Central Valley Community Bancorp Reports Profitable First Quarter Earnings.Business Editors CLOVIS Clovis. 1 City (1990 pop. 50,323), Fresno co., S central Calif., near the foothills of the Sierra Nevada range; inc. 1912. It is a growing trade center in a farm and vineyard area; the population more than tripled from 1970 to 1990. , Calif.--(BUSINESS WIRE)--April 8, 2002 Central Valley Community Bancorp (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CVCY) the parent company for Clovis Community Bank reported today net income of $683,000, for the 3-month period ending March 31, 2002, compared to $720,000 for the same period in 2001. However, when excluding extraordinary non-recurring income and expense items, consolidated net income increased 51% in the 3-month period ending March 31, 2002, compared to $452,000 during same period in 2001. The primary contributing factors in the reduction of net income for first quarter 2002 compared to the same period in 2001, resulted from the Bank recognizing certain non-recurring income and expenses, including receiving funds as part of an insurance settlement in 2001. Average assets grew to $224,810,000 at March 31, 2002, compared to $197,124,000 at March 31, 2001, an increase of 14.0%. Average gross loans grew 37.8% and average deposits increased 14.4% for the 3-month period ending March 31, 2002 compared to same period in 2001. "We're we're Contraction of we are. we're we are proud to report that the Bank continues to grow in all financial categories including offering our customers ever-increasing delivery channels for conducting their personal and business banking needs. On March 18, 2002 we relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. our existing River Park office in Fresno Fresno (frĕz`nō), city (1990 pop. 354,202), seat of Fresno co., S central Calif.; inc. 1885. Settled in 1872 as a station on the Central Pacific RR, Fresno profited from irrigated farming as early as the 1880s. to an expanded 5,000 square foot stand-alone (jargon) stand-alone - Capable of operating without other programs, libraries, computers, hardware, networks, etc. Exactly what is absent is presumed to be obvious from context. "We only run Windows on stand-alone PCs because it's too dangerous to run it on networked ones." branch in the same complex located in River Park's booming business district. And, in first quarter 2002, we opened our first full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. Northern Valley location in Sacramento Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif., under the name Central Valley Community Bank, a division of Clovis Community Bank, specializing in serving private and professional banking clients in the surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. area," stated Daniel Daniel, book of the Bible Daniel, book of the Bible. It combines "court" tales, perhaps originating from the 6th cent. B.C., and a series of apocalyptic visions arising from the time of the Maccabean emergency (167–164 B.C. J. Doyle Doyle , Sir Arthur Conan 1859-1930. British writer known chiefly for a series of stories featuring the brilliant detective Sherlock Holmes, including The Hound of the Baskervilles (1902). , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Clovis Community Bank and Central Valley Community Bancorp. Central Valley Community Bancorp trades over-the-counter under the symbol CVCY.OB. Clovis Community Bank headquartered in Clovis, Calif., was founded in 1979, and is the sole subsidiary of Central Valley Community Bancorp. The Bank operates five full-service offices in Clovis, Fresno, and Prather Prather is a surname, and may refer to when one holds a pipe/bong or any other marijuana smoking device for a period longer than "two hits" also see "Prathering" V.
abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government Lending Departments are located in Clovis, with an Agribusiness agribusiness Agriculture operated by business; specifically, that part of a modern national economy devoted to the production, processing, and distribution of food and fibre products and byproducts. Lending Department located in Fresno. Investment services, provided by Investment Centers of America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. are housed at the Bank's main office in Clovis. Members of Central Valley Community Bancorp and the Bank's Board of Directors are: Daniel N. Cunningham (chairman), Elaine Bernard Elaine Bernard is executive director of the Labor and Worklife Program at the Harvard School of Law. Early life and education A high school drop-out who failed both English and French, Bernard got a job as a service worker at Carleton University in Ottawa, Ontario, Canada. , David E. Cook, Sidney Sidney, city (1990 pop. 18,710), seat of Shelby co., W central Ohio, on the Great Miami River, in a farm area; founded 1811, inc. 1834. Refrigerator parts and machinery are among the items produced there. B. Cox, Edwin S Edwin or Eadwin (both: ĕd`wĭn), 585?–632, king of Northumbria (616–32), The son and heir of Ælla, king of Deira, he was kept from his inheritance by Æthelfrith. . Darden Darden most often refers to the Darden Graduate School of Business Administration at the University of Virginia. Other uses of the name may include: People:
n. 1. Voice; speech; language. Ye have as merry a steven As any angel hath that is in heaven. - Chaucer. 2. An outcry; a loud call; a clamor. To set steven to make an appointment. D. McDonald, Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. McMurray, Wanda L. Rogers, William S William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack . Smittcamp, and Joseph B. Weirick. Additional information about Clovis Community Bank can be found at www.clovisbank.com and www.cvcb.com. Forward-looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. -- All statements contained herein that are not historical facts, such as statements regarding the Company's current business strategy and the Company's plans for future development and operations, are based upon current expectations. These statements are forward-looking in nature and involve a number of risks and uncertainties. Such risks and uncertainties include, but are not limited to (1) significant increases in competitive pressure in the banking industry; (2) changes in the interest rate environment resulting in reduced margins; (3) general economic conditions, either nationally or regionally, are less favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. than expected, resulting in, among other things, a deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in credit quality; (4) changes in the regulatory environment; (5) fluctuations in the real estate market; (6) changes in business conditions and inflation; and (7) changes in securities markets. Therefore, the information set forth in such forward-looking statements should be carefully considered when evaluating the business prospects of the Company.
CENTRAL VALLEY COMMUNITY BANCORP
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2002 AND 2001
(In Thousands Except Share Amounts)
ASSETS
March 31, 2002 March 31, 2001
(Unaudited) (Unaudited)
-------------- --------------
Cash and due from banks $14,948 $10,081
Interest bearing deposits
with other banks 100 100
Federal funds sold 8,691 6,100
Available for sale
investment securities
(book value of $59,188 at
March 31, 2002 and $63,849
at March 31, 2001) 60,516 65,694
Loans less allowance for
credit losses of $2,217
at March 31, 2002 and
$2,253 at March 31, 2001 142,432 101,977
Equipment leased to
others, net 970 2,165
Bank premises and
equipment, net 2,803 1,962
Accrued interest receivable
and other assets 7,294 5,592
-------- --------
Total assets $237,754 $193,671
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non-interest bearing $51,303 $41,262
Interest bearing 148,888 130,494
-------- --------
Total deposits 200,191 171,756
Short-term borrowings 6,000 --
Long-term borrowings 7,000 --
Accrued interest payable
and other liabilities 3,317 2,287
-------- --------
Total liabilities 216,508 174,043
-------- --------
Shareholders' equity:
Preferred stock, no par value:
10,000,000 shares authorized,
no shares issued or
outstanding -- --
Common stock, no par value;
20,000,000 shares
authorized, 1,295,489 and
1,304,957 shares issued and
outstanding at March 31, 2002
and March 31, 2001 6,163 6,447
Retained earnings 14,286 12,074
Accumulated other
comprehensive income 797 1,107
-------- --------
Total shareholders' equity 21,246 19,628
-------- --------
Total liabilities and
shareholders' equity $237,754 $193,671
======== ========
CENTRAL VALLEY COMMUNITY BANCORP
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Month Periods Ended March 31, 2002 and 2001
(In Thousands Except Earnings Per Share Amounts)
(Unaudited)
For the Three Months
Ended March 31
2002 2001
-------- -------
INTEREST INCOME:
Interest and fees on loans $2,609 $2,552
Interest on Federal funds sold 24 57
Interest and dividends on
investment securities:
Taxable 657 1,033
Exempt from Federal
income taxes 121 118
Interest on deposits with
other banks 2 2
------- -------
Total interest income 3,413 3,762
------- -------
INTEREST EXPENSE:
Interest on deposits 615 1,216
Other 61 11
------- -------
Total interest expense 676 1,227
------- -------
Net interest income before
provision for credit losses 2,737 2,535
PROVISION FOR CREDIT LOSSES -0- 463
------- -------
Net interest income after
provision for credit losses 2,737 2,072
------- -------
NON-INTEREST INCOME:
Service charges 352 249
Rentals from equipment leased
to others 346 345
Loan placement fees 83 42
Net realized gain on sales
of investment securities 26 316
Other income 194 843
------- -------
Total non-interest income 1,001 1,795
------- -------
NON-INTEREST EXPENSES:
Salaries and employee
benefits 1,401 1,259
Occupancy and equipment 248 225
Depreciation and provision
for losses on equipment
leased to others 247 451
Other expense 786 809
------- -------
Total non-interest expenses 2,682 2,744
------- -------
Income from continuing
operations before income
taxes 1,056 1,123
INCOME TAX EXPENSE 373 400
------- -------
Income from continuing
operations after income taxes 683 723
DISCONTINUED OPERATIONS:
Loss from operations of Clovest
less applicable income tax
benefit of $2 for the
three month ended
March 31, 2001 -- (3)
--------
Net income $683 $720
======= =======
Basic earnings per share
from continuing operations $0.53 $0.55
======= =======
Diluted earnings per share
from continuing operations $0.50 $0.54
======= =======
Basic earnings per share $0.53 $0.55
======= =======
Diluted earnings per share $0.50 $0.54
======= =======
Selected Financial Data: 03/31/2002 03/31/2001
---------- ----------
Annualized Return on:
Average Assets 1.22% 1.46%
Average Equity 12.80% 15.08%
Net Interest Margin 5.46% 5.81%
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