Profits down for Visalia’s Valley Commerce Bancorp

Valley Commerce Bancorp, the Visalia-based parent company of Valley Business Bank, reported a profit of $911,000, or 31 cents per share, for the second quarter of the year. The figure is down from net income of $1.5 million or 52 cents per share in the second quarter of 2014.

The company attributed the difference to a $1 million reversal of loan loss reserves that was recorded in 2014’s second quarter. “That single adjustment accounted for about $600,000 of 2014 earnings,” said Allan W. Stone, the company’s president and CEO.

Through the first six months of the year, net income for the company was $1.7 million or 58 cents per share, compared to the first half of 2014 when the profit was reported at $2.27 million, or 77 cents per share.

Valley Commerce stock is traded on the OTCPink over-the-counter bulletin board under the stock symbol VCBP. Shares closed Friday at $15.49 per share, unchanged from its last trading on July 21.

This story was originally published July 24, 2015 at 7:25 PM with the headline "Profits down for Visalia’s Valley Commerce Bancorp."