Central Valley Community Bancorp, the Fresno-based parent company of Central Valley Community Bank, recorded almost $8.4 million in a provision for credit losses in the fourth quarter of 2014, creating a loss of $2.37 million or 22 cents per share for the quarter. The earnings, announced Friday afternoon, are down sharply from a profit of $2.2 million or 19 cents per share reported in the third quarter of 2013.
The sagging quarter helped to deflate Central Valley Community’s year-end results from 2013’s figures. The company reported a profit of $5.29 million or 48 cents per share, compared to $8.25 million or 77 cents per share in 2013.
The bank attributed the 35.8% decline in annual earnings to the partial charge-off of one commercial/agricultural loan in its portfolio. The bank took a charge of $7.7 million, and categorized the remaining loan balance of $10.2 million as non-accruing. Bank managers believe that balance is secured by real estate and other business assets.