0001127371-21-000141.txt : 20211103 0001127371-21-000141.hdr.sgml : 20211103 20211103135616 ACCESSION NUMBER: 0001127371-21-000141 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 62 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211103 DATE AS OF CHANGE: 20211103 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-31977 FILM NUMBER: 211374727 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 10-Q 1 cvcy-20210930.htm 10-Q cvcy-20210930
0001127371false12-312021Q3nasdaq10,06112,91510,000,00010,000,000————80,000,00080,000,00011,987,90412,509,84811,987,90412,509,848——no——P1Mone yearfive yearsthree months00011273712021-01-012021-09-3000011273712021-01-012021-12-31xbrli:shares00011273712021-08-02iso4217:USD00011273712021-09-3000011273712020-12-31iso4217:USDxbrli:shares00011273712021-07-012021-09-3000011273712020-07-012020-09-3000011273712020-01-012020-09-3000011273712020-01-012020-12-310001127371us-gaap:CommonStockMember2020-06-300001127371us-gaap:RetainedEarningsMember2020-06-300001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-3000011273712020-06-300001127371us-gaap:RetainedEarningsMember2020-07-012020-09-300001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001127371us-gaap:CommonStockMember2020-07-012020-09-300001127371us-gaap:CommonStockMember2020-09-300001127371us-gaap:RetainedEarningsMember2020-09-300001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-3000011273712020-09-300001127371us-gaap:CommonStockMember2021-06-300001127371us-gaap:RetainedEarningsMember2021-06-300001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-3000011273712021-06-300001127371us-gaap:RetainedEarningsMember2021-07-012021-09-300001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001127371us-gaap:CommonStockMember2021-07-012021-09-300001127371us-gaap:CommonStockMember2021-09-300001127371us-gaap:RetainedEarningsMember2021-09-300001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001127371us-gaap:CommonStockMember2019-12-310001127371us-gaap:RetainedEarningsMember2019-12-310001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-3100011273712019-12-310001127371us-gaap:RetainedEarningsMember2020-01-012020-09-300001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001127371us-gaap:CommonStockMember2020-01-012020-09-300001127371us-gaap:CommonStockMember2020-12-310001127371us-gaap:RetainedEarningsMember2020-12-310001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001127371us-gaap:RetainedEarningsMember2021-01-012021-09-300001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001127371us-gaap:CommonStockMember2021-01-012021-09-300001127371us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300001127371us-gaap:FairValueInputsLevel1Member2021-09-300001127371us-gaap:FairValueInputsLevel2Member2021-09-300001127371us-gaap:FairValueInputsLevel3Member2021-09-300001127371us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-09-300001127371us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001127371us-gaap:FairValueInputsLevel1Member2020-12-310001127371us-gaap:FairValueInputsLevel2Member2020-12-310001127371us-gaap:FairValueInputsLevel3Member2020-12-310001127371us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USTreasurySecuritiesMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Member2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel2Member2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Member2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel2Member2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMember2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300001127371us-gaap:CommercialRealEstateMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-09-300001127371us-gaap:CommercialRealEstateMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-09-300001127371us-gaap:CommercialRealEstateMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001127371us-gaap:CommercialRealEstateMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-09-300001127371us-gaap:CarryingReportedAmountFairValueDisclosureMembercvcy:ImpairedFinancingReceivableMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001127371us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001127371cvcy:ImpairedFinancingReceivableMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001127371us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-01-012021-12-310001127371us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-01-012020-09-300001127371us-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Member2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel2Member2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Member2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel2Member2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMember2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001127371us-gaap:CommercialRealEstateMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310001127371us-gaap:CommercialRealEstateMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310001127371us-gaap:CommercialRealEstateMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001127371us-gaap:CommercialRealEstateMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310001127371us-gaap:FairValueMeasurementsNonrecurringMember2020-12-310001127371us-gaap:USTreasurySecuritiesMember2021-09-300001127371us-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-09-300001127371us-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-300001127371us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-09-300001127371us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2021-09-300001127371us-gaap:CorporateDebtSecuritiesMember2021-09-300001127371us-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-12-310001127371us-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310001127371us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-12-310001127371us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2020-12-310001127371us-gaap:CorporateDebtSecuritiesMember2020-12-310001127371us-gaap:EquitySecuritiesMember2021-09-300001127371us-gaap:EquitySecuritiesMember2020-12-31xbrli:purecvcy:security0001127371cvcy:LessThanTwelveMonthsMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-300001127371cvcy:LessThanTwelveMonthsMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-09-300001127371us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMembercvcy:GreaterThanTwelveMonthsMember2021-09-300001127371cvcy:LessThanTwelveMonthsMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2021-09-300001127371cvcy:GreaterThanTwelveMonthsMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2021-09-30cvcy:Loans0001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMember2021-09-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMember2020-12-310001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMember2021-09-300001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMember2020-12-310001127371us-gaap:CommercialPortfolioSegmentMember2021-09-300001127371us-gaap:CommercialPortfolioSegmentMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMember2020-12-310001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMember2021-09-300001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMember2020-12-310001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMember2021-09-300001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMember2020-12-310001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001127371cvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001127371cvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001127371us-gaap:ConsumerPortfolioSegmentMember2021-09-300001127371us-gaap:ConsumerPortfolioSegmentMember2020-12-310001127371cvcy:SmallBusinessAdministrationProgramsMember2021-09-300001127371cvcy:SmallBusinessAdministrationProgramsMember2020-12-310001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMembercvcy:PaycheckProtectionProgramMember2021-09-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMembercvcy:PaycheckProtectionProgramMember2020-12-31cvcy:componentcvcy:quarter0001127371us-gaap:CommercialPortfolioSegmentMember2021-06-300001127371cvcy:RealEstatePortfolioSegmentMember2021-06-300001127371us-gaap:ConsumerPortfolioSegmentMember2021-06-300001127371us-gaap:UnallocatedFinancingReceivablesMember2021-06-300001127371us-gaap:CommercialPortfolioSegmentMember2021-07-012021-09-300001127371cvcy:RealEstatePortfolioSegmentMember2021-07-012021-09-300001127371us-gaap:ConsumerPortfolioSegmentMember2021-07-012021-09-300001127371us-gaap:UnallocatedFinancingReceivablesMember2021-07-012021-09-300001127371us-gaap:UnallocatedFinancingReceivablesMember2021-09-300001127371us-gaap:CommercialPortfolioSegmentMember2020-06-300001127371cvcy:RealEstatePortfolioSegmentMember2020-06-300001127371us-gaap:ConsumerPortfolioSegmentMember2020-06-300001127371us-gaap:UnallocatedFinancingReceivablesMember2020-06-300001127371us-gaap:CommercialPortfolioSegmentMember2020-07-012020-09-300001127371cvcy:RealEstatePortfolioSegmentMember2020-07-012020-09-300001127371us-gaap:ConsumerPortfolioSegmentMember2020-07-012020-09-300001127371us-gaap:UnallocatedFinancingReceivablesMember2020-07-012020-09-300001127371us-gaap:CommercialPortfolioSegmentMember2020-09-300001127371cvcy:RealEstatePortfolioSegmentMember2020-09-300001127371us-gaap:ConsumerPortfolioSegmentMember2020-09-300001127371us-gaap:UnallocatedFinancingReceivablesMember2020-09-300001127371us-gaap:UnallocatedFinancingReceivablesMember2020-12-310001127371us-gaap:CommercialPortfolioSegmentMember2021-01-012021-09-300001127371cvcy:RealEstatePortfolioSegmentMember2021-01-012021-09-300001127371us-gaap:ConsumerPortfolioSegmentMember2021-01-012021-09-300001127371us-gaap:UnallocatedFinancingReceivablesMember2021-01-012021-09-300001127371us-gaap:CommercialPortfolioSegmentMember2019-12-310001127371cvcy:RealEstatePortfolioSegmentMember2019-12-310001127371us-gaap:ConsumerPortfolioSegmentMember2019-12-310001127371us-gaap:UnallocatedFinancingReceivablesMember2019-12-310001127371us-gaap:CommercialPortfolioSegmentMember2020-01-012020-09-300001127371cvcy:RealEstatePortfolioSegmentMember2020-01-012020-09-300001127371us-gaap:ConsumerPortfolioSegmentMember2020-01-012020-09-300001127371us-gaap:UnallocatedFinancingReceivablesMember2020-01-012020-09-300001127371us-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMember2021-09-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMemberus-gaap:SpecialMentionMember2021-09-300001127371us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMembercvcy:CommercialAndIndustrialMember2021-09-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMemberus-gaap:DoubtfulMember2021-09-300001127371us-gaap:PassMembercvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMember2021-09-300001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-09-300001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2021-09-300001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2021-09-300001127371us-gaap:PassMembercvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:SpecialMentionMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:SubstandardMembercvcy:OwnerOccupiedRealEstateMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:DoubtfulMember2021-09-300001127371us-gaap:PassMembercvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:SpecialMentionMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:SubstandardMembercvcy:RealEstateConstructionAndOtherLandLoansMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:DoubtfulMember2021-09-300001127371us-gaap:PassMemberus-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMember2021-09-300001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2021-09-300001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2021-09-300001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:DoubtfulMember2021-09-300001127371us-gaap:PassMembercvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMember2021-09-300001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2021-09-300001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2021-09-300001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:DoubtfulMember2021-09-300001127371us-gaap:PassMembercvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMemberus-gaap:SpecialMentionMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMemberus-gaap:SubstandardMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMemberus-gaap:DoubtfulMember2021-09-300001127371us-gaap:PassMembercvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-09-300001127371us-gaap:SubstandardMembercvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2021-09-300001127371us-gaap:PassMembercvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001127371cvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-09-300001127371us-gaap:SubstandardMembercvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001127371cvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2021-09-300001127371us-gaap:PassMember2021-09-300001127371us-gaap:SpecialMentionMember2021-09-300001127371us-gaap:SubstandardMember2021-09-300001127371us-gaap:DoubtfulMember2021-09-300001127371us-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMember2020-12-310001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMemberus-gaap:SpecialMentionMember2020-12-310001127371us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMembercvcy:CommercialAndIndustrialMember2020-12-310001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMemberus-gaap:DoubtfulMember2020-12-310001127371us-gaap:PassMembercvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMember2020-12-310001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-310001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2020-12-310001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2020-12-310001127371us-gaap:PassMembercvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:SpecialMentionMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:SubstandardMembercvcy:OwnerOccupiedRealEstateMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:DoubtfulMember2020-12-310001127371us-gaap:PassMembercvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:SpecialMentionMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:SubstandardMembercvcy:RealEstateConstructionAndOtherLandLoansMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:DoubtfulMember2020-12-310001127371us-gaap:PassMemberus-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMember2020-12-310001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-310001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2020-12-310001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:DoubtfulMember2020-12-310001127371us-gaap:PassMembercvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMember2020-12-310001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-310001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2020-12-310001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:DoubtfulMember2020-12-310001127371us-gaap:PassMembercvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMemberus-gaap:SpecialMentionMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMemberus-gaap:SubstandardMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMemberus-gaap:DoubtfulMember2020-12-310001127371us-gaap:PassMembercvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-310001127371us-gaap:SubstandardMembercvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2020-12-310001127371us-gaap:PassMembercvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001127371cvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-310001127371us-gaap:SubstandardMembercvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001127371cvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2020-12-310001127371us-gaap:PassMember2020-12-310001127371us-gaap:SpecialMentionMember2020-12-310001127371us-gaap:SubstandardMember2020-12-310001127371us-gaap:DoubtfulMember2020-12-310001127371us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMember2021-09-300001127371us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMembercvcy:CommercialAndIndustrialMember2021-09-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001127371us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMembercvcy:CommercialAndIndustrialMember2021-09-300001127371us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMember2021-09-300001127371us-gaap:FinancingReceivables30To59DaysPastDueMembercvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMember2021-09-300001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-09-300001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-09-300001127371us-gaap:FinancialAssetNotPastDueMembercvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMember2021-09-300001127371us-gaap:FinancingReceivables30To59DaysPastDueMembercvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMembercvcy:OwnerOccupiedRealEstateMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMembercvcy:OwnerOccupiedRealEstateMember2021-09-300001127371us-gaap:FinancialAssetNotPastDueMembercvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMember2021-09-300001127371us-gaap:FinancingReceivables30To59DaysPastDueMembercvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMembercvcy:RealEstateConstructionAndOtherLandLoansMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMembercvcy:RealEstateConstructionAndOtherLandLoansMember2021-09-300001127371us-gaap:FinancialAssetNotPastDueMembercvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMember2021-09-300001127371us-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMembercvcy:RealEstatePortfolioSegmentMember2021-09-300001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-09-300001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-09-300001127371us-gaap:CommercialRealEstateMemberus-gaap:FinancialAssetNotPastDueMembercvcy:RealEstatePortfolioSegmentMember2021-09-300001127371us-gaap:FinancingReceivables30To59DaysPastDueMembercvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMember2021-09-300001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-09-300001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-09-300001127371us-gaap:FinancialAssetNotPastDueMembercvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMember2021-09-300001127371us-gaap:FinancingReceivables30To59DaysPastDueMembercvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMemberus-gaap:FinancialAssetPastDueMember2021-09-300001127371us-gaap:FinancialAssetNotPastDueMembercvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMember2021-09-300001127371us-gaap:FinancingReceivables30To59DaysPastDueMembercvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001127371us-gaap:FinancingReceivables60To89DaysPastDueMembercvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001127371us-gaap:FinancialAssetPastDueMembercvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001127371us-gaap:FinancialAssetNotPastDueMembercvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001127371us-gaap:FinancingReceivables30To59DaysPastDueMembercvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001127371us-gaap:FinancingReceivables60To89DaysPastDueMembercvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001127371cvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001127371us-gaap:FinancialAssetPastDueMembercvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001127371us-gaap:FinancialAssetNotPastDueMembercvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001127371us-gaap:FinancingReceivables30To59DaysPastDueMember2021-09-300001127371us-gaap:FinancingReceivables60To89DaysPastDueMember2021-09-300001127371us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001127371us-gaap:FinancialAssetPastDueMember2021-09-300001127371us-gaap:FinancialAssetNotPastDueMember2021-09-300001127371us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMember2020-12-310001127371us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMembercvcy:CommercialAndIndustrialMember2020-12-310001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001127371us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMembercvcy:CommercialAndIndustrialMember2020-12-310001127371us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMember2020-12-310001127371us-gaap:FinancingReceivables30To59DaysPastDueMembercvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMember2020-12-310001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2020-12-310001127371us-gaap:FinancialAssetNotPastDueMembercvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMember2020-12-310001127371us-gaap:FinancingReceivables30To59DaysPastDueMembercvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMembercvcy:OwnerOccupiedRealEstateMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMembercvcy:OwnerOccupiedRealEstateMember2020-12-310001127371us-gaap:FinancialAssetNotPastDueMembercvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMember2020-12-310001127371us-gaap:FinancingReceivables30To59DaysPastDueMembercvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMembercvcy:RealEstateConstructionAndOtherLandLoansMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMembercvcy:RealEstateConstructionAndOtherLandLoansMember2020-12-310001127371us-gaap:FinancialAssetNotPastDueMembercvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMember2020-12-310001127371us-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMembercvcy:RealEstatePortfolioSegmentMember2020-12-310001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2020-12-310001127371us-gaap:CommercialRealEstateMemberus-gaap:FinancialAssetNotPastDueMembercvcy:RealEstatePortfolioSegmentMember2020-12-310001127371us-gaap:FinancingReceivables30To59DaysPastDueMembercvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMember2020-12-310001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2020-12-310001127371us-gaap:FinancialAssetNotPastDueMembercvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMember2020-12-310001127371us-gaap:FinancingReceivables30To59DaysPastDueMembercvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMemberus-gaap:FinancialAssetPastDueMember2020-12-310001127371us-gaap:FinancialAssetNotPastDueMembercvcy:RealEstatePortfolioSegmentMembercvcy:OtherRealEstateMember2020-12-310001127371us-gaap:FinancingReceivables30To59DaysPastDueMembercvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001127371us-gaap:FinancingReceivables60To89DaysPastDueMembercvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001127371us-gaap:FinancialAssetPastDueMembercvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001127371us-gaap:FinancialAssetNotPastDueMembercvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001127371us-gaap:FinancingReceivables30To59DaysPastDueMembercvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001127371us-gaap:FinancingReceivables60To89DaysPastDueMembercvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001127371cvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001127371us-gaap:FinancialAssetPastDueMembercvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001127371us-gaap:FinancialAssetNotPastDueMembercvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001127371us-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001127371us-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001127371us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001127371us-gaap:FinancialAssetPastDueMember2020-12-310001127371us-gaap:FinancialAssetNotPastDueMember2020-12-310001127371cvcy:AgriculturalLandandProductionMember2017-09-300001127371us-gaap:CommercialPortfolioSegmentMember2017-09-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMember2021-07-012021-09-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMember2020-07-012020-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMember2021-07-012021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMember2020-07-012020-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMember2021-07-012021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMember2020-07-012020-09-300001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMember2021-07-012021-09-300001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMember2020-07-012020-09-300001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMember2021-07-012021-09-300001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMember2020-07-012020-09-300001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2021-07-012021-09-300001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2020-07-012020-09-300001127371cvcy:AgriculturalLandandProductionMember2021-07-012021-09-300001127371cvcy:AgriculturalLandandProductionMember2020-07-012020-09-300001127371us-gaap:CommercialPortfolioSegmentMember2021-07-012021-09-300001127371us-gaap:CommercialPortfolioSegmentMember2020-07-012020-09-300001127371cvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2021-07-012021-09-300001127371cvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2020-07-012020-09-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMember2021-01-012021-09-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMember2020-01-012020-09-300001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMember2021-01-012021-09-300001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMember2020-01-012020-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMember2021-01-012021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMember2020-01-012020-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMember2021-01-012021-09-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMember2020-01-012020-09-300001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMember2021-01-012021-09-300001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMember2020-01-012020-09-300001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMember2021-01-012021-09-300001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMember2020-01-012020-09-300001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2021-01-012021-09-300001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:ConsumerPortfolioSegmentMember2020-01-012020-09-300001127371cvcy:AgriculturalLandandProductionMember2021-01-012021-09-300001127371cvcy:AgriculturalLandandProductionMember2020-01-012020-09-300001127371us-gaap:CommercialPortfolioSegmentMember2021-01-012021-09-300001127371us-gaap:CommercialPortfolioSegmentMember2020-01-012020-09-300001127371cvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2021-01-012021-09-300001127371cvcy:ConsumerAndInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2020-01-012020-09-3000011273712020-10-012020-12-310001127371cvcy:COVID19Memberus-gaap:PaymentDeferralMember2021-09-300001127371us-gaap:CommercialRealEstateMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-07-012021-09-300001127371us-gaap:CommercialRealEstateMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-09-300001127371us-gaap:CommercialRealEstatePortfolioSegmentMembercvcy:CommercialAndIndustrialMember2021-01-012021-09-300001127371us-gaap:CommercialRealEstatePortfolioSegmentMembercvcy:CommercialAndIndustrialMember2021-06-300001127371us-gaap:CommercialRealEstatePortfolioSegmentMembercvcy:AgriculturalProductionMember2021-01-012021-09-300001127371us-gaap:CommercialRealEstatePortfolioSegmentMembercvcy:AgriculturalProductionMember2021-06-300001127371cvcy:CommercialandRealEstatePortfolioSegmentsMember2021-01-012021-09-300001127371cvcy:CommercialandRealEstatePortfolioSegmentsMember2021-06-300001127371us-gaap:CommercialRealEstatePortfolioSegmentMembercvcy:CommercialAndIndustrialMember2021-07-012021-09-300001127371us-gaap:CommercialRealEstatePortfolioSegmentMembercvcy:CommercialAndIndustrialMember2021-09-300001127371cvcy:CommercialandRealEstatePortfolioSegmentsMember2021-07-012021-09-300001127371cvcy:CommercialandRealEstatePortfolioSegmentsMember2021-09-30cvcy:contract0001127371cvcy:BankOfMaderaCountyMember2021-09-300001127371cvcy:Service1StBankMember2021-09-300001127371cvcy:VisaliaCommunityBankMember2021-09-300001127371cvcy:SierraVistaBankMember2021-09-300001127371cvcy:FolsomLakeBankMember2021-09-300001127371srt:FederalHomeLoanBankOfSanFranciscoMember2021-09-300001127371us-gaap:FederalHomeLoanBankAdvancesMember2021-09-300001127371us-gaap:DebtSecuritiesMemberus-gaap:FederalHomeLoanBankAdvancesMember2021-09-300001127371us-gaap:DebtSecuritiesMemberus-gaap:FederalHomeLoanBankAdvancesMember2020-12-310001127371us-gaap:CommitmentsToExtendCreditMember2021-09-300001127371us-gaap:CommitmentsToExtendCreditMember2020-12-310001127371us-gaap:UnusedLinesOfCreditMember2021-09-300001127371us-gaap:UnusedLinesOfCreditMember2020-12-310001127371srt:MinimumMemberus-gaap:UnusedLinesOfCreditMember2021-01-012021-09-300001127371srt:MaximumMemberus-gaap:UnusedLinesOfCreditMember2021-01-012021-09-300001127371cvcy:UnusedPortionOfConstructionLoansMember2021-09-300001127371cvcy:UnusedPortionOfConstructionLoansMember2020-12-310001127371us-gaap:StandbyLettersOfCreditMember2021-09-300001127371us-gaap:StandbyLettersOfCreditMember2020-12-310001127371srt:MaximumMemberus-gaap:StandbyLettersOfCreditMember2021-01-012021-09-300001127371cvcy:ProbableLoanLossExperienceOnUnfundedObligationsMember2021-12-310001127371cvcy:ProbableLoanLossExperienceOnUnfundedObligationsMember2020-12-31cvcy:plan0001127371us-gaap:EmployeeStockOptionMember2021-01-012021-09-300001127371us-gaap:EmployeeStockOptionMember2020-01-012020-09-300001127371srt:MinimumMember2017-06-020001127371srt:MaximumMember2017-06-020001127371cvcy:EmployeeStockPurchasePlanESPPMember2017-06-022017-06-020001127371cvcy:EmployeeStockPurchasePlanESPPMember2017-06-020001127371cvcy:EmployeeStockPurchasePlanESPPMember2021-09-300001127371us-gaap:RestrictedStockMember2020-12-310001127371us-gaap:RestrictedStockMember2021-01-012021-09-300001127371us-gaap:RestrictedStockMember2021-09-300001127371us-gaap:RestrictedStockMembersrt:MinimumMember2021-01-012021-09-300001127371srt:MaximumMemberus-gaap:RestrictedStockMember2021-01-012021-09-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 10-Q
(Mark One)
 
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR THE QUARTERLY PERIOD ENDED September 30, 2021
 
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR THE TRANSITION PERIOD FROM                        TO
 
COMMISSION FILE NUMBER: 000-31977
 
CENTRAL VALLEY COMMUNITY BANCORP
(Exact name of registrant as specified in its charter)
 
California 77-0539125
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
7100 N. Financial Dr., Suite 101, Fresno, California
 93720
(Address of principal executive offices) (Zip code)
 
Registrant’s telephone number (559) 298-1775

Securities registered pursuant to Section 12(b) of the Act:
Common Stock, no par valueCVCYNASDAQ Capital Market
(Title of Each Class)(Trading Symbol)(Name of Each Exchange on which Registered)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒  No  ☐
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  ☒  No  ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
  ☐
 
Accelerated filer
☐
Non-accelerated filer
  ☒
 
Small reporting company
 ☒
Emerging growth company
☐
 
1

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  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐ No  ☒
As of November 1, 2021 there were 11,988,004 shares of the registrant’s common stock outstanding.

2


CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
 
2021 QUARTERLY REPORT ON FORM 10-Q
 
TABLE OF CONTENTS
 
 

2

PART 1: FINANCIAL INFORMATION
 

ITEM 1: FINANCIAL STATEMENTS

CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
 (Unaudited)
(In thousands, except share amounts)September 30, 2021December 31, 2020
  
ASSETS  
Cash and due from banks$32,634 $34,175 
Interest-earning deposits in other banks35,059 36,103 
Total cash and cash equivalents67,693 70,278 
Available-for-sale debt securities1,060,362 710,092 
Equity securities7,486 7,634 
Loans, less allowance for credit losses of $10,061 at September 30, 2021 and $12,915 at December 31, 20201,073,436 1,089,432 
Bank premises and equipment, net8,429 8,228 
Bank-owned life insurance39,309 28,713 
Federal Home Loan Bank stock5,595 5,595 
Goodwill53,777 53,777 
Core deposit intangibles662 1,183 
Accrued interest receivable and other assets31,628 29,164 
Total assets$2,348,377 $2,004,096 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Deposits:  
Non-interest bearing$934,249 $824,889 
Interest bearing1,123,843 897,821 
Total deposits2,058,092 1,722,710 
Junior subordinated deferrable interest debentures5,155 5,155 
Accrued interest payable and other liabilities38,582 31,210 
Total liabilities2,101,829 1,759,075 
Commitments and contingencies (Note 7)
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: 11,987,904 at September 30, 2021 and 12,509,848 at December 31, 202068,265 79,416 
Retained earnings167,993 150,749 
Accumulated other comprehensive income, net of tax10,290 14,856 
Total shareholders’ equity246,548 245,021 
Total liabilities and shareholders’ equity$2,348,377 $2,004,096 
 
See notes to unaudited consolidated financial statements.
3


CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
For the Three Months
Ended September 30,		For the Nine Months
Ended September 30,
(In thousands, except share and per-share amounts) 2021202020212020
INTEREST INCOME:  
Interest and fees on loans$13,208 $13,190 $40,529 $38,688 
Interest on deposits in other banks28 26 89 222 
Interest and dividends on investment securities:
Taxable3,844 2,771 9,938 8,996 
Exempt from Federal income taxes1,417 444 4,143 1,015 
Total interest income18,497 16,431 54,699 48,921 
INTEREST EXPENSE:  
Interest on deposits263 363 783 1,169 
Interest on junior subordinated deferrable interest debentures24 25 70 106 
Total interest expense287 388 853 1,275 
Net interest income before provision for credit losses18,210 16,043 53,846 47,646 
(REVERSAL OF) PROVISION FOR CREDIT LOSSES(500)600 (3,800)4,975 
Net interest income after provision for credit losses18,710 15,443 57,646 42,671 
NON-INTEREST INCOME:  
Service charges487 463 1,386 1,556 
Appreciation in cash surrender value of bank-owned life insurance
247 178 596 536 
Interchange fees472 355 1,313 995 
Net realized gains on sales and calls of investment securities 117 57 38 4,197 
Federal Home Loan Bank dividends84 71 237 253 
Loan placement fees467 685 1,634 1,545 
Other income274 262 1,020 1,577 
Total non-interest income2,148 2,071 6,224 10,659 
NON-INTEREST EXPENSES:  
Salaries and employee benefits7,091 6,729 21,008 21,053 
Occupancy and equipment1,224 1,196 3,538 3,479 
Professional services507 715 1,338 1,695 
Data processing599 594 1,841 1,484 
Regulatory assessments219 147 552 340 
ATM/Debit card expenses199 144 615 625 
Information technology891 594 2,061 1,804 
Directors’ expenses152 140 306 468 
Advertising129 167 386 507 
Internet banking expense54 167 262 545 
Amortization of core deposit intangibles174 174 521 521 
Other823 961 2,652 2,784 
Total non-interest expenses12,062 11,728 35,080 35,305 
Income before provision for income taxes8,796 5,786 28,790 18,025 
Provision for income taxes 2,275 1,442 7,227 4,757 
Net income$6,521 $4,344 $21,563 $13,268 
Earnings per common share:  
Basic earnings per share$0.54 $0.35 $1.75 $1.06 
Weighted average common shares used in basic computation12,007,689 12,471,070 12,332,248 12,551,480 
Diluted earnings per share$0.54 $0.35 $1.74 $1.05 
Weighted average common shares used in diluted computation12,044,896 12,496,174 12,378,591 12,596,172 
Cash dividend per common share$0.12 $0.11 $0.35 $0.33 
 
See notes to unaudited consolidated financial statements.
4


CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
For the Three Months
Ended September 30,		For the Nine Months
Ended September 30,
(In thousands)2021202020212020
Net income$6,521 $4,344 $21,563 13,268 
Other Comprehensive Income:
Unrealized gains (losses) on securities:
Unrealized holding gains (losses) arising during the period(3,552)5,798 (6,444)16,477 
Reclassification of net gains included in net income(117)(57)(38)(4,197)
Other comprehensive income (loss), before tax(3,669)5,741 (6,482)12,280 
Tax effect1,085 (1,698)1,916 (3,631)
Total other comprehensive income (loss)(2,584)4,043 (4,566)8,649 
Comprehensive income$3,937 $8,387 $16,997 $21,917 

See notes to unaudited consolidated financial statements.


5

CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
THREE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020
 (Unaudited)
 Common Stock Accumulated
Other
Comprehensive Income (Loss)
(Net of Taxes)		Total Shareholders’ Equity
   Retained Earnings
(In thousands, except share amounts)SharesAmount
Balance, June 30, 202012,494,597 $79,059 $142,076 $7,423 $228,558 
Net income— — 4,344 — 4,344 
Other comprehensive income— — — 4,043 4,043 
Restricted stock granted net of forfeitures
392 — — — — 
Stock issued under employee stock purchase plan
4,319 47 47 
Stock-based compensation expense
— 113 — — 113 
Cash dividend
— — (1,375)— (1,375)
Stock options exercised
8,350 50 — — 50 
Balance, September 30, 202012,507,658 $79,269 $145,045 $11,466 $235,780 
Balance, June 30, 202112,329,089 $75,265 $162,910 $12,874 $251,049 
Net income
— — 6,521 — 6,521 
Other comprehensive income— — — (2,584)(2,584)
Stock issued under employee stock purchase plan
2,470 48 — — 48 
Stock-based compensation expense
— 100 — — 100 
Cash dividend
— — (1,438)— (1,438)
Stock options exercised
1,285 10 — — 10 
Repurchase and retirement of common stock
(344,940)(7,158)— — (7,158)
Balance, September 30, 202111,987,904 $68,265 $167,993 $10,290 $246,548 

See notes to unaudited consolidated financial statements.

























6

CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020
Common StockRetained EarningsAccumulated
Other
Comprehensive Income (Loss)
(Net of Taxes)		Total Shareholders’ Equity
(In thousands, except share amounts)SharesAmount
Balance, January 1, 202013,052,407 $89,379 $135,932 $2,817 228,128 
Net income— — 13,268 — 13,268 
Other comprehensive income
— — — 8,649 8,649 
Stock issued under employee stock purchase plan
12,300 162 — — 162 
Stock awarded to employees6,548 141 — — 141 
Restricted stock granted net of forfeitures
14,482 — — — — 
Stock-based compensation expense
— 362 — — 362 
Cash dividend
— — (4,155)— (4,155)
Repurchase and retirement of common stock
(621,379)(11,052)— — (11,052)
Stock options exercised
43,300 277 — — 277 
Balance, September 30, 202012,507,658 $79,269 $145,045 $11,466 $235,780 
Balance, January 1, 202112,509,848 $79,416 $150,749 $14,856 $245,021 
Net income
— — 21,563 — 21,563 
Other comprehensive income
— — — (4,566)(4,566)
Restricted stock granted net of forfeitures
20,720 — — — — 
Stock issued under employee stock purchase plan
10,141 159 — — 159 
Stock awarded to employees10,529 158 — — 158 
Stock-based compensation expense
— 310 — — 310 
Cash dividend
— — (4,319)— (4,319)
Stock options exercised
21,285 222 — — 222 
Repurchase and retirement of common stock
(584,619)(12,000)— — (12,000)
Balance, September 30, 202111,987,904 $68,265 $167,993 $10,290 $246,548 

See notes to unaudited consolidated financial statements.
7

CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) 
 For the Nine Months
Ended September 30,
(In thousands)20212020
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$21,563 $13,268 
Adjustments to reconcile net income to net cash provided by operating activities: 
Net decrease (increase) in deferred loan fees2,203 (5,304)
Depreciation688 668 
Accretion(1,050)(994)
Amortization5,752 3,328 
Stock-based compensation310 362 
(Reversal of) provision for credit losses(3,800)4,975 
Net realized gains on sales and calls of available-for-sale investment securities(38)(4,197)
Net gain on disposal of premises and equipment(8)(6)
Net change in equity securities148 (183)
Increase in bank-owned life insurance, net of expenses(596)(376)
Net gain on bank-owned life insurance— (462)
Net increase in accrued interest receivable and other assets(1,878)(1,394)
Net increase (decrease) in accrued interest payable and other liabilities7,529 (1,636)
Benefit (provision) for deferred income taxes1,256 (1,227)
Net cash provided by operating activities32,079 6,822 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Purchases of available-for-sale investment securities(410,308)(319,707)
Proceeds from sales or calls of available-for-sale investment securities10,760 147,811 
Proceeds from maturity and principal repayments of available-for-sale investment securities38,727 25,536 
Net decrease (increase) in loans17,593 (160,653)
Purchases of premises and equipment(889)(307)
Purchases of bank-owned life insurance(10,000)(250)
FHLB stock redeemed— 467 
Proceeds from bank-owned life insurance— 1,550 
Proceeds from sale of premises and equipment9 6 
Net cash used in investing activities(354,108)(305,547)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Net increase in demand, interest bearing and savings deposits335,370 353,622 
Net increase (decrease) in time deposits12 (5,693)
Purchase and retirement of common stock(12,000)(11,052)
Proceeds from stock issued under employee stock purchase plan
159 162 
Proceeds from exercise of stock options222 277 
Cash dividend payments on common stock(4,319)(4,155)
Net cash provided by financing activities319,444 333,161 
(Decrease) increase in cash and cash equivalents(2,585)34,436 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD70,278 52,574 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$67,693 $87,010 
 
 For the Nine Months
Ended September 30,
(In thousands)20212020
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:  
Cash paid during the period for:
  
Interest$866 $1,354 
Income taxes$6,755 $5,120 
Operating cash flows from operating leases$1,688 $1,678 

See notes to unaudited consolidated financial statements.

8

Note 1.  Basis of Presentation
 
The interim unaudited condensed consolidated financial statements of Central Valley Community Bancorp and subsidiary have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). These interim condensed consolidated financial statements include the accounts of Central Valley Community Bancorp and its wholly owned subsidiary Central Valley Community Bank (the Bank) (collectively, the Company). All significant intercompany accounts and transactions have been eliminated in consolidation.  Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been omitted. The Company believes that the disclosures are adequate to make the information presented not misleading. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s 2020 Annual Report to Shareholders on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company’s financial position at September 30, 2021, and the results of its operations and its cash flows for the nine-month interim periods ended September 30, 2021 and 2020 have been included. The results of operations for interim periods are not necessarily indicative of results for the full year.
     The preparation of these interim unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
     Management has determined that since all of the banking products and services offered by the Company are available in each branch of the Bank, all branches are located within the same economic environment, and management does not allocate resources based on the performance of different lending or transaction activities, it is appropriate to aggregate the Bank branches and report them as a single operating segment. No customer accounts for more than 10 percent of revenues for the Company or the Bank.

Impact of New Financial Accounting Standards:

FASB Accounting Standards Update (ASU) 2016-13 - Measurement of Credit Losses on Financial Instruments (Subtopic 326): Financial Instruments - Credit Losses, commonly referred to as “CECL,” was issued June 2016. The provisions of the update eliminate the probable initial recognition threshold under current GAAP which requires reserves to be based on an incurred loss methodology. Under CECL, reserves required for financial assets measured at amortized cost will reflect an organization’s estimate of all expected credit losses over the contractual term of the financial asset and thereby require the use of reasonable and supportable forecasts to estimate future credit losses. Because CECL encompasses all financial assets carried at amortized cost, the requirement that reserves be established based on an organization’s reasonable and supportable estimate of expected credit losses extends to held to maturity (“HTM”) debt securities. Under the provisions of the update, credit losses recognized on available for sale (“AFS”) debt securities will be presented as an allowance as opposed to a write-down. In addition, CECL will modify the accounting for purchased loans, with credit deterioration since origination, so that reserves are established at the date of acquisition for purchased loans. Under current GAAP a purchased loan’s contractual balance is adjusted to fair value through a credit discount and no reserve is recorded on the purchased loan upon acquisition. Since under CECL, reserves will be established for purchased loans at the time of acquisition, the accounting for purchased loans is made more comparable to the accounting for originated loans. Finally, increased disclosure requirements under CECL require organizations to present the currently required credit quality disclosures disaggregated by the year of origination or vintage. The FASB expects that the evaluation of underwriting standards and credit quality trends by financial statement users will be enhanced with the additional vintage disclosures. On August 15, 2019, the FASB issued a proposed Accounting Standards Update (ASU), “Financial Instruments -Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates,” that would provide private entities and certain small public companies additional time to implement the standards on CECL, leases, and hedging. The final ASU extends the effective date for SEC filers, such as the Company, that are classified as smaller reporting companies to January 1, 2023.

    The Company has formed an internal task force that is responsible for oversight of the Company’s implementation strategy for compliance with provisions of the new standard. The Company has also established a project management governance process to manage the implementation across affected disciplines. An external provider specializing in community bank loss driver and CECL reserving model design as well as other related consulting services has been retained, and we have begun to evaluate potential CECL modeling alternatives. As part of this process, the Company has determined potential loan pool segmentation and sub-segmentation under CECL, as well as begun to evaluate the key economic loss drivers for each segment. Further, the Company has begun developing internal controls around the CECL process, data, calculations and implementation. The Company presently plans to generate and evaluate model scenarios under CECL in tandem with its current reserving processes for interim and annual reporting periods during 2022 due to the fact the Company elected to delay
9

implementation of the CECL process as allowed by FASB. While the Company is currently unable to reasonably estimate the impact of adopting this new guidance, management expects the impact of adoption will be significantly influenced by the composition and quality of the Company’s loans as well as the economic conditions as of the date of adoption. The Company also anticipates changes to the processes and procedures for calculating the reserve for credit losses and continues to evaluate the potential impact on our consolidated financial statements.

    FASB Accounting Standards Update (ASU) 2020-04 - Reference Rate Reform (Subtopic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, was issued March 2020. This ASU provides optional expedients and exceptions for contracts, hedging relationships, and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform. The ASU is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is in the process of evaluating the provisions of this ASU and its effects on our consolidated financial statements. The Company believes the adoption of this guidance on activities subsequent to September 30, 2021 through December 31, 2022 will not have a material impact on the consolidated financial statements.

    In April 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, (“the agencies”) issued a revised interagency statement encouraging financial institutions to work with customers affected by COVID-19 and providing additional information regarding loan modifications. The revised interagency statement clarifies the interaction between the interagency statement issued on March 22, 2020 and the temporary relief provided by Section 4013 of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. Section 4013 allows financial institutions to suspend the requirements to classify certain loan modifications as troubled debt restructurings (“TDRs”). The revised statement also provides supervisory interpretations on past due and nonaccrual regulatory reporting of loan modification programs and regulatory capital. This interagency guidance is expected to reduce the number of TDRs that will be reported in future periods; however, the amount is indeterminable and will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and actions taken by governmental authorities and other third parties in response to the pandemic.


Note 2.  Fair Value Measurements
 
Fair Value Hierarchy
 
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1 — Quoted market prices (unadjusted) for identical instruments traded in active markets that the entity has the ability to access as of the measurement date.

Level 2 —Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Significant unobservable inputs that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Management monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, we report the transfer at the beginning of the reporting period. The estimated carrying and fair values of the Company’s financial instruments are as follows (in thousands):
10

 September 30, 2021
Carrying
Amount		Fair Value
(In thousands)Level 1Level 2Level 3Total
Financial assets:    
Cash and due from banks$32,634 $32,634 $— $— $32,634 
Interest-earning deposits in other banks35,059 35,059 — — 35,059 
Available-for-sale debt securities1,060,362 — 1,060,362 — 1,060,362 
Equity securities7,486 7,486 — — 7,486 
Loans, net1,073,436 — — 1,065,575 1,065,575