Central Valley Community Bancorp reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, total interest income was $15,893,000 against $13,091,000 a year ago. Income before provision for income taxes was $4,399,000 against $4,098,000 a year ago. Net income was $335,000 against $2,606,000 a year ago. Net income per basic and diluted common share was $0.02 against $0.21 a year ago. The decrease in net income during the fourth quarter of 2017 compared to the same period in 2016 was primarily due to an increase in the provision for income taxes of $2,572,000, an increase in total non-interest expenses of $2,196,000, and a decrease in non-interest income of $297,000, partially offset by an increase in net interest income of $2,794,000. Net interest income was $15,567,000 against $12,773,000 a year ago. Return on average assets was 0.08% against 0.72% a year ago. This decrease is due to a decrease in net income and an increase in average assets. Return on average equity was 0.64% against 6.19% a year ago.  The decrease in ROE reflects a decrease in net income, and an increase in shareholders' equity.

For the year, total interest income was $57,376,000 against $46,676,000 a year ago. Net interest income after provision for credit losses was $57,389,000 against $51,430,000 a year ago. Income before provision for income taxes was $23,819,000 against $22,099,000 a year ago. Net income was $14,026,000 against $15,182,000 a year ago. Net income per diluted common share was $1.10 against $1.33 a year ago. Net income for the year ended December 31, 2017 decreased 7.61% in 2017 compared to 2016, primarily driven by an increase of $2,876,000 in provision for income taxes which was the result of the one-time non-cash adjustment to deferred taxes of $3,535,000 due to the prospective change in the federal corporate tax rate from 35% to 21%. Excluding these benefits, net interest income for the year ended December 31, 2017 increased by $9,932,000 compared to the year ended December 31, 2016. Book value per share as at December 31, 2017 was $15.30 against $13.51 a year ago. Tangible book value per share as at December 31, 2017 was $11.15 against $10.08 a year ago. Return on average equity was 7.69%, compared to 9.84% for the year ended December 31, 2016. The decrease in ROE was primarily the result of the one-time deferred tax revaluation expense, and the increase in shareholders' equity. Annualized return on average assets was 0.94% and 1.15% for the year ended December 31, 2016.

For the quarter, the company reported net loan charge-offs of $138,000 compared to net loan recoveries of $27,000 in the fourth quarter of 2016.