VCNB Reports Earnings of $29,000 in Quarter
Ventura County National Bancorp, a multi-bank holding company based in Oxnard, reported earnings of $29,000 for the second quarter ended June 30, compared with a loss of $2.7 million for the same quarter a year ago.
The latest results included $791,000 in income from its Small Business Administration loan portfolio as a result of a change in accounting principles.
The bank’s total assets fell 26% to $295 million on June 30, from $398 million in the period a year ago. Non-performing assets totaled $15.3 million at June 30, up 2% from a year ago. Loan loss reserves stood at $9.8 million, down 7% from $10.5 million a year earlier.
For the first six months of 1994, the bank posted a loss of $85,000, compared with a $4.25-million loss for the same period a year ago.