Central Valley Community Bancorp,(CMUV) the parent company of Central Valley C ommunity Bank, released its unaudited financial statements for the first quarter of 2023. The report highlights the company's strong performance, including a notable increase in net income and revenue during the period.
Central Valley Community Bancorp experienced a significant surge in net income during the first quarter of 2023. The company's net income reached $6,970, showcasing robust growth compared to the same period last year, which reported a net income of $6,086.
Revenue Climbs, Demonstrating Solid Performance
The financial statements for Q1 2023 demonstrate Central Valley Community Bancorp's strong revenue growth. The company's total interest income amounted to $24,143, reflecting an increase compared to $18,182 in the first quarter of the previous year. The rise in interest and fees on loans and interest on investment securities contributed to this impressive performance.
Overview of Q1 2023 Financials
The unaudited consolidated balance sheets for March 31, 2023, revealed total assets of $2,463,893, showing growth from $2,422,519 at the end of December 2022. The company's total liabilities and shareholders' equity were reported at $2,281,841 and $182,052, respectively.
Cash and cash equivalents also witnessed a significant increase, reaching $64,262, compared to $31,170 at the end of December 2022. Additionally, loans experienced growth, totaling $1,270,297, up from $1,245,456 in December 2022.
Central Valley Community Bancorp's financial statements also showcased a positive trend in non-interest income, totaling $1,575 in Q1 2023, compared to $1,834 during the same period in the previous year.
Central Valley Community Bancorp's unaudited financial statements for the first quarter of 2023 reveal a remarkable performance, with substantial growth in net income and revenue. The company's solid financial footing positions it well to capitalize on future opportunities and continue delivering value to its shareholders and customers alike.