Shareholders of Central Valley Community Bancorp are in line to receive a cash dividend based on the bank holding company’s financial performance for the fourth quarter of 2016 and a year that ended with a record profit for the bank.
The Fresno-based parent company of Central Valley Community Bank this week announced that it will pay a dividend of 6 cents per share to its stock owners. The dividend will be paid on Feb. 24 to shareholders of record as of Feb. 10.
The approval of the dividend by Central Valley Community’s board of directors came a day after the company released its earnings report for both the fourth quarter and full year 2016. Net income for the year was $15.18 million, or $1.33 per share, compared with $10.96 million, or $1 per share, at the end of 2015. The 2016 year-end earnings represent a record profit for the company.
Central Valley Community attributed a decrease in the company’s provision for credit losses as a key factor in the improved annual earnings.
For the fourth quarter of the year, the company’s net income was about $2.61 million, or 21 cents per share, compared with the fourth quarter of 2015 when the profit was $2.9 million, or 27 cents per share.