Central Valley Community Bancorp, the Fresno-based parent company of Central Valley Community Bank, saw a 71 percent increase in revenue in its first six months of 2016, up from the same time frame last year.
The company brought in $9.5 million, or 86 cents per share, in earnings in the last six months, which is an increase from $5.5 million, or 50 cents per share, for January through June of 2015.
For the second quarter, or the months of April, May and June, Central Valley Community had $6.1 million in net income, or 55 cents per share, which is close to double what it was for the second quarter of 2015 – $3.1 million, or 28 cents per share.
The company credited five things for its success: increases in net interest income, non-interest expenses and provisions for income taxes, as well as decreases in provisions for credit losses and non-interest income.
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“With the April 2016 merger announcement with Sierra Vista Bank, the company is poised to reach new financial heights in our 36-year history,” James M. Ford, president and CEO of Central Valley Community Bancorp and Central Valley Community Bank, said in a statement.
Its merger with the Folsom-based bank is expected to be completed in late 2016, and was estimated to be worth $24 million. The merger is expected to add three more banking offices to Central Valley Community Bank’s existing locations.