Valley Commerce Bancorp, the Visalia-based parent company of Valley Business Bank, reported that 2013 was its third straight year of posting record profits.
The company's net income for the year was about $4.1 million, or $1.43 per share, up from the previous yearly record of $3.2 million or $1.12 per share reported for 2012.
In the fourth quarter, net income was $775,000 or 27 cents per share, compared to $642,000 or 23 cents per share in the fourth quarter of 2012.
The bank's earnings statement attributed the increased profit to a reduction in loan-loss reserves, and a growing roster of loans and investments. "Our portfolios are in the best shape they have been in some years," Valley Commerce president/CEO Allan W. Stone said.
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