Ventura County Bank Posts $273,000 in Earnings

Ventura County National Bancorp, the Oxnard-based parent of Ventura County National Bank, posted earnings of $273,000 for the first quarter that ended March 31, reversing a loss of $114,000 in the same three-month period a year earlier.

The company also reported that delinquent loans and other non-performing assets were reduced to 5.33% of total assets by the end of the first quarter, down from 7.86% a year earlier. But in shedding problem loans, the company’s asset base shrank to $253 million, down 20% from $316 million a year earlier.

Richard Cupp, chief executive of VCNB, said the company might sell other non-performing assets in an effort to further strengthen VCNB’s balance sheet. He also said the company cut non-interest expenses by $556,000 in the first quarter, compared to the same quarter a year earlier.