10:00 PM PDT on Monday, April 25, 2011
ICB Financial, the Ontario-based parent company of Inland Community Bank, eked out a profit of $50,000 in the first quarter, or a penny per diluted share. That’s down from $187,000, or 4 cents per share, in the same quarter last year.
First-quarter results reflect both a slow Inland recovery and diligent loan portfolio management, the company said in a news release. Non-performing assets were about 5 percent of total assets as of March 31, up from 3.35 percent a year earlier, but the provision for loan and lease losses was reduced to $150,000 from $263,000 a year ago.
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