Central Valley Community Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2013
January 29, 2014 at 09:15 pm
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Central Valley Community Bancorp reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company's total interest income was $9,539,000 compared to $7,574,000 a year ago. Net interest income before provision for credit losses was $9,192,000 compared to $7,189,000 a year ago. Net interest income after provision for credit losses was $9,192,000 compared to $6,989,000 a year ago. Annualized return on average equity for the fourth quarter of 2013 was 7.04%, compared to 5.56% for the same period of 2012. This increase is reflective of an increase in net income offset by an increase in average shareholders' equity. Annualized return on average assets was 0.79% for the fourth quarter of 2013 compared to 0.74% for the same period in 2012. This increase is due to an increase in earnings partially offset by an increase in average assets. Income before provision for income taxes was $2,619,000 compared to $1,835,000 a year ago. Net income available to common shareholders was $2,123,000 compared to $1,554,000 a year ago. Book value per share was $11.00 compared to $11.58 a year ago. Tangible book value per share was $8.10 compared to $9.05 a year ago.
For the year, the company's total interest income was $34,836,000 compared to $31,820,000 a year ago. Net interest income before provision for credit losses was $33,451,000 compared to $29,937,000 a year ago. Net interest income after provision for credit losses was $33,451,000 compared to $29,237,000 a year ago. Net interest income during 2013 was positively impacted by the collection in full of a non-accrual loan of $4,731,000 which resulted in a recovery of foregone interest of $1,484,000 and legal expenses of $51,000. The company reported net income of $8,250,000, and diluted earnings per common share of $0.77, compared to $7,520,000 and $0.75 per diluted common share for the year ended December 31, 2012. Net income increased 9.71%, primarily driven by an increase in net interest income in 2013 compared to 2012, increases in non-interest income, and lower provision for credit losses offset by increases in non-interest expense. The company reported unaudited consolidated net income of $2,211,000 and diluted earnings per common share of $0.19, compared to $1,642,000 and $0.16 per diluted share, for the same period in 2012. The increase in net income during the fourth quarter of 2013 compared to the same period in 2012 is primarily due to an increase in net interest income and an increase in non-interest income, offset by an increase in non-interest expense, and an increase in the provision for income taxes. Income before provision for income taxes was $9,597,000 compared to $9,205,000 a year ago. Net income available to common shareholders was $7,900,000 compared to $7,170,000 a year ago.
The company reported net loan charge-offs for the fourth quarter ended December 31, 2013. During the fourth quarter of 2013, the company recorded $524,000 in net loan charge-offs compared to $281,000 in net loan charge-offs for the same period in 2012. The net charge-off ratio, which reflects annualized net charge-offs to average loans, was 1.23% for the quarter ended December 31, 2013 compared to 0.29% for the quarter ended December 31, 2012.
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.
Central Valley Community Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2013