# EDGAR Filing Document

**Accession Number:** 0001127371
**File Stem:** 0001127371-23-000022
**Filing Date:** 2023-1
**Character Count:** 54683
**Document Hash:** bb88a8f026c4477c1b635415d60e78d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001127371-23-000022.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001127371-23-000022

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230126

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CENTRAL VALLEY COMMUNITY BANCORP
- **CENTRAL INDEX KEY:** 0001127371
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 770539125
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-31977
- **FILM NUMBER:** 23558158

**BUSINESS ADDRESS:**
- **STREET 1:** 7100 N. FINANCIAL DRIVE, #101
- **CITY:** FRESNO
- **STATE:** CA
- **ZIP:** 93720
- **BUSINESS PHONE:** 559-323-3433

**MAIL ADDRESS:**
- **STREET 1:** 7100 N. FINANCIAL DRIVE, #101
- **CITY:** FRESNO
- **STATE:** CA
- **ZIP:** 93720

?xml version="1.0" ? cvcy-20230126

---

| |
|:---|
| **UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION** |
| Washington, D.C. 20549 |
| **FORM 8-K** |
| **CURRENT REPORT** |
| **Pursuant to Section 13 or 15(d) of the<br>Securities Exchange Act of 1934** |

---

**Date of Report: January 26, 2023**

(Date of earliest event reported)

---

| | | |
|:---|:---|:---|
| **Central Valley Community Bancorp** | **Central Valley Community Bancorp** | **Central Valley Community Bancorp** |
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |
| CA<br>(State or other jurisdiction<br>of incorporation) | 000-31977<br>(Commission File Number) | 77-0539125<br>(IRS Employer<br>Identification Number) |
| 7100 N. Financial Dr., Ste. 101**,** Fresno**,** CA<br>(Address of principal executive offices) |  | **93720**<br>(Zip Code) |
| 559-298-1775<br>(Registrant's telephone number, including area code) | 559-298-1775<br>(Registrant's telephone number, including area code) | 559-298-1775<br>(Registrant's telephone number, including area code) |

---

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **Common Stock, no par value** | **CVCY** | **NASDAQ** |
| (Title of Each Class) | (Trading Symbol) | (Name of Each Exchange on which Registered) |
| **Not Applicable**<br>(Former Name or Former Address, if changed since last report) | **Not Applicable**<br>(Former Name or Former Address, if changed since last report) | **Not Applicable**<br>(Former Name or Former Address, if changed since last report) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

&nbsp;&nbsp;&nbsp;&nbsp;If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act □

------

**Item 2.02. Results of Operations and Financial Condition**

On January 26, 2023, Central Valley Community Bancorp issued a press release containing unaudited financial information and

accompanying discussion for the quarter and twelve months ended December 31, 2022. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

**Item 8.01. Other Events**

On January 26, 2023 the Board of Directors of Central Valley Community Bancorp declared a $0.12 per share cash dividend

payable on February 24, 2023 to shareholders of record as of February 10, 2023.

The information in this Form 8-K filed on January 26, 2023 shall not be deemed "filed" for purposes of Section 18 of the

Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by

reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, regardless of any general

incorporation language in such filing.

**Item 9.01. Financial Statements and Exhibits**

**(a) Financial statements:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None

**(b) Pro forma financial information:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None

**(c) Shell company transactions:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None

**(d) Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 <u>[Press Release of Central Press Release of Central Valley Community Bancorp dated](cvcy122022earningsreleasee.htm)[January 26, 2023](cvcy122022earningsreleasee.htm)</u>

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: | January 26, 2023 | **CENTRAL VALLEY COMMUNITY BANCORP**<br>By: <u>/s/ Dawn P. Crusinberry</u> <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dawn P. Crusinberry<br> *Executive Vice President and Chief Financial Officer (Principal*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Accounting Officer)* |

---

---

| | |
|:---|:---|
| **Exhibit Index** | **Exhibit Index** |
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1 | Press Release of Central Valley Community Bancorp dated |
| | January 26, 2023 |

---

## Exhibit 99.1

![cvcb072022a.jpg](cvcb072022a.jpg)

**<u>FOR IMMEDIATE RELEASE</u>**

**CENTRAL VALLEY COMMUNITY BANCORP REPORTS EARNINGS RESULTS FOR THE YEAR AND QUARTER ENDED DECEMBER 31, 2022, AND QUARTERLY DIVIDEND**

**FRESNO, CALIFORNIA....January 26, 2023...** The Board of Directors of Central Valley Community Bancorp (Company) (NASDAQ: CVCY), the parent company of Central Valley Community Bank (Bank), reported today unaudited consolidated net income of $26,645,000, and fully diluted earnings per common share of $2.27 for the year ended December 31, 2022, compared to $28,401,000 and $2.31 per fully diluted common share for the year ended December 31, 2021.

**FOURTH QUARTER FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income for the fourth quarter of 2022 increased to $7,633,000 or $0.65 per diluted common share, compared to $6,384,000 and $0.55, respectively, in the third quarter of 2022. The Company recorded a $500,000 provision for credit losses during the fourth quarter and the third quarter of 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loans increased $215.9 million or 20.98%, and total assets decreased $27.6 million or 1.13% at December 31, 2022 compared to December 31, 2021. The net loan increase consisted of an increase of $234.2 million in non-PPP loans, offset by a decrease of $18.2 million in SBA Paycheck Protection Program (PPP) loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total deposits decreased 1.09% to $2.10 billion at December 31, 2022 compared to December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total cost of deposits increased to 0.09% for the quarter ended December 31, 2022 compared to 0.05% for the quarter ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average non-interest bearing demand deposit accounts as a percentage of total average deposits was 50.42% and 44.92% for the quarters ended December 31, 2022 and 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-performing assets were $0, net loan charge-offs were $18,000, and loans delinquent more than 30 days were $5,895,000 for the quarter ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest margin increased to 3.80% at December 31, 2022, from 3.57% at September 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital positions remain strong at December 31, 2022 with a 8.37% Tier 1 Leverage Ratio; a 11.92% Common Equity Tier 1 Ratio; a 12.22% Tier 1 Risk-Based Capital Ratio; and a 14.92% Total Risk-Based Capital Ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company declared a $0.12 per common share cash dividend, payable on February 24, 2023 to shareholders of record as of February 10, 2023.

*- more -*

------

*Central Valley Community Bancorp -- page 2*

"The Company's financial success in 2022 encompasses the full range of financial objectives, including earnings, growth, asset quality and liquidity," said James J. Kim, President and CEO. "The positive result of these metrics is due, in no small part, to our team. First and foremost, I want to thank them for their service through a volatile year. We also deeply appreciate the support of our clients, shareholders and our communities, all of which contribute to our success."

"Moving forward, the Company continues its commitment to advance exceptional client service and impact by investing in both physical facilities and banking technologies." concluded Kim.

**<u>Quarter Ended</u> <u>December 31, 2022</u>**

For the quarter ended December 31, 2022, the Company reported unaudited consolidated net income of $7,633,000 and earnings per diluted common share of $0.65, compared to consolidated net income of $6,838,000 and $0.57 per diluted share for the same period in 2021. Net income for the period was affected by an increase in net interest income before provision for credit losses of $3,285,000 and a decrease in total non-interest expenses of $610,000, partially offset by a decrease in non-interest income of $1,811,000 and an increase in the provision for income taxes of $289,000. The effective tax rate increased to 25.97% from 25.89% for the quarters ended December 31, 2022 and December 31, 2021, respectively. Net income for the immediately trailing quarter ended September 30, 2022 was $6,384,000, or $0.55 per diluted common share.

Annualized return on average equity (ROE) for the fourth quarter of 2022 was 18.79%, compared to 11.21% for the same period of 2021. The increase in ROE reflects a decrease in average shareholders' equity compared to the prior year. The decrease in shareholders' equity was primarily driven by a $88,859,000 increase in net unrealized loss on investment securities, dividends paid, and stock repurchases, partially offset by the retention of earnings. Annualized return on average assets (ROA) was 1.25% for the fourth quarter of 2022 compared to 1.13% for the same period in 2021. This increase was due to the increase in net income outpacing the relative increase in average assets.

In comparing the fourth quarter of 2022 to the fourth quarter of 2021, total average loans increased by $191,011,000, or 18.23%. This mix includes a decrease of $40,417,000 in PPP loans, and an increase of $231,428,000 in non-PPP loans. During the fourth quarter of 2022, the Company recorded net loan charge-offs of $18,000 compared to $39,000 net loan recoveries for the same period in 2021. The net charge-off (recovery) ratio, which reflects annualized net charge-offs (recoveries) to average loans, was 0.01% for the quarter ended December 31, 2022 compared to (0.01)% for the quarter ended December 31, 2021. During the quarter ended December 31, 2022, the Company recorded a provision of $500,000 for credit losses, compared to a reversal of provision of $500,000 for the quarter ended December 31, 2021.

*- more -*

------

*Central Valley Community Bancorp -- page 3*

The Company's net interest margin (fully tax equivalent basis) was 3.80% for the quarter ended December 31, 2022, compared to 3.39% for the quarter ended December 31, 2021. Net interest income, before provision for credit losses, increased $3,285,000, or 17.56%, to $21,993,000 for the fourth quarter of 2022, compared to $18,708,000 for the same period in 2021. The accretion on loan marks of acquired loans increased interest income by $76,000 and $223,000 during the quarters ended December 31, 2022 and 2021, respectively. Net interest income during the fourth quarters of 2022 and 2021 benefited by approximately $87,000 and $238,000, respectively, from prepayment penalties and payoff of loans. The net interest margin period-to-period comparisons were impacted by the increase in the yield on the average investment securities and the increase in the yield on the loan portfolio, offset by the increase in the yield on total interest-bearing liabilities. Over the same periods, the cost of total deposits increased to 0.09% from 0.05%.

For the quarter ended December 31, 2022, the Company's average investment securities, including interest-earning deposits in other banks and Federal funds sold, decreased by $85,715,000, or 7.22%, compared to the quarter ended December 31, 2021, and decreased by $1,114,000, or 0.09%, compared to the quarter ended September 30, 2022. This decrease was the result of sales and maturities that occurred during the fourth quarter of 2022. The year over year decrease was primarily the result of the increase in the unrealized loss on available for sale securities.

The effective yield on average investment securities, including interest earning deposits in other banks and Federal funds sold, was 2.76% for the quarter ended December 31, 2022, compared to 2.02% for the quarter ended December 31, 2021 and 2.46% for the quarter ended September 30, 2022. Total average loans (including nonaccrual), which generally yield higher rates than investment securities, increased by $191,011,000 to $1,238,752,000 for the quarter ended December 31, 2022, from $1,047,741,000 for the quarter ended December 31, 2021 and increased by $48,730,000 from $1,190,022,000 for the quarter ended September 30, 2022. For the quarter ended December 31, 2022, average PPP loans decreased $40,417,000 while average non-PPP loans increased $231,428,000 compared to the quarter ended December 31, 2021. The effective yield on average loans was 5.17% for the quarter ended December 31, 2022, compared to 5.14% and 4.90% for the quarters ended December 31, 2021 and September 30, 2022, respectively.

Total average assets for the quarter ended December 31, 2022 were $2,441,652,000 compared to $2,416,590,000 for the quarter ended December 31, 2021 and $2,414,414,000 for the quarter ended September 30, 2022, an increase of $25,062,000 or 1.04% and an increase of $27,238,000 or 1.12%, respectively.

Total average deposits increased $65,717,000, or 3.12%, to $2,169,075,000 for the quarter ended December 31, 2022, compared to $2,103,358,000 for the quarter ended December 31, 2021, and decreased $21,443,000, or 0.99%, compared to $2,147,632,000 for the quarter ended September 30, 2022. The Company's ratio of average non-interest bearing deposits to total deposits was 50.42% for the quarter ended December 31, 2022, compared to 44.92% and 48.50% for the quarters ended December 31, 2021 and September 30, 2022, respectively.

*- more -*

------

*Central Valley Community Bancorp -- page 4*

*Non-Interest Income - The following table presents the key components of non-interest income for the current and trailing quarterly periods indicated:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | | |
|<br>**(Dollars in thousands)** | **December 31, 2022** | **September 30, 2022** |<br>**$ Change** |<br>**% Change** |
| Service charges | $457 | $475 | $(18) | (3.8)% |
| Appreciation in cash surrender value of bank owned life insurance | 248 | 249 | (1) | (0.4)% |
| Interchange fees | 495 | 432 | 63 | 14.6% |
| Loan placement fees | 177 | 155 | 22 | 14.2% |
| Net realized losses on sales and calls of investment securities | (953) | (14) | (939) | 6707.1% |
| Federal Home Loan Bank dividends | 109 | 91 | 18 | 19.8% |
| Other Income | 437 | 92 | 345 | 375.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | $970 | $1480 | $(510) | (34.5)% |

---

The change in the net realized losses on sales of investment securities during the quarter ended December 31, 2022 were primarily responsible for the decrease in total non-interest income, when compared to the quarter ended September 30, 2022. This was offset by an increase in other income which was impacted by the increase in the gain on equity investment recognized during the quarter.

*The following table presents the key components of non-interest income for the periods indicated:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | | |
|<br>**(Dollars in thousands)** | **December 31, 2022** | **December 31, 2021** |<br>**$ Change** |<br>**% Change** |
| Service charges | $457 | $515 | $(58) | (11.3)% |
| Appreciation in cash surrender value of bank owned life insurance | 248 | 244 | 4 | 1.6% |
| Interchange fees | 495 | 471 | 24 | 5.1% |
| Loan placement fees | 177 | 340 | (163) | (47.9)% |
| Net realized (losses) gains on sales and calls of investment securities | (953) | 463 | (1416) | (305.8)% |
| Federal Home Loan Bank dividends | 109 | 84 | 25 | 29.8% |
| Other Income | 437 | 664 | (227) | (34.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | $970 | $2781 | $(1811) | (65.1)% |

---

This decrease was primarily the result of an increase in net realized losses on sales of investment securities and a decrease in other income, which was from a decrease in fair value on equity investments recognized during the quarter ended December 31, 2022 compared to the quarter ended December 31, 2021. The decrease in loan placement fees was also responsible for the decrease in total non-interest income when comparing the quarters ended December 31, 2022 and December 31, 2021.

*- more -*

------

*Central Valley Community Bancorp -- page 5*

*Non-Interest Expense - The following table presents the key components of non-interest expense for the current and trailing quarterly periods indicated:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | | |
|<br>**(Dollars in thousands)** | **December 31, 2022** | **September 30, 2022** |<br>**$ Change** |<br>**% Change** |
| &nbsp;&nbsp;Salaries and employee benefits | $7416 | $7500 | $(84) | (1.1)% |
| &nbsp;&nbsp;Occupancy and equipment | 1262 | 1363 | (101) | (7.4)% |
| &nbsp;&nbsp;Information Technology | 879 | 879 |  | —% |
| &nbsp;&nbsp;Regulatory assessments | 211 | 224 | (13) | (5.8)% |
| &nbsp;&nbsp;Data processing expense | 596 | 560 | 36 | 6.4% |
| &nbsp;&nbsp;Professional services | 68 | 613 | (545) | (88.9)% |
| &nbsp;&nbsp;ATM/Debit card expenses | 221 | 176 | 45 | 25.6% |
| &nbsp;&nbsp;Internet banking expense | 36 | 29 | 7 | 24.1% |
| &nbsp;&nbsp;Advertising | 141 | 138 | 3 | 2.2% |
| &nbsp;&nbsp;Directors' expenses | 98 | 91 | 7 | 7.7% |
| &nbsp;&nbsp;Amortization of core deposit intangibles | 34 | 139 | (105) | (75.5)% |
| &nbsp;&nbsp;Loan related expenses | 51 | 152 | (101) | (66.4)% |
| &nbsp;&nbsp;Personnel other | 104 | 57 | 47 | 82.5% |
| &nbsp;&nbsp;Other expense | 1035 | 877 | 158 | 18.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expenses | $12152 | $12798 | $(646) | (5.0)% |

---

*The following table presents the key components of non-interest expense for the periods indicated:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | | |
|<br>**(Dollars in thousands)** | **December 31, 2022** | **December 31, 2021** |<br>**$ Change** |<br>**% Change** |
| &nbsp;&nbsp;Salaries and employee benefits | $7416 | $7712 | $(296) | (3.8)% |
| &nbsp;&nbsp;Occupancy and equipment | 1262 | 1344 | (82) | (6.1)% |
| &nbsp;&nbsp;Information Technology | 879 | 807 | 72 | 8.9% |
| &nbsp;&nbsp;Regulatory assessments | 211 | 279 | (68) | (24.4)% |
| &nbsp;&nbsp;Data processing expense | 596 | 553 | 43 | 7.8% |
| &nbsp;&nbsp;Professional services | 68 | 327 | (259) | (79.2)% |
| &nbsp;&nbsp;ATM/Debit card expenses | 221 | 203 | 18 | 8.9% |
| &nbsp;&nbsp;Internet banking expense | 36 | 58 | (22) | (37.9)% |
| &nbsp;&nbsp;Advertising | 141 | 141 |  | —% |
| &nbsp;&nbsp;Directors' expenses | 98 | 116 | (18) | (15.5)% |
| &nbsp;&nbsp;Amortization of core deposit intangibles | 34 | 140 | (106) | (75.7)% |
| &nbsp;&nbsp;Loan related expenses | 51 | 88 | (37) | (42.0)% |
| &nbsp;&nbsp;Personnel other | 104 | 139 | (35) | (25.2)% |
| &nbsp;&nbsp;Other expense | 1035 | 855 | 180 | 21.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expenses | $12152 | $12762 | $(610) | (4.8)% |

---

The decrease in non-interest expenses was the result of a reversal of over-accrual in professional services and lower salaries and employee benefits. The lower salaries and benefits was the reflection of lower incentive and profit expense offset by higher compensation expense.

*- more -*

------

*Central Valley Community Bancorp -- page 6*

*The following table shows the Company's outstanding loan portfolio as of December 31, 2022 and December 31, 2021:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Loan Type (dollars in thousands)** | **December 31, 2022** | **% of Total<br>Loans** | **December 31, 2021** | **% of Total<br>Loans** |
| **Commercial:** | | | | |
| &nbsp;&nbsp;Commercial and industrial | $141197 | 11.2% | $136847 | 13.2% |
| &nbsp;&nbsp;Agricultural production | 39007 | 3.1% | 40860 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 180204 | 14.3% | 177707 | 17.1% |
| **Real estate:** |  |  |  |  |
| &nbsp;&nbsp;Owner occupied | 194663 | 15.5% | 212234 | 20.4% |
| &nbsp;&nbsp;Real estate construction and other land loans | 109175 | 8.7% | 61586 | 5.9% |
| &nbsp;&nbsp;Commercial real estate | 464809 | 37.1% | 369529 | 35.6% |
| &nbsp;&nbsp;Agricultural real estate | 117648 | 9.4% | 98481 | 9.5% |
| &nbsp;&nbsp;Other real estate | 24586 | 2.0% | 26084 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate | 910881 | 72.7% | 767914 | 73.9% |
| **Consumer:** |  |  |  |  |
| &nbsp;&nbsp;Equity loans and lines of credit | 123581 | 9.8% | 55620 | 5.4% |
| &nbsp;&nbsp;Consumer and installment | 40252 | 3.2% | 36999 | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 163833 | 13.0% | 92619 | 9.0% |
| Net deferred origination fees | 1386 |  | 871 |  |
| Total gross loans | 1256304 | 100.0% | 1039111 | 100.0% |
| Allowance for credit losses | (10848) |  | (9600) |  |
| &nbsp;&nbsp;Total loans | $1245456 |  | $1029511 |  |

---

*The following table shows the Company's loan portfolio allocated by management's internal risk ratings:*

---

| | | | |
|:---|:---|:---|:---|
| **Loan Risk Rating (In thousands)** | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** |
| Pass | $1196110 | $1170422 | $988855 |
| Special mention | 31023 | 30894 | 40845 |
| Substandard | 27785 | 22657 | 8540 |
| Doubtful |  |  |  |
| &nbsp;&nbsp;Total | $1254918 | $1223973 | $1038240 |

---

At December 31, 2022, the allowance for credit losses was $10,848,000, compared to $9,600,000 at December 31, 2021, a net increase of $1,248,000 reflecting a provision of $1,000,000 and net recoveries during the period. The Company is not required to implement the provisions of the CECL accounting standard until January 1, 2023, and is continuing to account for the allowance for credit losses under the incurred loss model. The allowance for credit losses as a percentage of total loans was 0.86% and 0.92% as of December 31, 2022 and December 31, 2021, respectively. Total loans include loans acquired in the acquisitions of Folsom Lake Bank on October 1, 2017, Sierra Vista Bank on October 1, 2016 and Visalia Community Bank on July 1, 2013 that, at their

*- more -*

------

*Central Valley Community Bancorp -- page 7*

respective acquisition dates, were recorded at fair value and did not have a related allowance for credit losses. The recorded value of acquired loans totaled $73,456,000 at December 31, 2022 and $93,201,000 at December 31, 2021. Excluding these acquired loans from the calculation, the allowance for credit losses to total gross loans was 0.92% and 1.01% as of December 31, 2022 and December 31, 2021, respectively, and general reserves associated with non-impaired loans to total non-impaired loans was 0.89% and 0.98%, respectively. As of December 31, 2022, gross loans included $333,000 related to PPP loans, which are fully guaranteed by the SBA as compared to $18,553,000 at December 31, 2021. Excluding PPP loans and the acquired loans from the calculation, the allowance for credit losses to total gross loans was 0.92% and 1.04% as of December 31, 2022 and December 31, 2021, respectively. The Company believes the allowance for credit losses is adequate to provide for probable incurred credit losses within the loan portfolio at December 31, 2022.

*The composition of the deposits at December 31, 2022 and December 31, 2021 is summarized in the table below:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(Dollars in thousands)** | **December 31, 2022** | **% of<br>Total<br>Deposits** | **December 31, 2021** | **% of<br>Total<br>Deposits** |
| NOW accounts | $324089 | 15.4% | $360462 | 17.0% |
| MMA accounts | 435783 | 20.8% | 511448 | 24.1% |
| Time deposits | 67923 | 3.2% | 90030 | 4.2% |
| Savings deposits | 215287 | 10.3% | 197273 | 9.3% |
| Total interest-bearing | 1043082 | 49.7% | 1159213 | 54.6% |
| Non-interest bearing | 1056567 | 50.3% | 963584 | 45.4% |
| Total deposits | $2099649 | 100.0% | $2122797 | 100.0% |

---

**<u>Year Ended</u> <u>December 31, 2022</u>**

Net income for the year ended December 31, 2022 decreased 6.18%, compared to the year ended December 31, 2021, driven by a provision for credit losses, a decrease in loan placement fees, an increase in the net realized loss on sales of investment securities, partially offset by an increase in service charge income, and a decrease in the provision for income taxes. During the year ended December 31, 2022, the Company recorded a $1,000,000 provision for credit losses, compared to a $4,300,000 reversal of provision during the year ended December 31, 2021. Net interest income before the provision for credit losses for the year ended December 31, 2022 was $79,566,000, compared to $72,554,000 for the year ended December 31, 2021, an increase of $7,012,000 or 9.66%. The impact to interest income from the accretion of the loan marks on acquired loans was $521,000 and $802,000 for the year ended December 31, 2022 and 2021, respectively. In addition, net interest income before the provision for credit losses for the year ended December 31, 2022 was impacted by approximately $649,000 in loan prepayment penalties, as compared to $676,000 for the year ended December 31, 2021. Excluding the loan mark accretion and prepayment penalties, net interest income for the year ended December 31, 2022 increased by $7,320,000 compared to the year ended December 31, 2021.

The Company recorded an income tax provision of $8,496,000 for the year ended December 31, 2022, compared to $9,616,000 for the year ended December 31, 2021. The effective tax rate for the year ended

*- more -*

------

*Central Valley Community Bancorp -- page 8*

December 31, 2022 was 24.18% compared to 25.29% for the year ended December 31, 2021. The effective tax rate was impacted by the increase in tax-exempt interest, as well as an increase in income from the appreciation in cash surrender value of bank owned life insurance.

During the year ended December 31, 2022, the Company's shareholders' equity decreased $73,185,000, or 29.53%, compared to December 31, 2021. The decrease in shareholders' equity was driven by the adverse change in the unrealized position on investment securities, and share repurchases, offset by the retention of earnings, net of dividends paid. The change in the unrealized position was a loss in the amount of $88,859,000.

Return on average equity (ROE) for the year ended December 31, 2022 was 14.25%, compared to 11.50% for the year ended December 31, 2021. The increase in ROE reflects the decrease in average shareholders' equity compared to the prior year. The Company declared and paid $0.48 and $0.47 per share in cash dividends to holders of common stock during the year ended December 31, 2022 and 2021, respectively. Return on average assets (ROA) was 1.09% for the year ended December 31, 2022 and 1.25% for the year ended December 31, 2021. This decrease was due to the decrease in net income and an increase in average assets. During the year ended December 31, 2022, the Company's total assets decreased 1.13%, and total liabilities increased 2.07%, compared to December 31, 2021.

Non-performing assets decreased by $946,000, or 100.00%, to $0 at December 31, 2022, compared to $946,000 at December 31, 2021. During the year ended December 31, 2022, the Company recorded $248,000 in net loan recoveries, compared to $985,000 for the year ended December 31, 2021. The net charge-off (recovery) ratio, which reflects annualized net charge-offs (recoveries) to average loans, was (0.02)% for the year ended December 31, 2022, compared to (0.09)% for the same period in 2021. Total non-performing assets were 0.00% and 0.04% of total assets as of December 31, 2022 and December 31, 2021, respectively.

The Company's net interest margin (fully tax equivalent basis) was 3.52% for the year ended December 31, 2022, compared to 3.54% for the year ended December 31, 2021. The decrease in net interest margin in the period-to-period comparison resulted from the decrease in the yield on the Company's loan portfolio, and an increase in the balance of average interest-earning assets.

For the year ended December 31, 2022, the effective yield on average total earning assets increased 5 basis points to 3.66% compared to 3.61% for the year ended December 31, 2021, while the cost of average total interest-bearing liabilities increased to 0.28% for the year ended December 31, 2022 as compared to 0.12% for the year ended December 31, 2021. Over the same periods, the cost of average total deposits increased to 0.06% for the year ended December 31, 2022 compared to 0.05% for the same period in 2021.

For the year ended December 31, 2022, the Company's average investment securities, including interest-earning deposits in other banks and Federal funds sold, totaled $1,180,125,000, an increase of $158,452,000, or 15.51%, compared to the year ended December 31, 2021. The effective yield on average investment securities, including interest-earning deposits in other banks and Federal funds sold, increased to 2.45% for the year ended December 31, 2022, compared to 2.08% for the year ended December 31, 2021.

*- more -*

------

*Central Valley Community Bancorp -- page 9*

Total average loans (including nonaccrual), which generally yield higher rates than investment securities, increased $64,266,000 to $1,133,919,000 for the year ended December 31, 2022 from $1,069,653,000 for the year ended December 31, 2021. The effective yield on average loans decreased to 4.93% for the year ended December 31, 2022, compared to 5.07% for the year ended December 31, 2021. Total average PPP loans, which have a 1.00% interest rate in addition to loan fees, were $3,786,000 for the year ended December 31, 2022 as compared to $116,030,000 at December 31, 2021. Excluding PPP loans from total average loans, the effective yield on average loans for the year ended December 31, 2022 was immaterially impacted. As of December 31, 2021 the effective yield on average loans was 4.85% after excluding PPP loans.

*Non-Interest Income - The following table presents the key components of non-interest income for the current and trailing periods indicated:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended** | **Year ended** | | |
|<br>**(Dollars in thousands)** | **December 31, 2022** | **December 31, 2021** |<br>**$ Change** |<br>**% Change** |
| Service charges | $2014 | $1901 | $113 | 5.9% |
| Appreciation in cash surrender value of bank owned life insurance | 985 | 840 | 145 | 17.3% |
| Interchange fees | 1847 | 1784 | 63 | 3.5% |
| Loan placement fees | 899 | 1974 | (1075) | (54.5)% |
| Net realized (losses) gains on sales and calls of investment securities | (1730) | 501 | (2231) | (445.3)% |
| Federal Home Loan Bank dividends | 367 | 321 | 46 | 14.3% |
| Other Income | 672 | 1684 | (1012) | (60.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | $5054 | $9005 | $(3951) | (43.9)% |

---

The decrease in non-interest income was the result of an increase in net realized losses on sales of investment securities and a decrease in other income, which resulted from a decrease in fair value on equity investments recognized during the year ended December 31, 2022 compared to the year ended December 31, 2021. The decrease in loan placement fees and change in other miscellaneous processing fees were also responsible for the decrease in total non-interest income when comparing the years ended December 31, 2022 and December 31, 2021.

*- more -*

------

*Central Valley Community Bancorp -- page 10*

*Non-Interest Expense - The following table presents the key components of non-interest expense for the periods indicated:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended** | **Year ended** | | |
|<br>**(Dollars in thousands)** | **December 31, 2022** | **December 31, 2021** |<br>**$ Change** |<br>**% Change** |
| &nbsp;&nbsp;Salaries and employee benefits | $28917 | $28720 | $197 | 0.7% |
| &nbsp;&nbsp;Occupancy and equipment | 5131 | 4882 | 249 | 5.1% |
| &nbsp;&nbsp;Information Technology | 3344 | 2868 | 476 | 16.6% |
| &nbsp;&nbsp;Regulatory assessments | 851 | 831 | 20 | 2.4% |
| &nbsp;&nbsp;Data processing expense | 2245 | 2394 | (149) | (6.2)% |
| &nbsp;&nbsp;Professional services | 1519 | 1665 | (146) | (8.8)% |
| &nbsp;&nbsp;ATM/Debit card expenses | 809 | 818 | (9) | (1.1)% |
| &nbsp;&nbsp;Internet banking expense | 134 | 320 | (186) | (58.1)% |
| &nbsp;&nbsp;Advertising | 557 | 527 | 30 | 5.7% |
| &nbsp;&nbsp;Directors' expenses | 282 | 422 | (140) | (33.2)% |
| &nbsp;&nbsp;Amortization of core deposit intangibles | 454 | 661 | (207) | (31.3)% |
| &nbsp;&nbsp;Loan related expenses | 341 | 357 | (16) | (4.5)% |
| &nbsp;&nbsp;Personnel other | 323 | 374 | (51) | (13.6)% |
| &nbsp;&nbsp;Other expense | 3572 | 3003 | 569 | 18.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expenses | $48479 | $47842 | $637 | 1.3% |

---

Total average assets for the year ended December 31, 2022 was $2,439,394,000 compared to $2,267,615,000 for the year ended December 31, 2021, an increase of $171,779,000 or 7.58%. During the year ended December 31, 2022 and 2021, the loan-to-deposit ratio was 59.83% and 48.95%, respectively. Total average deposits increased $181,516,000 or 9.19% to $2,156,092,000 for the year ended December 31, 2022, compared to $1,974,576,000 for the year ended December 31, 2021. Average interest-bearing deposits increased $75,088,000, or 6.99%, and average non-interest bearing demand deposits increased $106,428,000, or 11.82%, for the year ended December 31, 2022, compared to the year ended December 31, 2021. The Company's ratio of average non-interest bearing deposits to total deposits was 46.68% for the year ended December 31, 2022, compared to 45.58% for the year ended December 31, 2021.

**<u>Capital Management</u>**

On January 26, 2023, the Board of Directors of the Company declared a regular quarterly cash dividend of $0.12 per share on the Company's common stock. The dividend is payable on February 24, 2023 to shareholders of record as of February 10, 2023. The Company continues to be well capitalized and expects to maintain adequate capital levels.

Central Valley Community Bancorp trades on the NASDAQ stock exchange under the symbol CVCY. Central Valley Community Bank (CVCB), headquartered in Fresno, California, was founded in 1979 and is the sole subsidiary of Central Valley Community Bancorp. CVCB operates full-service Banking Centers throughout

*- more -*

------

*Central Valley Community Bancorp -- page 11*

California's San Joaquin Valley and Greater Sacramento region, in addition to CVCB maintaining Commercial, Real Estate, and Agribusiness Lending, as well as Private Business Banking and Cash Management Departments.

Members of Central Valley Community Bancorp's and CVCB's Board of Directors are: Daniel J. Doyle (Chairman), Daniel N. Cunningham (Vice Chairman), F. T. "Tommy" Elliott, IV, Robert J. Flautt, Gary D. Gall, James J. Kim, Andriana D. Majarian, Steven D. McDonald, Louis C. McMurray, Karen A. Musson, Dorothea D. Silva and William S. Smittcamp.

More information about Central Valley Community Bancorp and Central Valley Community Bank can be found at www.cvcb.com. Also, visit Central Valley Community Bank on Twitter, Facebook and LinkedIn.

###

**Forward-looking Statements**- Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are forward-looking in nature and involve a number of risks and uncertainties. Such risks and uncertainties include, but are not limited to (1) significant increases in competitive pressure in the banking industry; (2) the impact of changes in interest rates; (3) a decline in economic conditions in the Central Valley and the Greater Sacramento Region, including the impact of inflation; (4) the Company's ability to continue its internal growth at historical rates; (5) the Company's ability to maintain its net interest margin; (6) the decline in quality of the Company's earning assets; (7) a decline in credit quality; (8) changes in the regulatory environment; (9) fluctuations in the real estate market; (10) changes in business conditions and inflation; (11) changes in securities markets (12) risks associated with acquisitions, relating to difficulty in integrating combined operations and related negative impact on earnings, and incurrence of substantial expenses; (13) political developments, uncertainties or instability, catastrophic events, acts of war or terrorism, or natural disasters, such as earthquakes, drought, pandemic diseases or extreme weather events, any of which may affect services we use or affect our customers, employees or third parties with which we conduct business; (14) the other risks set forth in the Company's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2021. Therefore, the information set forth in such forward-looking statements should be carefully considered when evaluating the business prospects of the Company.

*- more -*

------

*Central Valley Community Bancorp -- page 12*

**CENTRAL VALLEY COMMUNITY BANCORP**

**CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|<br>**(In thousands, except share amounts)** | **December 31,**<br>**2022** | **September 30,**<br>**2022** | **December 31,**<br>**2021** |
| **ASSETS** |  |  |  |
| Cash and due from banks | $25485 | $32535 | $29412 |
| Interest-earning deposits in other banks | 5685 | 9043 | 134055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | 31170 | 41578 | 163467 |
| Available-for-sale investment securities | 648825 | 668300 | 1109208 |
| Held-to-maturity investment securities | 305107 | 305482 |  |
| Equity securities | 6558 | 6544 | 7416 |
| Loans, less allowance for credit losses of $10,848, $10,366, and $9,600 at December 31, 2022, September 30, 2022, and December 31, 2021, respectively | 1245456 | 1214904 | 1029511 |
| Bank premises and equipment, net | 7987 | 7909 | 8380 |
| Bank owned life insurance | 40537 | 40289 | 39553 |
| Federal Home Loan Bank stock | 6169 | 6169 | 5595 |
| Goodwill | 53777 | 53777 | 53777 |
| Core deposit intangibles | 68 | 102 | 522 |
| Accrued interest receivable and other assets | 76865 | 80644 | 32710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2422519 | $2425698 | $2450139 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| Deposits: |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-interest bearing | $1056567 | $1044678 | $963584 |
| &nbsp;&nbsp;&nbsp;Interest bearing | 1043082 | 1094466 | 1159213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 2099649 | 2139144 | 2122797 |
| Short-term borrowings | 46000 | 25000 |  |
| Senior debt and subordinated debentures | 69599 | 69563 | 39454 |
| Accrued interest payable and other liabilities | 32611 | 33177 | 40043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2247859 | 2266884 | 2202294 |
| **Shareholders' equity:** |  |  |  |
| Preferred stock, no par value; 10,000,000 shares authorized, none issued and outstanding |  |  |  |
| Common stock, no par value; 80,000,000 shares authorized; issued and outstanding: 11,735,291, 11,732,011, and 11,916,651, at December 31, 2022, September 30, 2022, and December 31, 2021, respectively | 61487 | 61262 | 66820 |
| Retained earnings | 194400 | 188174 | 173393 |
| Accumulated other comprehensive (loss) income, net of tax | (81227) | (90622) | 7632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 174660 | 158814 | 247845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $2422519 | $2425698 | $2450139 |

---

*- more -*

------

*Central Valley Community Bancorp -- page 13*

**CENTRAL VALLEY COMMUNITY BANCORP**

**CONDENSED CONSOLIDATED INCOME STATEMENTS**

**(Unaudited)&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended,** | **For the Three Months Ended,** | **For the Three Months Ended,** | **For the Years Ended** | **For the Years Ended** |
| | | | | **December 31,** | **December 31,** |
|<br>**(In thousands, except share and per-share amounts)** | **December 31,**<br>**2022** | **September 31,**<br>**2022** | **December 31,**<br>**2021** | **2022** | **2021** |
| INTEREST INCOME: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and fees on loans | $16155 | $14708 | $13548 | $55907 | $54077 |
| &nbsp;&nbsp;&nbsp;Interest on deposits in other banks | 234 | 48 | 40 | 391 | 129 |
| &nbsp;&nbsp;&nbsp;Interest and dividends on investment securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | 5426 | 4411 | 4106 | 20011 | 14044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exempt from Federal income taxes | 1534 | 1825 | 1463 | 6679 | 5606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 23349 | 20992 | 19157 | 82988 | 73856 |
| INTEREST EXPENSE: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest on deposits | 483 | 231 | 253 | 1197 | 1036 |
| &nbsp;&nbsp;&nbsp;Interest on subordinated debentures and borrowings | 873 | 597 | 196 | 2225 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 1356 | 828 | 449 | 3422 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income before provision for credit losses | 21993 | 20164 | 18708 | 79566 | 72554 |
| PROVISION FOR (REVERSAL OF) CREDIT LOSSES | 500 | 500 | (500) | 1000 | (4300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 21493 | 19664 | 19208 | 78566 | 76854 |
| NON-INTEREST INCOME: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service charges | 457 | 475 | 515 | 2014 | 1901 |
| &nbsp;&nbsp;&nbsp;Net realized (losses) gains on sales and calls of investment securities | (953) | (14) | 463 | (1730) | 501 |
| &nbsp;&nbsp;&nbsp;Other income | 1466 | 1019 | 1803 | 4770 | 6603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 970 | 1480 | 2781 | 5054 | 9005 |
| NON-INTEREST EXPENSES: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | 7416 | 7500 | 7712 | 28917 | 28720 |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | 1262 | 1363 | 1344 | 5131 | 4882 |
| &nbsp;&nbsp;&nbsp;Other expense | 3474 | 3935 | 3706 | 14431 | 14240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expenses | 12152 | 12798 | 12762 | 48479 | 47842 |
| Income before provision for income taxes | 10311 | 8346 | 9227 | 35141 | 38017 |
| PROVISION FOR INCOME TAXES | 2678 | 1962 | 2389 | 8496 | 9616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $7633 | $6384 | $6838 | $26645 | $28401 |
| Net income per common share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic earnings per common share | $0.65 | $0.55 | $0.57 | $2.27 | $2.32 |
| &nbsp;&nbsp;&nbsp;Weighted average common shares used in basic computation | 11690410 | 11678532 | 11956045 | 11715376 | 12237424 |
| &nbsp;&nbsp;&nbsp;Diluted earnings per common share | $0.65 | $0.55 | $0.57 | $2.27 | $2.31 |
| &nbsp;&nbsp;&nbsp;Weighted average common shares used in diluted computation | 11708753 | 11689323 | 11994590 | 11739074 | 12281932 |
| &nbsp;&nbsp;&nbsp;Cash dividends per common share | $0.12 | $0.12 | $0.12 | $0.48 | $0.47 |

---

*- more -*

------

*Central Valley Community Bancorp -- page 14*

**CENTRAL VALLEY COMMUNITY BANCORP**

**CONDENSED CONSOLIDATED INCOME STATEMENTS**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**For the three months ended** | **Dec. 31,**<br>**2022** | **Sept. 30,**<br>**2022** | **Jun. 30,**<br>**2022** | **Mar. 31,**<br>**2022** | **Dec. 31,**<br>**2021** |
| **(In thousands, except share and per share amounts)** |  |  |  |  |  |
| Net interest income | $21993 | $20164 | $19810 | $17597 | $18708 |
| Provision for (reversal of) credit losses | 500 | 500 |  |  | (500) |
| Net interest income after provision for credit losses | 21493 | 19664 | 19810 | 17597 | 19208 |
| Total non-interest income | 970 | 1480 | 770 | 1834 | 2781 |
| Total non-interest expense | 12152 | 12798 | 12083 | 11445 | 12762 |
| Provision for income taxes | 2678 | 1962 | 1955 | 1900 | 2389 |
| Net income | $7633 | $6384 | $6542 | $6086 | $6838 |
| Basic earnings per common share | $0.65 | $0.55 | $0.56 | $0.51 | $0.57 |
| Weighted average common shares used in basic computation | 11690410 | 11678532 | 11665074 | 11829245 | 11956045 |
| Diluted earnings per common share | $0.65 | $0.55 | $0.56 | $0.51 | $0.57 |
| Weighted average common shares used in diluted computation | 11708753 | 11689323 | 11685850 | 11872025 | 11994590 |

---

**CENTRAL VALLEY COMMUNITY BANCORP**

**SELECTED RATIOS**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**As of and for the three months ended** | **Dec. 31,**<br>**2022** | **Sep. 30,**<br>**2022** | **Jun. 30,**<br>**2022** | **Mar. 31,**<br>**2022** | **Dec. 31,**<br>**2021** |
| **(Dollars in thousands, except per share amounts)** |  |  |  |  |  |
| Allowance for credit losses to total loans | 0.86% | 0.85% | 0.87% | 0.97% | 0.92% |
| Non-performing assets to total assets | —% | 0.01% | 0.01% | 0.01% | 0.04% |
| Total non-performing assets | $— | $251 | $271 | $292 | $946 |
| Total nonaccrual loans | $— | $251 | $271 | $292 | $946 |
| Total substandard loans | $27785 | $22657 | $10756 | $10739 | $8540 |
| Total special mention loans | $31023 | $30894 | $34509 | $39901 | $40845 |
| Net loan charge-offs (recoveries) | $18 | $7 | $(9) | $(264) | $(39) |
| Net charge-offs (recoveries) to average loans (annualized) | 0.01% | —% | —% | (0.10)% | (0.01)% |
| Book value per share | $14.88 | $13.54 | $13.90 | $16.31 | $20.80 |
| Tangible book value per share | $10.30 | $8.94 | $9.29 | $11.70 | $16.24 |
| Tangible common equity | $120814 | $104935 | $108863 | $137501 | $193546 |
| Cost of total deposits | 0.09% | 0.04% | 0.04% | 0.05% | 0.05% |
| Interest and dividends on investment securities exempt from Federal income taxes | $1534 | $1825 | $1879 | $1440 | $1463 |
| Net interest margin (calculated on a fully tax equivalent basis) (1) | 3.80% | 3.57% | 3.48% | 3.19% | 3.39% |
| Return on average assets (2) | 1.25% | 1.06% | 1.07% | 0.99% | 1.13% |
| Return on average equity (2) | 18.79% | 14.42% | 14.73% | 10.51% | 11.21% |
| Loan to deposit ratio | 59.83% | 57.28% | 53.94% | 46.80% | 48.95% |
| Efficiency ratio | 49.85% | 57.20% | 54.20% | 57.66% | 58.94% |
| Tier 1 leverage - Bancorp | 8.37% | 8.26% | 7.89% | 7.87% | 8.03% |
| Tier 1 leverage - Bank | 10.86% | 10.73% | 9.10% | 8.54% | 8.47% |
| Common equity tier 1 - Bancorp | 11.92% | 11.56% | 11.94% | 12.06% | 12.48% |
| Common equity tier 1 - Bank | 15.87% | 15.41% | 14.15% | 13.43% | 13.52% |
| Tier 1 risk-based capital - Bancorp | 12.22% | 11.86% | 12.26% | 12.38% | 12.82% |
| Tier 1 risk-based capital - Bank | 15.87% | 15.41% | 14.15% | 13.43% | 13.52% |
| Total risk-based capital - Bancorp | 14.92% | 14.54% | 15.07% | 15.27% | 15.80% |
| Total risk based capital - Bank | 16.53% | 16.03% | 14.78% | 14.08% | 14.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Net Interest Margin is computed by dividing annualized quarterly net interest income by quarterly average interest-bearing assets.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Computed by annualizing quarterly net income.

*- more -*

------

*Central Valley Community Bancorp -- page 15*

**CENTRAL VALLEY COMMUNITY BANCORP**

**AVERAGE BALANCES AND RATES**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Years Ended** | **For the Years Ended** |
|<br>**AVERAGE AMOUNTS**<br>**(Dollars in thousands)** | **December 31,**<br>**2022** | **September 30,**<br>**2022** | **December 31,**<br>**2021** | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
| Interest-bearing deposits in other banks | $24607 | $6192 | $104725 | $48032 | $104710 |
| Investments | 1076245 | 1095774 | 1081842 | 1132093 | 916963 |
| Loans (1) | 1238592 | 1189762 | 1046602 | 1133641 | 1067316 |
| Earning assets | 2339444 | 2291728 | 2233169 | 2313766 | 2088989 |
| Allowance for credit losses | (10436) | (9877) | (10036) | (10005) | (11482) |
| Nonaccrual loans | 160 | 260 | 1139 | 278 | 2337 |
| Other non-earning assets | 112484 | 132303 | 192318 | 135355 | 187771 |
| Total assets | $2441652 | $2414414 | $2416590 | $2439394 | $2267615 |
| Interest bearing deposits | $1075482 | $1105934 | $1158542 | $1149581 | $1074493 |
| Other borrowings | 75936 | 60794 | 23837 | 63752 | 9864 |
| Total interest-bearing liabilities | 1151418 | 1166728 | 1182379 | 1213333 | 1084357 |
| Non-interest bearing demand deposits | 1093593 | 1041698 | 944816 | 1006511 | 900083 |
| Non-interest bearing liabilities | 34182 | 28905 | 45349 | 32532 | 36311 |
| Total liabilities | 2279193 | 2237331 | 2172544 | 2252376 | 2020751 |
| Total equity | 162459 | 177083 | 244046 | 187018 | 246864 |
| Total liabilities and equity | $2441652 | $2414414 | $2416590 | $2439394 | $2267615 |
| **AVERAGE RATES** |  |  |  |  |  |
| Interest-earning deposits in other banks | 3.80% | 3.10% | 0.15% | 0.81% | 0.12% |
| Investments | 2.74% | 2.45% | 2.20% | 2.51% | 2.31% |
| Loans (3) | 5.17% | 4.90% | 5.14% | 4.93% | 5.07% |
| Earning assets | 4.03% | 3.72% | 3.47% | 3.66% | 3.61% |
| Interest-bearing deposits | 0.18% | 0.08% | 0.09% | 0.10% | 0.10% |
| Other borrowings | 4.60% | 3.93% | 3.29% | 3.49% | 2.70% |
| Total interest-bearing liabilities | 0.47% | 0.28% | 0.15% | 0.28% | 0.12% |
| Net interest margin (calculated on a fully tax equivalent basis) (2) | 3.80% | 3.57% | 3.39% | 3.52% | 3.54% |

---

(1)Average loans do not include nonaccrual loans.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Calculated on a fully tax equivalent basis, which includes Federal tax benefits relating to income earned on municipal bonds of $408, $486, and $389, for the three months ended December 31, 2022, September 30, 2022, and December 31, 2021, respectively. The Federal tax benefits relating to income earned on municipal bonds totaled $1,775 and $1,490 for the year ended December 31, 2022 and 2021, respectively.

(3)&nbsp;&nbsp;&nbsp;&nbsp;Loan yield includes loan (costs) fees for the three months ended December 31, 2022, September 30, 2022, and December 31, 2021 of $(135), $(80), and $1,508, respectively. Loan yield includes loan fees (costs) for the year ended December 31, 2022 and 2021 of $274 and $6,474, respectively.

CONTACTS: Investor Contact:

&nbsp;&nbsp;&nbsp;&nbsp;James Kim

&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;Central Valley Community Bancorp

&nbsp;&nbsp;&nbsp;&nbsp;559-323-3446

Media Contact:

&nbsp;&nbsp;&nbsp;&nbsp;Debbie Nalchajian-Cohen

&nbsp;&nbsp;&nbsp;&nbsp;Marketing Director

&nbsp;&nbsp;&nbsp;&nbsp;Central Valley Community Bancorp

&nbsp;&nbsp;&nbsp;&nbsp;559-222-1322

<br>