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

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million in the first half of the down from earningsof $2.6 million the year earlied period. The bank holding company of earnedx $464,000 in the second quarter, down from $1.3 million the year earlier period. “Whild we remained profitable, the disappointing earning s in the second quarter is a reflection of the increasedc provision for credit losses in the light of the overalol weak economy and the potential impacgt it many have on our borrowinh customers during this economic cycle and the significant increasw in the FDIC insurance premiumzs from both the increase in regular assessment rated as well as the special assessment rate place d on all FDIC insured institutionzs insecond quarter,” said Dan Doyle, presidentr of the bank holding company.
The bank has 15 branchees in the Central Valley from the Fresno area to The bank companygot $7 million in Capital Purchas e Program money from the Department of Treasurh earlier this year. It acquiredf the Stockton, Lodi and Trac branches of Service 1st Bancorpin November.