Central Valley Community Bancorp (CVCY) has reported a 24.89 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $4.25 million, or $0.35 a share in the quarter, compared with $3.40 million, or $0.31 a share for the same period last year. Revenue during the quarter grew 15.47 percent to $15.65 million from $13.56 million in the previous year period. Net interest income for the quarter rose 25.51 percent over the prior year period to $13.31 million. Non-interest income for the quarter fell 16.94 percent over the last year period to $2.25 million.
Central Valley Community Bancorp has made negative provision of $0.10 million for loan losses during the quarter, compared with a negative provision of $0.25 million in the same period last year.
Net interest margin improved 39 basis points to 4.36 percent in the quarter from 3.97 percent in the last year period.
“We are pleased with our first quarter results that reflect the start of the first full year of operations following our expansion in Sacramento. Economic growth continues to be evident throughout our region. We also took note of the growing optimism from our current and prospective clients which has translated into more opportunities for loan and deposit growth throughout our territory,” stated James M. Ford, president and chief executive officer of Central Valley Community Bancorp and Central Valley Community Bank.
Deposits stood at $1,267.32 million as on Mar. 31, 2017, up 14.85 percent compared with $1,103.48 million on Mar. 31, 2016.
Loans to deposits ratio was 60.32 percent for the quarter, up from 55.19 percent for the previous year quarter.
Investments stood at $529.24 million as on Mar. 31, 2017, up 5.43 percent or $27.26 million from year-ago. Shareholders equity was at $170.13 million as on Mar. 31, 2017.
Return on average assets moved up 9 basis points to 1.17 percent in the quarter from 1.08 percent in the last year period. At the same time, return on average equity increased 73 basis points to 10.20 percent in the quarter from 9.47 percent in the last year period.
Nonperforming assets moved down 9.19 percent or $0.34 million to $3.34 million on Mar. 31, 2017 from $3.68 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.23 percent in the quarter, down from 0.29 percent in the last year period.
Book value per share was $13.95 for the quarter, up 5.52 percent or $0.73 compared to $13.22 for the same period last year.
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