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Valley Republic earnings climb 41%

Valley Republic Bank's Bakersfield-based holding company on Thursday reported second-quarter earnings 41 percent greater than the same period a year earlier, as net loans grew 12 percent over the same period.

Valley Republic Bancorp said its basic earnings per share for the three months that ended June 30 were up 37 percent from the second quarter of last year, at 52 cents. Its net income came to $2.008 million.

President and CEO Bruce Jay credited the increases to loan and deposit growth, supported by higher market interest rates and a lower corporate tax rate since early this year. Stock options exercised by Valley Republic directors and founders have reduced the bank's income tax expenses, he added.

Founded in 2009, Valley Republic is a full-service community bank with three branches in Bakersfield and one in Delano. The holding company was formed in 2016.

The bank's total assets were listed at $683.1 million, 7 percent more than on June 30, 2017. Meanwhile, deposits at Valley Republic were also up 7 percent year over year, at $615.5 million.

Net loans stood at $460.2 million at the end of this year's second quarter, or 12 percent higher than a year earlier. The bank said it had no nonperforming loans or loan payments more than 30 days delinquent.

"We continue to maintain high credit quality standards, which have been consistently applied since the opening of the bank," Chairman Eugene Voiland said in a news release.

Valley Republic's stock was trading at $33.50 Thursday, unchanged from the day before. Its share price has ranged between $23.81 and $45 during the past 12 months, according to Bloomberg LP.

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John Cox can be reached at 661-395-7404. Follow him on Twitter: @TheThirdGraf.

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