Valley Commerce Bancorp, the parent company of Visalia-based Valley Business Bank, reported an increase in net income for both the third quarter and first nine months of 2009 compared to 2008.
Profit for the three months ended Sept. 30 was $620,000, or 20 cents a share, compared to $478,000, or 18 cents a share, for the same period in 2008.
Through the first nine months of the year, net income was $1.45 million, or 48 cents a share, up from $1.43 million in 2008.
Per-share income is down from 54 cents a share, mostly because of dividends paid for shares of preferred stock bought by the U.S. Treasury under the Capital Purchase Program.
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