Valencia Bank Reports 15% Rise in Earnings
Valencia National Bank posted a 15% rise in its first quarter earnings.
The bank had net income of $127,251 for the quarter that ended March 31, compared to net income of $111,128 a year earlier.
Total assets as of March 31 were $103.8 million, up 18% from $88.3 million a year ago.
The bank also said that its allowance for loan losses rose to $898,000 as of March 31, up from $698,000 a year earlier. The bank noted that in this same period its total loan volume rose 50% to $50.7 million, up from $33.8 million a year earlier.
Valencia National Bank, headquartered in Santa Clarita, also declared a 5% stock dividend for shareholders of record on April 2.