Last $10.89 USD
Change Today -0.215 / -1.94%
Volume 2.5K
CVCY On Other Exchanges
Symbol
Exchange
NASDAQ CM
As of 8:10 PM 12/26/14 All times are local (Market data is delayed by at least 15 minutes).

central valley comm bancorp (CVCY) Key Developments

Central Valley Community Bancorp Declares Regular Quarterly Cash Dividend, Payable on December 29, 2014

The Board of Directors of Central Valley Community Bancorp has declared a regular quarterly cash dividend of $0.05 per share on the Company's common stock. The dividend is payable on December 29, 2014 to shareholders of record as of December 15, 2014.

Thomas L. Sommer to Retire as Executive Vice President and Credit Administrator of Central Valley Community Bancorp, Effective as of April 30, 2015

Thomas L. Sommer, Executive Vice President and Credit Administrator of Central Valley Community Bancorp notified the company on November 10, 2014, of his decision to retire from the company, effective as of April 30, 2015.

Central Valley Community Bancorp Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reports Net Loan Charge-Offs for the Third Quarter Ended September 30, 2014

Central Valley Community Bancorp reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, total interest income was $10,148,000 against $10,903,000 a year ago. Net interest income before provision for credit losses was $9,876,000 against $10,536,000 a year ago. Net interest income after provision for credit losses was $9,876,000 against $10,536,000 a year ago. Income before provision for income taxes was $2,886,000 against $3,358,000 a year ago. Net income available to common shareholders was $2,351,000 or $0.21 per diluted share against $2,882,000 or $0.26 per basic and diluted share a year ago. The decrease in net income during the third quarter of 2014 compared to the same period in 2013 was primarily driven by a decrease in net interest income. Annualized return on average equity (ROE) for the third quarter of 2014 was 7.10%, compared to 9.87% for the same period of 2013. The decrease in ROE reflects a decrease in net income, and an increase in capital from the retention of earnings net of dividends paid and improvement in unrealized gains on available-for-sale securities recorded in accumulated other comprehensive income (AOCI). Annualized return on average assets (ROA) was 0.81% for the third quarter of 2014 compared to 1.11% for the same period in 2013. This decrease is due to a decrease in net income, along with an increase in average assets. Net interest income for the quarter ended September 30, 2013 included the recovery of foregone interest of $1,484,000 related to the collection of a $4,731,000 non-accrual loan. The decrease in net interest margin in the period-to-period comparison resulted primarily from a decrease in the yield on the loan portfolio offset by an increase in the yield on investment securities and a decrease in the company's cost of funds. Book value per share was $12.11 against $10.98 a year ago. Tangible book value per share was $9.26 against $8.09 a year ago. For the nine months, total interest income was $30,764,000 against $25,297,000 a year ago. Net interest income before provision for credit losses was $29,879,000 against $24,259,000 a year ago. Net interest income after provision for credit losses was $30,279,000 against $24,259,000 a year ago. Income before provision for income taxes was $9,840,000 against $6,978,000 a year ago. Net income available to common shareholders was $7,660,000 or $0.70 per basic and diluted share against $5,777,000 or $0.57 per diluted share a year ago. Net income increased 26.84%, primarily driven by an increase in net interest income in 2014 compared to 2013. Net interest income during the first nine months of 2014 was positively impacted by the collection of nonaccrual loans totaling $1,846,000 which resulted in a recovery of interest income of $861,000. Net interest income during the first nine months of 2013 was positively impacted by the collection of nonaccrual loans totaling $4,731,000 which resulted in a recovery of interest income of $1,484,000 and legal expenses of $51,000. For the third quarter ended September 30, 2014, the company reported net loan charge-offs of $182,000 against $131,000 a year ago.

Central Valley Community Bank Promotes Jeannine Welton to Vice President and Commercial Loan Officer

Central Valley Community Bank promoted Jeannine Welton to vice president and commercial loan officer of its commercial banking team. Welton began work with Central Valley Community Bank in 2001 as vice president, Branch Manager of the Fig Garden Village office where she managed and grew this office, co- managed the Downtown office and served as a Team Leader for six CVCB branches for five years. A seasoned banking professional with 27 years of experience, Welton will be responsible in her new role for servicing an existing loan portfolio in addition to developing new business banking relationships in the Fresno area.

Central Valley Community Bancorp Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Central Valley Community Bancorp announced earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net income of $2.69 million, or 24 cents per share compared with a profit of $1.28 million, or 12 cents per share, in the second quarter of 2013. For six months, the company reported profits of $5.3 million, or 48 cents per share, compared with income of $3 million, or 30 cents per share, in the year-ago period.

 

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CVCY

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Valuation CVCY Industry Range
Price/Earnings 12.2x
Price/Sales 2.5x
Price/Book 0.9x
Price/Cash Flow 12.1x
TEV/Sales 1.3x
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