$CWBC

CENTRAL VALLEY COMMUNITY BANCORP

CIK:0001127371|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST INCOME:
Interest and fees on loans	$ 58,630	$ 39,537	$ 100,535	$ 77,962
Interest on deposits in other banks	1,099	1,054	1,949	2,110
Interest and dividends on investment securities:
Taxable	5,126	4,127	8,998	8,477
Exempt from Federal income taxes	1,264	1,307	2,530	2,614
Total interest income	66,119	46,025	114,012	91,163
INTEREST EXPENSE:
Interest on deposits	13,732	10,538	24,567	20,926
Interest on borrowings	539	1,281	751	2,954
Interest on senior debt and subordinated debentures	936	902	1,778	1,797
Total interest expense	15,207	12,721	27,096	25,677
Net interest income before provision for credit losses	50,912	33,304	86,916	65,486
PROVISION FOR CREDIT LOSSES	5,635	2,613	5,725	2,572
Net interest income after provision for credit losses	45,277	30,691	81,191	62,914
NON-INTEREST INCOME:
Service charges	1,038	505	1,556	1,007
Net realized losses on sales and calls of investment securities	(5,899)	(15)	(5,899)	(15)
Other income	2,891	1,874	5,160	3,983
Total non-interest income	(1,970)	2,364	817	4,975
NON-INTEREST EXPENSES:
Salaries and employee benefits	16,318	12,260	29,081	25,219
Occupancy and equipment	3,803	2,794	6,658	5,621
Other Noninterest Expense	19,022	7,242	26,391	14,926
Total non-interest expenses	39,143	22,296	62,130	45,766
Income before provision for income taxes	4,164	10,759	19,878	22,123
Provision for income taxes	1,469	2,927	5,694	5,998
Net income	$ 2,695	$ 7,832	$ 14,184	$ 16,125
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.10	$ 0.41	$ 0.61	$ 0.85
Weighted average common shares used in basic computation (in shares)	27,051,374	18,987,217	23,077,851	18,960,670
Diluted earnings per common share (in dollars per share)	$ 0.10	$ 0.41	$ 0.61	$ 0.85
Weighted average common shares used in diluted computation (in shares)	27,108,920	19,042,750	23,145,947	19,028,425
Cash dividend per common share (in dollars per share)	$ 0.12	$ 0.12	$ 0.24	$ 0.24

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 14,184	$ 16,125
Adjustments to reconcile net income to net cash provided by operating activities:
Net (increase) decrease in deferred loan costs	(347)	316
Depreciation	2,170	1,610
Accretion of discounts on investments	(1,318)	(880)
Amortization of premiums on investments	4,091	2,283
Amortization of debt issuance costs	72	73
Accretion of premiums and discounts on acquired loans, net	(7,416)	(6,297)
Amortization of core deposit intangibles	2,124	501
Amortization of fair value marks on liabilities assumed	367	2,184
Stock-based compensation	583	600
Provision for credit losses	5,725	2,572
Net realized losses on sales and calls of available-for-sale investment securities	5,899	15
Net loss on disposal of premises and equipment	44	40
Net gain on sale of foreclosed assets	(25)	0
Net change in equity securities	85	(119)
Increase in bank-owned life insurance, net of expenses	(899)	(738)
Net (increase) decrease in accrued interest receivable and other assets	(828)	1,665
Net (decrease) increase in accrued interest payable and other liabilities	(69)	814
Net change for deferred income taxes	6,044	1,832
Net cash provided by operating activities	30,486	22,596
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash and cash equivalents acquired in acquisition	58,825	0
Purchases of available-for-sale investment securities	(137,971)	(5,737)
Proceeds from sales or calls of available-for-sale investment securities	160,694	275
Proceeds from calls of held-to-maturity investment securities	6,025	9,956
Proceeds from maturity and principal repayments of available-for-sale investment securities	9,821	15,761
Proceeds from maturity and principal repayments of held-to-maturity investment securities	5,648	717
Net increase in loans	(102,668)	(59,241)
Proceeds from sale of foreclosed assets	59	0
Purchases of premises and equipment	(4,829)	(1,272)
Proceeds from sale of premises and equipment	51	117
Net cash used in investing activities	(4,345)	(39,424)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in demand, interest bearing and savings deposits	(7,555)	48,593
Net (decrease) increase in time deposits	(27,100)	34,925
Proceeds from borrowings from Federal Home Loan Bank	3,517,500	451,000
Repayments of borrowings to Federal Home Loan Bank	(3,415,500)	(500,000)
Repayments of senior debt	(386)	0
Repurchase and retirement of common stock	(227)	(151)
Proceeds from stock issued under employee stock purchase plan	177	183
Proceeds from exercise of stock options	358	820
Cash dividend payments on common stock	(5,555)	(4,567)
Net cash provided by financing activities	61,712	30,803
Increase in cash and cash equivalents	87,853	13,975
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	118,984	120,398
CASH AND CASH EQUIVALENTS AT END OF PERIOD	206,837	134,373
Cash paid during the period for:
Interest	25,556	26,117
Income taxes, net of refunds	(377)	2,806
Operating cash flows from operating leases	2,106	1,646
Non-cash investing and financing activities:
Unrealized gain on securities available for sale	4,488	4,896
Right-of-use assets obtained in exchange for lease liabilities	3,649	1,083
Assets acquired	1,201,180	0
Liabilities assumed	$ (1,074,280)	$ 0

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 73,334	$ 27,627
Interest-earning deposits in other banks	133,503	91,357
Total cash and cash equivalents	206,837	118,984
Available-for-sale debt securities, at fair value, net of allowance for credit losses of $0, with an amortized cost of $605,273 at June 30, 2026 and $509,083 at December 31, 2025, respectively	570,088	469,410
Held-to-maturity debt securities, at amortized cost less allowance for credit losses of $353 at June 30, 2026 and $440 at December 31, 2025, respectively	276,061	287,117
Equity securities, at fair value	10,119	6,797
Loans, less allowance for credit losses of $49,422 at June 30, 2026 and $30,071 at December 31, 2025, respectively	3,494,361	2,510,786
Bank premises and equipment, net	39,286	23,545
Bank-owned life insurance	76,449	54,163
Federal Home Loan Bank stock	17,250	10,978
Goodwill	154,600	96,828
Core deposit intangibles	32,723	8,266
Accrued interest receivable and other assets	156,466	103,443
Total assets	5,034,240	3,690,317
Deposits:
Non-interest bearing	1,451,008	1,058,765
Interest bearing	2,668,454	2,036,509
Total deposits	4,119,462	3,095,274
Borrowings	175,000	73,000
Senior debt and subordinated debentures, less debt issuance costs of $48 at June 30, 2026 and $121 at December 31, 2025	75,291	69,526
Accrued interest payable and other liabilities	56,667	42,929
Total liabilities	4,426,420	3,280,729
Commitments and contingencies (Note 8)
Shareholders’ equity:
Preferred stock, no par value; 10,000,000 shares authorized, none issued and outstanding	0	0
Retained earnings	247,619	238,990
Accumulated other comprehensive loss, net of tax	(35,498)	(39,624)
Total shareholders’ equity	607,820	409,588
Total liabilities and shareholders’ equity	5,034,240	3,690,317
Nonvoting Common Stock
Shareholders’ equity:
Common stock, no par value; 80,000,000 shares authorized; issued and outstanding: 27,131,078 at June 30, 2026 and 19,163,452 at December 31, 2025	0	0
Common Stock
Shareholders’ equity:
Common stock, no par value; 80,000,000 shares authorized; issued and outstanding: 27,131,078 at June 30, 2026 and 19,163,452 at December 31, 2025	$ 395,699	$ 210,222