CENTRAL VALLEY COMMUNITY BANCORP Files 2023 10-K

TL;DR

<b>CENTRAL VALLEY COMMUNITY BANCORP filed its 2023 10-K report on March 15, 2024.</b>

AI Summary

CENTRAL VALLEY COMMUNITY BANCORP (CWBC) filed a Annual Report (10-K) with the SEC on March 15, 2024. Filed 2024-03-15 for the fiscal year ending 2023-12-31. Company is CENTRAL VALLEY COMMUNITY BANCORP, ticker CWBC. Incorporated in California (CA). Primary SIC code: 6022 (State Commercial Banks). Business and mailing address: 7100 N. FINANCIAL DRIVE, #101, FRESNO, CA 93720.

Why It Matters

For investors and stakeholders tracking CENTRAL VALLEY COMMUNITY BANCORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance and operations for the fiscal year 2023. Investors and analysts can use this report to assess the bank's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — CENTRAL VALLEY COMMUNITY BANCORP shows moderate risk based on this filing. The filing is a standard 10-K for a commercial bank, which inherently carries risks related to financial markets, interest rate sensitivity, and regulatory compliance. Specific risk factors are detailed within the full report.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand the bank's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-03-15 — Filing Date (FILED AS OF DATE)
• 0.48 — EPS (Basic) (Earnings Per Share Basic for the fiscal year)
• 0.47 — EPS (Diluted) (Earnings Per Share Diluted for the fiscal year)

Key Players & Entities

• CENTRAL VALLEY COMMUNITY BANCORP (company) — COMPANY CONFORMED NAME
• CWBC (company) — Ticker Symbol
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-03-15 (date) — FILED AS OF DATE
• 6022 (other) — STANDARD INDUSTRIAL CLASSIFICATION
• CA (location) — STATE OF INCORPORATION
• 7100 N. FINANCIAL DRIVE, #101 (address) — BUSINESS ADDRESS STREET 1
• FRESNO (location) — BUSINESS ADDRESS CITY

FAQ

Industry Context

Central Valley Community Bancorp operates within the commercial banking sector, providing financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, the company is subject to regulations from various financial authorities, including the SEC and potentially state banking regulators.

What Investors Should Do

1. Analyze the full 10-K document for detailed financial statements, including balance sheets, income statements, and cash flow statements.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and outlook.
3. Review the risk factors section for a comprehensive understanding of potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-15: 10-K Filing Date — Date the annual report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K. Comparative data from the previous year's 10-K would be found within this document.

Key Financial Figures

• $2,433,426,000 — solidated total assets of approximately $2,433,426,000. See Items 7 and 8 , Management's Discu
• $161.2 m — er consideration would be approximately $161.2 million, or $17.66 per share of Community
• $17.66 — uld be approximately $161.2 million, or $17.66 per share of Community West common stoc
• $1,290,797,000 — ecember 31, 2023, we had total loans of $1,290,797,000. Total commercial and industrial loans
• $105,466,000 — l and industrial loans outstanding were $105,466,000, total agricultural land and production
• $33,556,000 — d and production loans outstanding were $33,556,000, total real estate loans outstanding we
• $1,094,327,000 — otal real estate loans outstanding were $1,094,327,000, and total consumer loans outstanding w
• $55,606,000 — d total consumer loans outstanding were $55,606,000. Our loans are collateralized by real e
• $43,560,000 — ing limits to individual customers were $43,560,000 for unsecured loans and $72,433,000 for
• $72,433,000 — ere $43,560,000 for unsecured loans and $72,433,000 for unsecured and secured loans combine

Filing Documents

• cvcy-20231231.htm (10-K) — 4309KB
• exhibit31refiledamendedand.htm (EX-3.1) — 159KB
• exhibit32revisedandrestate.htm (EX-3.2) — 248KB
• exhibit432023q4.htm (EX-4.3) — 23KB
• exhibit1047rsaagreement-ki.htm (EX-10.47) — 109KB
• cvcy-1231202310kxex21q4.htm (EX-21) — 3KB
• exhibit2312023q41231-moss.htm (EX-23.1) — 3KB
• exhibit2322023q41231-crowe.htm (EX-23.2) — 3KB
• exhibit3112024q4.htm (EX-31.1) — 14KB
• exhibit3122023q4.htm (EX-31.2) — 14KB
• exhibit3212023q4.htm (EX-32.1) — 6KB
• exhibit3222023q4.htm (EX-32.2) — 6KB
• ex971executiveofficerincen.htm (EX-97.1) — 27KB
• 0001628280-24-011417.txt (&nbsp;) — 18500KB
• cvcy-20231231.xsd (EX-101.SCH) — 81KB
• cvcy-20231231_cal.xml (EX-101.CAL) — 165KB
• cvcy-20231231_def.xml (EX-101.DEF) — 566KB
• cvcy-20231231_lab.xml (EX-101.LAB) — 1083KB
• cvcy-20231231_pre.xml (EX-101.PRE) — 861KB
• cvcy-20231231_htm.xml (XML) — 3314KB

RISK FACTORS

RISK FACTORS 17 ITEM 1B - UNRESOLVED STAFF COMMENTS 33 ITEM 1C - CYBERSECURITY 33 ITEM 2 - DESCRIPTION OF PROPERTY 35 ITEM 3 -

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 35 ITEM 4 - MINE SAFETY DISCLOSURES 35 ITEM 5 - MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 35 ITEM 6 - [RESERVED] 36 ITEM 7-

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIO NS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIO NS 36 ITEM 7A-

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 61 ITEM 8 -

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 65 ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 112 ITEM 9A -

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 112 ITEM 9B- OTHER INFORMATION 113 ITEM 9C- DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 113 ITEM 10 - DIRECTORS, EXECUTIVE OFFICERS, A ND CORPORATE GOVERNANCE 114 ITEM 11 -

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 114 ITEM 12 -

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 114 ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS 115 ITEM 14 - PRINCIPAL ACCOUNTING FEES AND SERVICES 115 ITEM 15 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES 115

SIGNATURES

SIGNATURES 121 Table o f Contents Cautionary Note Regarding Forward-Looking Statements Certain matters set forth herein (including any exhibits hereto) constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company's current business plans and expectations regarding future operating results. Forward-looking statements may include, but are not limited to, the use of forward-looking language, such as "likely result in," "expects," "anticipates," "estimates," "forecasts," "projects," "intends to," or may include other similar words or phrases, such as "believes," "plans," "trend," "objective," "continues," "remains," or similar expressions, or future or conditional verbs, such as "will," "would," "should," "could," "may," "might," "can," or similar verbs. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. These risks and uncertainties, some of which are beyond our control, include, but are not limited to: current and future business, economic and market conditions in the United States generally or in the communities we serve, including the effects of declines in property values and overall slowdowns in economic growth should these events occur; inflationary pressures and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase the level of defaults, losses and prepayments on loans we have made and make, whether held in the portfolio or in the secondary market; effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Federal Open Market Committee of the Federal Reserve Board; geopolitical and domestic political developments that can increase levels of political

- DESCRIPTION OF BUSINESS

ITEM 1 - DESCRIPTION OF BUSINESS General Central Valley Community Bancorp is a bank holding company registered under the Bank Holding Company Act of 1956, as amended (the "Company"). The Company was incorporated on February 7, 2000 as a California corporation, for the purpose of becoming the holding company for Central Valley Community Bank (the "Bank"), formerly known as Clovis Community Bank, a California state chartered bank, through a corporate reorganization. In the reorganization, the Bank became the wholly-owned subsidiary of the Company, and the shareholders of the Bank became the shareholders of the Company. The Company made a decision in the first half of 2002 to change the name of its one subsidiary, Clovis Community Bank, to Central Valley Community Bank. At December 31, 2023, the Bank was the only banking subsidiary of the Company. The Bank is a multi-community bank that offers a full range of commercial banking services to small and medium size businesses, and their owners, managers and employees in the central valley area of California. Nine contiguous counties are served in California's central valley including Fresno County, El Dorado County, Madera County, Merced County, Placer County, Sacramento County, San Joaquin County, Stanislaus County, and Tulare County, and their surrounding areas. The Company does not currently conduct any operations other than through the Bank. Unless the context otherwise requires, references to "us," "we," or "our" refer to the Company and the Bank on a consolidated basis. At December 31, 2023, we had consolidated total assets of approximately $2,433,426,000. See Items 7 and 8 , Management's Discussion and Analysis of Financial Condition and Results of Operations , and Financial Statements . The Company is regulated by the Board of Governors of the Federal Reserve ("Federal Reserve"). The Bank is regulated by the California Department of Financial Protection and Innovation ("DFPI") and its primary Federal regula

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View this 10-K filing on SEC EDGAR