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Subsequent Events
6 Months Ended
Jun. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events
Events
 
Effective July 1, 2013, the Company and Visalia Community Bank, headquartered in Visalia, California, completed a merger under which Visalia Community Bank, with three full-service offices in Visalia and one in Exeter, merged with and into Central Valley Community Bancorp’s subsidiary, Central Valley Community Bank, in a combined cash and stock transaction. Visalia Community Bank’s assets (unaudited) as of June 30, 2013 totaled approximately $197 million. The acquired assets and liabilities will be recorded at fair value at the date of acquisition and will be reflected in the September 30, 2013 financial statements as such; however, at the time of these financial statements, the appraisals and valuations are incomplete. The Company also expects to record goodwill and a core deposit intangible related to this transaction, but those amounts are not yet known as the initial fair value accounting is incomplete. The goodwill will not be deductible for tax purposes.

Under the terms of the merger agreement, the Company issued an aggregate of approximately 1.263 million shares of its common stock and cash totaling approximately $11.05 million to the former shareholders of Visalia Community Bank. Each Visalia Community Bank common shareholder of record at the effective time of the merger became entitled to receive 2.971 shares of common stock of the Company for each of their former shares of Visalia Community Bank common stock.

On August 1, 2013, one of the Company’s non-accrual loans, with a principal balance of approximately $4.7 million at June 30, 2013, was collected in full. During the quarter ending September 30, 2013, the Company expects to recognize approximately $1.5 million in interest income which was previously foregone during the period this loan was on non-accrual.