Valencia Bank Earnings Down 26% for 2nd Period
Valencia National Bank in Valencia reported net income of $103,409 for the second quarter that ended June 30, a 26% decline from $139,339 a year earlier. Total assets increased 31% to $51.7 million from $39.4 million, while customer deposits rose 34% to $46.1 million.
The bank said the lower earnings in the latest quarter reflected a $67,700 reserve set aside for income taxes, compared to a $23,000 reserve in the same period last year.
For the six months that ended in June, Valencia earned $162,809, down 38% from $262,851 a year earlier.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
