Central Valley Community Bancorp, the Fresno-based parent company of Central Valley Community Bank, reported a first-quarter profit of $3.4 million, or 31 cents per share. That was up by nearly $1 million over the $2.46 million, or 22 cents per share, for the first quarter of 2015.
The company attributed the 38 percent increase in net income to gains in income from loans and other sources, as well as declines in expenses and a $250,000 reversal in the bank’s provision for credit losses compared to a year earlier.
Central Valley Community reported total assets of $1.27 billion as of March 31, including a loan portfolio with a net value of $598.9 million and nearly $502 million in investment securities available to be sold.
On Thursday, the company announced that its board declared a quarterly cash dividend of 6 cents per share for stockholders, based on the first-quarter financial performance. The dividend will be payable on May 20 to shareholders of record as of May 5.