Community Valley Bancorp, the parent company of Butte Community Bank and Butte Community Insurance Agency, has reported earnings of $824,000 for the first quarter of 2008, a decrease of $426,000 compared to $1.26 million reported for the same period of 2007.
On a diluted per share basis, first quarter earnings were $0.11 in 2008, compared to $0.17 for the same period in 2007.
The company has also reported non-interest income of $1.96 million for the first quarter of 2008, a 14.3% increase compared to $1.71 million for the same period of 2007. The non-interest expenses of the company were $6.99 million for the first quarter of 2008, a 4.3% increase compared to $6.71 million for the same period of 2007.
The net interest income for the first quarter of 2008 of $6.67 million represents a decline of $563,000 or 7.8%, compared with $7.23 million for the first quarter of 2007.
This decrease is due to the significantly lower interest rates earned on loans and other interest earning assets in 2008 compared to 2007 but has been partially mitigated by the lower overall interest rates paid on deposits.