Valley Republic Bancorp on Friday announced its financial results for the quarter, with net income up 40 percent and total assets up 22 percent.
It reported a record net income for the third quarter of $1,632,000, an increase of $467,000 for the same quarter last year, according to a news release. Year to date net income saw a jump of $980,000 compared to last year, for a total of $4,292,000.
"We are pleased with Valley Republic Bank's performance in 2017, including record earnings in the third quarter," Bruce Jay, president and CEO, said in the release. "Deposit and loan growth have been exceptional all year."
The unemployment rate in Kern County was 8.1 percent in September, down from a revised 9.4 percent in August, according to a news release from the state Employment Development Department.
That figure is also below the year-ago estimate of 9.1 percent, the release said.