FRESNO, CA -- (Marketwire) -- 10/17/12 --
The Board of Directors of Central Valley Community Bancorp (Company) (NASDAQ: CVCY), the parent company of Central Valley Community Bank (Bank), reported today unaudited consolidated net income of $5,878,000, and diluted earnings per common share of $0.58 for the nine months ended September 30, 2012, compared to $4,769,000 and $0.46 per diluted common share for the nine months ended September 30, 2011. Net income increased 23.25%, primarily driven by a decrease in non-interest expense and increases in non-interest income, partially offset by a decrease in net interest income in the first three quarters of 2012 compared to the first three quarters of 2011. Non-performing assets decreased $4,244,000 or 29.40% to $10,190,000 at September 30, 2012, compared to $14,434,000 at December 31, 2011. Shareholders' equity increased $10,004,000, or 9.31% during the nine months ended September 30, 2012. The growth in shareholders' equity was driven by net income during the period, an increase in other comprehensive income, and the issuance of common stock from the exercise of stock options. Unaudited consolidated net income and diluted earnings per common share for the quarter ended September 30, 2012, were higher than in the first two quarters of 2012 and the corresponding quarter in 2011.
During the first three quarters of 2012, the Company's total assets increased 4.56%, total liabilities increased 3.87%, and shareholders' equity increased 9.31% compared to December 31, 2011. Annualized return on average equity (ROE) for the nine months ended September 30, 2012 was 6.91%, compared to 6.21% for the nine months ended September 30, 2011. The increase in ROE reflects an increase in net income, notwithstanding an increase in capital from an increase in other comprehensive income and an increase in retained earnings. Annualized return on average assets (ROA) was 0.93% and 0.81% for the nine months ended September 30, 2012 and 2011, respectively. The increase in ROA is due to an increase in net income, notwithstanding an increase in average assets.
During the nine months ended September 30, 2012, the Company recorded a provision for credit losses of $500,000, compared to $750,000 for the nine months ended September 30, 2011. During the nine months ended September 30, 2012, the Company recorded $1,682,000 in net loan charge-offs, compared to $733,000 for the nine months ended September 30, 2011. The net charge-off ratio, which reflects net charge-offs to average loans, was 0.55% for the nine months ended September 30, 2012, compared to 0.23% for the same period in 2011. The Company also recorded OREO related expenses of $78,000 during 2012 compared to $11,000 for the nine months ended September 30, 2011.
At September 30, 2012, the allowance for credit losses stood at $10,214,000, compared to $11,396,000 at December 31, 2011, a net decrease of $1,182,000. The allowance for credit losses as a percentage of total loans was 2.56% at September 30, 2012, and 2.67% at December 31, 2011. The Company believes the allowance for credit losses is adequate to provide for probable losses inherent within the loan portfolio at September 30, 2012.
Total non-performing assets were $10,190,000, or 1.15% of total assets as of September 30, 2012 compared to $14,434,000 or 1.70% of total assets as of December 31, 2011. Total non-performing assets as of September 30, 2011 were $17,064,000 or 2.04% of total assets.
The following provides a reconciliation of the change in non-accrual loans for the first three quarters of 2012.
Additions Transfer to Returns Balances
Balances to Non- Foreclosed to September
(Dollars in December accrual Net Pay Collateral- Accrual Charge 30,
thousands) 31, 2011 Loans Downs OREO Status Offs 2012
-------- --------- ------- ------- ------- ------- --------
Non-accrual
loans:
Commercial
and
industrial $ 267 $ 4 $ (32) $ (155) $ -- $ (84) $ --
Real estate 2,787 294 (15) (2,175) -- (381) 510
Equity loans
and lines of
credit 705 79 (470) -- -- (75) 239
Consumer 74 73 (4) -- -- (143) --
Restructured
loans (non-
accruing):
Real estate 2,129 425 (58) (7) -- (1,103) 1,386
Real estate
construction
and land
development 6,823 -- (395) -- -- -- 6,428
Equity loans
and lines of
credit 1,649 75 (97) -- -- -- 1,627
-------- --------- ------- ------- ------- ------- --------
Total non-
accrual $ 14,434 $ 950 $(1,071) $(2,337) $ -- $(1,786) $ 10,190
======== ========= ======= ======= ======= ======= ========
The following provides a summary of the change in the OREO balance for the nine months ended September 30, 2012:
Nine Months
Ended
September 30,
(Dollars in thousands) 2012
-------------
Balance, Beginning of period $ --
Additions 2,337
Dispositions (2,349)
Write-downs --
Net gain on disposition 12
-------------
Balance, End of period $ --
=============
The Company's net interest margin (fully tax equivalent basis) was 4.30% for the nine months ended September 30, 2012, compared to 4.68% for the nine months ended September 30, 2011. The decrease in net interest margin in the period-to-period comparison resulted primarily from a decrease in the yield on the Company's investment portfolio partially offset by a decrease in the Company's cost of funds. For the nine months ended September 30, 2012, the effective yield on total earning assets decreased 54 basis points to 4.57% compared to 5.11% for the nine months ended September 30, 2011, while the cost of total interest-bearing liabilities decreased 22 basis points to 0.39% compared to 0.61% for the nine months ended September 30, 2011. The cost of total deposits decreased 17 basis points to 0.25% for the nine months ended September 30, 2012, compared to 0.42% for the nine months ended September 30, 2011. For the nine months ended September 30, 2012, the amount of the Company's average investment securities, including interest-earning deposits in other banks and Federal funds sold, increased $71,200,000 or 25.11% compared to the nine months ended September 30, 2012. The effective yield on average investment securities decreased to 2.88% for the nine months ended September 30, 2012, compared to 3.42% for the nine months ended September 30, 2011. The decrease in yield in the Company's investment securities during 2012 resulted primarily from the purchase of lower yielding investment securities. Average loans, which generally yield higher rates than investment securities, decreased $22,416,000, from $431,506,000 for the nine months ended September 30, 2011 to $409,090,000 for the nine months ended September 30, 2012. The effective yield on average loans decreased to 6.12% from 6.32% between September 30, 2011 and September 30, 2012. Net interest income before the provision for credit losses for the nine months ended September 30, 2012 was $22,748,000, compared to $23,341,000 for the nine months ended September 30, 2011, a decrease of $593,000 or 2.54%. Net interest income decreased as a result of these yield changes and an increase in interest-bearing liabilities, partially offset by an increase in average earning assets.
Total average assets for the nine months ended September 30, 2012 were $842,477,000 compared to $786,394,000, for the nine months ended September 30, 2011, an increase of $56,083,000 or 7.13%. Total average loans were $409,090,000 for the first three quarters of 2012, compared to $431,506,000 for the same period in 2011, representing a decrease of $22,416,000. Total average investments, including deposits in other banks and Federal funds sold, increased to $354,767,000 for the nine months ended September 30, 2012, from $283,567,000 for the nine months ended September 30, 2011, representing an increase of $71,200,000 or 25.11%. Total average deposits increased $45,505,000 or 6.84% to $710,698,000 for the nine months ended September 30, 2012, compared to $665,193,000 for the nine months ended September 30, 2011. Average interest-bearing deposits increased $11,380,000, or 2.33%, and average non-interest bearing demand deposits increased $34,125,000, or 19.39%, for the nine months ended September 30, 2012, compared to the nine months ended September 30, 2011. The Company's ratio of average non-interest bearing deposits to total deposits was 29.57% for the nine months ended September 30, 2012, compared to 26.46% for the nine months ended September 30, 2011.
Non-interest income for the nine months ended September 30, 2012 increased $473,000 to $5,413,000, compared to $4,940,000 for the nine months ended September 30, 2011, driven primarily by an increase of $1,038,000 in net realized gains on sales and calls of investment securities, and a $223,000 increase in loan placement fees, partially offset by a decrease of $596,000 in gains on the sale of other real estate owned, and a $128,000 decrease in service charge income. The net gain realized on sales and calls of investment securities was the result of a partial restructuring of the investment portfolio designed to improve the future performance of the portfolio.
Non-interest expense for the nine months ended September 30, 2012 decreased $1,151,000, or 5.37%, to $20,291,000 compared to $21,442,000 for the nine months ended September 30, 2011, primarily due to decreases in occupancy and equipment expenses of $184,000, advertising fees of $129,000, legal fees of $148,000, salaries and employee benefits of $275,000, and regulatory assessments of $176,000, partially offset by increases in other real estate owned expenses of $67,000 and audit and accounting fees of $42,000.
The Company recorded an income tax expense of $1,492,000 for the nine months ended September 30, 2012, compared to $1,320,000 for the nine months ended September 30, 2011. The effective tax rate for 2012 was 20.24% compared to 21.68% for the nine months ended September 30, 2011.
Quarter Ended September 30, 2012
For the quarter ended September 30, 2012, the Company reported unaudited consolidated net income of $2,456,000 and diluted earnings per common share of $0.25, compared to $1,408,000 and $0.13 per diluted share, for the same period in 2011, and $1,709,000 and $0.17 per diluted share, for the quarter ended June 30, 2012. The increase in net income during the third quarter of 2012 compared to the same period in 2011 is primarily due to decreases in net interest income, provision for credit losses, and non-interest expense; and increases in non-interest income.
Annualized return on average equity for the third quarter of 2012 was 8.43%, compared to 5.34% for the same period of 2011. This increase is reflective of an increase in net income partially offset by an increase in capital. Annualized return on average assets was 1.14% for the third quarter of 2012 compared to 0.7% for the same period in 2011. This increase is due to an increase in net income notwithstanding an increase in average assets.
In comparing the third quarter of 2012 to the third quarter of 2011, average total loans decreased $31,274,000, or 7.19%. During the third quarter of 2012, the Company did not record a provision for credit losses, compared to $400,000 for the same period in 2011. During the third quarter of 2012, the Company recorded $74,000 in net loan recoveries compared to $404,000 net loan charge-offs for the same period in 2011. The net charge-off ratio, which reflects annualized net charge-offs (recoveries) to average loans, was (0.07)% for the quarter ended September 30, 2012 compared to 0.37% for the quarter ended September 30, 2011.
The following provides a reconciliation of the change in non-accrual loans for the quarter ended September 30, 2012.
Additions Transfer to Returns Balances
Balances to Non- Foreclosed to September
(Dollars in June 30, accrual Net Pay Collateral- Accrual Charge 30,
thousands) 2012 Loans Downs OREO Status Offs 2012
-------- --------- ------- -------- ------- ------- --------
Non-accrual
loans:
Real estate $ 220 $ 294 $ (4) $ -- $ -- $ -- $ 510
Equity loans
and lines of
credit 318 -- (79) -- -- -- 239
Consumer 71 73 (1) -- -- (143) --
Restructured
loans (non-
accruing):
Real estate 1,411 -- (25) -- -- -- 1,386
Real estate
construction
and land
development 6,562 -- (134) -- -- -- 6,428
Equity loans
and lines of
credit 1,660 -- (33) -- -- -- 1,627
-------- --------- ------- -------- ------- ------- --------
Total non-
accrual $ 10,242 $ 367 $ (276) $ -- $ -- $ (143) $ 10,190
======== ========= ======= ======== ======= ======= ========
The following provides a summary of the change in the OREO balance for the quarter ended September 30, 2012:
Quarter Ended
September 30,
(Dollars in thousands) 2012
-------------
Balance, Beginning of period $ 2,098
Additions --
Dispositions (2,098)
Write-downs --
Net gain (loss) on disposition --
-------------
Balance, End of period $ --
=============
Average total deposits for the third quarter of 2012 increased $35,168,000 or 5.14% to $719,889,000 compared to $684,721,000 for the same period of 2011.
The Company's net interest margin (fully tax equivalent basis) decreased 45 basis points to 4.21% for the quarter ended September 30, 2012, from 4.66% for the quarter ended September 30, 2011. Net interest income, before provision for credit losses, decreased $377,000 or 4.74% to $7,572,000 for the third quarter of 2012, compared to $7,949,000 for the same period in 2011. The decreases in net interest margin and in net interest income are primarily due to a decrease in the yield on interest-earning assets and a decrease in average loan balances. Over the same periods, the cost of total deposits decreased 17 basis points to 0.20% compared to 0.37% in 2011.
Non-interest income increased $689,000 or 43.20% to $2,284,000 for the third quarter of 2012 compared to $1,595,000 for the same period in 2011. The third quarter of 2012 non-interest income included $843,000 in net realized gains on sales and calls of investment securities compared to $223,000 for the same period in 2011. Non-interest expense decreased $567,000 or 7.85% for the same periods mainly due to decreases in salaries and employee benefits, occupancy expense, regulatory assessments, advertising expense, and legal fees, partially offset by increases in audit and accounting fees.
"The third quarter of 2012 showed consistent and improved earnings due to expense reduction and non-interest income increase from securities called/sold and from loan placement fees. This along with continued asset quality improvement highlights the safety and financial strength of our company," stated Daniel J. Doyle, President and CEO of Central Valley Community Bancorp and Central Valley Community Bank.
"Gross loans decreased during the quarter as a result of customer paydowns. The market for loans continues to experience competitive pricing and terms. We are seeing some increase in loan commitments, but reduced usage on lines of credit due to the economic uncertainty factors affecting our business borrowers and the profitability of many of our agriculture-related borrowers," concluded Doyle.
Central Valley Community Bancorp trades on the NASDAQ stock exchange under the symbol CVCY. Central Valley Community Bank, headquartered in Fresno, California, was founded in 1979 and is the sole subsidiary of Central Valley Community Bancorp. Central Valley Community Bank currently operates 17 full service offices in Clovis, Fresno, Kerman, Lodi, Madera, Merced, Modesto, Oakhurst, Prather, Sacramento, Stockton, and Tracy, California. Additionally, the Bank operates Commercial Real Estate Lending, SBA Lending and Agribusiness Lending Departments. Investment services are provided by Investment Centers of America and insurance services are offered through Central Valley Community Insurance Services LLC. Members of Central Valley Community Bancorp's and the Bank's Board of Directors are: Daniel N. Cunningham (Chairman), Sidney B. Cox, Edwin S. Darden, Jr., Daniel J. Doyle, Steven D. McDonald, Louis McMurray, Wanda L. Rogers (Director Emeritus), William S. Smittcamp, and Joseph B. Weirick.
More information about Central Valley Community Bancorp and 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 within the meaning of the Private Securities Litigation Reform Act 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; (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-K for the year ended December 31, 2011. 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
September 30, December 31,
(In thousands, except share amounts) 2012 2011
------------- -------------
(Unaudited)
ASSETS
Cash and due from banks $ 21,124 $ 19,409
Interest-earning deposits in other banks 55,074 24,467
Federal funds sold 721 928
------------- -------------
Total cash and cash equivalents 76,919 44,804
Available-for-sale investment securities
(Amortized cost of $351,037 at September 30,
2012 and $321,405 at December 31, 2011) 364,808 328,413
Loans, less allowance for credit losses of
$10,214 at September 30, 2012 and $11,396 at
December 31, 2011 388,922 415,999
Bank premises and equipment, net 6,296 5,872
Bank owned life insurance 12,063 11,655
Federal Home Loan Bank stock 3,850 2,893
Goodwill 23,577 23,577
Core deposit intangibles 633 783
Accrued interest receivable and other assets 10,669 15,027
------------- -------------
Total assets $ 887,737 $ 849,023
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non-interest bearing $ 229,089 $ 208,025
Interest bearing 508,197 504,961
------------- -------------
Total deposits 737,286 712,986
Short-term borrowings 4,000 --
Long-term debt -- 4,000
Junior subordinated deferrable interest
debentures 5,155 5,155
Accrued interest payable and other liabilities 23,810 19,400
------------- -------------
Total liabilities 770,251 741,541
------------- -------------
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value, $1,000 per share
liquidation preference; 10,000,000 shares
authorized, Series C, issued and outstanding:
7,000 shares at September 30, 2012 and December
31, 2011 7,000 7,000
Common stock, no par value; 80,000,000 shares
authorized; issued and outstanding: 9,605,766
at September 30, 2012 and 9,547,816 at December
31, 2011 40,960 40,552
Retained earnings 61,422 55,806
Accumulated other comprehensive income, net of
tax 8,104 4,124
------------- -------------
Total shareholders' equity 117,486 107,482
------------- -------------
Total liabilities and shareholders' equity $ 887,737 $ 849,023
============= =============
CENTRAL VALLEY COMMUNITY BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
--------------------- ---------------------
(In thousands, except share and
per share amounts) 2012 2011 2012 2011
---------- ---------- ---------- ----------
INTEREST INCOME:
Interest and fees on loans $ 6,111 $ 6,640 $ 18,248 $ 19,662
Interest on deposits in other
banks 36 46 70 141
Interest on Federal funds
sold -- -- 1 1
Interest and dividends on
investment securities:
Taxable 741 1,079 2,694 3,307
Exempt from Federal income
taxes 1,118 892 3,233 2,522
---------- ---------- ---------- ----------
Total interest income 8,006 8,657 24,246 25,633
---------- ---------- ---------- ----------
INTEREST EXPENSE:
Interest on deposits 371 647 1,307 2,076
Interest on junior
subordinated deferrable
interest debentures 27 24 82 73
Other 36 37 109 143
---------- ---------- ---------- ----------
Total interest expense 434 708 1,498 2,292
---------- ---------- ---------- ----------
Net interest income before
provision for credit
losses 7,572 7,949 22,748 23,341
PROVISION FOR CREDIT LOSSES -- 400 500 750
---------- ---------- ---------- ----------
Net interest income after
provision for credit
losses 7,572 7,549 22,248 22,591
---------- ---------- ---------- ----------
NON-INTEREST INCOME:
Service charges 690 735 2,055 2,183
Appreciation in cash
surrender value of bank
owned life insurance 101 96 291 289
Loan placement fees 181 51 408 185
Net gain on disposal of other
real estate owned -- 75 12 608
Net realized gain on sale of
assets -- -- 4 --
Net realized gains on sales
and calls of investment
securities 843 223 1,287 249
Other-than-temporary
impairment loss:
Total impairment loss -- -- -- (31)
Loss recognized in other
comprehensive income -- -- -- --
---------- ---------- ---------- ----------
Net impairment loss
recognized in earnings -- -- -- (31)
Federal Home Loan Bank
dividends 4 1 11 6
Other income 465 414 1,345 1,451
---------- ---------- ---------- ----------
Total non-interest income 2,284 1,595 5,413 4,940
---------- ---------- ---------- ----------
NON-INTEREST EXPENSES:
Salaries and employee
benefits 3,773 4,058 11,859 12,134
Occupancy and equipment 906 978 2,664 2,848
Regulatory assessments 163 181 488 664
Data processing expense 274 295 851 857
Advertising 139 182 419 548
Audit and accounting fees 126 112 379 337
Legal fees 36 90 118 266
Other real estate owned 6 9 78 11
Amortization of core deposit
intangibles 50 104 150 311
Other expense 1,182 1,213 3,285 3,466
---------- ---------- ---------- ----------
Total non-interest expenses 6,655 7,222 20,291 21,442
---------- ---------- ---------- ----------
Income before provision
for income taxes 3,201 1,922 7,370 6,089
PROVISION FOR INCOME TAXES 745 514 1,492 1,320
---------- ---------- ---------- ----------
Net income $ 2,456 $ 1,408 $ 5,878 $ 4,769
========== ========== ========== ==========
Net income $ 2,456 $ 1,408 $ 5,878 $ 4,769
Preferred stock dividends and
accretion 87 202 262 400
---------- ---------- ---------- ----------
Net income available to
common shareholders $ 2,369 $ 1,206 $ 5,616 $ 4,369
========== ========== ========== ==========
Net income per common share:
Basic earnings per common
share $ 0.25 $ 0.13 $ 0.59 $ 0.46
========== ========== ========== ==========
Weighted average common
shares used in basic
computation 9,602,473 9,547,816 9,588,321 9,513,387
========== ========== ========== ==========
Diluted earnings per common
share $ 0.25 $ 0.13 $ 0.58 $ 0.46
========== ========== ========== ==========
Weighted average common
shares used in diluted
computation 9,635,339 9,557,609 9,613,202 9,534,426
========== ========== ========== ==========
CENTRAL VALLEY COMMUNITY BANCORP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the three months
ended Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2012 2,012 2,012 2,011 2,011
---------- ---------- ---------- ---------- ----------
(In thousands, except
share and per share
amounts)
Net interest income $ 7,572 $ 7,510 $ 7,666 $ 8,016 $ 7,949
Provision for credit
losses -- 100 400 300 400
---------- ---------- ---------- ---------- ----------
Net interest income
after provision for
credit losses 7,572 7,410 7,266 7,716 7,549
Total non-interest
income 2,284 1,471 1,658 1,336 1,595
Total non-interest
expense 6,655 6,718 6,918 6,803 7,222
Provision for income
taxes 745 454 293 541 514
---------- ---------- ---------- ---------- ----------
Net income $ 2,456 $ 1,709 $ 1,713 $ 1,708 $ 1,408
========== ========== ========== ========== ==========
Net income available
to common
shareholders $ 2,369 $ 1,622 $ 1,625 $ 1,622 $ 1,206
========== ========== ========== ========== ==========
Basic earnings per
common share $ 0.25 $ 0.17 $ 0.17 $ 0.17 $ 0.13
========== ========== ========== ========== ==========
Weighted average
common shares used
in basic computation 9,602,473 9,592,045 9,570,297 9,547,816 9,547,816
========== ========== ========== ========== ==========
Diluted earnings per
common share $ 0.25 $ 0.17 $ 0.17 $ 0.17 $ 0.13
========== ========== ========== ========== ==========
Weighted average
common shares used
in diluted
computation 9,635,339 9,618,976 9,577,432 9,552,043 9,557,609
========== ========== ========== ========== ==========
CENTRAL VALLEY COMMUNITY BANCORP
SELECTED RATIOS
(Unaudited)
As of and for the three Sep. 30 Jun. 30, Mar. 31, Dec. 31, Sep. 30,
months ended 2012 2012 2012 2011 2011
------- -------- -------- -------- --------
(Dollars in thousands,
except per share
amounts)
Allowance for credit
losses to total loans 2.56% 2.45% 2.52% 2.67% 2.59%
Nonperforming assets to
total assets 1.15% 1.48% 1.48% 1.70% 2.04%
Total nonperforming
assets $10,190 $ 12,340 $ 12,395 $ 14,434 $ 17,064
Net loan charge offs
(recoveries) $ (74) $ 245 $ 1,511 $ (66) $ 404
Net charge offs
(recoveries) to average
loans (annualized) (0.07)% 0.24% 1.46% (0.06)% 0.37%
Book value per share $ 11.5 $ 11.08 $ 10.82 $ 10.52 $ 10.41
Tangible book value per
share $ 8.98 $ 8.55 $ 8.28 $ 7.97 $ 7.84
Tangible common equity $86,276 $ 81,999 $ 79,422 $ 76,122 $ 74,883
Interest and dividends on
investment securities
exempt from Federal
income taxes $ 1,118 $ 1,078 $ 1,037 $ 942 $ 892
Net interest margin
(calculated on a fully
tax equivalent basis)
(1) 4.21% 4.33% 4.37% 4.50% 4.66%
Return on average assets
(2) 1.14% 0.82% 0.82% 0.81% 0.70%
Return on average equity
(2) 8.43% 6.06% 6.19% 6.41% 5.34%
Tier 1 leverage - Bancorp 10.78% 10.70% 10.33% 10.13% 10.19%
Tier 1 leverage - Bank 10.35% 10.60% 10.21% 10.01% 10.07%
Tier 1 risk-based capital
- Bancorp 18.27% 17.29% 16.97% 16.20% 15.95%
Tier 1 risk-based capital
- Bank 17.56% 17.14% 16.78% 16.02% 15.76%
Total risk-based capital
- Bancorp 19.57% 18.58% 18.25% 17.49% 17.25%
Total risk based capital
- Bank 18.86% 18.43% 18.06% 17.31% 17.05%
(1) Net Interest Margin is computed by dividing annualized quarterly net
interest income by quarterly average interest-bearing assets.
(2) Computed by annualizing quarterly net income.
CENTRAL VALLEY COMMUNITY BANCORP
AVERAGE BALANCES AND RATES
(Unaudited)
For the Three Months For the Nine Months
AVERAGE AMOUNTS Ended September 30, Ended September 30,
-------------------- --------------------
(Dollars in thousands) 2012 2011 2012 2011
--------- --------- --------- ---------
Federal funds sold $ 653 $ 610 $ 575 $ 643
Interest-bearing deposits in
other banks 51,441 72,532 35,326 73,148
Investments 324,291 226,050 318,866 209,776
Loans (1) 393,600 420,392 398,459 415,983
Federal Home Loan Bank stock 3,850 2,907 3,441 2,981
--------- --------- --------- ---------
Earning assets 773,835 722,491 756,667 702,531
Allowance for credit losses (10,200) (11,024) (10,457) (10,994)
Non-accrual loans 10,111 14,593 10,631 15,523
Other real estate owned 570 128 1,227 266
Other non-earning assets 86,223 81,407 84,409 79,068
--------- --------- --------- ---------
Total assets $ 860,539 $ 807,595 $ 842,477 $ 786,394
========= ========= ========= =========
Interest bearing deposits $ 496,915 $ 499,773 $ 500,555 $ 489,175
Other borrowings 9,155 9,155 9,157 10,639
--------- --------- --------- ---------
Total interest-bearing
liabilities 506,070 508,928 509,712 499,814
Non-interest bearing demand
deposits 222,974 184,948 210,143 176,018
Non-interest bearing liabilities 14,960 8,234 9,264 8,241
--------- --------- --------- ---------
Total liabilities 744,004 702,110 729,119 684,073
--------- --------- --------- ---------
Total equity 116,535 105,485 113,358 102,321
--------- --------- ---------
Total liabilities and equity $ 860,539 $ 807,595 $ 842,477 $ 786,394
========= ========= ========= =========
AVERAGE RATES
Federal funds sold 0.25% 0.25% 0.30% 0.21%
Interest-earning deposits in
other banks 0.28% 0.25% 0.26% 0.26%
Investments 3.00% 4.30% 3.17% 4.53%
Loans 6.16% 6.27% 6.12% 6.32%
Earning assets 4.44% 5.05% 4.57% 5.11%
Interest-bearing deposits 0.30% 0.51% 0.35% 0.57%
Other borrowings 2.73% 2.64% 2.79% 2.71%
Total interest-bearing
liabilities 0.34% 0.55% 0.39% 0.61%
Net interest margin (calculated
on a fully tax equivalent
basis) (2) 4.21% 4.66% 4.30% 4.68%
(1) Average loans do not include non-accrual loans.
(2) Calculated on a fully tax equivalent basis, which includes Federal tax
benefits relating to income earned on municipal bonds totaling $576 and
$461 for the quarters ended September 30, 2012 and 2011, respectively.
The Federal tax benefits relating to income earned on municipal bonds
totaled $1,665 and $1,299 for the nine months ended September 30, 2012
and 2011, respectively.
Source: Central Valley Community Bancorp