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 $5,216,000,
and fully diluted earnings per common share of $0.38 for the three
months ended March 31, 2019, compared to $5,291,000 and $0.38 per fully
diluted common share for the three months ended March 31, 2018.
FIRST QUARTER FINANCIAL HIGHLIGHTS
-
Net loans increased $3.1 million or 0.34%, and total assets increased
$26.4 million or 1.72% at March 31, 2019 compared to December 31, 2018.
-
Total deposits increased 0.80% to $1.29 billion at March 31, 2019
compared to December 31, 2018.
-
Total cost of deposits remain at low levels at 0.12% and 0.07% for the
quarter ended March 31, 2019 and 2018, respectively.
-
Average non-interest bearing demand deposit accounts as a percentage
of total average deposits was 42.10% and 40.01% for the quarters ended
March 31, 2019 and 2018, respectively.
-
Capital positions remain strong at March 31, 2019 with a 11.69% Tier 1
Leverage Ratio; a 15.13% Common Equity Tier 1 Ratio; a 15.58% Tier 1
Risk-Based Capital Ratio; and a 16.41% Total Risk-Based Capital Ratio.
-
The Company declared a $0.11 per common share cash dividend, payable
on May 17, 2019 to shareholders of record on May 3, 2019.
-
During the quarter ended March 31, 2019, the Company repurchased and
retired a total of 97,479 shares at an average price paid per share of
$19.20. Since the Company approved the stock repurchased program on
July 18, 2018, the Company has repurchased and retired a total of
145,341 shares at an average price paid per share of $19.03.
-
After extensive evaluation, the Company will consolidate the Rancho
Cordova and Fair Oaks offices and open a new full-service branch in
Gold River during the second quarter of 2019.
“While we experienced modest loan and deposit growth in the first
quarter, we have maintained our strong core deposit mix which allows us
to continue to deliver our relationship approach to community banking,”
stated James M. Ford, President & CEO of Central Valley Community Bank
and Central Valley Community Bancorp. “With very low levels of
nonperforming assets and strong capital levels, we stand ready to meet
the needs of our communities.” Ford went on to state, “Our plans to
further reduce overhead expenses are taking hold and with the
consolidation of two branches in the second quarter, we are positioned
to further improve delivery and efficiency.”
Net income for the three months ended March 31, 2019 decreased 1.42%,
primarily driven by an increase in non-interest expense and an increase
in the provision for income taxes, partially offset by an increase in
net interest income and an increase in net realized gains on sales and
calls of investment securities compared to the three months ended
March 31, 2018. During the three months ended March 31, 2019, the
Company recorded a $25,000 reverse provision for credit losses, compared
to no provision during the three months ended March 31, 2018. Net
interest income before the provision for credit losses for the three
months ended March 31, 2019 was $15,835,000, compared to $15,426,000 for
the three months ended March 31, 2018, an increase of $409,000 or 2.65%.
The impact to interest income from the accretion of the loan marks on
acquired loans was $259,000 and $258,000 for the three months ended
March 31, 2019 and 2018, respectively. In addition, net interest income
before the provision for credit losses for the three months ended
March 31, 2019 was benefited by approximately $127,000 in nonrecurring
income from prepayment penalties and payoff of loans previously on
nonaccrual status, as compared to a $21,000 in income reversals for the
three months ended March 31, 2018. Excluding these reversals and
benefits, net interest income for the three months ended March 31, 2019
increased by $261,000 compared to the three months ended March 31, 2018.
During the three months ended March 31, 2019, the Company’s
shareholders’ equity increased $7,717,000, or 3.51%, compared to
December 31, 2018. The increase in shareholders’ equity was driven by
the retention of earnings, net of dividends paid, and an increase in net
unrealized gains on available-for-sale (AFS) securities recorded, net of
estimated taxes, in accumulated other comprehensive income (AOCI).
Return on average equity (ROE) for the three months ended March 31, 2019
was 9.42%, compared to 10.15% for the three months ended March 31, 2018.
The decrease in ROE was primarily due to the increase in shareholders’
equity compared to last year. The Company declared and paid $0.10 and
$0.07 per share in cash dividends to holders of common stock during the
three months ended March 31, 2019 and 2018, respectively. Annualized
return on average assets (ROA) was 1.35% for the three months ended
March 31, 2019 and 1.30% for the three months ended March 31, 2018.
During the three months ended March 31, 2019, the Company’s total assets
increased 1.72%, and total liabilities increased 1.42%, compared to
December 31, 2018.
Non-performing assets decreased by $1,192,000, or 43.50%, to $1,548,000
at March 31, 2019, compared to $2,740,000 at December 31, 2018. During
the three months ended March 31, 2019, the Company recorded $39,000 in
net loan recoveries, compared to $10,000 in net recoveries for the three
months ended March 31, 2018. The net charge-off (recovery) ratio, which
reflects annualized net recoveries to average loans, was (0.02)% for the
three months ended March 31, 2019, compared to 0.00% for the same period
in 2018. Total non-performing assets were 0.10% and 0.18% of total
assets as of March 31, 2019 and December 31, 2018, respectively.
At March 31, 2019, the allowance for credit losses was $9,118,000,
compared to $9,104,000 at December 31, 2018, a net increase of $14,000
reflecting the net recoveries and reverse provision during the period.
The allowance for credit losses as a percentage of total loans was 0.99%
at both March 31, 2019 and December 31, 2018. Total loans includes loans
acquired in the acquisitions of Folsom Lake Bank on October 1, 2017,
Sierra Vista Bank 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 $175,177,000 at March 31, 2019
and $189,719,000 at December 31, 2018. Excluding these acquired loans
from the calculation, the allowance for credit losses to total gross
loans was 1.22% and 1.25% as of March 31, 2019 and December 31, 2018,
respectively, and general reserves associated with non-impaired loans to
total non-impaired loans was 1.22% and 1.25%, 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,
2019.
The Company’s net interest margin (fully tax equivalent basis) was 4.63%
for the three months ended March 31, 2019, compared to 4.31% for the
three months ended March 31, 2018. The increase in net interest margin
in the period-to-period comparison resulted from the increase in the
effective yield on interest earning deposits in other banks and Federal
Funds sold, the increase in the effective yield on average investment
securities, and the increase in the yield on the Company’s loan
portfolio.
For the three months ended March 31, 2019, the effective yield on
average total earning assets increased 36 basis points to 4.76% compared
to 4.40% for the three months ended March 31, 2018, while the cost of
average total interest-bearing liabilities increased to 0.24% for the
three months ended March 31, 2019 as compared to 0.15% for the three
months ended March 31, 2018. Over the same periods, the cost of average
total deposits increased to 0.12% for the three months ended March 31,
2019 compared to 0.07% for the same period in 2018.
For the three months ended March 31, 2019, the Company’s average
investment securities, including interest-earning deposits in other
banks and Federal funds sold, totaled $495,805,000, a decrease of
$81,956,000, or 14.19%, compared to the three months March 31, 2018. The
effective yield on average investment securities, including interest
earning deposits in other banks and Federal funds sold, increased to
3.13% for the three months ended March 31, 2019, compared to 2.77% for
the three months ended March 31, 2018.
Total average loans (including nonaccrual), which generally yield higher
rates than investment securities, increased $3,207,000, from
$902,904,000 for the three months ended March 31, 2018 to $906,111,000
for the three months ended March 31, 2019. The increase in loans was
partially offset by the sale of the Company’s credit card portfolio of
approximately $2,504,000 during the second quarter of 2018. The
effective yield on average loans increased to 5.64% for the three months
ended March 31, 2019, compared to 5.42% for the three months ended
March 31, 2018.
Total average assets for the three months ended March 31, 2019 was
$1,540,721,000 compared to $1,624,504,000 for the three months ended
March 31, 2018, a decrease of $83,783,000 or 5.16%. During the three
months ended March 31, 2019 and 2018, the loan-to-deposit ratio was
71.32% and 65.96%, respectively. Total average deposits decreased
$94,641,000 or 6.83% to $1,290,012,000 for the three months ended
March 31, 2019, compared to $1,384,653,000 for the three months ended
March 31, 2018. Average interest-bearing deposits decreased $83,847,000,
or 10.09%, and average non-interest bearing demand deposits decreased
$10,794,000, or 1.95%, for the three months ended March 31, 2019,
compared to the three months ended March 31, 2018. The Company’s ratio
of average non-interest bearing deposits to total deposits was 42.10%
for the three months ended March 31, 2019, compared to 40.01% for the
three months ended March 31, 2018.
Non-interest income for the three months ended March 31, 2019 increased
by $205,000 to $2,976,000, compared to $2,771,000 for the three months
ended March 31, 2018, primarily driven by an increase of $237,000 in net
realized gains on sales and calls of investment securities and an
increase of $62,000 in other income, offset by a decrease in loan
placement fees of $27,000 and a decrease in service charge income of
$65,000.
Non-interest expense for the three months ended March 31, 2019 increased
$299,000, or 2.63%, to $11,667,000 compared to $11,368,000 for the three
months ended March 31, 2018. The net increase year over year resulted
from increases in information technology of $565,000, salaries and
employee benefits of $74,000, directors’ expenses of $86,000, and credit
card expenses of $53,000, offset by decreases in acquisition and
integration expenses of $217,000, professional services of $111,000,
data processing expenses of $85,000, and occupancy and equipment
expenses of $58,000 in 2019 compared to 2018. The increase in the
information technology expenses was a result of the Company outsourcing
its network maintenance and IT support during the fourth quarter of
2018. The increase in the directors’ expenses was related to the change
in the discount rate used to calculate the liability for deferred
compensation and split dollar plans.
The Company recorded an income tax provision of $1,953,000 for the three
months ended March 31, 2019, compared to $1,538,000 for the three months
ended March 31, 2018. The effective tax rate for the three months
March 31, 2019 was 27.24% compared to 22.52% for the three months
March 31, 2018. The increase in the effective rate was a result of a
decrease in tax-exempt interest.
Quarterly Dividend Announcement
On April 17, 2019, the Board of Directors of the Company declared an
increase in the regular quarterly cash dividend to $0.11 per share on
the Company’s common stock. The dividend is payable on May 17, 2019 to
shareholders of record as of May 3, 2019.
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
21 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; (3) a decline in economic conditions at the international,
national or local level on the Company’s results of operations; (4) the
Company’s ability to continue its internal growth at historical rates;
(5) the Company’s ability to maintain its net interest margin; (6) the
quality of the Company’s earning assets; (7) changes in the regulatory
environment; (8) fluctuations in the real estate market; (9) changes in
business conditions and inflation; (10) changes in securities markets;
and (11) 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, 2018. 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) | | 2019 | | 2018 | | 2018 |
| | | | | |
|
| ASSETS | | | | | | |
|
Cash and due from banks
| |
$
|
29,762
| | |
$
|
24,954
| | |
$
|
26,092
| |
|
Interest-earning deposits in other banks
| |
2,404
| | |
6,725
| | |
16,016
| |
|
Federal funds sold
| |
69
|
| |
48
|
| |
115
|
|
|
Total cash and cash equivalents
| |
32,235
| | |
31,727
| | |
42,223
| |
|
Available-for-sale investment securities
| |
479,622
| | |
463,905
| | |
537,389
| |
|
Equity securities
| |
7,346
| | |
7,254
| | |
7,296
| |
|
Loans, less allowance for credit losses of $9,118, $9,104 and $8,788
at March 31, 2019, December 31, 2018, and March 31, 2018,
respectively
| |
912,692
| | |
909,591
| | |
908,701
| |
|
Bank premises and equipment, net
| |
8,096
| | |
8,484
| | |
9,429
| |
|
Bank owned life insurance
| |
29,673
| | |
28,502
| | |
27,978
| |
| Federal Home Loan Bank stock
| |
6,843
| | |
6,843
| | |
6,843
| |
| Goodwill | |
53,777
| | |
53,777
| | |
53,777
| |
|
Core deposit intangibles
| |
2,399
| | |
2,572
| | |
2,934
| |
|
Accrued interest receivable and other assets
| |
31,554
|
| |
25,181
|
| |
26,427
|
|
|
Total assets
| |
$
|
1,564,237
|
| |
$
|
1,537,836
|
| |
$
|
1,622,997
|
|
| | | | | |
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | |
|
Deposits:
| | | | | | |
|
Non-interest bearing
| |
$
|
550,410
| | |
$
|
550,657
| | |
$
|
561,490
| |
|
Interest bearing
| |
742,154
|
| |
731,641
|
| |
829,420
|
|
|
Total deposits
| |
1,292,564
| | |
1,282,298
| | |
1,390,910
| |
|
Short-term borrowings
| |
7,000
| | |
10,000
| | |
—
| |
|
Junior subordinated deferrable interest debentures
| |
5,155
| | |
5,155
| | |
5,155
| |
|
Accrued interest payable and other liabilities
| |
32,063
|
| |
20,645
|
| |
18,989
|
|
|
Total liabilities
| |
1,336,782
|
| |
1,318,098
|
| |
1,415,054
|
|
| Shareholders’ equity: | | | | | | |
|
Preferred stock, no par value; 10,000,000 shares authorized, none
issued and outstanding
| |
—
| | |
—
| | |
—
| |
|
Common stock, no par value; 80,000,000 shares authorized; issued and
outstanding: 13,680,930, 13,754,965, and 13,752,037, at March 31,
2019, December 31, 2018, and March 31, 2018, respectively
| |
102,395
| | |
103,851
| | |
103,980
| |
|
Retained earnings
| |
124,138
| | |
120,294
| | |
107,544
| |
|
Accumulated other comprehensive income (loss), net of tax
| |
922
|
| |
(4,407
|
)
| |
(3,581
|
)
|
|
Total shareholders’ equity
| |
227,455
|
| |
219,738
|
| |
207,943
|
|
|
Total liabilities and shareholders’ equity
| |
$
|
1,564,237
|
| |
$
|
1,537,836
|
| |
$
|
1,622,997
|
|
| | | | | | | | | | | |
|
|
| |
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) | | 2019 | | 2018 | | 2018 |
|
INTEREST INCOME:
| | | | | | |
|
Interest and fees on loans
| |
$
|
12,554
| | |
$
|
12,720
| | |
$
|
12,006
|
|
Interest on deposits in other banks
| |
150
| | |
147
| | |
98
|
|
Interest and dividends on investment securities:
| | | | | | |
|
Taxable
| |
3,023
| | |
2,977
| | |
2,559
|
|
Exempt from Federal income taxes
| |
562
|
| |
530
|
| |
1,067
|
|
Total interest income
| |
16,289
|
| |
16,374
|
| |
15,730
|
|
INTEREST EXPENSE:
| | | | | | |
|
Interest on deposits
| |
393
| | |
343
| | |
238
|
|
Interest on junior subordinated deferrable interest debentures
| |
57
| | |
52
| | |
43
|
Other
| |
4
|
| |
6
|
| |
23
|
|
Total interest expense
| |
454
|
| |
401
|
| |
304
|
|
Net interest income before provision for credit losses
| |
15,835
| | |
15,973
| | |
15,426
|
|
PROVISION FOR (REVERSAL OF) CREDIT LOSSES
| |
(25
|
)
| |
—
|
| |
—
|
|
Net interest income after provision for credit losses
| |
15,860
|
| |
15,973
|
| |
15,426
|
|
NON-INTEREST INCOME:
| | | | | | |
|
Service charges
| |
690
| | |
766
| | |
755
|
|
Appreciation in cash surrender value of bank owned life insurance
| |
171
| | |
173
| | |
171
|
|
Interchange fees
| |
343
| | |
356
| | |
345
|
|
Loan placement fees
| |
139
| | |
162
| | |
166
|
|
Net realized gains on sales and calls of investment securities
| |
1,052
| | |
37
| | |
815
|
| Federal Home Loan Bank dividends
| |
121
| | |
232
| | |
121
|
|
Other income
| |
460
|
| |
678
|
| |
398
|
|
Total non-interest income
| |
2,976
|
| |
2,404
|
| |
2,771
|
|
NON-INTEREST EXPENSES:
| | | | | | |
|
Salaries and employee benefits
| |
6,490
| | |
6,585
| | |
6,416
|
|
Occupancy and equipment
| |
1,479
| | |
1,369
| | |
1,537
|
|
Acquisition and integration expenses
| |
—
| | |
—
| | |
217
|
|
Professional services
| |
327
| | |
331
| | |
438
|
|
Data processing expense
| |
395
| | |
407
| | |
480
|
|
Directors’ expenses
| |
176
| | |
84
| | |
90
|
|
ATM/Debit card expenses
| |
191
| | |
170
| | |
201
|
|
Information technology
| |
777
| | |
492
| | |
212
|
|
Regulatory assessments
| |
152
| | |
143
| | |
162
|
|
Advertising
| |
202
| | |
189
| | |
189
|
|
Internet banking expenses
| |
194
| | |
190
| | |
195
|
|
Amortization of core deposit intangibles
| |
174
| | |
174
| | |
94
|
|
Other expense
| |
1,110
|
| |
1,276
|
| |
1,137
|
|
Total non-interest expenses
| |
11,667
|
| |
11,410
|
| |
11,368
|
|
Income before provision for income taxes
| |
7,169
| | |
6,967
| | |
6,829
|
|
PROVISION FOR INCOME TAXES
| |
1,953
|
| |
1,686
|
| |
1,538
|
|
Net income
| |
$
|
5,216
|
| |
$
|
5,281
|
| |
$
|
5,291
|
| | | | | |
|
|
Net income per common share:
| | | | | | |
|
Basic earnings per common share
| |
$
|
0.38
|
| |
$
|
0.38
|
| |
$
|
0.39
|
|
Weighted average common shares used in basic computation
| |
13,646,489
|
| |
13,721,087
|
| |
13,669,976
|
|
Diluted earnings per common share
| |
$
|
0.38
|
| |
$
|
0.38
|
| |
$
|
0.38
|
|
Weighted average common shares used in diluted computation
| |
13,755,615
|
| |
13,834,662
|
| |
13,804,480
|
|
Cash dividends per common share
| |
$
|
0.10
|
| |
$
|
0.09
|
| |
$
|
0.07
|
| | | | | | | | | | |
|
|
| |
| |
| |
| |
| |
CENTRAL VALLEY COMMUNITY BANCORP CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) |
| | | | | | | | | |
|
| | Mar, 31 | | Dec. 31, | | Sep. 30 | | Jun. 30, | | Mar. 31 |
| For the three months ended | | 2019 | | 2018 | | 2018 | | 2018 | | 2018 |
| (In thousands, except share and per share amounts) | | | | | | | | | | |
|
Net interest income
| |
$
|
15,835
| | |
$
|
15,973
| | |
$
|
15,907
| | |
$
|
15,397
| | |
$
|
15,426
|
|
Provision for (reversal of) credit losses
| |
(25
|
)
| |
—
|
| |
—
|
| |
50
|
| |
—
|
|
Net interest income after provision for credit losses
| |
15,860
| | |
15,973
| | |
15,907
| | |
15,347
| | |
15,426
|
|
Total non-interest income
| |
2,976
| | |
2,404
| | |
2,463
| | |
2,686
| | |
2,771
|
|
Total non-interest expense
| |
11,667
| | |
11,410
| | |
10,791
| | |
11,499
| | |
11,368
|
|
Provision for income taxes
| |
1,953
|
| |
1,686
|
| |
1,827
|
| |
1,569
|
| |
1,538
|
|
Net income
| |
$
|
5,216
|
| |
$
|
5,281
|
| |
$
|
5,752
|
| |
$
|
4,965
|
| |
$
|
5,291
|
|
Basic earnings per common share
| |
$
|
0.38
|
| |
$
|
0.38
|
| |
$
|
0.42
|
| |
$
|
0.36
|
| |
$
|
0.39
|
|
Weighted average common shares used in basic computation
| |
13,646,489
|
| |
13,721,087
|
| |
13,715,141
|
| |
13,692,358
|
| |
13,669,976
|
|
Diluted earnings per common share
| |
$
|
0.38
|
| |
$
|
0.38
|
| |
$
|
0.42
|
| |
$
|
0.36
|
| |
$
|
0.38
|
|
Weighted average common shares used in diluted computation
| |
13,755,615
|
| |
13,834,662
|
| |
13,836,828
|
| |
13,823,278
|
| |
13,804,480
|
| | | | | | | | | | | | | |
|
|
| |
| |
| |
| |
| |
CENTRAL VALLEY COMMUNITY BANCORP SELECTED RATIOS (Unaudited) |
| | | | | | | | | |
|
| | Mar. 31, | | Dec. 31, | | Sept. 30, | | Jun. 30, | | Mar. 31, |
| As of and for the three months ended | | 2019 | | 2018 | | 2018 | | 2018 | | 2018 |
| (Dollars in thousands, except per share amounts) | | | | | | | | | | |
|
Allowance for credit losses to total loans
| |
0.99
|
%
| |
0.99
|
%
| |
0.99
|
%
| |
0.95
|
%
| |
0.96
|
%
|
|
Non-performing assets to total assets
| |
0.10
|
%
| |
0.18
|
%
| |
0.27
|
%
| |
0.26
|
%
| |
0.25
|
%
|
|
Total non-performing assets
| |
$
|
1,548
| | |
$
|
2,740
| | |
$
|
4,133
| | |
$
|
4,092
| | |
$
|
4,058
| |
|
Total nonaccrual loans
| |
$
|
1,548
| | |
$
|
2,740
| | |
$
|
4,133
| | |
$
|
4,092
| | |
$
|
4,058
| |
|
Net loan charge-offs (recoveries)
| |
$
|
(39
|
)
| |
$
|
(79
|
)
| |
$
|
(105
|
)
| |
$
|
(82
|
)
| |
$
|
(10
|
)
|
|
Net charge-offs (recoveries) to average loans (annualized)
| |
(0.02
|
)%
| |
(0.03
|
)%
| |
(0.05
|
)%
| |
(0.04
|
)%
| |
—
|
%
|
|
Book value per share
| |
$
|
16.63
| | |
$
|
15.98
| | |
$
|
15.47
| | |
$
|
15.32
| | |
$
|
15.12
| |
|
Tangible book value per share
| |
$
|
12.52
| | |
$
|
11.87
| | |
$
|
11.37
| | |
$
|
11.21
| | |
$
|
11.00
| |
|
Tangible common equity
| |
$
|
171,279
| | |
$
|
163,389
| | |
$
|
156,911
| | |
$
|
154,567
| | |
$
|
151,232
| |
|
Cost of total deposits
| |
0.12
|
%
| |
0.10
|
%
| |
0.10
|
%
| |
0.08
|
%
| |
0.07
|
%
|
|
Interest and dividends on investment securities exempt from Federal
income taxes
| |
$
|
562
| | |
$
|
530
| | |
$
|
896
| | |
$
|
1,045
| | |
$
|
1,067
| |
|
Net interest margin (calculated on a fully tax equivalent basis) (1)
| |
4.63
|
%
| |
4.55
|
%
| |
4.53
|
%
| |
4.33
|
%
| |
4.31
|
%
|
|
Return on average assets (2)
| |
1.35
|
%
| |
1.37
|
%
| |
1.48
|
%
| |
1.25
|
%
| |
1.30
|
%
|
|
Return on average equity (2)
| |
9.42
|
%
| |
9.82
|
%
| |
10.80
|
%
| |
9.53
|
%
| |
10.15
|
%
|
|
Loan to deposit ratio
| |
71.32
|
%
| |
71.64
|
%
| |
71.49
|
%
| |
70.60
|
%
| |
65.96
|
%
|
|
Efficiency ratio
| |
63.92
|
%
| |
60.80
|
%
| |
58.65
|
%
| |
62.99
|
%
| |
62.59
|
%
|
|
Tier 1 leverage - Bancorp
| |
11.69
|
%
| |
11.48
|
%
| |
11.16
|
%
| |
10.59
|
%
| |
10.10
|
%
|
|
Tier 1 leverage - Bank
| |
11.64
|
%
| |
11.32
|
%
| |
11.06
|
%
| |
10.44
|
%
| |
9.89
|
%
|
|
Common equity tier 1 - Bancorp
| |
15.13
|
%
| |
15.13
|
%
| |
15.17
|
%
| |
14.35
|
%
| |
14.01
|
%
|
|
Common equity tier 1 - Bank
| |
15.50
|
%
| |
15.38
|
%
| |
15.51
|
%
| |
14.59
|
%
| |
14.17
|
%
|
|
Tier 1 risk-based capital - Bancorp
| |
15.58
|
%
| |
15.59
|
%
| |
15.64
|
%
| |
14.80
|
%
| |
14.47
|
%
|
|
Tier 1 risk-based capital - Bank
| |
15.50
|
%
| |
15.38
|
%
| |
15.51
|
%
| |
14.59
|
%
| |
14.17
|
%
|
|
Total risk-based capital - Bancorp
| |
16.41
|
%
| |
16.44
|
%
| |
16.51
|
%
| |
15.64
|
%
| |
15.30
|
%
|
|
Total risk based capital - Bank
| |
16.34
|
%
| |
16.23
|
%
| |
16.37
|
%
| |
15.43
|
%
| |
15.01
|
%
|
|
(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) | | 2019 | | 2018 | | 2018 |
|
Federal funds sold
| |
$
|
105
| | |
$
|
42
| | |
$
|
61
| |
|
Interest-bearing deposits in other banks
| |
24,571
| | |
25,677
| | |
25,458
| |
|
Investments
| |
471,129
| | |
468,410
| | |
552,242
| |
|
Loans (1)
| |
903,415
|
| |
910,330
|
| |
898,811
|
|
|
Earning assets
| |
1,399,220
| | |
1,404,459
| | |
1,476,572
| |
|
Allowance for credit losses
| |
(9,124
|
)
| |
(9,074
|
)
| |
(8,789
|
)
|
|
Nonaccrual loans
| |
2,696
| | |
2,586
| | |
4,093
| |
|
Other non-earning assets
| |
147,929
|
| |
143,965
|
| |
152,628
|
|
|
Total assets
| |
$
|
1,540,721
|
| |
$
|
1,541,936
|
| |
$
|
1,624,504
|
|
| | | | | |
|
|
Interest bearing deposits
| |
$
|
746,875
| | |
$
|
740,143
| | |
$
|
830,722
| |
|
Other borrowings
| |
5,766
|
| |
6,179
|
| |
10,899
|
|
|
Total interest-bearing liabilities
| |
752,641
|
| |
746,322
|
| |
841,621
|
|
|
Non-interest bearing demand deposits
| |
543,137
| | |
559,653
| | |
553,931
| |
|
Non-interest bearing liabilities
| |
23,433
|
| |
20,859
|
| |
20,352
|
|
|
Total liabilities
| |
1,319,211
|
| |
1,326,834
|
| |
1,415,904
|
|
|
Total equity
| |
221,510
|
| |
215,102
|
| |
208,600
|
|
|
Total liabilities and equity
| |
$
|
1,540,721
|
| |
$
|
1,541,936
|
| |
$
|
1,624,504
|
|
| | | | | |
|
| AVERAGE RATES |
|
|
|
|
|
|
|
Federal funds sold
| |
2.40
|
%
| |
2.20
|
%
| |
1.51
|
%
|
|
Interest-earning deposits in other banks
| |
2.44
|
%
| |
2.29
|
%
| |
1.54
|
%
|
|
Investments
| |
3.17
|
%
| |
3.12
|
%
| |
2.83
|
%
|
|
Loans (3)
| |
5.64
|
%
| |
5.54
|
%
| |
5.42
|
%
|
|
Earning assets
| |
4.76
|
%
| |
4.67
|
%
| |
4.40
|
%
|
|
Interest-bearing deposits
| |
0.21
|
%
| |
0.18
|
%
| |
0.12
|
%
|
|
Other borrowings
| |
4.23
|
%
| |
3.82
|
%
| |
2.42
|
%
|
|
Total interest-bearing liabilities
| |
0.24
|
%
| |
0.21
|
%
| |
0.15
|
%
|
|
Net interest margin (calculated on a fully tax equivalent basis) (2)
| |
4.63
|
%
| |
4.55
|
%
| |
4.31
|
%
|
|
(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 $150,
$141, and $284, for the three months ended March 31, 2019, December
31, 2018, and March 31, 2018, respectively.
|
|
(3)
| |
Loan yield includes loan fees (costs) for the three months ended
March 31, 2019, December 31, 2018, and March 31, 2018 of $26, $(8),
and $121, respectively.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190417005838/en/
Investor Contact:
Dave Kinross
Executive Vice President and
Chief Financial Officer
Central Valley Community Bancorp
559-323-3420
Media Contact:
Debbie Nalchajian-Cohen
Marketing Director
Central
Valley Community Bancorp
559-222-1322
Source: Central Valley Community Bancorp