Bank Holding Firm’s Net Income Increases

Ventura County National Bancorp, the Oxnard parent of Ventura County National Bank and Frontier Bank, said its net income for the fourth quarter ended Dec. 31 rose 2% to $709,000 from $698,000 a year earlier. The bank holding company’s assets climbed 22% to $384 million as of Dec. 31 from $314 million a year before.

For the full year 1990, Ventura County National’s net income jumped 28% to $3.62 million from $2.83 million in 1989. Meanwhile, the bank holding company said its nonperforming assets climbed to 1.11% of total loans as of Dec. 31 from 1.03% of total loans a year before.

The company attributed the increased profits to both internal growth and to the acquisition of Frontier Bank in October, 1989, and the deposits of Westco Savings Bank in the second quarter of 1990.

Separately, Ventura County National said its directors declared a 10% stock dividend payable on March 27 to shareholders of record as of March 7.