XML 56 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operating activities:      
Net income $ 5,294us-gaap_NetIncomeLoss $ 8,250us-gaap_NetIncomeLoss $ 7,520us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Net decrease in deferred loan fees (305)us-gaap_AmortizationOfDeferredLoanOriginationFeesNet (294)us-gaap_AmortizationOfDeferredLoanOriginationFeesNet (311)us-gaap_AmortizationOfDeferredLoanOriginationFeesNet
Depreciation 1,355us-gaap_DepreciationNonproduction 1,133us-gaap_DepreciationNonproduction 972us-gaap_DepreciationNonproduction
Accretion (1,015)us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments (852)us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments (713)us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments
Amortization 7,949us-gaap_AdjustmentForAmortization 9,179us-gaap_AdjustmentForAmortization 7,549us-gaap_AdjustmentForAmortization
Stock-based compensation 173us-gaap_ShareBasedCompensation 98us-gaap_ShareBasedCompensation 108us-gaap_ShareBasedCompensation
Excess tax benefit from exercise of stock options (7)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities (17)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities (26)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
Provision for credit losses 7,985us-gaap_ProvisionForLoanAndLeaseLosses 0us-gaap_ProvisionForLoanAndLeaseLosses 700us-gaap_ProvisionForLoanAndLeaseLosses
Net realized gains on sales and calls of available-for-sale investment securities (904)us-gaap_AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments (1,265)us-gaap_AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments (1,639)us-gaap_AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
Net loss (gain) on sale and disposal of equipment 201us-gaap_GainLossOnSaleOfPropertyPlantEquipment (1)us-gaap_GainLossOnSaleOfPropertyPlantEquipment (4)us-gaap_GainLossOnSaleOfPropertyPlantEquipment
Net gain on sale of other real estate owned (63)us-gaap_GainsLossesOnSalesOfOtherRealEstate 0us-gaap_GainsLossesOnSalesOfOtherRealEstate (12)us-gaap_GainsLossesOnSalesOfOtherRealEstate
Increase in bank owned life insurance, net of expenses (614)us-gaap_LifeInsuranceCorporateOrBankOwnedChangeInValue (495)us-gaap_LifeInsuranceCorporateOrBankOwnedChangeInValue (391)us-gaap_LifeInsuranceCorporateOrBankOwnedChangeInValue
Net (increase) decrease in accrued interest receivable and other assets (3,021)cvcy_IncreaseDecreaseInAccruedInterestReceivableAndOtherOperatingAssetsNet 410cvcy_IncreaseDecreaseInAccruedInterestReceivableAndOtherOperatingAssetsNet (19)cvcy_IncreaseDecreaseInAccruedInterestReceivableAndOtherOperatingAssetsNet
Net decrease in prepaid FDIC Assessments 0us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets 1,542us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets 513us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Net increase (decrease) in accrued interest payable and other liabilities 537cvcy_IncreaseDecreaseInInterestPayableAndOtherOperatingLiabilitiesNet (1,805)cvcy_IncreaseDecreaseInInterestPayableAndOtherOperatingLiabilitiesNet (7,425)cvcy_IncreaseDecreaseInInterestPayableAndOtherOperatingLiabilitiesNet
(Benefit) provision for deferred income taxes (408)us-gaap_IncreaseDecreaseInDeferredIncomeTaxes (296)us-gaap_IncreaseDecreaseInDeferredIncomeTaxes 440us-gaap_IncreaseDecreaseInDeferredIncomeTaxes
Net cash provided by operating activities 17,157us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 15,587us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 7,262us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash Acquired from Acquisition 0us-gaap_CashAcquiredFromAcquisition 40,935us-gaap_CashAcquiredFromAcquisition 0us-gaap_CashAcquiredFromAcquisition
Cash flows used in investing activities:      
Purchases of available-for-sale investment securities (146,468)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (222,668)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (194,583)us-gaap_PaymentsToAcquireAvailableForSaleSecurities
Proceeds from sales or calls of available-for-sale investment securities 79,757us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities 88,146us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities 39,119us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities
Proceeds from maturity and principal repayment of available-for-sale investment securities 52,665us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 76,512us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 90,798us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
Net (increase) decrease in loans (69,047)us-gaap_PaymentsForProceedsFromLoansAndLeases (4,393)us-gaap_PaymentsForProceedsFromLoansAndLeases 28,089us-gaap_PaymentsForProceedsFromLoansAndLeases
Proceeds from sale of other real estate owned 488us-gaap_ProceedsFromSaleOfOtherRealEstate 263us-gaap_ProceedsFromSaleOfOtherRealEstate 2,349us-gaap_ProceedsFromSaleOfOtherRealEstate
Purchases of premises and equipment (1,328)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (1,159)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (1,353)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Purchases of bank owned life insurance (900)us-gaap_PaymentsToAcquireLifeInsurancePolicies 0us-gaap_PaymentsToAcquireLifeInsurancePolicies (116)us-gaap_PaymentsToAcquireLifeInsurancePolicies
FHLB stock (purchased) redeemed (292)us-gaap_PaymentsForProceedsFromFederalHomeLoanBankStock 48us-gaap_PaymentsForProceedsFromFederalHomeLoanBankStock (957)us-gaap_PaymentsForProceedsFromFederalHomeLoanBankStock
Proceeds from sale of premises and equipment 363us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 1us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 5us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
Net cash used in investing activities (84,762)us-gaap_NetCashProvidedByUsedInInvestingActivities (22,315)us-gaap_NetCashProvidedByUsedInInvestingActivities (36,649)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash Flows From Financing Activities:      
Net increase in demand, interest-bearing and savings deposits 50,643cvcy_NetIncreaseDecreaseInDemandInterestBearingAndSavingsDeposits 75,663cvcy_NetIncreaseDecreaseInDemandInterestBearingAndSavingsDeposits 53,265cvcy_NetIncreaseDecreaseInDemandInterestBearingAndSavingsDeposits
Net (decrease) increase in time deposits (15,634)us-gaap_IncreaseDecreaseInTimeDeposits 2,841us-gaap_IncreaseDecreaseInTimeDeposits (14,819)us-gaap_IncreaseDecreaseInTimeDeposits
Repayments of short-term borrowings to Federal Home Loan Bank 0us-gaap_RepaymentsOfFederalHomeLoanBankBorrowings (4,000)us-gaap_RepaymentsOfFederalHomeLoanBankBorrowings 0us-gaap_RepaymentsOfFederalHomeLoanBankBorrowings
Redemption of preferred stock Series C 0us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock (7,000)us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock 0us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock
Purchase and retirement of common stock 0us-gaap_PaymentsForRepurchaseOfCommonStock 0us-gaap_PaymentsForRepurchaseOfCommonStock (488)us-gaap_PaymentsForRepurchaseOfCommonStock
Proceeds from exercise of stock options 55us-gaap_ProceedsFromStockOptionsExercised 789us-gaap_ProceedsFromStockOptionsExercised 385us-gaap_ProceedsFromStockOptionsExercised
Excess tax benefit from exercise of stock options 7us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 17us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 26us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Cash dividend payments on common stock (2,190)us-gaap_PaymentsOfDividendsCommonStock (2,048)us-gaap_PaymentsOfDividendsCommonStock (480)us-gaap_PaymentsOfDividendsCommonStock
Cash dividend payments on preferred stock 0us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock (438)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock (350)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock
Net cash provided by financing activities 32,881us-gaap_NetCashProvidedByUsedInFinancingActivities 65,824us-gaap_NetCashProvidedByUsedInFinancingActivities 37,539us-gaap_NetCashProvidedByUsedInFinancingActivities
Increase (decrease) in cash and cash equivalents (34,724)us-gaap_NetCashProvidedByUsedInContinuingOperations 59,096us-gaap_NetCashProvidedByUsedInContinuingOperations 8,152us-gaap_NetCashProvidedByUsedInContinuingOperations
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 112,052us-gaap_CashAndCashEquivalentsAtCarryingValue 52,956us-gaap_CashAndCashEquivalentsAtCarryingValue 44,804us-gaap_CashAndCashEquivalentsAtCarryingValue
CASH AND CASH EQUIVALENTS AT END OF YEAR 77,328us-gaap_CashAndCashEquivalentsAtCarryingValue 112,052us-gaap_CashAndCashEquivalentsAtCarryingValue 52,956us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash paid during the period for:      
Interest 1,171us-gaap_InterestPaid 1,430us-gaap_InterestPaid 1,939us-gaap_InterestPaid
Income taxes 1,360us-gaap_IncomeTaxesPaidNet 1,790us-gaap_IncomeTaxesPaidNet 1,193us-gaap_IncomeTaxesPaidNet
Non-cash investing and financing activities:      
Transfer of securities from available-for-sale to held-to-maturity 31,346cvcy_AvailableforsaleSecuritiesTransferstoHeldtomaturity 0cvcy_AvailableforsaleSecuritiesTransferstoHeldtomaturity 0cvcy_AvailableforsaleSecuritiesTransferstoHeldtomaturity
Unrealized gain on transfer of securities from available-for-sale to held-to-maturity 163cvcy_AvailableforsaleSecuritiesTransferredtoHeldtomaturitySecuritiesUnrealizedGainLoss 0cvcy_AvailableforsaleSecuritiesTransferredtoHeldtomaturitySecuritiesUnrealizedGainLoss 0cvcy_AvailableforsaleSecuritiesTransferredtoHeldtomaturitySecuritiesUnrealizedGainLoss
Transfer of loans to other real estate owned 235us-gaap_TransferOfOtherRealEstate 190us-gaap_TransferOfOtherRealEstate 2,337us-gaap_TransferOfOtherRealEstate
Common stock issued in Visalia Community Bank acquisition 0us-gaap_StockIssued1 12,494us-gaap_StockIssued1 0us-gaap_StockIssued1
Accrued preferred stock dividends $ 0us-gaap_DividendsPayableCurrentAndNoncurrent $ 0us-gaap_DividendsPayableCurrentAndNoncurrent $ 88us-gaap_DividendsPayableCurrentAndNoncurrent