USD +0.30
Pacific Mercantile Bancorp $7.29 USD +0.13
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Industry Analysis

CVCY

Industry Average

Valuation CVCY Industry Range
Price/Earnings 23.5x
Price/Sales 3.0x
Price/Book 0.9x
Price/Cash Flow 23.5x
TEV/Sales 0.8x
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