Central Valley Community Bancorp Reports Record Second 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)--July 8, 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 $822,000, or $0.29 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, for the quarter ending June June: see month. 30, 2003, compared to $609,000, or $0.22 per diluted share for the same period in 2002, a 35% increase. The significant earnings growth is due in part to non-recurring expenses in 2002 associated with changing the Bank's name and the formation of a Real Estate Investment Trust. Net income of $1,603,000, or $0.57 per diluted share, was reported for the 6-month period ending June 30, 2003, an increase of 24% over the $1,292,000 net income reported for the same period in 2002. Actual total assets exceeded $300 million for the first time in the Bank's 23-year history, and ended the quarter at $311,914,000 at June 30, 2003. Average assets grew to $292,369,000 for the 6-month period ending June 30, 2003, compared to $231,859,000 for the same period ending June 30, 2002, an increase of 26%. Average gross loans grew 17% and average deposits increased 31% for the 6-month period ending June 30, 2003 compared to the same period in 2002. "Our second quarter and half-year record earnings validate To prove something to be sound or logical. Also to certify conformance to a standard. Contrast with "verify," which means to prove something to be correct. For example, data entry validity checking determines whether the data make sense (numbers fall within a range, numeric data the strategic decisions we've we've Contraction of we have. we've have made in the past few years. We have seen unprecedented growth in assets and deposits in the first half of 2003, growth that is directly related to our past decisions for which we are now beginning to realize the benefits," 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. "With a current economic cycle that is unlike any other in over 5 decades, I believe we are well positioned for the 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. , and have built our Bank to withstand rate fluctuations and maintain profitability," continued Doyle. Central Valley Community Bancorp trades over-the-counter under the symbol CVCY.OB. Central Valley Community Bank, headquartered in Clovis, California Clovis is a city in Fresno County, California, North East of Fresno. As of 2006, the city had an estimated population of 89,924. History The City of Clovis began as a freight stop along the San Joaquin Valley Railroad. , 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 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 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
JUNE 30, 2003 AND DECEMBER 31, 2002
(Dollars in Thousands Except Share Amounts)
June 30, December 31,
2003 2002
(Unaudited) (Audited)
------------- ------------
ASSETS
Cash and due from banks $22,768 $18,804
Interest bearing deposits with other banks 500 500
Federal funds sold 10,870 17,678
Available-for-sale investment securities
(Book value of $91,464 at June 30, 2003
and $74,992 at December 31, 2002) 94,432 77,723
Loans, less allowance for credit losses of
$2,361 at June 30, 2003 and $2,433 at
December 31, 2002 171,628 156,293
Bank premises and equipment, net 3,055 3,136
Accrued interest receivable and other
assets 8,661 8,872
------------- ------------
Total assets $311,914 $283,006
============= ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non-interest bearing $82,365 $73,823
Interest bearing 192,651 172,515
------------- ------------
Total deposits 275,016 246,338
Short-term borrowings 7,000 2,000
Long-term borrowings 1,000 7,000
Accrued interest payable and other
liabilities 3,263 3,569
------------- ------------
Total liabilities 286,279 258,907
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, 2,581,629 and
2,573,242 shares issued and
outstanding at June 30, 2003 and
December 31, 2002 5,885 5,854
Retained earnings 17,732 16,387
Accumulated other comprehensive income,
net of tax 2,018 1,858
------------- ------------
Total shareholders' equity 25,635 24,099
------------- ------------
Total liabilities and
shareholders' equity $311,914 $283,006
============= ============
CENTRAL VALLEY COMMUNITY BANCORP
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three and Six Month Periods Ended June 30, 2003 and 2002
For the Three For the Six
(In thousands except earnings Months Months
per share amounts) Ended June 30, Ended June 30,
--------------- ---------------
(Unaudited) 2003 2002 2003 2002
------- ------- ------- -------
INTEREST INCOME:
Interest and fees on loans $3,109 $2,831 $5,968 $5,441
Interest on Federal funds sold 59 21 109 45
Interest and dividends on
investment securities:
Taxable 552 630 1,162 1,288
Exempt from Federal income
taxes 183 120 359 241
Interest on deposits with other
banks 3 1 6 1
------- ------- ------- -------
Total interest income 3,906 3,603 7,604 7,016
------- ------- ------- -------
INTEREST EXPENSE:
Interest on deposits 527 581 1,067 1,196
Other 73 102 148 163
------- ------- ------- -------
Total interest expense 600 683 1,215 1,359
------- ------- ------- -------
Net interest income before
provision for credit
losses 3,306 2,920 6,389 5,657
PROVISION FOR CREDIT LOSSES - - - -
------- ------- ------- -------
Net interest income after
provision for credit
losses 3,306 2,920 6,389 5,657
------- ------- ------- -------
NON-INTEREST INCOME:
Service charges 527 538 1,024 890
Rentals from equipment leased to
others 138 274 359 620
Loan placement fees 136 64 271 147
Net realized gain on sales of
investment securities - - - 26
Other income 223 191 431 385
------- ------- ------- -------
Total non-interest income 1,024 1,067 2,085 2,068
------- ------- ------- -------
NON-INTEREST EXPENSES:
Salaries and employee benefits 1,823 1,525 3,574 2,926
Occupancy and equipment 408 322 760 570
Depreciation and provision for
losses on equipment leased
to others 92 247 229 494
Other expense 877 1,046 1,697 1,832
------- ------- ------- -------
Total non-interest
expenses 3,200 3,140 6,260 5,822
------- ------- ------- -------
Income from continuing
operations before
income taxes 1,130 847 2,214 1,903
INCOME TAX EXPENSE 308 238 611 611
------- ------- ------- -------
Net income $822 $609 $1,603 $1,292
======= ======= ======= =======
Basic earnings per share $0.32 $0.24 $0.62 $0.50
======= ======= ======= =======
Diluted earnings per share $0.29 $0.22 $0.57 $0.47
======= ======= ======= =======
For the six months ended
----------------------------------------
06/30/2003 06/30/2002
Selected Financial Data (Unaudited) (Unaudited)
---------------- ------------------
Annualized return on:
Average Assets 1.10% 1.11%
Average Equity 12.80% 11.92%
Net Interest Margin 4.87% 5.48%
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