Quarterly Profit Up 25% at Conejo Valley Bank

Conejo Valley National Bank reported second-quarter earnings of $185,000, or 32 cents a share, up 25% from $148,000, or 25 cents a share, in the same quarter last year.

Assets at the end of the quarter stood at $62.0 million, up 8% from $57.5 million the year before. The bank's regulatory net worth was $5.8 million as of June 30, up 9% over the last 12 months.

Richard Ball, executive vice president, said earnings rose because of cost cutting and lower interest expenses. He said 1985 results were depressed because the bank was still digesting the acquisition in September, 1984, of two new branches.

Based in Thousand Oaks, the bank is a three-branch, publicly held financial institution emphasizing commercial lending. In April it agreed in principle to be acquired by Ventura County National Bancorp in a stock deal valued at about $10.4 million.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World