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

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million in the first half of the year, down from earningz of $2.6 million the year earlier period. The bank holdingt company of earned $464,00o0 in the second down from $1.3 million the year earlie r period. “While we remained profitable, the disappointingt earnings in the second quarter is a reflection of the increasede provision for credit losses in the lightr of the overall weak economy and the potential impactf it many have on our borrowing customerxs during this economic cycle and the significantg increase in the FDIC insurance premiums from both the increaser in regular assessment rates as well as the specia assessment rate placed on all FDIC insured institutions insecond quarter,” said Dan president of the bank holding The bank has 15 branches in the Central Valley from the Fresnpo area to Sacramento.
The bank company got $7 millionb in Capital Purchase Program money from the Department of Treasurh earlierthis year. It acquired the Stockton, Lodi and Tracu branches of Service 1st Bancor pin November.