Central Valley Bancorp First Quarter 2001 Earnings per Share Increase 76%

Apr 17, 2001, 01:00 ET from Central Valley Bancorp

    MODESTO, Calif., April 17 /PRNewswire/ -- Central Valley Bancorp
 (OTC Bulletin Board:   CLVL) (the "Company"), parent company of Modesto Commerce
 Bank, today announced earnings for the first quarter of 2001. Net income
 totaled $686,000, an 80% increase from net income of $381,000 for the
 first quarter of 2000. Diluted earnings per share were $0.30 for the
 first quarter of 2001 compared to $0.17 for the first quarter of 2000, an
 increase of 76%.
     Total assets for the Company increased 60% from March 31, 2000 to
 $174,052,000 at March 31, 2001. Total deposits increased 39% to $151,675,000
 and total loans increased 38% to $102,466,000 from March 31, 2000 to
 March 31, 2001. Included in total assets and total deposits at March 31, 2001
 is a short-term deposit of approximately $19,000,000. Average assets and
 average deposits for March 2001 were $156,117,000 and $137,965,000
 respectively, compared to the $106,055,000 and $91,000,000 respectively for
 March 2000. Average assets and average deposits increased 47% and 52%,
 respectively. The efficiency ratio for the first quarter of 2001 improved to
 39% from 46% for the first quarter of 2000.
     "The first quarter of 2001 showed continued strong financial growth and
 asset quality," stated Jeffrey P. Burda, President and CEO. "We have also made
 organizational progress, as well. In the first quarter we added two new
 directors to the Board of Modesto Commerce Bank, Mr. Stephen Mort and
 Mr. John Evans, completed the move of our administrative functions into a new
 location and implemented the stock repurchase program. Shareholder value
 continues to be the primary Company focus."
     Founded in March 1998, Modesto Commerce Bank provides banking services to
 owner-operated businesses, members of the professional community and
 individuals seeking personalized service. The Bank offers innovative financial
 solutions and an enhanced product line of convenient banking alternatives,
 which include on-line cash management, telephone banking, investment and
 commercial sweep accounts, debit and credit cards and courier service. For
 more information, visit our web site at www.modcombank.com.
     Forward-Looking Statements -- In addition to historical information this
 press release includes forward-looking information which is subject to the
 "safe harbor" created by Section 27A of the Securities Act of 1993, as
 amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
 These forward-looking statements include descriptions of plans or objectives
 of management for future operations, products or services and forecasts of
 future revenues, earnings and other measures of economic performance.
 Forward-looking statements, by their nature, are subject to risks and
 uncertainties. A number of factors, many of which are beyond Central Valley
 Bancorp's control could cause actual conditions to differ significantly from
 those described in the forward-looking statements. Such risks and
 uncertainties include, but are not limited to, the following factors:
 competitive pressure in the banking industry; changes in the interest rate
 environment; the declining health of the economy, either nationally or
 regionally; the deterioration of credit quality, changes in the regulatory
 environment; changes in business conditions; certain operational risks
 involving data processing systems or fraud; volatility of rate sensitive
 deposits; asset/liability matching risks and liquidity risks. The Company
 undertakes no obligation to revise or publicly release the results of any
 revision to these forward-looking statements.
 
                             CENTRAL VALLEY BANCORP
                     MARCH 31, 2001 -- FINANCIAL HIGHLIGHTS
               ($ and shares in thousands, except per share data)
 
                             First     Fourth      Third      Second    First
                            Quarter    Quarter    Quarter    Quarter   Quarter
                             2001       2000        2000       2000      2000
     Selected Quarterly
       Operating Data:
     Net interest income    $1,997     $1,865     $1,694     $1,558    $1,389
     Provision for possible
       loan losses             120        120        120        120       120
     Non-interest income        93         92         76         72        54
     Non-interest expense      820        826        692        719       671
     Income before income
       taxes                 1,150      1,011        958        791       652
     Provision for income
       taxes                   464        391        398        329       271
     Net Income               $686       $620       $560       $462      $381
 
     Selected Quarterly
       Operating Ratios:
     Net income per share
       -- basic              $0.32      $0.29      $0.26      $0.22     $0.18
     Net income per share
       -- diluted            $0.30      $0.27      $0.24      $0.20     $0.17
     Average shares
       outstanding           2,134      2,149      2,146      2,132     2,085
     Average share
       equivalents
       outstanding           2,312      2,325      2,331      2,321     2,278
     Return on average
       assets                1.78%      1.80%      1.80%      1.63%     1.44%
     Return on average
       equity               15.94%     14.83%     13.89%     12.07%    10.43%
     Net interest margin     5.50%      5.80%      5.80%      5.85%     5.58%
     Efficiency ratio
       (non-interest expense
       as a percentage of
       total revenues)      39.23%     42.21%     39.10%     44.11%    46.50%
 
 
     Selected Financial
     Condition Data      March 31,   Dec. 31,   Sept 30,   June 30,  March 30,
     At Period End:         2001       2000       2000       2000       2000
     Assets               $174,052   $161,990   $128,934   $122,666  $108,283
     Loans                $102,466    $94,408    $90,084    $78,650   $74,426
     Deposits             $151,675   $140,044   $108,182   $106,770   $92,680
     Shareholders'
       equity              $17,515    $17,025    $16,283    $15,625   $15,056
     Nonperforming loans        $0         $0         $0         $0        $0
     Other real estate
       owned                    $0         $0         $0         $0        $0
 
     Selected Quarterly
       Financial Condition
       Ratios:
     Loan to Deposit Ratio  67.56%     67.41%     83.27%     73.66%    80.30%
     Shareholders' equity
       per share             $8.22      $7.92      $7.58      $7.30     $7.08
     Shareholders' equity
       to assets            10.06%     10.51%     12.63%     12.74%    13.90%
     Total risk-based
       capital              14.03%     15.06%     16.29%     17.37%    17.71%
     Shares Outstanding      2,130      2,149      2,149      2,141     2,126
     Net chargeoffs
       (recoveries) to
       average loans         0.00%      0.00%      0.00%      0.00%     0.00%
     Nonperforming loans
       to total loans        0.00%      0.00%      0.00%      0.00%     0.00%
     Nonperforming assets
       to total assets       0.00%      0.00%      0.00%      0.00%     0.00%
     Allowance for possible
       loan losses to total
       loans                 1.65%      1.67%      1.62%      1.70%     1.64%
     Allowance for possible
       loan losses to
       nonperforming loans(a)  n/m        n/m        n/m        n/m       n/m
     Allowance for possible
       loan losses to
       nonperforming assets(a) n/m        n/m        n/m        n/m       n/m
 
     Data adjusted for the 3 for 2 stock split effective 3-31-00, where
 applicable.
     (a) Not meaningful, denominator is zero.
 
 

SOURCE Central Valley Bancorp
    MODESTO, Calif., April 17 /PRNewswire/ -- Central Valley Bancorp
 (OTC Bulletin Board:   CLVL) (the "Company"), parent company of Modesto Commerce
 Bank, today announced earnings for the first quarter of 2001. Net income
 totaled $686,000, an 80% increase from net income of $381,000 for the
 first quarter of 2000. Diluted earnings per share were $0.30 for the
 first quarter of 2001 compared to $0.17 for the first quarter of 2000, an
 increase of 76%.
     Total assets for the Company increased 60% from March 31, 2000 to
 $174,052,000 at March 31, 2001. Total deposits increased 39% to $151,675,000
 and total loans increased 38% to $102,466,000 from March 31, 2000 to
 March 31, 2001. Included in total assets and total deposits at March 31, 2001
 is a short-term deposit of approximately $19,000,000. Average assets and
 average deposits for March 2001 were $156,117,000 and $137,965,000
 respectively, compared to the $106,055,000 and $91,000,000 respectively for
 March 2000. Average assets and average deposits increased 47% and 52%,
 respectively. The efficiency ratio for the first quarter of 2001 improved to
 39% from 46% for the first quarter of 2000.
     "The first quarter of 2001 showed continued strong financial growth and
 asset quality," stated Jeffrey P. Burda, President and CEO. "We have also made
 organizational progress, as well. In the first quarter we added two new
 directors to the Board of Modesto Commerce Bank, Mr. Stephen Mort and
 Mr. John Evans, completed the move of our administrative functions into a new
 location and implemented the stock repurchase program. Shareholder value
 continues to be the primary Company focus."
     Founded in March 1998, Modesto Commerce Bank provides banking services to
 owner-operated businesses, members of the professional community and
 individuals seeking personalized service. The Bank offers innovative financial
 solutions and an enhanced product line of convenient banking alternatives,
 which include on-line cash management, telephone banking, investment and
 commercial sweep accounts, debit and credit cards and courier service. For
 more information, visit our web site at www.modcombank.com.
     Forward-Looking Statements -- In addition to historical information this
 press release includes forward-looking information which is subject to the
 "safe harbor" created by Section 27A of the Securities Act of 1993, as
 amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
 These forward-looking statements include descriptions of plans or objectives
 of management for future operations, products or services and forecasts of
 future revenues, earnings and other measures of economic performance.
 Forward-looking statements, by their nature, are subject to risks and
 uncertainties. A number of factors, many of which are beyond Central Valley
 Bancorp's control could cause actual conditions to differ significantly from
 those described in the forward-looking statements. Such risks and
 uncertainties include, but are not limited to, the following factors:
 competitive pressure in the banking industry; changes in the interest rate
 environment; the declining health of the economy, either nationally or
 regionally; the deterioration of credit quality, changes in the regulatory
 environment; changes in business conditions; certain operational risks
 involving data processing systems or fraud; volatility of rate sensitive
 deposits; asset/liability matching risks and liquidity risks. The Company
 undertakes no obligation to revise or publicly release the results of any
 revision to these forward-looking statements.
 
                             CENTRAL VALLEY BANCORP
                     MARCH 31, 2001 -- FINANCIAL HIGHLIGHTS
               ($ and shares in thousands, except per share data)
 
                             First     Fourth      Third      Second    First
                            Quarter    Quarter    Quarter    Quarter   Quarter
                             2001       2000        2000       2000      2000
     Selected Quarterly
       Operating Data:
     Net interest income    $1,997     $1,865     $1,694     $1,558    $1,389
     Provision for possible
       loan losses             120        120        120        120       120
     Non-interest income        93         92         76         72        54
     Non-interest expense      820        826        692        719       671
     Income before income
       taxes                 1,150      1,011        958        791       652
     Provision for income
       taxes                   464        391        398        329       271
     Net Income               $686       $620       $560       $462      $381
 
     Selected Quarterly
       Operating Ratios:
     Net income per share
       -- basic              $0.32      $0.29      $0.26      $0.22     $0.18
     Net income per share
       -- diluted            $0.30      $0.27      $0.24      $0.20     $0.17
     Average shares
       outstanding           2,134      2,149      2,146      2,132     2,085
     Average share
       equivalents
       outstanding           2,312      2,325      2,331      2,321     2,278
     Return on average
       assets                1.78%      1.80%      1.80%      1.63%     1.44%
     Return on average
       equity               15.94%     14.83%     13.89%     12.07%    10.43%
     Net interest margin     5.50%      5.80%      5.80%      5.85%     5.58%
     Efficiency ratio
       (non-interest expense
       as a percentage of
       total revenues)      39.23%     42.21%     39.10%     44.11%    46.50%
 
 
     Selected Financial
     Condition Data      March 31,   Dec. 31,   Sept 30,   June 30,  March 30,
     At Period End:         2001       2000       2000       2000       2000
     Assets               $174,052   $161,990   $128,934   $122,666  $108,283
     Loans                $102,466    $94,408    $90,084    $78,650   $74,426
     Deposits             $151,675   $140,044   $108,182   $106,770   $92,680
     Shareholders'
       equity              $17,515    $17,025    $16,283    $15,625   $15,056
     Nonperforming loans        $0         $0         $0         $0        $0
     Other real estate
       owned                    $0         $0         $0         $0        $0
 
     Selected Quarterly
       Financial Condition
       Ratios:
     Loan to Deposit Ratio  67.56%     67.41%     83.27%     73.66%    80.30%
     Shareholders' equity
       per share             $8.22      $7.92      $7.58      $7.30     $7.08
     Shareholders' equity
       to assets            10.06%     10.51%     12.63%     12.74%    13.90%
     Total risk-based
       capital              14.03%     15.06%     16.29%     17.37%    17.71%
     Shares Outstanding      2,130      2,149      2,149      2,141     2,126
     Net chargeoffs
       (recoveries) to
       average loans         0.00%      0.00%      0.00%      0.00%     0.00%
     Nonperforming loans
       to total loans        0.00%      0.00%      0.00%      0.00%     0.00%
     Nonperforming assets
       to total assets       0.00%      0.00%      0.00%      0.00%     0.00%
     Allowance for possible
       loan losses to total
       loans                 1.65%      1.67%      1.62%      1.70%     1.64%
     Allowance for possible
       loan losses to
       nonperforming loans(a)  n/m        n/m        n/m        n/m       n/m
     Allowance for possible
       loan losses to
       nonperforming assets(a) n/m        n/m        n/m        n/m       n/m
 
     Data adjusted for the 3 for 2 stock split effective 3-31-00, where
 applicable.
     (a) Not meaningful, denominator is zero.
 
 SOURCE  Central Valley Bancorp