CENTRAL VALLEY COMMUNITY BANCORP 
By FRESNO, CA -- (Marketwire) -- 01/31/13 -- The Board of Directors of Central Valley Community Bancorp (Company) (NASDAQ: CVCY), the parent company of Central Valley Community Bank (Bank), reported today unaudited consolidated net income of $7,520,000, and diluted earnings per common share of $0.75 for the year ended December 31, 2012, compared to $6,477,000 and $0.63 per diluted common share for the year ended December 31, 2011. Net income increased 16.10%, primarily driven by increases in non-interest income, a decrease in non-interest expense and lower provision for credit losses, partially offset by a decrease in net interest income in 2012 compared to 2011. Non-performing assets decreased $4,739,000 or 32.83% to $9,695,000 at December 31, 2012, compared to $14,434,000 at December 31, 2011. The Company had no OREO as of December 31, 2012 or December 31, 2011. During 2012, the Company's shareholders' equity increased $10,183,000, or 9.47%. The growth in shareholders' equity was driven by net income during the period, an increase in other comprehensive income, and the issuance of common stock from the exercise of stock options. Unaudited consolidated net income for the year was the highest in the Company's 32 years of operation.
During the year ended 2012, the Company's total assets increased 4.85%, total liabilities increased 4.18%, and shareholders' equity increased 9.47% compared to December 31, 2011. Return on average equity (ROE) for the year ended December 31, 2012 was 6.56%, compared to 6.26% for the year ended December 31, 2011. The increase in ROE reflects an increase in net income, notwithstanding an increase in capital from an increase in other comprehensive income and an increase in retained earnings. Return on average assets (ROA) was 0.88% and 0.81% for the years ended December 31, 2012 and 2011, respectively. The increase in ROA is due to an increase in net income, notwithstanding an increase in average assets.
During the year ended December 31, 2012, the Company recorded a provision for credit losses of $700,000, compared to $1,050,000 for the year ended December 31, 2011. During the year ended December 31, 2012, the Company recorded $1,963,000 in net loan charge-offs, compared to $668,000 for the year ended December 31, 2011. The net charge-off ratio, which reflects net charge-offs to average loans, was 0.48% for the year ended December 31, 2012, compared to 0.16% for the same period in 2011. The charged off loans were previously identified and adequately reserved for as of December 31, 2011. The Company also recorded OREO related expenses of $78,000 during 2012 compared to $15,000 for the year ended December 31, 2011.
At December 31, 2012, the allowance for credit losses stood at $10,133,000, compared to $11,396,000 at December 31, 2011, a net decrease of $1,263,000. The allowance for credit losses as a percentage of total loans was 2.56% at December 31, 2012, and 2.67% at December 31, 2011. The Company believes the allowance for credit losses is adequate to provide for probable incurred losses inherent within the loan portfolio at December 31, 2012.
Total non-performing assets were $9,695,000, or 1.09% of total assets as of December 31, 2012 compared to $14,434,000 or 1.70% of total assets as of December 31, 2011. Total non-performing assets as of September 30, 2012 were $10,190,000 or 1.15% of total assets.
The following provides a reconciliation of the change in non-accrual loans for 2012.
Additions Transfer
to to Returns
Balances Non- Foreclosed to Balances
(Dollars in December accrual Net Pay Collateral Accrual Charge December
thousands) 31, 2011 Loans Downs - OREO Status Offs 31, 2012
-------- -------- ------- ------- ------- ------- --------
Non-accrual
loans:
Commercial
and
industrial $ 267 $ 4 $ (32) $ (155) $ -- $ (84) $ --
Real estate 2,787 294 (312) (2,175) -- (381) 213
Equity loans
and lines of
credit 705 79 (472) -- -- (75) 237
Consumer 74 73 (4) -- -- (143) --
Restructured
loans (non-
accruing):
Real estate 2,129 425 (82) (7) -- (1,103) 1,362
Real estate
construction
and land
development 6,823 -- (535) -- -- -- 6,288
Equity loans
and lines of
credit 1,649 75 (129) -- -- -- 1,595
-------- -------- ------- ------- ------- ------- --------
Total non-
accrual $ 14,434 $ 950 $(1,566) $(2,337) $ -- $(1,786) $ 9,695
======== ======== ======= ======= ======= ======= ========
The following provides a summary of the change in the OREO balance for the year ended December 31, 2012:
Year Ended
December 31,
(Dollars in thousands) 2012
-------------
Balance, Beginning of period $ --
Additions 2,337
Dispositions (2,349)
Write-downs --
Net gain on disposition 12
-------------
Balance, End of period $ --
=============
The Company's net interest margin (fully tax equivalent basis) was 4.21% for the year ended December 31, 2012, compared to 4.63% for the year ended December 31, 2011. The decrease in net interest margin in the period-to-period comparison resulted primarily from a decrease in the yield on the Company's investment portfolio partially offset by a decrease in the Company's cost of funds. For the year ended December 31, 2012, the effective yield on total earning assets decreased 58 basis points to 4.46% compared to 5.04% for the year ended December 31, 2011, while the cost of total interest-bearing liabilities decreased 21 basis points to 0.37% compared to 0.58% for the year ended December 31, 2011. The cost of total deposits decreased 16 basis points to 0.23% for the year ended December 31, 2012, compared to 0.39% for the year ended December 31, 2011. For the year ended December 31, 2012, the amount of the Company's average investment securities, including interest-earning deposits in other banks and Federal funds sold, increased $68,883,000 or 22.97% compared to the year ended December 31, 2011. The effective yield on average investment securities decreased to 2.77% for the year ended December 31, 2012, compared to 3.33% for the year ended December 31, 2011. The decrease in yield in the Company's investment securities during 2012 resulted primarily from the purchase of lower yielding investment securities. Total average loans, which generally yield higher rates than investment securities, decreased $23,251,000, from $428,291,000 for the year ended December 31, 2011 to $405,040,000 for the year ended December 31, 2012. The effective yield on average loans decreased to 6.06% for the year ended December 31, 2012, compared to 6.32% for the year ended December 31, 2011. Net interest income before the provision for credit losses for the year ended December 31, 2012 was $29,937,000, compared to $31,357,000 for the year ended December 31, 2011, a decrease of $1,420,000 or 4.53%. Net interest income decreased as a result of these yield changes and an increase in interest-bearing liabilities, partially offset by an increase in average earning assets.
Total average assets for the year ended December 31, 2012 were $853,078,000 compared to $800,178,000, for the year ended December 31, 2011, an increase of $52,900,000 or 6.61%. Total average loans were $405,040,000 for the year ended 2012, compared to $428,291,000 for the same period in 2011, representing a decrease of $23,251,000 or 5.43%. Total average investments, including deposits in other banks and Federal funds sold, increased to $368,818,000 for the year ended December 31, 2012, from $299,935,000 for the year ended December 31, 2011, representing an increase of $68,883,000 or 22.97%. Total average deposits increased $41,812,000 or 6.17% to $719,601,000 for the year ended December 31, 2012, compared to $677,789,000 for the year ended December 31, 2011. Average interest-bearing deposits increased $6,527,000, or 1.32%, and average non-interest bearing demand deposits increased $35,285,000, or 19.36%, for the year ended December 31, 2012, compared to the year ended December 31, 2011. The Company's ratio of average non-interest bearing deposits to total deposits was 30.23% for the year ended December 31, 2012, compared to 26.89% for the year ended December 31, 2011.
Non-interest income for the year ended December 31, 2012 increased $971,000 to $7,242,000, compared to $6,271,000 for the year ended December 31, 2011, driven primarily by an increase of $1,341,000 in net realized gains on sales and calls of investment securities, and a $357,000 increase in loan placement fees, partially offset by a decrease of $603,000 in gains on the sale of other real estate owned, and a $129,000 decrease in service charge income. The net gain realized on sales and calls of investment securities was the result of a partial restructuring of the investment portfolio designed to improve the future performance of the portfolio.
Non-interest expense for the year ended December 31, 2012 decreased $966,000, or 3.42%, to $27,274,000 compared to $28,240,000 for the year ended December 31, 2011, primarily due to decreases in occupancy and equipment expenses of $217,000, advertising fees of $177,000, amortization of core deposit intangibles of $214,000, legal fees of $150,000, salaries and employee benefits of $165,000, and regulatory assessments of $193,000, partially offset by increases in other real estate owned expenses of $63,000 and merger-related expenses of $284,000.
The Company recorded an income tax expense of $1,685,000 for the year ended December 31, 2012, compared to $1,861,000 for the year ended December 31, 2011. The effective tax rate for 2012 was 18.31% compared to 22.32% for the year ended December 31, 2011.
In December 2012, the Company entered into a definitive merger agreement to acquire Visalia Community Bank and is in the process of filing the required regulatory applications with federal and state banking regulators and a securities registration statement with the Securities and Exchange Commission. The Company anticipates it will receive regulatory approvals and expects to complete the merger near the end of the second quarter of 2013. During the year ended December 31, 2012, the company recorded $284,000 in merger-related expenses as a part of non-interest expense.
Quarter Ended December 31, 2012
For the quarter ended December 31, 2012, the Company reported unaudited consolidated net income of $1,642,000 and diluted earnings per common share of $0.16, compared to $1,708,000 and $0.17 per diluted share, for the same period in 2011. The decrease in net income during the fourth quarter of 2012 compared to the same period in 2011 is primarily due to decreases in net interest income and an increase in non-interest expense, partially offset by an increase in non-interest income.
Annualized return on average equity for the fourth quarter of 2012 was 5.56%, compared to 6.41% for the same period of 2011. This decrease is reflective of a decrease in net income and an increase in capital. Annualized return on average assets was 0.74% for the fourth quarter of 2012 compared to 0.81% for the same period in 2011. This decrease is due to a decrease in net income and an increase in average assets.
In comparing the fourth quarter of 2012 to the fourth quarter of 2011, average total loans decreased $25,735,000, or 6.15%. During the fourth quarter of 2012, the Company recorded $200,000 in provision for credit losses, compared to $300,000 for the same period in 2011. During the fourth quarter of 2012, the Company recorded $281,000 in net loan charge-offs compared to $66,000 in net loan recoveries for the same period in 2011. The net charge-off ratio, which reflects annualized net charge-offs (recoveries) to average loans, was 0.29% for the quarter ended December 31, 2012 compared to (0.06)% for the quarter ended December 31, 2011.
The following provides a reconciliation of the change in non-accrual loans for the quarter ended December 31, 2012.
Transfer
Additions to Returns
Balances to Non- Foreclosed to Balances
(Dollars in September accrual Net Pay Collateral Accrual Charge December
thousands) 30, 2012 Loans Downs - OREO Status Offs 31, 2012
-------- -------- ------- -------- ------- -------- --------
Non-accrual
loans:
Real estate $ 510 $ -- $ (297) $ -- $ -- $ -- $ 213
Equity loans
and lines of
credit 239 -- (2) -- -- -- 237
Restructured
loans (non-
accruing):
Real estate 1,386 -- (24) -- -- -- 1,362
Real estate
construction
and land
development 6,428 -- (140) -- -- -- 6,288
Equity loans
and lines of
credit 1,627 -- (32) -- -- -- 1,595
-------- -------- ------- -------- ------- -------- --------
Total non-
accrual $ 10,190 $ -- $ (495) $ -- $ -- $ -- $ 9,695
======== ======== ======= ======== ======= ======== ========
The Company had no OREO transactions recorded during the quarter ended December 31, 2012.
Average total deposits for the fourth quarter of 2012 increased $28,846,000 or 4.03% to $744,072,000 compared to $715,226,000 for the same period of 2011.
The Company's net interest margin (fully tax equivalent basis) decreased 55 basis points to 3.95% for the quarter ended December 31, 2012, from 4.50% for the quarter ended December 31, 2011. Net interest income, before provision for credit losses, decreased $827,000 or 10.32% to $7,189,000 for the fourth quarter of 2012, compared to $8,016,000 for the same period in 2011. The decreases in net interest margin and in net interest income are primarily due to a decrease in the yield on interest-earning assets and a decrease in average loan balances. Over the same periods, the cost of total deposits decreased 15 basis points to 0.17% compared to 0.32% in 2011.
Non-interest income increased $498,000 or 37.42% to $1,829,000 for the fourth quarter of 2012 compared to $1,331,000 for the same period in 2011. The fourth quarter of 2012 non-interest income included $352,000 in net realized gains on sales and calls of investment securities compared to $49,000 for the same period in 2011. Loan placement fees increased $134,000 during the fourth quarter of 2012, compared to the same period in 2011. Non-interest expense increased $185,000 or 2.72% for the same periods mainly due to increases in salaries and employee benefits of $110,000 and merger-related expenses of $284,000, partially offset by decreases in amortization of core deposit intangible expense, advertising expense, data processing expense and occupancy expense.
"The Company achieved its highest earnings mark in 32 years of operation for the full 2012 year. The fourth quarter of 2012 showed consistent earnings due to an increase in non-interest income from securities called/sold and from loan placement fees. This along with continued asset quality improvement highlights the safety and financial strength of our company," stated Daniel J. Doyle, President and CEO of Central Valley Community Bancorp and Central Valley Community Bank.
"Gross loans decreased during the quarter as a result of customer paydowns. The market for loans continues to experience competitive pricing and terms. We are seeing some increase in loan commitments, but reduced usage on lines of credit due to economic uncertainty has impacted our business borrowers and the profitability of many of our agriculture-related borrowers."
"During the fourth quarter, we announced the pending merger with Visalia Community Bank which has four full-service offices in Visalia and one branch in Exeter. We believe adding these offices, their professional employees and customers to our current structure will provide a long-term benefit to the growth and profitability of our company. The transaction, which is expected to close in the second quarter of 2013, is subject to customary closing conditions, including regulatory approvals and approval by Visalia Community Bank's shareholders," concluded Doyle.
Central Valley Community Bancorp trades on the NASDAQ stock exchange under the symbol CVCY. Central Valley Community Bank, headquartered in Fresno, California, was founded in 1979 and is the sole subsidiary of Central Valley Community Bancorp. Central Valley Community Bank currently operates 17 full service offices in Clovis, Fresno, Kerman, Lodi, Madera, Merced, Modesto, Oakhurst, Prather, Sacramento, Stockton, and Tracy, California. In December 2012, Central Valley Community Bancorp entered into a definitive merger agreement to acquire Visalia Community Bank with four offices in Visalia and one in Exeter, which is expected to be completed during 2013. Additionally, the Bank operates Commercial Real Estate Lending, SBA Lending and Agribusiness Lending Departments. Investment services are provided by Investment Centers of America and insurance services are offered through Central Valley Community Insurance Services LLC.
Members of Central Valley Community Bancorp's and the Bank's Board of Directors are: Daniel N. Cunningham (Chairman), Sidney B. Cox, Edwin S. Darden, Jr., Daniel J. Doyle, Steven D. McDonald, Louis McMurray, William S. Smittcamp, Joseph B. Weirick, and Wanda L. Rogers (Director Emeritus).
More information about Central Valley Community Bancorp and Central Valley Community Bank can be found at www.cvcb.com. Also, visit Central Valley Community Bank on Twitter and Facebook.
Forward-looking Statements -- Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained herein that are not historical facts, such as statements regarding the Company's current business strategy and the Company's plans for future development and operations, are based upon current expectations. These statements are forward-looking in nature and involve a number of risks and uncertainties. Such risks and uncertainties include, but are not limited to (1) significant increases in competitive pressure in the banking industry; (2) the impact of changes in interest rates, a decline in economic conditions at the international, national or local level on the Company's results of operations, the Company's ability to continue its internal growth at historical rates, the Company's ability to maintain its net interest margin, and the quality of the Company's earning assets; (3) changes in the regulatory environment; (4) fluctuations in the real estate market; (5) changes in business conditions and inflation; (6) changes in securities markets; and (7) the other risks set forth in the Company's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2011. Therefore, the information set forth in such forward-looking statements should be carefully considered when evaluating the business prospects of the Company.
CENTRAL VALLEY COMMUNITY BANCORP
CONSOLIDATED BALANCE SHEETS
December 31, December 31,
(In thousands, except share amounts) 2012 2011
-------------- --------------
(Unaudited)
ASSETS
Cash and due from banks $ 22,405 $ 19,409
Interest-earning deposits in other banks 30,123 24,467
Federal funds sold 428 928
-------------- --------------
Total cash and cash equivalents 52,956 44,804
Available-for-sale investment securities
(Amortized cost of $381,074 at December 31,
2012 and $321,405 at December 31, 2011) 393,965 328,413
Loans, less allowance for credit losses of
$10,133 at December 31, 2012 and $11,396 at
December 31, 2011 385,185 415,999
Bank premises and equipment, net 6,252 5,872
Bank owned life insurance 12,163 11,655
Federal Home Loan Bank stock 3,850 2,893
Goodwill 23,577 23,577
Core deposit intangibles 583 783
Accrued interest receivable and other assets 11,697 15,027
-------------- --------------
Total assets $ 890,228 $ 849,023
============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non-interest bearing $ 240,169 $ 208,025
Interest bearing 511,263 504,961
-------------- --------------
Total deposits 751,432 712,986
Short-term borrowings 4,000 --
Long-term debt -- 4,000
Junior subordinated deferrable interest
debentures 5,155 5,155
Accrued interest payable and other liabilities 11,976 19,400
-------------- --------------
Total liabilities 772,563 741,541
-------------- --------------
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value, $1,000 per
share liquidation preference; 10,000,000
shares authorized, Series C, issued and
outstanding: 7,000 shares at December 31,
2012 and December 31, 2011 7,000 7,000
Common stock, no par value; 80,000,000 shares
authorized; issued and outstanding: 9,558,746
at December 31, 2012 and 9,547,816 at
December 31, 2011 40,583 40,552
Retained earnings 62,496 55,806
Accumulated other comprehensive income, net of
tax 7,586 4,124
-------------- --------------
Total shareholders' equity 117,665 107,482
-------------- --------------
Total liabilities and shareholders'
equity $ 890,228 $ 849,023
============== ==============
CENTRAL VALLEY COMMUNITY BANCORP
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months For the Twelve Months
Ended December 31 Ended December 31,
----------------------- ----------------------
(In thousands, except share
and per share amounts) 2012 2011 2012 2011
----------- ----------- ----------- ----------
(Unaudited) (Unaudited) (Unaudited)
INTEREST INCOME:
Interest and fees on
loans $ 5,665 $ 6,436 $ 23,913 $ 26,098
Interest on deposits in
other banks 38 46 108 187
Interest on Federal funds
sold 1 1 2 2
Interest and dividends on
investment securities:
Taxable 595 1,241 3,289 4,548
Exempt from Federal
income taxes 1,275 942 4,508 3,464
----------- ----------- ----------- ----------
Total interest income 7,574 8,666 31,820 34,299
----------- ----------- ----------- ----------
INTEREST EXPENSE:
Interest on deposits 323 586 1,630 2,662
Interest on junior
subordinated deferrable
interest debentures 25 27 107 100
Other 37 37 146 180
----------- ----------- ----------- ----------
Total interest expense 385 650 1,883 2,942
----------- ----------- ----------- ----------
Net interest income
before provision for
credit losses 7,189 8,016 29,937 31,357
PROVISION FOR CREDIT LOSSES 200 300 700 1,050
----------- ----------- ----------- ----------
Net interest income
after provision for
credit losses 6,989 7,716 29,237 30,307
----------- ----------- ----------- ----------
NON-INTEREST INCOME:
Service charges 719 720 2,774 2,903
Appreciation in cash
surrender value of bank
owned life insurance 100 93 391 382
Loan placement fees 223 89 631 274
Net gain on disposal of
other real estate owned -- 7 12 615
Net realized (loss) gain
on sale of assets -- (5) 4 (5)
Net realized gains on
sales and calls of
investment securities 352 49 1,639 298
Other-than-temporary
impairment loss:
Total impairment loss -- -- -- (31)
Loss recognized in
other comprehensive
income -- -- -- --
----------- ----------- ----------- ----------
Net impairment loss
recognized in
earnings -- -- -- (31)
Federal Home Loan Bank
dividends 25 2 36 9
Other income 410 376 1,755 1,826
----------- ----------- ----------- ----------
Total non-interest
income 1,829 1,331 7,242 6,271
----------- ----------- ----------- ----------
NON-INTEREST EXPENSES:
Salaries and employee
benefits 3,738 3,628 15,597 15,762
Occupancy and equipment 914 947 3,578 3,795
Regulatory assessments 164 181 652 845
Data processing expense 274 321 1,125 1,178
Advertising 139 187 558 735
Audit and accounting fees 135 154 514 491
Legal fees 67 69 185 335
Merger expenses 284 -- 284 --
Other real estate owned -- 4 78 15
Amortization of core
deposit intangibles 50 103 200 414
Other expense 1,218 1,204 4,503 4,670
----------- ----------- ----------- ----------
Total non-interest
expenses 6,983 6,798 27,274 28,240
----------- ----------- ----------- ----------
Income before
provision for income
taxes 1,835 2,249 9,205 8,338
PROVISION FOR INCOME TAXES 193 541 1,685 1,861
----------- ----------- ----------- ----------
Net income $ 1,642 $ 1,708 $ 7,520 $ 6,477
=========== =========== =========== ==========
Net income $ 1,642 $ 1,708 $ 7,520 $ 6,477
Preferred stock dividends
and accretion 88 86 350 486
----------- ----------- ----------- ----------
Net income available to
common shareholders $ 1,554 $ 1,622 $ 7,170 $ 5,991
=========== =========== =========== ==========
Net income per common
share:
Basic earnings per common
share $ 0.16 $ 0.17 $ 0.75 $ 0.63
=========== =========== =========== ==========
Weighted average common
shares used in basic
computation 9,586,201 9,547,816 9,587,784 9,522,066
=========== =========== =========== ==========
Diluted earnings per
common share $ 0.16 $ 0.17 $ 0.75 $ 0.63
=========== =========== =========== ==========
Weighted average common
shares used in diluted
computation 9,629,300 9,552,043 9,616,413 9,538,662
=========== =========== =========== ==========
Cash dividends per common
share $ 0.05 $ -- $ 0.05 --
=========== =========== =========== ==========
CENTRAL VALLEY COMMUNITY BANCORP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the three months
ended Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2012 2012 2012 2012 2011
---------- ---------- ---------- ---------- ----------
(In thousands, except
share and per share
amounts)
Net interest income $ 7,189 $ 7,572 $ 7,510 $ 7,666 $ 8,016
Provision for credit
losses 200 -- 100 400 300
---------- ---------- ---------- ---------- ----------
Net interest income
after provision for
credit losses 6,989 7,572 7,410 7,266 7,716
Total non-interest
income 1,829 2,284 1,471 1,658 1,331
Total non-interest
expense 6,983 6,655 6,718 6,918 6,798
Provision for income
taxes 193 745 454 293 541
---------- ---------- ---------- ---------- ----------
Net income $ 1,642 $ 2,456 $ 1,709 $ 1,713 $ 1,708
========== ========== ========== ========== ==========
Net income available
to common
shareholders $ 1,554 $ 2,369 $ 1,622 $ 1,625 $ 1,622
========== ========== ========== ========== ==========
Basic earnings per
common share $ 0.16 $ 0.25 $ 0.17 $ 0.17 $ 0.17
========== ========== ========== ========== ==========
Weighted average
common shares used
in basic computation 9,586,201 9,602,473 9,592,045 9,570,297 9,547,816
========== ========== ========== ========== ==========
Diluted earnings per
common share $ 0.16 $ 0.25 $ 0.17 $ 0.17 $ 0.17
========== ========== ========== ========== ==========
Weighted average
common shares used
in diluted
computation 9,629,300 9,635,339 9,618,976 9,577,432 9,552,043
========== ========== ========== ========== ==========
CENTRAL VALLEY COMMUNITY BANCORP
SELECTED RATIOS
(Unaudited)
As of and for the three
months ended Dec. 31 Sep. 30 Jun. 30, Mar. 31, Dec. 31,
2012 2012 2012 2012 2011
-------- ------- -------- -------- --------
(Dollars in thousands,
except per share
amounts)
Allowance for credit
losses to total loans 2.56% 2.56% 2.45% 2.52% 2.67%
Nonperforming assets to
total assets 1.09% 1.15% 1.48% 1.48% 1.70%
Total nonperforming
assets $ 9,695 $10,190 $ 12,340 $ 12,395 $ 14,434
Net loan charge offs
(recoveries) $ 281 $ (74) $ 245 $ 1,511 $ (66)
Net charge offs
(recoveries) to average
loans (annualized) 0.29% (0.07)% 0.24% 1.46% (0.06)%
Book value per share $ 11.58 $ 11.5 $ 11.08 $ 10.82 $ 10.52
Tangible book value per
share $ 9.05 $ 8.98 $ 8.55 $ 8.28 $ 7.97
Tangible common equity $ 86,505 $86,276 $ 81,999 $ 79,422 $ 76,122
Interest and dividends on
investment securities
exempt from Federal
income taxes $ 1,275 $ 1,118 $ 1,078 $ 1,037 $ 942
Net interest margin
(calculated on a fully
tax equivalent basis)
(1) 3.95% 4.21% 4.33% 4.37% 4.50%
Return on average assets
(2) 0.74% 1.14% 0.82% 0.82% 0.81%
Return on average equity
(2) 5.56% 8.43% 6.06% 6.19% 6.41%
Tier 1 leverage - Bancorp 10.56% 10.78% 10.70% 10.33% 10.13%
Tier 1 leverage - Bank 10.22% 10.35% 10.60% 10.21% 10.01%
Tier 1 risk-based capital
- Bancorp 18.24% 18.27% 17.29% 16.97% 16.20%
Tier 1 risk-based capital
- Bank 17.67% 17.56% 17.14% 16.78% 16.02%
Total risk-based capital
- Bancorp 19.53% 19.57% 18.58% 18.25% 17.49%
Total risk based capital
- Bank 18.96% 18.86% 18.43% 18.06% 17.31%
(1) Net Interest Margin is computed by dividing annualized quarterly net
interest income by quarterly average interest-bearing assets.
(2) Computed by annualizing quarterly net income.
CENTRAL VALLEY COMMUNITY BANCORP
AVERAGE BALANCES AND RATES
(Unaudited)
For the Twelve
For the Three Months Months Ended
AVERAGE AMOUNTS Ended December 31 December 31,
-------------------- --------------------
(Dollars in thousands) 2012 2011 2012 2011
--------- --------- --------- ---------
Federal funds sold $ 748 $ 847 $ 618 $ 695
Interest-bearing deposits in
other banks 41,334 72,624 36,836 73,016
Investments 368,587 275,035 331,364 226,224
Loans (1) 383,051 404,034 394,575 412,969
Federal Home Loan Bank stock 3,850 2,893 3,544 2,958
--------- --------- --------- ---------
Earning assets 797,570 755,433 766,937 715,862
Allowance for credit losses (10,090) (11,087) (10,365) (11,018)
Non-accrual loans 9,967 14,719 10,465 15,322
Other real estate owned -- 70 919 217
Other non-earning assets 87,214 81,952 85,122 79,795
--------- --------- --------- ---------
Total assets $ 884,661 $ 841,087 $ 853,078 $ 800,178
========= ========= ========= =========
Interest bearing deposits $ 506,586 $ 514,350 $ 502,072 $ 495,545
Other borrowings 9,155 9,155 9,156 10,265
--------- --------- --------- ---------
Total interest-bearing
liabilities 515,741 523,505 511,228 505,810
Non-interest bearing demand
deposits 237,486 200,876 217,529 182,244
Non-interest bearing liabilities 13,263 10,128 9,760 8,738
--------- --------- --------- ---------
Total liabilities 766,490 734,509 738,517 696,792
--------- --------- --------- ---------
Total equity 118,171 106,578 114,561 103,386
--------- --------- --------- ---------
Total liabilities and equity $ 884,661 $ 841,087 $ 853,078 $ 800,178
========= ========= ========= =========
AVERAGE RATES
Federal funds sold 0.30% 0.25% 0.30% 0.29%
Interest-earning deposits in
other banks 0.37% 0.25% 0.29% 0.26%
Investments 2.74% 3.88% 3.05% 4.33%
Loans 5.87% 6.32% 6.06% 6.32%
Earning assets 4.14% 4.85% 4.46% 5.04%
Interest-bearing deposits 0.25% 0.45% 0.32% 0.54%
Other borrowings 2.69% 2.77% 2.76% 2.73%
Total interest-bearing
liabilities 0.30% 0.49% 0.37% 0.58%
Net interest margin (calculated
on a fully tax equivalent
basis) (2) 3.95% 4.50% 4.21% 4.63%
(1) Average loans do not include non-accrual loans.
(2) Calculated on a fully tax equivalent basis, which includes Federal tax
benefits relating to income earned on municipal bonds totaling $657 and
$485 for the quarters ended December 31, 2012 and 2011, respectively.
The Federal tax benefits relating to income earned on municipal bonds
totaled $2,322 and $1,784 for the year ended December 31, 2012 and 2011,
respectively.
Source: Central Valley Community Bancorp
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