Annualized return on average equity for the first half of 2008 was 9.63%,compared to 12.11% for the same period in 2007. This comparison isreflective of a decrease in net income and an increase in capital fromretained earnings. Annualized return on average assets was 1.06% for thefirst half of 2008, compared to 1.29% for the same period in 2007.

The Company's asset quality remains strong. Non-accrual loans at June 30,2008 totaled $366,000 or 0.10% of total loans compared to $179,000 or 0.05%of total loans at December 31, 2007 and $86,000 or 0.03% at June 30, 2007.The Company expects the loss exposure on these loans to be minimal due togovernment guarantees. During the first six months of 2008, the Companyrecorded $81,000 in net loan charge-offs, compared to $306,000 for the sameperiod in 2007. The Company had no Other Real Estate Owned at June 30,2008, December 31, 2007 or June 30, 2007.

The Company is not involved in any sub-prime mortgage lending activitiesand the investment portfolio does not include any sub-prime mortgage loans.During the first half of 2008, the Company recorded a $270,000 addition tothe allowance for credit losses, compared to $240,000 for the same periodin 2007. The allowance for credit losses as a percentage of total loanswas 1.16% at June 30, 2008, 1.14% at December 31, 2007 and 1.10% at June30, 2007.

The Company's annualized net interest margin (fully tax equivalent basis)was 5.22% for the six months ended June 30, 2008, compared to 5.68% for thesame period in 2007. The net interest margin was 5.53% for the trailing12-month period ended June 30, 2008, compared to 5.74% for the trailing12-month period ended June 30, 2007. The decrease in margin is areflection of the 325 basis points decline in interest rates by the FederalReserve Bank since September 2007, coupled with competition for depositsthat continues to challenge the Company along with most other financialinstitutions. In comparing the two periods, the effective yield on totalearning assets decreased 70 basis points to 6.81% compared to 7.51% for thesame period in 2007, while the cost of total interest bearing liabilitiesdecreased only 46 basis points to 2.34% compared to 2.80% for the sameperiod in 2007. The cost of total deposits decreased 29 basis points to1.57% compared to 1.86% for the same period in 2007. Net interest incomefor the six months ended June 30, 2008 was $11,575,000, compared to$12,098,000 for the same period in 2007, a decrease of $523,000 or 4.32%.

Total average assets for the six months ended June 30, 2008 were$495,944,000, compared to $477,140,000 for the same period in 2007, anincrease of 3.9%. Total average loans were $346,970,000 for the first halfof 2008, compared to $325,541,000 for the same period in 2007, representinga 6.6% increase. Total average investments decreased from $108,923,000 forthe first half of 2007 to $105,954,000 for the first half of 2008. Totalaverage deposits decreased 2.6% to $406,734,000 for the six months endedJune 30, 2008, compared to $417,678,000 for the same period in 2007. Thedecrease in average deposits is due primarily to an $8,692,000 decrease inaverage non-interest bearing deposits and a $2,252,000 decrease in averageinterest bearing deposits. The Company's ratio of average non-interestbearing deposits to total deposits continued to be above industry averagesat 31.2% for the first half of 2008.

Non-interest income for the six months ended June 30, 2008 increased$237,000, or 10.4% to $2,512,000, compared to $2,275,000 for the sameperiod in 2007, mainly due to a $289,000 increase in income from customerservice charges partially offset by a $73,000 decrease in brokered loanfees. Non-interest expense for the six months ended June 30, 2008increased $477,000, or 5.0% compared to the same period in 2007, primarilydue to a $344,000 increase in salary and benefits expenses attributable toan increase in the number of employees and ordinary increases in salariesand benefits. The six month period ended June 30, 2008 also includednon-interest expenses of $40,000 related to the Herndon and Fowler officerelocation in Clovis from an in-store location to a new expandedtraditional branch located across the street.

In May 2008, the Company entered into a definitive merger agreement toacquire Service 1st Bancorp and has filed the required regulatoryapplications with federal and state banking regulators and a securitiesregistration statement with the Securities and Exchange Commission. TheCompany anticipates it will receive regulatory and shareholder approvalsand expects to complete the merger near the end of the third quarter of2008.

Quarter Ended June 30, 2008

For the quarter ended June 30, 2008, the Company reported unauditedconsolidated net income of $1,315,000, or $0.21 per diluted share, comparedto $1,619,000, or $0.25 per diluted share, for the same period in 2007, and$1,305,000, or $0.21 per diluted share, for the quarter ended March 31,2008.

Annualized return on average equity for the second quarter of 2008 was9.71%, compared to 12.67% for the same period of 2007. This decrease isreflective of a decrease in net income and an increase in capital fromretained earnings. Annualized return on average assets was 1.04% for thesecond quarter of 2008 compared to 1.35% for the same period in 2007.

In comparing second quarter 2008 to second quarter 2007, average totalloans increased $20,106,000, or 6.0%. During the second quarter of 2008,the Company recorded a $135,000 addition to the allowance for creditlosses, compared to $120,000 for the same period in 2007. The increase in2008 is principally due to the increase in the level of outstanding loansand our assessment of the overall adequacy of the allowance for creditlosses. During the second quarter of 2008, the Company recorded $35,000 innet loan charge-offs compared to $58,000 for the same period in 2007.

Average total deposits for the second quarter of 2008 decreased 2.9% to$409,154,000 compared to $421,473,000 for the same period of 2007.

The Company's net interest margin (fully tax equivalent basis) decreased 65basis points to 5.04% for the three months ended June 30, 2008, from 5.69%for the three months ended June 30, 2007. Net interest income decreased6.6% to $5,726,000 for the second quarter of 2008, compared to $6,130,000for the same period in 2007. The decreases in net interest margin and innet interest income reflects the impact of the 325 basis point decline ininterest rates by the Federal Reserve Bank since September 2007.

Non-interest income increased $158,000 to $1,274,000 for the second quarterof 2008 compared to $1,116,000 for the same period in 2007, drivenprimarily by an increase in customer service charges. Non-interest expenseincreased $210,000, or 4.4% for the same periods mainly due to increases insalary and occupancy expenses.

"While the second quarter 2008 net income was lower than the second quarter2007, this is primarily a result of the 325 basis point decrease ininterest rates and was not driven by credit costs of problem loans. Theslight increase in non-accrual loans consists of five small businesscustomers and each loan is supported by government guarantees. We areseeing more stress in the markets we serve due to the slowdown in theeconomy, rising costs of food and energy, and increases in unemployment.However, the overall quality of the loan portfolio remains strong whichreflects the quality of our borrowers and the diversification of the loans.The slower growth in loans is a reflection of a slower local economy, fewercredit-worthy borrowers, and the full payoff received in the second quarterof an $11 million adversely risk-rated loan," stated Daniel J. Doyle,President and CEO of Central Valley Community Bancorp and Central ValleyCommunity Bank.

"During the second quarter, we announced the pending merger with Service1st Bancorp which has three full-service offices in Tracy, Stockton, andLodi. We believe adding these offices, their professional employees andcustomers to our current structure will provide a long-term benefit to thegrowth and profitability of our company. This merger is subject toregulatory approval as well as shareholder approval from both companies andis expected to close near the end of the third quarter of 2008," concludedDoyle.

Central Valley Community Bancorp trades on the NASDAQ stock exchange underthe symbol CVCY. Central Valley Community Bank, headquartered in Fresno,California, was founded in 1979 and is the sole subsidiary of CentralValley Community Bancorp. Central Valley Community Bank currently operatestwelve offices in Clovis, Fresno, Kerman, Madera, Oakhurst, Prather,Sacramento, and a loan production office in Modesto, California. In May2008, Central Valley Community Bancorp entered into a definitive mergeragreement to acquire Service 1st Bancorp with three banking offices inTracy, Stockton and Lodi, California which is expected to be completedduring 2008. Additionally, the Bank operates Commercial Real EstateLending, SBA Lending and Agribusiness Lending Departments. Insuranceservices are offered through Central Valley Community Insurance ServicesLLC and investment services are provided by Investment Centers of America.Members of Central Valley Community Bancorp's and the Bank's Board ofDirectors are: Daniel N. Cunningham (Chairman), Sidney B. Cox, Edwin S.Darden, Jr., Daniel J. Doyle, Steven D. McDonald, Louis McMurray, Wanda L.Rogers, William S. Smittcamp, and Joseph B. Weirick.

More information about Central Valley Community Bancorp and Central ValleyCommunity Bank can be found at www.cvcb.com.

Forward-looking Statements - Certain matters discussed in this pressrelease constitute forward-looking statements within the meaning of thePrivate Securities Litigation Reform Act of 1995. All statements containedherein that are not historical facts, such as statements regarding theCompany's current business strategy and the Company's plans for futuredevelopment and operations, are based upon current expectations. Thesestatements are forward-looking in nature and involve a number of risks anduncertainties. Such risks and uncertainties include, but are not limitedto (1) significant increases in competitive pressure in the bankingindustry; (2) the impact of changes in interest rates, a decline ineconomic conditions at the international, national or local level on theCompany's results of operations, the Company's ability to continue itsinternal growth at historical rates, the Company's ability to maintain itsnet interest margin, and the quality of the Company's earning assets; (3)changes in the regulatory environment; (4) fluctuations in the real estatemarket; (5) changes in business conditions and inflation; (6) changes insecurities markets; and (7) the other risks set forth in the Company'sreports filed with the Securities and Exchange Commission, including itsAnnual Report on Form 10-K for the year ended December 31, 2007. Therefore,the information set forth in such forward-looking statements should becarefully considered when evaluating the business prospects of the Company.

                     CENTRAL VALLEY COMMUNITY BANCORP                  CONDENSED CONSOLIDATED BALANCE SHEETS                                (Unaudited)                                       June 30,   December 31,   June 30,(In thousands, except share amounts)     2008         2007         2007                                     -----------  ------------ -----------ASSETSCash and due from banks              $    21,911  $     17,108 $    23,853Federal funds sold                        17,369        14,536       9,530                                     -----------  ------------ -----------Total cash and cash equivalents           39,280        31,644      33,383Interest bearing deposits in other banks                                     5,000             -         158Available-for-sale investment securities (Amortized cost of $99,880 at June 30, 2008, $84,139 at December 31, 2007 and $90,446 at June 30, 2007)                           96,635        84,373      89,591Loans, less allowance for credit losses of $4,076 at June 30, 2008, $3,887 at December 31, 2007 and $3,743 at June 30, 2007                 348,177       337,241     335,622Bank premises and equipment, net           6,043         5,767       5,984Bank owned life insurance                  6,847         6,723       6,258Federal Home Loan Bank stock               2,079         2,022       1,971Goodwill                                   8,934         8,934       8,934Accrued interest receivable, intangibles and other assets              9,515         6,981       7,615                                     -----------  ------------ -----------      Total assets                   $   522,510  $    483,685 $   489,516                                     ===========  ============ ===========LIABILITIES AND SHAREHOLDERS' EQUITYDeposits:   Non-interest bearing              $   127,499  $    128,120 $   138,185   Interest bearing                      289,548       274,442     283,722                                     -----------  ------------ -----------      Total deposits                     417,047       402,562     421,907Short-term borrowings                     19,900        20,000      10,625Long-term debt                            19,000             -           -Accrued interest payable and other liabilities                              12,421         6,929       6,063                                     -----------  ------------ -----------      Total liabilities                  468,368       429,491     438,595                                     -----------  ------------ -----------Shareholders' equity:   Preferred stock, no par value:    10,000,000 shares authorized, no    shares issued or outstanding               -             -           -   Common stock, no par value;    80,000,000 shares authorized;    6,006,119 outstanding at June    30, 2008, 5,975,316 at December    31, 2007, and 5,958,786 at June    30, 2007                              13,900        13,571      12,475   Retained earnings                      42,189        40,483      38,959   Accumulated other comprehensive    income (loss), net of tax             (1,947)          140        (513)                                     -----------  ------------ -----------      Total shareholders' equity          54,142        54,194      50,921                                     -----------  ------------ -----------Total liabilities and shareholders' equity                              $   522,510  $    483,685 $   489,516                                     ===========  ============ ===========                     CENTRAL VALLEY COMMUNITY BANCORP                CONDENSED CONSOLIDATED STATEMENTS OF INCOME                                (Unaudited)                                                       June 30,   June 30,For the six months ended                                 2008       2007                                                       =========  =========(In thousands, except per share amounts)Net interest income                                    $  11,575  $  12,098Provision for credit losses                                  270        240                                                       ---------  --------- Net interest income after provision for credit losses    11,305     11,858Total non-interest income                                  2,512      2,275Total non-interest expenses                                9,938      9,461Provision for income taxes                                 1,259      1,601                                                       ---------  ---------   NET INCOME                                          $   2,620  $   3,071                                                       =========  =========Basic earnings per share                               $    0.44  $    0.51                                                       =========  =========Diluted earnings per share                             $    0.42  $    0.48                                                       =========  =========                     CENTRAL VALLEY COMMUNITY BANCORP                CONDENSED CONSOLIDATED STATEMENTS OF INCOME                                (Unaudited)For the three       June 30,  March 31, December 31, September 30, June 30,months ended          2008      2008        2007         2007       2007                    ========= ========= ============ ============ =========(In thousands, except per share amounts)Net interest income $   5,726 $   5,849 $      6,224 $      6,186 $   6,130Provision for credit losses                   135       135          120          120       120                    --------- --------- ------------ ------------ ---------   Net interest    income after    provision for    credit losses       5,591     5,714        6,104        6,066     6,010Total non-interest income                 1,274     1,238        1,168        1,075     1,116Total non-interest expense                4,966     4,972        4,774        4,864     4,756Provision for income taxes                    584       675          865          701       751                    --------- --------- ------------ ------------ ---------      Net income    $   1,315 $   1,305 $      1,633 $      1,576 $   1,619                    ========= ========= ============ ============ =========Basic earnings per share              $    0.22 $    0.22 $       0.27 $       0.26 $    0.27                    ========= ========= ============ ============ =========Diluted earnings per share              $    0.21 $    0.21 $       0.26 $       0.25 $    0.25                    ========= ========= ============ ============ =========                     CENTRAL VALLEY COMMUNITY BANCORP                              SELECTED RATIOS                                (Unaudited)For the three       June 30,  March 31, December 31, September 30, June 30,months ended          2008      2008        2007         2007       2007                    ========= ========= ============ ============ =========(Dollars in thousands)Allowance for credit losses to total loans                  1.16%     1.14%        1.14%        1.13%     1.10%Nonperforming loans to total loans         0.10%     0.03%        0.05%           -      0.03%Total nonperforming assets             $    366  $    109  $       179  $        11  $     86Net interest margin (calculated on a fully tax equivalent basis)(1)   5.04%     5.40%        5.81%        5.80%     5.69%Annualized return on average assets         1.04%     1.08%        1.36%        1.33%     1.35%Annualized return on average equity (2)     9.71%     9.55%       12.10%       12.21%    12.67%(1) Net Interest Margin is computed by dividing annualized quarterly net    interest income by quarterly average interest-bearing assets.(2) Computed by annualizing quarterly net income.