Central Valley Community reports Q3 EPS 54c, consensus 53c

Reports Q3 NII $20.5M vs. $20.2M last year. Q3 Net interest margin increased to 3.47% for the quarter ended September 30, 2023, from 3.46% for the quarter ended June 30, 2023. “The Company’s third quarter financial performance showcased its ability to maintain stable earnings compared to the prior quarter and year while organically growing both loans and deposits. This occurred even as the Company continues to navigate inflation and cost of deposits which impact operating expenses. I could not be more pleased with our bankers for driving this performance while providing a level of service to clients and communities that was – and is – truly exceptional,” said James J. Kim, President and CEO. “During the third quarter, the Company also invested in relationship growth by opening innovative new Banking Centers in Sacramento and Modesto and formally entering the city of Bakersfield. On October 10, the Company proudly announced that Central Valley Community Bancorp and Bank entered into a merger agreement to acquire Community West Bancshares and Bank. Our two extraordinary banks share a complementary culture, values and client service model which, when combined, will result in one of the largest community banks headquartered in Central California. We look forward to the many ways in which this merger will benefit shareholders, clients, employees and communities.”