Central Valley Community Bancorp Reports Record 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 4, 2003 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 net income of $781,000 for the 3-month period ending March 31, 2003, compared to $683,000 for the same period in 2002, a 14.35% increase. Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on average assets was 1.09% and annualized return on average equity was 12.70% for the 3-month period. Average assets grew to $285,989,000 during the first quarter of 2003, compared to $224,810,000 during the same quarter in 2002, an increase of 27.21%. Average gross loans grew 17.90% and average deposits increased 30.94% for the first quarter of 2003 compared to the same period in 2002. "After achieving unprecedented financial growth in 2002, we are proud to report that first quarter 2003 marks the highest quarterly earnings in our 23 year history, including reaching new all time highs in loans and deposits. The Bank's credit quality remains strong despite the sluggish economy Sluggish Economy A state in the economy in which the growth is slow, flat or declining. The term can refer to the economy as a whole or a component of the economy, such as weak housing starts. and uncertainty in the economic direction for the country as well as the Central Valley region," 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. "This period also marks the one year anniversary for our Sacramento Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. office, which is right on target for growth and profitability. All of these positive results are achieved through our dedicated team and their ability to provide superior service to our customers," continued Doyle. 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.
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 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 Central Valley Community Bank can be found at 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. -- Certain matters discussed in this press release constitute forward-looking statements 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 Dec. 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
MARCH 31, 2003 AND DECEMBER 31, 2002
(In Thousands Except Share Amounts)
March 31, Dec. 31,
2003 2002
(Unaudited) (Audited)
--------- ---------
ASSETS
Cash and due from banks $ 18,218 $ 18,804
Interest bearing deposits with other banks 500 500
Federal funds sold 13,214 17,678
Available-for-sale investment securities
(Book value of $71,735 at March 31, 2003
and $74,992 at December 31, 2002) 74,296 77,723
Loans, less allowance for credit losses of
$2,432 at March 31, 2003 and $2,433 at
December 31, 2002 170,347 156,293
Bank premises and equipment, net 3,087 3,136
Accrued interest receivable and other assets 8,873 8,872
--------- ---------
Total assets $288,535 $283,006
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non-interest bearing $ 70,216 $ 73,823
Interest bearing 181,765 172,515
--------- ---------
Total deposits 251,981 246,338
Short-term borrowings 7,000 2,000
Long-term borrowings 2,000 7,000
Accrued interest payable and other liabilities 2,855 3,569
--------- ---------
Total liabilities 263,836 258,907
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, 2,569,979 and
2,573,242 shares issued and
outstanding at March 31, 2003 and
December 31, 2002, respectively 5,790 5,854
Retained earnings 17,168 16,387
Accumulated other comprehensive income,
net of tax 1,741 1,858
--------- ---------
Total shareholders' equity 24,699 24,099
--------- ---------
Total liabilities and
shareholders' equity $288,535 $283,006
========= =========
CENTRAL VALLEY COMMUNITY BANCORP
CONSOLIDATED STATEMENTS OF INCOME
For the Three Month Periods Ended March 31, 2003 and 2002
(Dollars in Thousands Except Earnings Per Share Amounts)
2003 2002
--------- ---------
(Unaudited) (Unaudited)
--------- ---------
INTEREST INCOME:
Interest and fees on loans $ 2,859 $ 2,609
Interest on Federal funds sold 50 24
Interest and dividends on investment
securities:
Taxable 610 657
Exempt from Federal income taxes 176 121
Interest on deposits with other banks 3 2
--------- ---------
Total interest income 3,698 3,413
--------- ---------
INTEREST EXPENSE:
Interest on deposits 540 615
Other 75 61
--------- ---------
Total interest expense 615 676
--------- ---------
Net interest income before
provision for credit losses 3,083 2,737
PROVISION FOR CREDIT LOSSES -- --
--------- ---------
Net interest income after
provision for credit losses 3,083 2,737
--------- ---------
NON-INTEREST INCOME:
Service charges 497 352
Rentals from equipment leased to others 221 346
Loan placement fees 135 83
Net realized gain on sales of
investment securities -- 26
Other income 208 194
--------- ---------
Total non-interest income 1,061 1,001
--------- ---------
NON-INTEREST EXPENSES:
Salaries and employee benefits 1,751 1,401
Occupancy and equipment 352 248
Depreciation and provision for losses on
equipment leased to others 137 247
Other expense 820 786
--------- ---------
Total non-interest expenses 3,060 2,682
--------- ---------
Income before income taxes 1,084 1,056
INCOME TAX EXPENSE 303 373
--------- ---------
Income after income taxes $ 781 $ 683
--------- ---------
Basic earnings per share $ 0.30 $ 0.26
========= =========
Diluted earnings per share $ 0.26 $ 0.25
========= =========
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