CVCB parent corp.
declares 3Q earnings
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 $6,039,000, and diluted earnings per common share of $0.57 for the nine months ended September 30, 2013, compared to $5,878,000 and $0.58 per diluted common share for the nine months ended September 30, 2012.
Net income increased 2.74%, primarily driven by an increase in net interest income in 2013 compared to 2012, increases in non-interest income, and lower provision for credit losses offset by increases in non-interest expense. Non-performing assets decreased $1,549,000 or 15.98% to $8,146,000 at September 30, 2013, compared to $9,695,000 at December 31, 2012.
The Company had $124,000 in OREO as of Sept. 30, 2013 compared to none at December 31, 2012. During the nine months ended September 30, 2013, the Company’s shareholders’ equity increased $9,208,000, or 7.83%. The increase in shareholders’ equity was driven by the issuance of stock as part of the Visalia Community Bank acquisition and a net increase in retained earnings, partially offset by a decrease in accumulated other comprehensive income (AOCI). The Company also declared and paid $1,502,000 in cash dividends to holders of common stock during the first nine months of 2013 ($0.15 per share).
On July 1, 2013, the Company completed the acquisition of Visalia Community Bank (VCB). With the VCB acquisition, the Company added four new branches in Tulare County. The Company’s results of operations for the nine months ended September 30, 2013 include the VCB operations from July 1, 2013.
Bank of the Sierra
parent co. declares quarterly dividend
Sierra Bancorp (Nasdaq:BSRR), parent of Bank of the Sierra, today announced that its Board of Directors has declared a regular quarterly cash dividend of $0.07 per share. The dividend was approved subsequent to the Board’s review of the Company’s financial results for the quarter ended September 30, 2013, which reflect continued capital strength, relatively robust net income, and a favorable trend in nonperforming assets. The dividend will be paid on Nov. 14, 2013 to shareholders of record as of October 31, 2013.
Including dividends paid by Bank of the Sierra prior to the formation of Sierra Bancorp, the Company has paid regular cash dividends to shareholders every year since 1987, comprised of annual dividends from 1987 through 1998 and quarterly dividends since then. The dividend noted in today’s announcement will mark the 59th consecutive regular quarterly cash dividend for the Company.
Sierra Bancorp is the holding company for Bank of the Sierra (www.bankofthesierra.com), which is in its 36th year of operations and at $1.4 billion in assets is the largest independent bank headquartered in the South San Joaquin Valley. The Company has over 400 employees and conducts business through 25 branch offices, an online branch, a real estate industries center, an agricultural credit center, and an SBA center.
Exeter Chamber holds Oct. 24 ribbon cutting
The Exeter Chamber of Commerce will hold a ribbon cutting at 10 a.m. on Thursday, Oct. 24 at Centuray 21 Jordan-Link & Co. at the Chamber office, located at 101 W. Pine St. in Exeter.
Realtor Monica Johnson invites you to come learn more about her business. For more information on Century 21 Jordan-Link & Co. call Monica Johnson at 559-284-8088. For more information on holding a ribbon cutting, call the Chamber at 559-592-2919.