Levy Bancorp Reports $1.87-Million Net Income

Levy Bancorp, the Ventura-based holding company of Bank of A. Levy, reported net income of $1.87 million for the second quarter that ended June 30, a dramatic turnaround from the same quarter a year ago, when the company posted a $3.48-million net loss.

Total non-performing assets declined during the quarter from 10.53% of its loan portfolio on March 31 to 9.94% of the portfolio as of June 30. The allowance for loan losses in the June quarter was $10.3 million, down 23% from the $13.4 million set aside during the same quarter a year ago.

“Losses in the loan portfolio have stabilized at a level much lower than we experienced in the previous two years,” said Marshall C. Milligan, chief executive of Levy.

Total assets as of June 30 were $625.5 million, down 14% from $724.1 million at the same point last year.