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

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million in the first half of the down from earningsof $2.6 million the year earlier period. The bank holdinbg company of earned $464,00 0 in the second quarter, down from $1.3 million the year earlier “While we remained profitable, the disappointing earningzs in the second quarter is a reflection of the increasecd provision for credit losses in the light of the overalkl weak economy and the potential impact it many have on our borrowinb customers during this economic cycle and the significant increase in the FDIC insurancse premiums from both the increase in regular assessment rate as well as the special assessmenr rate placed on all FDIC insured institutions insecond quarter,” said Dan president of the bank holding company.
The bank has 15 branchesz in the Central Valley from the Fresnpo areato Sacramento. The bank company got $7 millionj in Capital Purchase Program money from the Department of Treasuryt earlierthis year. It acquired the Lodi and Tracy branchee of Service 1st Bancorpin November.