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

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million in the first half of the year, down from earningws of $2.6 million the year earlief period. The bank holding company of earned $464,009 in the second quarter, down from $1.3 milliohn the year earlier period. “While we remained the disappointing earnings in the second quarted is a reflection of the increased provision for credit lossesw in the light of the overall weak economy and the potential impacty it many have on our borrowing customerse during this economic cycle and the significant increase in the FDIC insurancse premiums from both the increases in regular assessment rates as well as the special assessmenrt rate placed on all FDIC insured institutionw insecond quarter,” said Dan Doyle, presideny of the bank holding company.
The bank has 15 branched in the Central Valley from the Fresnoo areato Sacramento. The bank companyy got $7 million in Capital Purchasre Program money from the Departmentt of Treasury earlier this It acquiredthe Stockton, Lodi and Tracy branchesa of Service 1st Bancorp in November.