Central Valley Community Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
January 27, 2016 at 03:18 am IST
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Central Valley Community Bancorp reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, total interest income was $10,894,000 against $10,276,000 a year ago. Net interest income before provision for credit losses was $10,638,000 against $10,005,000 a year ago. Net interest income after provision for credit losses was $10,638,000 against $1,620,000 a year ago. Income before provision for income taxes was $3,514,000 against loss before provision for income taxes of $5,116,000 a year ago. Net income was $2,903,000 or $0.26 per diluted share against net loss of $2,366,000 or $0.22 per diluted share a year ago. Return on average assets was 0.92% against negative return on average equity of 0.80% a year ago. Return on average equity was 8.42% against negative return on average equity of 7.06% a year ago. The increase in net income during the fourth quarter of 2015 compared to the same period in 2014 is primarily due to a decrease in provision for credit losses and an increase in net interest income, partially offset by an increase in provision for income taxes and a decrease in non-interest income. The increase in ROE reflects an increase in net income, offset by an increase in shareholders' equity.
For the year, total interest income was $41,822,000 against $41,039,000 a year ago. Net interest income before provision for credit losses was $40,775,000 against $39,883,000 a year ago. Net interest income after provision for credit losses was $40,175,000 against $31,898,000 a year ago. Income before provision for income taxes was $13,546,000 against $4,724,000 a year ago. Net income was $10,964,000 or $1.00 per basic and diluted share against $5,294,000 or $0.48 per diluted share a year ago. Book value per share was $12.67 as on December 31, 2015 against $11.93 as on December 31, 2014. Tangible book value per share was $9.86 as on December 31, 2015 against $9.09 as on December 31, 2014. Net income for the period increased 107.10% in 2015 compared to 2014, primarily driven by a decrease in provision for credit losses and an increase in non-interest income, offset by an increase in provision for income taxes and an increase in non-interest expenses. Net interest income during 2015 and 2014 was benefited by approximately $424,000 and $879,000, respectively, in net interest income from prepayment penalties and payoff of loans previously on nonaccrual status. Return on average equity was 8.12%, compared to 4.06% for the year ended December 31, 2014.
Community West Bancshares, formerly Central Valley Community Bancorp, is a financial services company. The Company is the holding company for Community West Bank (the Bank), the publicly traded community bank (by assets). The principal business activities of the Company are relationship banking, manufactured housing lending and government guaranteed lending. Its personal banking services include checking, savings, personal loans, real estate loans, personal credit cards, online banking, mobile banking, bill pay, Zelle, eStatements, Certificates of Deposit (CDs) & money markets, Visa Debit Cards and IRAs. Its business banking services include business loans, agriculture loans, SBA loans, real estate loans, business credit cards, cash management services, business online banking, merchant card services and others. The Bank operates 27 full-service Banking Centers throughout Central California from Sacramento in the north, throughout the San Joaquin Valley and west to the Coast.