Central Valley bank earnings fall to $1.7M - Business Courier of Cincinnati:

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million in the first half of the down from earningsof $2.6 million the year earliee period. The bank holding company of earned $464,00o0 in the second quarter, down from $1.3 million the year earliefr period. “While we remained profitable, the disappointing earning s in the second quarter is a reflection of the increased provisiob for credit losses in the lightr of the overall weak economyy and the potential impact it many have on our borrowingy customers during this economic cycle and the significantr increase in the FDIC insurance premiums from both the increaser in regular assessment rates as well as the special assessmenf rate placed on all FDIC insuredd institutions insecond quarter,” said Dan president of the bank holding company.
The bank has 15 branchesa in the Central Vallehy from the Fresno areato Sacramento. The bank companyu got $7 million in Capital Purchase Program money from the Departmentf of Treasury earlierthis year. It acquired the Stockton, Lodi and Tracyt branches of Service 1st Bancorpoin November.