San Diego Business Journal

Vibra Bank Reports Unaudited Net Profit of $183,000 for Q4

Wednesday, February 6, 2013

Vibra Bank, with a single office based in Chula Vista, reported unaudited, fourth quarter net profit of $183,000 compared with a profit of $576,000 for the like quarter of 2011.

For the full year, Vibra reported net income of $1.15 million, compared with net income of $1.28 million in 2011.

CEO Scott Parker said in the latter part of last year the bank increased staffing and deployed “significant resources within the bank” to support continued growth.

Vibra’s loan portfolio grew by $9 million over the year to $85 million at year-end, while deposits were up by $6 million to $96 million. Total assets increased $6 million to $110 million as of the end of 2012.

The bank continues to hold more than healthy capital, with total risk-based capital at 18.99 percent, nearly double the level to be considered as a well-capitalized institution. It also is carrying no problem loans or foreclosed real estate as of the end of last year.

— SDBJ Staff Report