Valley Commerce Bancorp, the Visalia-based parent company of Valley Business Bank, reported a fourth-quarter profit of $1.1 million or 35 cents per share, bringing the company’s full-year earnings to a record $4.25 million or $1.46 per share for 2014.
The fourth-quarter net earnings represented an increase from the $775,000, or 22 cents per share, from the fourth quarter of 2013. The full-year earnings were almost $200,000 greater than in 2013.
“In 2014 our net loans and total deposits each grew by 13%,” Valley Commerce president/CEO Allan Stone said. Net loans outstanding at the end of the year were $264.5 million, up from $234.6 million at the close of 2013, and all of the growth was attributed to real estate mortgage loans.
Valley Commerce Bancorp is traded on the Over the Counter trading boards under the stock symbol VCBP.