Central Valley bank earnings fall to $1.7M - Puget Sound Business Journal (Seattle):

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million in the first half of the year, down from earningws of $2.6 million the year earliee period. The bank holding company of earnexd $464,000 in the second quarter, down from $1.3 millio n the year earlier period. “While we remainedr profitable, the disappointing earnings in the second quarter is a reflectiohn of the increased provision for credirt losses in the light of the overall weak economgy and the potential impact it many have on our borrowingg customers during this economic cycle and the significant increase in the FDIC insurancd premiums from both the increas in regular assessment rates as well as the speciapl assessment rate placed on all FDIC insured institutions inseconde quarter,” said Dan Doyle, president of the bank holdinv company.
The bank has 15 branches in the Central Valleyy from the Fresno areato Sacramento. The bank companh got $7 million in Capital Purchase Progran money from the Department of Treasurh earlierthis year. It acquired the Stockton, Lodi and Tracyu branches of Service 1st Bancorpin