Central Valley Community Bancorp Reports Profitable Second Quarter Earnings.Business Editors Central Valley Community Bancorp (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : CVCY) the parent company for Central Valley Community Bank reported today net income of $609,000 for the quarter ending June June: see month. 30, 2002, an increase of 22%, compared to $500,000 for the same period in 2001. Net income for second quarter 2002 reflects non-recurring expenses of $258,000 associated with changing the Bank's name from 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. Community Bank to Central Valley Community Bank and the formation of a Real Estate Investment Trust. Net income of $1,292,000 was reported for the 6-month period ending June 30, 2002, an increase of 6% over the same period in 2001. Average assets grew to $231,859,000 for the 6-month period ending June 30, 2002, compared to $197,620,000 for the same period ending June 30, 2001, an increase of 17%. Average gross loans grew 40% and average deposits increased 12% for the 6-month period ending June 30, 2002 compared to the same period in 2001. "This has been a milestone year in the 22-year history of our Bank. A year that began with the establishment of a branch office in Sacramento Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , and led to the recent announcement of our new name -- Central Valley Community Bank -- which has been met with overwhelming acceptance. Other significant achievements were made along the way, including the relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. of our River Park office to a larger 5,000 sq. ft. 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." facility, the expansion of our Fig Garden Village office due for completion in the fall, and the launch of popular new products like FREE Checking with Overdraft A check that is drawn on an account containing less money than the amount stated on the check. The term overdraft is also used in reference to the condition that exists when vouchers Privilege. Adding to the year's good news is the financial growth the Bank has experienced through the 2nd quarter, led by the continued strength of our real estate and commercial lending. This has been a tremendous year so far, and we have every reason to expect the excitement to continue," 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 Central Valley Community Bank and Central Valley Community Bancorp. Central Valley Community Bancorp trades over-the-counter under the symbol CVCY.OB. Central Valley Community Bank, headquartered in Clovis, Calif., was founded in 1979 under the name Clovis Community Bank, and is the sole subsidiary of Central Valley Community Bancorp. The Bank operates six full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. offices in Clovis, 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. , 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 and the River Park office in Fresno. Members of Central Valley Community Bancorp and the Bank's Boards of Directors are: Daniel N. Cunningham (Chairman), 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 McMurray, town, NE Alta., Canada, on the Athabasca River. It is an important river port and transshipment point for the Northwest Territories. It is also known as Fort 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 Central Valley Community Bank can be found at www.cvcb.com. Forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. Statements- 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 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. should be carefully considered when evaluating the business prospects of the Company.
CENTRAL VALLEY COMMUNITY BANCORP
CONSOLIDATED STATEMENTS OF INCOME
For the Three and Six Month Periods Ended June 30, 2002 and 2001
(In Thousands Except Earnings Per Share Amounts)
For the Three Months For the Six Months
Ended June 30 Ended June 30
-------------------- ------------------
(Unaudited) 2002 2001 2002 2001
------- ------- ------- -------
INTEREST INCOME:
Interest and fees on
loans $ 2,831 $ 2,541 $ 5,441 $ 5,093
Interest on Federal
funds sold 21 83 45 140
Interest and dividends
on investment
securities:
Taxable 630 860 1,288 1,893
Exempt from Federal
income taxes 120 118 241 236
Interest on deposits
with other banks 1 1 1 3
------- ------- ------- -------
Total interest
income 3,603 3,603 7,016 7,365
------- ------- ------- -------
INTEREST EXPENSE:
Interest on deposits 581 1,103 1,196 2,319
Other 102 -- 163 11
------- ------- ------- -------
Total interest
expense 683 1,103 1,359 2,330
------- ------- ------- -------
Net interest income
before provision
for credit losses 2,920 2,500 5,657 5,035
PROVISION FOR CREDIT
LOSSES -- 35 -- 497
------- ------- ------- -------
Net interest income
after provision for
credit losses 2,920 2,465 5,657 4,538
------- ------- ------- -------
NON-INTEREST INCOME:
Service charges 538 316 890 565
Rentals from
equipment leased to
others 274 344 620 689
Loan placement fees 64 54 147 96
Net realized gain on
sales of investment
securities -- 55 26 371
Other income 191 221 385 1,064
------- ------- ------- -------
Total non-interest
income 1,067 990 2,068 2,785
------- ------- ------- -------
NON-INTEREST EXPENSES:
Salaries and employee
benefits 1,525 1,328 2,926 2,587
Occupancy and
equipment 322 226 570 451
Depreciation and
provision for losses
on equipment leased
to others 247 301 494 752
Other expense 1,046 796 1,832 1,605
------- ------- ------- -------
Total non-interest
expenses 3,140 2,651 5,822 5,395
------- ------- ------- -------
Income from
continuing
operations before
income taxes 847 804 1,903 1,928
INCOME TAX EXPENSE 238 274 611 674
------- ------- ------- -------
Income from
continuing
operations after
income taxes 609 530 1,292 1,254
DISCONTINUED
OPERATIONS:
Loss from operations
of Clovest less
applicable income
tax benefit of $17
for the quarter
ended June 30, 2001
and $22 for the six
months ended June
30, 2001 (30) (33)
------- -------
Net income $ 609 $ 500 $ 1,292 $ 1,221
======= ======= ======= =======
Basic earnings per
share from continuing
operations $ 0.47 $ 0.41 $ 1.00 $ 0.96
======= ======= ======= =======
Diluted earnings per
share from continuing
operations $ 0.45 $ 0.40 $ 0.95 $ 0.94
======= ======= ======= =======
Basic earnings per
share $ 0.47 $ 0.39 $ 1.00 $ 0.93
======= ======= ======= =======
Diluted earnings per
share $ 0.45 $ 0.38 $ 0.95 $ 0.92
======= ======= ======= =======
CENTRAL VALLEY COMMUNITY BANCORP
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2002 AND DECEMBER 31, 2001
30-Jun-02 31-Dec-01
(In Thousands Except Share Amounts) (Unaudited) (Audited)
--------- --------
ASSETS
Cash and due from banks $ 15,593 $ 13,863
Interest bearing deposits with other banks 100 100
Federal funds sold 10,467 4,160
Available for sale investment securities
(Book value of $57,309 at June 30, 2002
and $58,843 at December 31, 2001) 57,309 60,586
Loans less allowance for credit losses of
$2,389 at June 30, 2002 and $2,474 at
December 31, 2001 152,279 130,797
Equipment leased to others, net 723 1,217
Bank premises and equipment, net 2,881 1,864
Accrued interest receivable and other
assets 8,466 6,479
-------- --------
Total assets $247,818 $219,066
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non-interest bearing $ 61,549 $ 49,016
Interest bearing 146,032 143,116
-------- --------
Total deposits 207,581 192,132
Short-term borrowings 7,000 1,000
Long-term borrowings 8,000 2,000
Accrued interest payable and other
liabilities 3,011 3,106
-------- --------
Total liabilities 225,592 198,238
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, 1,294,283 and
1,285,357 shares issued and outstanding
at June 30, 2002 and December 31, 2001 6,129 6,049
Retained earnings 14,895 13,733
Accumulated other comprehensive income 1,202 1,046
Total shareholders' equity 22,226 20,828
-------- --------
Total liabilities and shareholders'
equity $247,818 $219,066
======== ========
6/30/2002 6/30/2001
(Unaudited)(Unaudited)
--------- ---------
Selected Financial Data:
Annualized Return on:
Average Assets 1.11% 1.01%
Average Equity 11.92% 10.97%
Net Interest Margin 5.48% 5.74%
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