Central Valley Community Bancorp, the parent company of Fresno's Central Valley Community Bank, reported net income of $1.3 million in the final three months of 2008, amounting to a profit of 19 cents per share.

For the entire year, the company reported net income of $5.1 million, or 79 cents per share.

In its earnings report today, bank officials said they allowed for loan charge-offs of $740,000 for the year and about $1.3 million in credit losses, both figures up from 2007. Some the increases were attributed to the Valley's economy as well as to the bank's acquisition of Stockton-based Service 1st Bancorp -- a $23.4 million deal that was concluded in November.

Central Valley Community Bancorp reported assets of $752.7 million as of Dec. 31, up from $483.6 million at the end of 2007.

Shares in the company's stock closed today at $3.53 per share, down 2 cents from Tuesday's closing price.