Vibra Bank Reports Net Loss of $362,000 for Q1Wednesday, May 8, 2013
Vibra Bank, based in Chula Vista with a single office, reported a first quarter net loss of $362,000, compared with net profit of $469,000 for the like quarter of 2012.
CEO Scott Parker said the bank increased staffing and compliance to support continued growth and meet increased regulatory requirements, resulting in higher expenses.
In December the bank was hit with a consent order from bank regulators regarding installing improved systems to comply with bank secrecy and money laundering laws.
“While this quarter’s earnings results are not positive, we expect that the actions we have taken will position the bank for a strong performance going forward, and we are pleased to report one of the highest loan production quarters since we opened the bank in 2008,” Parker said.
Vibra said it increased its gross loans by $17 million or 21 percent over the year to $98 million. Its total assets grew 4.5 percent to $115.3 million. Deposits increased 7 percent to $101 million.
Vibra continues to report the absence of any delinquencies or problem loans.
— Mike Allen