Valencia Bank & Trust Reports 60% Earnings Rise
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For the fifth straight quarter, Valencia Bank & Trust posted quarterly earnings growth of at least 60% compared to the same period last year, the company has announced.
For the third quarter, which ended Sept. 30, net income rose 60% to $326,194 or 29 cents per share, compared with $204,211 or 18 cents per share in the third quarter 1997. The figures were adjusted to account for a two-for-one stock split in the second quarter of this year.
Adjusted figures for year-to-date earnings show a rise of 67%, to $839,912 or 74 cents per share, compared with $502,631 or 45 cents for the same period in 1997.
As of Sept. 30, the company had total assets of $130.8 million, up from $112.6 million in September 1997.
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