Valencia Bank & Trust Reports 60% Earnings Rise

For the fifth straight quarter, Valencia Bank & Trust posted quarterly earnings growth of at least 60% compared to the same period last year, the company has announced.

For the third quarter, which ended Sept. 30, net income rose 60% to $326,194 or 29 cents per share, compared with $204,211 or 18 cents per share in the third quarter 1997. The figures were adjusted to account for a two-for-one stock split in the second quarter of this year.

Adjusted figures for year-to-date earnings show a rise of 67%, to $839,912 or 74 cents per share, compared with $502,631 or 45 cents for the same period in 1997.

As of Sept. 30, the company had total assets of $130.8 million, up from $112.6 million in September 1997.