Valley Community Bancshares, Inc., the parent company of Puyallup-based Valley Bank, today reported earnings of $2.4 million, or $2.10 per diluted share, for the year, compared to $2.5 million, or $2.20 per diluted share, in 2007.
“Although the bank did not experience any non-accrual loans in 2008, we are not immune to the credit challenges facing all banks as a result of the slowing economy,” said David Brown, president and CEO. “We are, however, confident about the overall quality of our credit portfolio and we believe we are well-positioned to weather further challenges presented by the continued deterioration in the economy.”
The bank board has, approved a $1.05 per share cash dividend, a 5 percent increase from the $1 dividend paid last fiscal year. The dividend represents the 35th consecutive year of payment.
At the end of 2008, total assets were $220 million, compared to $208 million in 2007. Total loans and deposits were $137 million and $190 million, respectively.
The bank elected not to apply to participate in the U.S. Treasury Department’s Capital Purchase Program, the primary focus of which was to inject capital into undercapitalized financial institutions because it is already well positioned and has a long history of stability.
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