Central Valley Community reports $3.1 million profit in 2nd quarter

Central Valley Community Bancorp, the Fresno-based parent company of Central Valley Community Bank, reported a profit of about $3.1 million, or 28 cents per share, for the second quarter of 2015. That’s up from about $2.7 million or 24 cents per share for the same period last year.

Through the first half of the year, net income amounted to more than $5.5 million or 50 cents per share, compared to $5.3 million in the first half of 2014. The bank reported the increase was due to higher non-interest income, largely from gains on the sale of investment securities.

The company’s total assets as of June 30 were $1.2 billion, including $586.7 million in outstanding loans and $430.2 million in investment securities available to be sold. The bank reported that total deposits amounted to $1.06 billion.

On Thursday, the company announced that its shareholders will receive a cash dividend of 6 cents per share, based on the second-quarter performance. The dividend will be paid on Aug. 21 to shareholders of record who own stock as of Aug. 7.

Central Valley Community Bancorp stock is traded on Nasdaq under the stock symbol CVCY. Shares in the company closed Thursday afternoon at $10.79 per share, down 1.9% from Wednesday’s closing price.

This story was originally published July 16, 2015 at 10:47 AM with the headline "Central Valley Community reports $3.1 million profit in 2nd quarter."