Central Valley Community Bancorp Full Year 2023 Earnings: In Line With Expectations
Central Valley Community Bancorp (NASDAQ:CVCY) Full Year 2023 Results
Key Financial Results
Revenue: US$89.1m (up 6.6% from FY 2022).
Net income: US$25.5m (down 4.2% from FY 2022).
Profit margin: 29% (down from 32% in FY 2022). The decrease in margin was driven by higher expenses.
EPS: US$2.18 (down from US$2.27 in FY 2022).
CVCY Banking Performance Indicators
Net interest margin (NIM): 3.58% (up from 3.52% in FY 2022).
Cost-to-income ratio: 60.5% (up from 54.5% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Central Valley Community Bancorp Meets Expectations
Revenue was in line with analyst estimates. Earnings per share (EPS) was also in line with analyst expectations.
In the last 12 months, the only revenue segment was Banking Operations contributing US$89.1m. The largest operating expense was General & Administrative costs, amounting to US$48.3m (76% of total expenses). Explore how CVCY's revenue and expenses shape its earnings.
Looking ahead, revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's shares are down 3.0% from a week ago.
Risk Analysis
Before we wrap up, we've discovered 1 warning sign for Central Valley Community Bancorp that you should be aware of.
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