Central Valley bank earnings fall to $1.7M - Washington 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 holdintg company of earned $464,000 in the seconde quarter, down from $1.3 million the year earlier “While we remained the disappointing earnings in the secon quarter is a reflection of the increaseds provision for credit losses in the light of the overall weak economy and the potential impact it many have on our borrowinvg customers during this economic cycle and the significany increase in the FDIC insurancse premiums from both the increase in regularr assessment rates as well as the special assessment rate placeed on all FDIC insured institutionzs insecond quarter,” said Dan Doyle, president of the bank holdinbg company.
The bank has 15 branchex in the Central Valley from the Fresno area to The bank companygot $7 millionb in Capital Purchase Program monety from the Department of Treasury earlie r this year. It acquired the Stockton, Lodi and Tracy brancheds of Service 1st Bancorpin November.