Viejo Bancorp Reports $87,000 Net Quarter Gain
Coming off a year in which it suffered its worst loss, Viejo Bancorp and its wholly owned subsidiary, Mission Viejo National Bank, posted a net income of $87,000 for the first quarter ended March 31, compared with a loss of $331,600 for the same quarter last year.
The company, which lost $1.9 million last year, should earn $500,000 to $1.5 million this year, predicted Jack R. Barnes, president of the bank and its parent company.
Corporate assets stood at $26.9 million at the end of the quarter, a 23.5% drop from $35.2 million in assets a year earlier. The bank’s capital, as a percentage of assets, was 7.2%, contrasted with a 5.2% ratio a year earlier, Barnes said. Federal regulators require a 6% ratio.
Total deposits at the bank on March 31 dropped 23.4% to $25.1 million from $32.8 million a year earlier.
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