Central Valley Community Bancorp Reports Record Earnings for 2003.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)--Jan. 15, 2004 The Board of Directors of Central Valley Community Bancorp (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CVCY), the parent company of Central Valley Community Bank (Bank), reported today record earnings for fiscal year ending December December: see month. 31, 2003 with unaudited consolidated net income of $3,372,000, or $1.19 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, representing an increase of 21.12% compared to $2,784,000, or $1.02 per diluted share, for the same period in 2002. Return on average assets was 1.10% and return on average equity was 13.23% for 2003. Unaudited consolidated net income of $763,000, or $0.27 per diluted share, was reported for the quarter ending December 31, 2003, an increase of 5.68%, over the $722,000, or $0.26 per diluted share earned in the same period in 2002. The fourth quarter results include the reversal of certain previously recognized state tax benefits recorded in the first three quarters of 2003 due to recent announcements by the California Franchise Tax Board The California Franchise Tax Board (FTB) collects state personal income tax and corporate income tax of California.[1] History In 1879 California adopted its state constitution which among many other programs created the State Board of Equalization and the with respect to REITs. The Company formed its REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). in 2002 as a means of generating capital and recognized favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. tax treatments afforded this type of entity. The Company believes it has taken an appropriate position in its 2002 California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). tax filing. Average assets grew to $306,384,000 at December 31, 2003, compared to $248,948,000 at December 31, 2002, an increase of 23.07%. Average total loans grew to $174,708,000 at December 31, 2003, an increase of 17.53%, compared to $148,654,000 at December 31, 2002. Average total deposits grew 27.06% to $270,159,000 at December 31, 2003, compared to $212,629,000 at December 31, 2002. "We are able to look back on 2003 with pride as the Bank enjoyed another outstanding year of earnings growth," said 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. "Our experienced team will continue to look for growth opportunities as key elements to ensuring the Bank's high-quality position as a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. survivor in our ever-changing Adj. 1. ever-changing - marked by continuous change or effective action changing dynamic, dynamical - characterized by action or forcefulness or force of personality; "a dynamic market"; "a dynamic speaker"; "the dynamic president of the firm" market as we look forward with optimism toward 2004." 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 and is the sole subsidiary of Central Valley Community Bancorp. The Bank operates seven 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.
Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. . Real Estate Lending and SBA SBA 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's and the Bank's Board 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, Jr., Daniel J. Doyle, Steven D. McDonald, Louis 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 Statements- Certain matters discussed in this press release constitute 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. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. 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) the impact of changes in interest rates, a decline in economic conditions at the international, national or local level on the Company's results of operations, the Company's ability to continue its internal growth at historical rates, the Company's ability to maintain its net interest margin, and the quality of the Company's earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin ; (3) changes in the regulatory environment; (4) fluctuations in the real estate market; (5) changes in business conditions and inflation; (6) changes in securities markets; and (7) the other risks set forth in the Company's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-KSB for the year ended December 31, 2002. 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 SHEET
DECEMBER 31, 2003 AND DECEMBER 31,2002
(In Thousands Except Share Amounts)
December December
31, 2003 31, 2002
----------- -----------
(Unaudited) (Audited)
ASSETS
Cash and due from banks 24,375 18,804
Interest bearing deposits with other banks 500 500
Federal funds sold 10,956 17,678
Available-for-sale investment securities
(Book value of $94,192 at December 31, 2003
and $74,991 at December 31, 2002) 95,844 77,723
Loans, less allowance for credit losses of
$2,425 at December 31, 2003 and $2,433 at
December 31, 2002 183,849 156,293
Bank premises and equipment, net 2,985 3,131
Accrued interest receivable and other assets 9,421 8,877
----------- -----------
Total assets $327,930 $283,006
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non-interest bearing 96,945 73,822
Interest bearing 193,620 172,515
----------- -----------
Total deposits 290,565 246,337
Short-term borrowings 7,000 2,000
Long-term borrowings - 7,000
Accrued interest payable and other
liabilities 3,645 3,570
----------- -----------
Total liabilities 301,210 258,907
----------- -----------
Shareholders' equity:
Preferred stock, no par value: 10,000,000
shares authorized, no shares issued or
outstanding - -
Common stock, no par value; 40,000,000
shares authorized, 2,598,927 and 2,573,242
shares issued and outstanding in 2003 and
2002, respectively 6,096 5,854
Retained earnings 19,501 16,387
Accumulated other comprehensive income, net
of tax 1,123 1,858
----------- -----------
Total shareholders' equity 26,720 24,099
----------- -----------
Total liabilities and shareholders'
equity $327,930 $283,006
=========== ===========
CENTRAL VALLEY COMMUNITY BANCORP
CONSOLIDATED STATEMENT OF INCOME
FOR THE THREE AND TWELVE MONTH PERIODS ENDED
DECEMBER 31, 2003 AND DECEMBER 31,2002
(In Thousands Except Per Share Amounts)
For the Three For the Twelve
Months Ended Months Ended
December 31 December 31
----------------- -----------------
(Unaudited) 2003 2002 2003 2002
-------- -------- -------- --------
INTEREST INCOME:
Interest and fees on loans $3,080 $2,835 $12,039 $11,195
Interest on Federal funds sold 42 93 185 195
Interest and dividends on
investment securities:
Taxable 408 678 1,992 2,634
Exempt from Federal income
taxes 200 147 754 512
-------- -------- -------- --------
Total interest income 3,730 3,753 14,970 14,536
-------- -------- -------- --------
INTEREST EXPENSE:
Interest on deposits 459 596 2,004 2,393
Other 68 83 286 335
-------- -------- -------- --------
Total interest expense 527 679 2,290 2,728
-------- -------- -------- --------
Net interest income before
provision for credit
losses 3,203 3,074 12,680 11,808
PROVISION FOR CREDIT LOSSES - - - -
-------- -------- -------- --------
Net interest income after
provision for credit losses 3,203 3,074 12,680 11,808
-------- -------- -------- --------
NON-INTEREST INCOME:
Service charges 599 500 2,215 1,922
Rentals from equipment leased
to others 55 260 485 1,094
Loan placement fees 81 132 488 364
Net realized gain on sales and
calls of investment
securities 150 - 506 27
Other income 224 191 852 805
-------- -------- -------- --------
Total non-interest income 1,109 1,083 4,546 4,212
-------- -------- -------- --------
NON-INTEREST EXPENSES:
Salaries and employee benefits 1,777 1,654 7,152 6,232
Occupancy and equipment 404 345 1,576 1,234
Depreciation and provision for
losses on equipment leased to
others 2 245 202 977
Other expense 898 901 3,425 3,545
-------- -------- -------- --------
Total non-interest expenses 3,081 3,145 12,355 11,988
-------- -------- -------- --------
Income before income taxes 1,231 1,012 4,871 4,032
INCOME TAX EXPENSE 468 290 1,499 1,248
-------- -------- -------- --------
Income after income taxes $763 $722 $3,372 $2,784
======== ======== ======== ========
Basic earnings per share $0.29 $0.28 $1.30 $1.08
======== ======== ======== ========
Diluted earnings per share $0.27 $0.26 $1.19 $1.02
======== ======== ======== ========
For the twelve months ended
---------------------------
12/31/2003 12/31/2002
Selected Financial Data (Unaudited) (Unaudited)
------------ -----------
Annualized return on:
Average Assets 1.10% 1.12%
Average Equity 13.23% 12.32%
Net Interest Margin 4.61% 5.32%
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