Valencia National Bank Increases Earnings Twofold
Valencia National Bank reported a more than twofold increase in earnings for the first quarter that ended March 31.
The three-branch bank, based in Santa Clarita, reported net income of $117,154 for the first quarter, compared with $51,766 in the same three-month period a year earlier. Total assets increased to $77.1 million as of March 31, up slightly from $76.4 million a year earlier.
Loan loss reserves totaled $752,000 at the end of the quarter, compared with $642,000 the same date a year ago. John M. Reardon, chief executive of the bank, said Valencia National’s improved performance reflects an improved local economy, a reduction in loan losses and firmer expense controls.
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