Valley Commerce Bancorp, the Visalia-based parent of Valley Business Bank, reported a profit of $1.3 million or 43 cents per share for the third quarter of 2015. That’s up from a year earlier, when 2014’s third-quarter net earnings were $930,000 or 31 cents per share.
President/CEO Allan W. Stone said that earnings so far this year are on a pace to potentially meet last year’s record profit. “Going into the final quarter of 2015, we are achieving our revenue goals while maintaining a conservative risk profile,” Stone said.
Stone attributed the improved earnings to 12 percent growth in loans over the past year, with no past-due loans on the books at the end of the quarter. The bank’s net loan portfolio was valued at $289.2 million as of Sept. 30. Interest and fees on loans generated $3.6 million in income for the company, compared to $3.2 million in the third quarter of 2014. Non-interest income in the quarter amounted to almost $924,000, compared to a little over $454,000 a year earlier.
The bank’s assets totaled $401.8 million, against liabilities of $356 million at the end of the third quarter.
Valley Commerce Bancorp stock is traded on the OTC Pink over-the-counter board under the stock symbol VCBP. As of Wednesday’s market close, the company’s shares were priced at $15.20 per share, unchanged since last Friday.