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

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million in the first half of the year, down from earning s of $2.6 million the year earlier period. The bank holdinyg company of earned $464,000 in the second down from $1.3 million the year earlier “While we remained profitable, the disappointing earning s in the second quarter is a reflection of the increasedf provision for credit losses in the lightg of the overall weak economy and the potential impacyt it many have on our borrowin customers during this economic cycle and the significanrt increase in the FDIC insurancee premiums from both the increase in regulad assessment rates as well as the special assessmen t rate placed on all FDIC insured institutiond insecond quarter,” said Dan president of the bank holding The bank has 15 branches in the Central Valley from the Fresno area to Sacramento.
The bank compan got $7 million in Capital Purchased Program money from the Departmeng of Treasury earlierthis year. It acquired the Lodi and Tracy branches of Service 1st Bancorlpin November.