Ventura County National Bancorp Earnings Fall 78%

Ventura County National Bancorp, the Oxnard parent of Ventura County National Bank and Frontier Bank, said its 1991 earnings plunged 78% to $806,000 from $3.6 million a year earlier as the tough economy, depressed real-estate values and lower interest rates took their toll.

The economic uncertainty forced the bank holding company to boost its loan-loss provisions more than threefold to $2.54 million for the year compared to $743,000 in 1990. At the same time, the company’s net interest income, the difference between what it pays for funds and what it charges to lend those funds, dropped 7% to $17.3 million from $18.6 million a year earlier, the bank said.

Meanwhile, Ventura County National Bancorp last year had to cope with the two biggest loan charge-offs in its history, totaling about $1 million. Net charge-offs during 1991 were $2 million, up from $321,000 in 1990.