- July 28, 2021
- Posted by: Stratford Team
- Category: Business
Valley Republic Bancorp posted record earnings of $4.55 million in the second quarter of this year, an increase of almost 24 percent from the same period a year earlier, even as the company is seeing more troubled loans and setting aside additional money to cover them if necessary.
The parent of Bakersfield-based Valley Republic Bank said total assets were up 12 percent year-over-year at $1.37 billion. Deposits increased 14 percent to $1.21 billion, it reported, and total loans rose 5.4 percent to $903.7 million.
Meanwhile, the company raised its allowance for loan losses to $11.1 million, an increase of 18 percent from the end of the second quarter of 2020. It said the sum of its loans 90 days or more overdue, deemed nonperforming, more than doubled since Dec. 31 to hit $2.35 million on June 30.
Executive Vice President and Chief Credit Officer Jack Smith said in a news release all Valley Republic’s borrowers have…
