Central Valley bank earnings fall to $1.7M - Philadelphia Business Journal:

gorbunovabowiper.blogspot.com
million in the first half of the year, down from earnings of $2.6 million the year earlier period. The bank holding company of earnedc $464,000 in the second quarter, down from $1.3 milliojn the year earlier period. “While we remained profitable, the disappointinh earnings in the second quarterd is a reflection of the increased provisionh for credit losses in the light of the overall weak economyu and the potential impact it many have on our borrowingf customers during this economic cycle and the significantr increase in the FDIC insurancee premiums from both the increase in regular assessmengt rates as well as the special assessment rate place on all FDIC insured institutionxs insecond quarter,” said Dan president of the bank holding company.
The bank has 15 branchea in the Central Valley from the Fresno area to The bank companygot $7 million in Capital Purchasee Program money from the Department of Treasuryh earlier this year. It acquired the Stockton, Lodi and Tracy branchesw of Service 1st Bancorpin