Central Valley Community Bancorp (CVCY) has reported 10.23 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $2.61 million, or $0.21 a share in the quarter, compared with $2.90 million, or $0.26 a share for the same period last year. Revenue during the quarter grew 19.92 percent to $15.01 million from $12.52 million in the previous year period. Net interest income for the quarter rose 20.07 percent over the prior year period to $12.77 million. Non-interest income for the quarter rose 19.11 percent over the last year period to $2.24 million.
Net interest margin improved 19 basis points to 4.20 percent in the quarter from 4.01 percent in the last year period.
“The financial results for this quarter and for the full year indicate our strategic plan is being successfully implemented by our dedicated team of bankers. One significant part of this quarter’s success was the completion of our merger with Sierra Vista Bank, welcoming new team members and customers in the Greater Sacramento market and representing the fourth acquisition in our Company’s history,” stated James M. Ford, President and Chief executive officer of Central Valley Community Bancorp and Central Valley Community Bank.
Assets outpace liabilities growth
Total assets stood at $1,443.32 million as on Dec. 31, 2016, up 13.05 percent compared with $1,276.74 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,279.29 million as on Dec. 31, 2016, up 12.47 percent from $1,137.41 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $747.30 million as on Dec. 31, 2016, up 26.98 percent compared with $588.50 million on Dec. 31, 2015. Deposits stood at $1,255.98 million as on Dec. 31, 2016, up 12.52 percent compared with $1,116.27 million on Dec. 31, 2015.
Investments stood at $547.75 million as on Dec. 31, 2016, up 7.56 percent or $38.48 million from year-ago. Shareholders equity stood at $164.03 million as on Dec. 31, 2016, up 17.74 percent or $24.71 million from year-ago.
Return on average assets moved down 20 basis points to 0.72 percent in the quarter from 0.92 percent in the last year period. At the same time, return on average equity decreased 223 basis points to 6.19 percent in the quarter from 8.42 percent in the last year period.
Nonperforming assets moved up 5.35 percent or $0.13 million to $2.54 million on Dec. 31, 2016 from $2.41 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.18 percent in the quarter, down from 0.19 percent in the last year period.
Book value per share was $13.51 for the quarter, up 6.63 percent or $0.84 compared to $12.67 for the same period last year.
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