FRESNO, Calif.--(BUSINESS WIRE)--
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 $5,291,000,
and diluted earnings per common share of $0.38 for the three months
ended March 31, 2018, compared to $4,250,000 and $0.35 per diluted
common share for the three months ended March 31, 2017.
FIRST QUARTER FINANCIAL HIGHLIGHTS
-
Net loans increased $16.8 million or 1.88%, and total assets decreased
$38.7 million or 2.33% at March 31, 2018 compared to December 31, 2017.
-
Total deposits decreased 2.44% to $1.39 billion at March 31, 2018
compared to December 31, 2017.
-
Total cost of deposits remain at record low levels at 0.07% and 0.08%
at March 31, 2018 and 2017, respectively.
-
Capital positions remain strong at March 31, 2018 with a 10.11% Tier 1
Leverage Ratio; a 14.02% Common Equity Tier 1 Ratio; a 14.48% Tier 1
Risk-Based Capital Ratio; and a 15.31% Total Risk-Based Capital Ratio.
-
The Company successfully completed the Folsom Lake Bank systems
conversion during the first quarter.
-
The Company will close its Tracy office and sell the majority of the
customer deposits in Tracy to another financial institution.
“We are pleased with our first quarter financial results, which
represent the beginning of the first full year of operations following
our second successful acquisition in the Greater Sacramento Region and
the fifth in our Bank’s history. A noteworthy accomplishment in the
first quarter included the systems conversion from Folsom Lake Bank to
Central Valley Community Bank, which brought positive feedback from
customers who now have a wider array of products and services to choose
from. Our professional team at Central Valley Community Bank continues
to develop new, and deepen existing relationships in our growing
northern California markets and throughout our footprint,” stated James
M. Ford, President & CEO of Central Valley Community Bank and Central
Valley Community Bancorp.
“We look forward to financial savings in the second half of 2018 as a
result of our branch consolidation work, which is well underway,”
concluded Ford.
Net income for the three months ended March 31, 2018 increased 24.49% in
2018 compared to 2017, primarily driven by an increase in net interest
income and an increase in net realized gains on sales and calls of
investment securities, partially offset by an increase in non-interest
expense and an increase in provision for income taxes compared to the
three months ended March 31, 2017. During the three months ended
March 31, 2018, the Company did not record a provision for credit
losses, compared to a $100,000 reverse provision during the three months
ended March 31, 2017. Net interest income before the provision for
credit losses for the three months ended March 31, 2018 was $15,426,000,
compared to $13,308,000 for the three months ended March 31, 2017, an
increase of $2,118,000 or 15.92%. Approximately, $828,000 of the
increase in net interest income was attributed to the Folsom Lake Bank
(FLB) acquisition completed in 2017, and approximately $1,290,000 from
our continued organic growth. The impact to interest income from the
accretion of the loan marks on acquired loans was $258,000 and $398,000
for the three months ended March 31, 2018 and 2017, respectively. In
addition, net interest income before the provision for credit losses for
the three months ended March 31, 2018 was negatively affected by
approximately $21,000 in income reversals from loans put on nonaccrual
status, as compared to a benefit of $438,000 from prepayment penalties
and payoff of loans previously on nonaccrual status for the three months
ended March 31, 2017. Excluding these reversals and benefits, net
interest income for the three months ended March 31, 2018 increased by
$2,577,000 compared to the three months ended March 31, 2017.
During the three months ended March 31, 2018, the Company’s
shareholders’ equity decreased $1,616,000, or 0.77%, compared to
December 31, 2017. The decrease in shareholders’ equity was driven by a
decrease in net unrealized gains on available-for-sale (AFS) securities
recorded, net of estimated taxes, in accumulated other comprehensive
income (AOCI), offset by the retention of earnings, net of dividends
paid.
Return on average equity (ROE) for the three months ended March 31, 2018
was 10.15%, compared to 10.20% for the three months ended March 31,
2017. The decrease in ROE was primarily due to the increase in average
shareholders’ equity. The Company declared and paid $0.07 and $0.06 per
share in cash dividends to holders of common stock during the three
months ended March 31, 2018 and 2017, respectively. Annualized return on
average assets (ROA) was 1.30% for the three months ended March 31, 2018
and 1.17% for the three months ended March 31, 2017. During the three
months ended March 31, 2018, the Company’s total assets decreased 2.33%,
and total liabilities decreased 2.55%, compared to December 31, 2017.
Non-performing assets increased by $1,113,000, or 37.79%, to $4,058,000
at March 31, 2018, compared to $2,945,000 at December 31, 2017. During
the three months ended March 31, 2018, the Company recorded $10,000 in
net loan recoveries, compared to $12,000 in net charge-offs for the
three months March 31, 2017. The net charge-off (recovery) ratio, which
reflects annualized net recoveries to average loans, was 0.00% for the
three months March 31, 2018, compared to 0.01% for the same period in
2017. Total non-performing assets were 0.25% and 0.18% of total assets
as of March 31, 2018 and December 31, 2017, respectively.
At March 31, 2018, the allowance for credit losses was $8,788,000,
compared to $8,778,000 at December 31, 2017, a net increase of $10,000
reflecting the net recoveries during the period. The allowance for
credit losses as a percentage of total loans was 0.96% at March 31,
2018, and 0.97% at December 31, 2017. Total loans includes loans
acquired in the acquisitions of FLB on October 1, 2017, SVB on October
1, 2016 and Visalia Community Bank on July 1, 2013 that, at their
respective acquisition dates, were recorded at fair value and did not
have a related allowance for credit losses. The recorded value of
acquired loans totaled $232,114,000 at March 31, 2018 and $243,712,000
at December 31, 2017. Excluding these acquired loans from the
calculation, the allowance for credit losses to total gross loans was
1.28% and 1.34% as of March 31, 2018 and December 31, 2017,
respectively, and general reserves associated with non-impaired loans to
total non-impaired loans was 1.27% and 1.34%, respectively. The Company
believes the allowance for credit losses is adequate to provide for
probable incurred credit losses within the loan portfolio at March 31,
2018.
The Company’s net interest margin (fully tax equivalent basis) was 4.26%
for the three months ended March 31, 2018, compared to 4.34% for the
three months ended March 31, 2017. The decrease in net interest margin
in the period-to-period comparison resulted primarily from the increase
in the effective yield on interest earning deposits in other banks and
Federal Funds sold, offset by a decrease in the effective yield on
average investment securities, and a decrease in the yield on the
Company’s loan portfolio. Net interest income before the provision for
credit losses for the three months ended March 31, 2018 was negatively
affected by approximately $21,000 in income reversals from loans put on
nonaccrual status, as compared to a benefit of $438,000 from prepayment
penalties and payoff of loans previously on nonaccrual status for the
three months ended March 31, 2017.
For the three months ended March 31, 2018, the effective yield on
average total earning assets decreased 9 basis points to 4.34% compared
to 4.43% for the three months March 31, 2017, while the cost of average
total interest-bearing liabilities increased slightly to 0.15% for the
quarter ended March 31, 2018 as compared to 0.14% for the quarter ended
March 31, 2017. Over the same periods, the cost of average total
deposits decreased to 0.07% for the three months ended March 31, 2018
compared to 0.08% for the same period in 2017.
For the three months ended March 31, 2018, the Company’s average
investment securities, including interest-earning deposits in other
banks and Federal funds sold, totaled $577,761,000, a decrease of
$4,895,000, or 0.84%, compared to the three months ended March 31, 2017.
The effective yield on average investment securities, including interest
earning deposits in other banks and Federal funds sold, decreased to
2.77% for the three months ended March 31, 2018, compared to 3.15% for
the three months ended March 31, 2017.
Total average loans (including nonaccrual), which generally yield higher
rates than investment securities, increased $157,216,000, from
$745,688,000 for the three months ended March 31, 2017 to $902,904,000
for the three months March 31, 2018. The majority of the year-over-year
loan growth compared to the prior year was due to the acquisition of FLB
in 2017. The effective yield on average loans decreased to 5.42% for the
three months ended March 31, 2018, compared to 5.50% for the three
months March 31, 2017.
Total average assets for the three months ended March 31, 2018 was
$1,624,504,000 compared to $1,450,530,000 for the three months ended
March 31, 2017, an increase of $173,974,000 or 11.99%. During the three
months ended March 31, 2018 and 2017, the average loan-to-deposit ratio
was 65.21% and 59.18%, respectively. Total average deposits increased
$124,605,000 or 9.89% to $1,384,653,000 for the three months ended
March 31, 2018, compared to $1,260,048,000 for the three months ended
March 31, 2017. Average interest-bearing deposits increased $44,811,000,
or 5.70%, and average non-interest bearing demand deposits increased
$79,794,000, or 16.83%, for the three months ended March 31, 2018,
compared to the three months ended March 31, 2017. The Company’s ratio
of average non-interest bearing deposits to total deposits was 40.01%
for the three months March 31, 2018, compared to 37.63% for the three
months March 31, 2017. The year over year growth was primarily driven by
the FLB acquisition which closed on October 1, 2017.
Non-interest income for the three months ended March 31, 2018 increased
by $525,000 to $2,771,000, compared to $2,246,000 for the three months
ended March 31, 2017, primarily driven by an increase of $333,000 in net
realized gains on sales and calls of investment securities. An increase
in loan placement fees of $75,000, an $8,000 increase in service charge
income, and an increase of $72,000 in other income were offset by a
$7,000 decrease in Federal Home Loan Bank dividends.
Non-interest expense for the three months ended March 31, 2018 increased
$1,255,000, or 12.41%, to $11,368,000 compared to $10,113,000 for the
three months ended March 31, 2017. The net increase year over year was
primarily attributable to the FLB acquisition, which resulted in
increases in salaries and employee benefits of $561,000, occupancy and
equipment expenses of $358,000, acquisition and integration expenses of
$217,000, offset by a decrease of $139,000 in directors’ expenses in
2018 compared to 2017. Non-interest expense for the quarter ended
March 31, 2018 decreased by $1,741,000 compared to $13,109,000 for the
trailing quarter ended December 31, 2017. The decrease compared to the
trailing quarter was primarily due to a $994,000 decrease in acquisition
and integration expenses and a $458,000 decrease in salaries and
employee benefits.
The Company recorded an income tax provision of $1,538,000 for the three
months March 31, 2018, compared to $1,291,000 for the three months
March 31, 2017. The effective tax rate for the three months ended
March 31, 2018 was 22.52% compared to 23.30% for the three months ended
March 31, 2017. With the Tax Cuts and Jobs Act on December 22, 2017, the
Company’s federal income tax rate changed from 35% to 21%. The slight
decrease in the effective tax rate was the result of the change in the
federal rate offset by a sizable decrease in tax exempt interest.
Branch Closure
The Board of Directors of the Company has authorized management to close
its Tracy branch office and to enter into a sale and assumption
agreement with BAC Community Bank whereby BAC Community Bank will
purchase from the Company certain of the deposits of the Tracy office.
The transaction is subject to customary regulatory closing conditions
and is expected to be completed and the branch closed on July 12, 2018.
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 operates
24 full-service offices throughout California’s San Joaquin Valley and
Greater Sacramento Region. Additionally, the Bank maintains Commercial
Real Estate, Agribusiness and SBA Lending Departments. Central Valley
Investment Services are provided by Raymond James Financial, Inc.
Members of Central Valley Community Bancorp’s and the Bank’s Board of
Directors are: Daniel J. Doyle (Chairman), Daniel N. Cunningham (Lead
Independent Director), Edwin S. Darden, Jr., F. T. “Tommy” Elliott, IV,
James M. Ford, Robert J. Flautt, Gary D. Gall, Steven D. McDonald, Louis
C. McMurray, Karen Musson, and William S. Smittcamp. Sidney B. Cox is
Director Emeritus.
More information about Central Valley Community Bancorp and Central
Valley Community Bank can be found at www.cvcb.com.
Also, visit Central Valley Community Bank on Twitter and Facebook.
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; (7)
the expected cost savings, synergies and other financial benefits for
the acquisition of Folsom Lake Bank might not be realized within the
expected time frames or at all; and (8) the other risks set forth in the
Company’s reports filed with the Securities and Exchange Commission
(“SEC”), including its Annual Report on Form 10-K for the year ended
December 31, 2017. 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 (Unaudited) |
| | | | | |
|
| | March 31, | | December 31, | | March 31, |
| (In thousands, except share amounts) | | 2018 | | 2017 | | 2017 |
| | | | | |
|
| ASSETS | | | | | | |
|
Cash and due from banks
| |
$
|
26,092
| | |
$
|
38,286
| | |
$
|
24,345
|
|
Interest-earning deposits in other banks
| |
16,016
| | |
62,080
| | |
45,161
|
|
Federal funds sold
| |
115
|
| |
17
|
| |
22
|
|
Total cash and cash equivalents
| |
42,223
| | |
100,383
| | |
69,528
|
|
Available-for-sale investment securities (Amortized cost of
$550,059, $538,692 and $526,678 at March 31, 2018, December 31,
2017, and March 31, 2017, respectively)
| |
544,685
| | |
542,704
| | |
529,240
|
|
Loans, less allowance for credit losses of $8,788, $8,778 and $9,214
at March 31, 2018, December 31, 2017, and March 31, 2017,
respectively
| |
908,701
| | |
891,901
| | |
755,176
|
|
Bank premises and equipment, net
| |
9,429
| | |
9,398
| | |
9,162
|
|
Bank owned life insurance
| |
27,978
| | |
27,807
| | |
23,337
|
| Federal Home Loan Bank stock
| |
6,843
| | |
6,843
| | |
5,594
|
| Goodwill | |
53,777
| | |
53,777
| | |
40,311
|
|
Core deposit intangibles
| |
2,934
| | |
3,027
| | |
1,336
|
|
Accrued interest receivable and other assets
| |
26,427
|
| |
25,815
|
| |
25,850
|
|
Total assets
| |
$
|
1,622,997
|
| |
$
|
1,661,655
|
| |
$
|
1,459,534
|
| | | | | |
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | |
|
Deposits:
| | | | | | |
|
Non-interest bearing
| |
$
|
561,490
| | |
$
|
585,039
| | |
$
|
469,715
|
|
Interest bearing
| |
829,420
|
| |
840,648
|
| |
797,601
|
|
Total deposits
| |
1,390,910
| | |
1,425,687
| | |
1,267,316
|
|
Junior subordinated deferrable interest debentures
| |
5,155
| | |
5,155
| | |
5,155
|
|
Accrued interest payable and other liabilities
| |
18,989
|
| |
21,254
|
| |
16,935
|
|
Total liabilities
| |
1,415,054
|
| |
1,452,096
|
| |
1,289,406
|
|
Commitments and contingencies
| | | | | | |
| Shareholders’ equity: | | | | | | |
|
Preferred stock, no par value, $1,000 per share liquidation
preference; 10,000,000 shares authorized, none issued and outstanding
| |
—
| | |
—
| | |
—
|
|
Common stock, no par value; 80,000,000 shares authorized; issued and
outstanding: 13,752,037, 13,696,722, and 12,198,580, at March 31,
2018, December 31, 2017, and March 31, 2017, respectively
| |
103,980
| | |
103,314
| | |
72,219
|
|
Retained earnings
| |
107,748
| | |
103,419
| | |
96,424
|
|
Accumulated other comprehensive income (loss), net of tax
| |
(3,785
|
)
| |
2,826
|
| |
1,485
|
|
Total shareholders’ equity
| |
207,943
|
| |
209,559
|
| |
170,128
|
|
Total liabilities and shareholders’ equity
| |
$
|
1,622,997
|
| |
$
|
1,661,655
|
| |
$
|
1,459,534
|
|
| |
CENTRAL VALLEY COMMUNITY BANCORP CONSOLIDATED INCOME STATEMENTS (Unaudited) |
| |
|
| | For the Three Months Ended, |
| | March 31, |
| December 31, |
| March 31, |
| (In thousands, except share and per share amounts) | | 2018 | | 2017 | | 2017 |
|
INTEREST INCOME:
| | | | | | |
|
Interest and fees on loans
| |
$
|
12,006
| | |
$
|
12,247
| | |
$
|
10,090
| |
|
Interest on deposits in other banks
| |
98
| | |
220
| | |
75
| |
|
Interest and dividends on investment securities:
| | | | | | |
|
Taxable
| |
2,559
| | |
1,962
| | |
1,303
| |
|
Exempt from Federal income taxes
| |
1,067
|
| |
1,464
|
| |
2,122
|
|
|
Total interest income
| |
15,730
|
| |
15,893
|
| |
13,590
|
|
|
INTEREST EXPENSE:
| | | | | | |
|
Interest on deposits
| |
238
| | |
279
| | |
245
| |
|
Interest on junior subordinated deferrable interest debentures
| |
43
| | |
39
| | |
33
| |
|
Other
| |
23
|
| |
8
|
| |
4
|
|
|
Total interest expense
| |
304
|
| |
326
|
| |
282
|
|
|
Net interest income before provision for credit losses
| |
15,426
| | |
15,567
| | |
13,308
| |
|
PROVISION FOR (REVERSAL OF) CREDIT LOSSES
| |
—
|
| |
—
|
| |
(100
|
)
|
|
Net interest income after provision for credit losses
| |
15,426
|
| |
15,567
|
| |
13,408
|
|
|
NON-INTEREST INCOME:
| | | | | | |
|
Service charges
| |
755
| | |
768
| | |
747
| |
|
Appreciation in cash surrender value of bank owned life insurance
| |
171
| | |
171
| | |
148
| |
|
Interchange fees
| |
345
| | |
383
| | |
324
| |
|
Loan placement fees
| |
166
| | |
180
| | |
91
| |
|
Net realized gains (losses) on sales and calls of investment
securities
| |
815
| | |
(6
|
)
| |
482
| |
| Federal Home Loan Bank dividends
| |
121
| | |
121
| | |
128
| |
|
Other income
| |
398
|
| |
324
|
| |
326
|
|
|
Total non-interest income
| |
2,771
|
| |
1,941
|
| |
2,246
|
|
|
NON-INTEREST EXPENSES:
| | | | | | |
|
Salaries and employee benefits
| |
6,416
| | |
6,874
| | |
5,855
| |
|
Occupancy and equipment
| |
1,537
| | |
1,510
| | |
1,179
| |
|
Acquisition and integration expenses
| |
217
| | |
1,211
| | |
—
| |
|
Professional services
| |
438
| | |
405
| | |
420
| |
|
Data processing expense
| |
480
| | |
490
| | |
424
| |
|
Directors’ expenses
| |
90
| | |
105
| | |
229
| |
|
ATM/Debit card expenses
| |
201
| | |
197
| | |
166
| |
|
License & maintenance contracts
| |
212
| | |
228
| | |
146
| |
|
Regulatory assessments
| |
162
| | |
170
| | |
175
| |
|
Advertising
| |
189
| | |
154
| | |
170
| |
|
Internet banking expenses
| |
195
| | |
182
| | |
169
| |
|
Amortization of core deposit intangibles
| |
94
| | |
93
| | |
47
| |
|
Other expense
| |
1,137
|
| |
1,490
|
| |
1,133
|
|
|
Total non-interest expenses
| |
11,368
|
| |
13,109
|
| |
10,113
|
|
|
Income before provision for income taxes
| |
6,829
| | |
4,399
| | |
5,541
| |
|
PROVISION FOR INCOME TAXES
| |
1,538
|
| |
4,064
|
| |
1,291
|
|
|
Net income
| |
$
|
5,291
|
| |
$
|
335
|
| |
$
|
4,250
|
|
|
Net income per common share:
| | | | | | |
|
Basic earnings per common share
| |
$
|
0.39
|
| |
$
|
0.02
|
| |
$
|
0.35
|
|
|
Weighted average common shares used in basic computation
| |
13,669,976
|
| |
13,533,677
|
| |
12,167,810
|
|
|
Diluted earnings per common share
| |
$
|
0.38
|
| |
$
|
0.02
|
| |
$
|
0.35
|
|
|
Weighted average common shares used in diluted computation
| |
13,804,480
|
| |
13,730,434
|
| |
12,317,579
|
|
|
Cash dividends per common share
| |
$
|
0.07
|
| |
$
|
0.06
|
| |
$
|
0.06
|
|
|
| |
| |
| |
| |
| |
CENTRAL VALLEY COMMUNITY BANCORP CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) |
| | | | | | | | | |
|
| | Mar. 31 | | Dec. 31 | | Sep. 30, | | Jun. 30, | | Mar. 31, |
| For the three months ended | | 2018 | | 2017 | | 2017 | | 2017 | | 2017 |
| (In thousands, except share and per share amounts) | | | | | | | | | | |
|
Net interest income
| |
$
|
15,426
| | |
$
|
15,567
| | |
$
|
13,578
| | |
$
|
13,786
| | |
$
|
13,308
| |
|
Provision for (reversal of) credit losses
| |
—
|
| |
—
|
| |
(900
|
)
| |
(150
|
)
| |
(100
|
)
|
|
Net interest income after provision for credit losses
| |
15,426
| | |
15,567
| | |
14,478
| | |
13,936
| | |
13,408
| |
|
Total non-interest income
| |
2,771
| | |
1,941
| | |
2,554
| | |
4,096
| | |
2,246
| |
|
Total non-interest expense
| |
11,368
| | |
13,109
| | |
10,394
| | |
10,789
| | |
10,113
| |
|
Provision for income taxes
| |
1,538
|
| |
4,064
|
| |
2,144
|
| |
2,295
|
| |
1,291
|
|
|
Net income
| |
$
|
5,291
|
| |
$
|
335
|
| |
$
|
4,494
|
| |
$
|
4,948
|
| |
$
|
4,250
|
|
|
Basic earnings per common share
| |
$
|
0.39
|
| |
$
|
0.02
|
| |
$
|
0.37
|
| |
$
|
0.41
|
| |
$
|
0.35
|
|
|
Weighted average common shares used in basic computation
| |
13,669,976
|
| |
13,533,677
|
| |
12,208,313
|
| |
12,207,570
|
| |
12,167,810
|
|
|
Diluted earnings per common share
| |
$
|
0.38
|
| |
$
|
0.02
|
| |
$
|
0.36
|
| |
$
|
0.4
|
| |
$
|
0.35
|
|
|
Weighted average common shares used in diluted computation
| |
13,804,480
|
| |
13,730,434
|
| |
12,325,254
|
| |
12,338,884
|
| |
12,317,579
|
|
|
| |
| |
| |
| |
| |
CENTRAL VALLEY COMMUNITY BANCORP SELECTED RATIOS (Unaudited) |
| | | | | | | | | |
|
| | Mar. 31, | | Dec. 31, | | Sep. 30, | | Jun. 30, | | Mar. 31, |
| As of and for the three months ended | | 2018 | | 2017 | | 2017 | | 2017 | | 2017 |
| (Dollars in thousands, except per share amounts) | | | | | | | | | | |
|
Allowance for credit losses to total loans
| |
0.96
|
%
| |
0.97
|
%
| |
1.14
|
%
| |
1.21
|
%
| |
1.21
|
%
|
|
Non-performing assets to total assets
| |
0.25
|
%
| |
0.18
|
%
| |
0.22
|
%
| |
0.23
|
%
| |
0.23
|
%
|
|
Total non-performing assets
| |
$
|
4,058
| | |
$
|
2,945
| | |
$
|
3,162
| | |
$
|
3,293
| | |
$
|
3,341
| |
|
Total nonaccrual loans
| |
$
|
4,058
| | |
$
|
2,875
| | |
$
|
2,968
| | |
$
|
3,099
| | |
$
|
3,079
| |
|
Net loan charge-offs (recoveries)
| |
$
|
(10
|
)
| |
$
|
138
| | |
$
|
(519
|
)
| |
$
|
(233
|
)
| |
$
|
12
| |
|
Net charge-offs (recoveries) to average loans (annualized)
| |
—
|
%
| |
0.06
|
%
| |
(0.27
|
)%
| |
(0.12
|
)%
| |
0.01
|
%
|
|
Book value per share
| |
$
|
15.12
| | |
$
|
15.30
| | |
$
|
14.84
| | |
$
|
14.51
| | |
$
|
13.95
| |
|
Tangible book value per share
| |
$
|
11.00
| | |
$
|
11.15
| | |
$
|
11.44
| | |
$
|
11.10
| | |
$
|
10.53
| |
|
Tangible common equity
| |
$
|
151,231
| | |
$
|
152,755
| | |
$
|
139,678
| | |
$
|
135,567
| | |
$
|
128,481
| |
|
Cost of total deposits
| |
0.07
|
%
| |
0.08
|
%
| |
0.06
|
%
| |
0.08
|
%
| |
0.08
|
%
|
|
Interest and dividends on investment securities exempt from Federal
income taxes
| |
$
|
1,067
| | |
$
|
1,464
| | |
$
|
1,531
| | |
$
|
1,775
| | |
$
|
2,122
| |
|
Net interest margin (calculated on a fully tax equivalent basis) (1)
| |
4.26
|
%
| |
4.37
|
%
| |
4.42
|
%
| |
4.47
|
%
| |
4.34
|
%
|
|
Return on average assets (2)
| |
1.30
|
%
| |
0.08
|
%
| |
1.26
|
%
| |
1.37
|
%
| |
1.17
|
%
|
|
Return on average equity (2)
| |
10.15
|
%
| |
0.64
|
%
| |
10.05
|
%
| |
11.41
|
%
| |
10.20
|
%
|
|
Loan to deposit ratio
| |
65.96
|
%
| |
63.18
|
%
| |
63.91
|
%
| |
61.75
|
%
| |
60.32
|
%
|
|
Efficiency ratio
| |
61.67
|
%
| |
64.20
|
%
| |
60.44
|
%
| |
61.47
|
%
| |
61.78
|
%
|
|
Tier 1 leverage - Bancorp
| |
10.11
|
%
| |
9.71
|
%
| |
9.86
|
%
| |
9.43
|
%
| |
9.01
|
%
|
|
Tier 1 leverage - Bank
| |
9.90
|
%
| |
9.46
|
%
| |
9.76
|
%
| |
9.33
|
%
| |
8.92
|
%
|
|
Common equity tier 1 - Bancorp
| |
14.02
|
%
| |
12.90
|
%
| |
13.09
|
%
| |
12.92
|
%
| |
12.54
|
%
|
|
Common equity tier 1 - Bank
| |
14.19
|
%
| |
12.96
|
%
| |
13.35
|
%
| |
13.17
|
%
| |
12.80
|
%
|
|
Tier 1 risk-based capital - Bancorp
| |
14.48
|
%
| |
13.28
|
%
| |
13.48
|
%
| |
13.31
|
%
| |
12.93
|
%
|
|
Tier 1 risk-based capital - Bank
| |
14.19
|
%
| |
12.96
|
%
| |
13.35
|
%
| |
13.17
|
%
| |
12.80
|
%
|
|
Total risk-based capital - Bancorp
| |
15.31
|
%
| |
14.07
|
%
| |
14.39
|
%
| |
14.27
|
%
| |
13.89
|
%
|
|
Total risk based capital - Bank
| |
15.02
|
%
| |
13.74
|
%
| |
14.26
|
%
| |
14.14
|
%
| |
13.76
|
%
|
|
|
(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 Ended |
| AVERAGE AMOUNTS | | March 31, |
| December 31, |
| March 31, |
| (Dollars in thousands) | | 2018 | | 2017 | | 2017 |
|
Federal funds sold
| |
$
|
61
| | |
$
|
7
| | |
$
|
9
| |
|
Interest-bearing deposits in other banks
| |
25,458
| | |
64,830
| | |
36,856
| |
|
Investments
| |
552,242
| | |
540,937
| | |
545,791
| |
|
Loans (1)
| |
898,811
|
| |
887,374
|
| |
743,436
|
|
|
Earning assets
| |
1,476,572
| | |
1,493,148
| | |
1,326,092
| |
|
Allowance for credit losses
| |
(8,789
|
)
| |
(8,910
|
)
| |
(9,355
|
)
|
|
Nonaccrual loans
| |
4,093
| | |
2,977
| | |
2,252
| |
|
Other non-earning assets
| |
152,628
|
| |
157,470
|
| |
131,541
|
|
|
Total assets
| |
$
|
1,624,504
|
| |
$
|
1,644,685
|
| |
$
|
1,450,530
|
|
| | | | | |
|
|
Interest bearing deposits
| |
$
|
830,722
| | |
$
|
837,904
| | |
$
|
785,911
| |
|
Other borrowings
| |
10,899
|
| |
8,086
|
| |
6,931
|
|
|
Total interest-bearing liabilities
| |
841,621
|
| |
845,990
|
| |
792,842
|
|
|
Non-interest bearing demand deposits
| |
553,931
| | |
567,975
| | |
474,137
| |
|
Non-interest bearing liabilities
| |
20,352
|
| |
20,047
|
| |
16,814
|
|
|
Total liabilities
| |
1,415,904
|
| |
1,434,012
|
| |
1,283,793
|
|
|
Total equity
| |
208,600
|
| |
210,673
|
| |
166,737
|
|
|
Total liabilities and equity
| |
$
|
1,624,504
|
| |
$
|
1,644,685
|
| |
$
|
1,450,530
|
|
| | | | | |
|
| AVERAGE RATES |
|
|
|
|
|
|
|
Federal funds sold
| |
1.51
|
%
| |
1.50
|
%
| |
1.00
|
%
|
|
Interest-earning deposits in other banks
| |
1.54
|
%
| |
1.36
|
%
| |
0.81
|
%
|
|
Investments
| |
2.83
|
%
| |
3.09
|
%
| |
3.31
|
%
|
|
Loans (3)
| |
5.42
|
%
| |
5.48
|
%
| |
5.50
|
%
|
|
Earning assets
| |
4.34
|
%
| |
4.46
|
%
| |
4.43
|
%
|
|
Interest-bearing deposits
| |
0.12
|
%
| |
0.13
|
%
| |
0.13
|
%
|
|
Other borrowings
| |
2.42
|
%
| |
2.33
|
%
| |
2.14
|
%
|
|
Total interest-bearing liabilities
| |
0.15
|
%
| |
0.15
|
%
| |
0.14
|
%
|
|
Net interest margin (calculated on a fully tax equivalent basis) (2)
| |
4.26
|
%
| |
4.37
|
%
| |
4.34
|
%
|
|
|
(1)
|
Average loans do not include nonaccrual loans.
|
|
(2)
|
Calculated on a fully tax equivalent basis, which includes Federal
tax benefits relating to income earned on municipal bonds of $1,067,
$754, and $1,093, for the three months ended March 31, 2018,
December 31, 2017, and March 31, 2017, respectively.
|
|
(3)
|
Loan yield includes loan fees (costs) for the three months ended
March 31, 2018, December 31, 2017, and March 31, 2017 of $121, $264,
and $444, respectively.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180418006317/en/
Central Valley Community Bancorp
Investor Contact:
Dave
Kinross, 559-323-3420
Executive Vice President and Chief Financial
Officer
or
Media Contact:
Debbie Nalchajian-Cohen,
559-222-1322
Marketing Director
Source: Central Valley Community Bancorp