Valley Commerce Bancorp, the Visalia-based parent company of Valley Business Bank, reported a record annual profit of $4.5 million, or $1.51 per share, for 2015. It marked a fifth consecutive year of record earnings, according to President/CEO Allan W. Stone.
The 2015 figures compare to $4.3 million, or $1.43 per share, in 2014. Stone attributed the improved profit figure to loan growth and a reduction in reserves for loan losses.
For the fourth quarter of the year, net income was $1.5 million, or 50 cents per share, up from $1.1 million, or 35 cents per share, in the fourth quarter of 2014.
The company ended the year with total assets of $410.1 million, compared to year-end 2014 assets of $393.9 million.