Levy Bancorp Reports 1st Profit in 8 Quarters
After seven straight quarters of losses, Levy Bancorp, the Ventura-based parent of Bank of A. Levy, reported a first-quarter profit of $1.36 million, contrasted with a loss of $800,000 in the same period a year earlier.
Dramatically lower loan-loss provisions made the difference in the latest quarter that ended March 31. Levy set aside just $1,000 in provisions for loan losses in the latest three-month period, in contrast to $3.8 million a year earlier. Also in the latest quarter, the company posted a $360,000 gain from the sale of its former office in Oxnard.
Levy, which has 17 branch offices in Ventura County, had total assets of $654 million as of March 31. That was down 13% from $751 million a year earlier.
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