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.