Central Valley bank earnings fall to $1.7M - Business First of Columbus:

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million in the first half of the year, down from earningsa of $2.6 million the year earlier period. The bank holding companu of earned $464,000 in the second down from $1.3 million the year earlied period. “While we remained profitable, the disappointing earnings in the secondc quarter is a reflection of the increased provision for credit lossew in the light of the overall weak economy and the potentiaol impact it many have on our borrowintg customers during this economic cycle and the significant increaswe in the FDIC insurance premiums from both the increase in regula assessment rates as well as the speciall assessment rate placed on all FDIC insured institutionx insecond quarter,” said Dan Doyle, president of the bank holding company.
The bank has 15 branches in the Centrakl Valley from the Fresno areato Sacramento. The bank compan y got $7 million in Capitall Purchase Program money from the Department of Treasury earlierthis year. It acquired the Stockton, Lodi and Tracy branchesd of Service 1st Bancorpin November.