Business Worth Noting: Valley Republic Records Record Profits Despite Growth in Problem Loans, more | news

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Valley Republic Bancorp reported a record profit of $ 4.55 million in the second quarter of this year, up nearly 24 percent from the same period a year earlier, even as the company sees more bad loans and saves more money. to cover them if necessary. …

Bakersfield-based parent Valley Republic Bank said total assets were up 12 percent year-over-year to $ 1.37 billion. Deposits rose 14 percent to $ 1.21 billion, while total loans rose 5.4 percent to $ 903.7 million.

Meanwhile, the company increased its loan loss provision to $ 11.1 million, up 18 percent from the end of the second quarter of 2020. The company said the amount of its loans that were 90 days or more overdue, considered problematic, more than doubled since December. 31 to $ 2.35 million on June 30.

Executive Vice President and Chief Credit Officer Jack Smith said in a press release that all Valley Republic borrowers returned to their original repayment terms after the bank actively changed many loans in 2020, when it peaked at $ 76 million. He stated that the bank’s loan portfolio is “overall very good.”

“Along with very modest delinquencies and improving financial trends in many of the industries in which we operate,” he wrote, “the bank is well positioned to grow lending and support the businesses and communities it serves.”

The Please Sleep Center mattress salons at Urner’s Z have been renamed Urner mattresses.

Owner Urner’s, one of Bakersfield’s oldest family-owned and employee-owned retailers, said the name change would not affect day-to-day operations and that all of its stores remain open.

“Urner’s name has been around for a long time and people will recognize him,” President and CEO Steve Illingworth said in a press release. “So even with this change, our service will remain the same, if not better.”

The company began opening mattress centers around Bakersfield in 2012.

The Greater Bakersfield Chamber of Commerce announced that its policy and public affairs manager, Kaylene Peterson, has been named executive vice president of public affairs and executive director of its political action committee, BAKPAC.

The new role makes Peterson responsible for the chamber’s human rights, political and foreign policy activities.

“Kalin has established herself as an important member of the Chamber’s team and one of the most effective advocates for local business in our region,” Chamber CEO Nick Ortiz said in a press release. “In this expanded role, Kaelyn will enable us to improve our advocacy and political action programs, ensuring that our members have the strong representation they expect and deserve.”

Peterson, a Bakersfield native who was hired by the Chamber in 2018, received a BA in Communication Studies from the University of California, Los Angeles and an MBA from California State University Bakersfield. She previously worked for State Senator Jean Fuller, a Republican from Bakersfield.

Bakersfield businessman Angelo Mazzei has been named one of two winners of the 2021 Industry Achievement Award by the Irrigation Association’s trade group.

Chairman and CEO of local Mazzei Injector Co. LLC holds over 20 patents, including the Mazzei injector that he developed in his garage workshop in 1978.

“This injector has revolutionized the irrigation industry and is at the heart of a wide range of high-performance innovations in agriculture, human health and the environment,” the association said.

Mazzei said in a press release that he is honored to receive recognition.

“I owe this honor to my wife, family and the many dedicated employees who have helped Mazzei Injector Co. for 43 years of work I have achieved success, ”he said. “Our company looks forward to further developing innovative technologies in our endeavors. for a more efficient use of the world’s water resources ”.

Retired local banker Bill Jeffries plans to join the weekly small business webinar on Wednesday to share information on lending trends and what to think about when seeking funding.

The free webinar, which runs from noon to 1:00 pm, will also offer updated information on government pandemic relief programs, including the employee retention tax credit, payroll protection program, and the disaster loan program.

The event will be hosted by Kelly Bearden, director of the California Small Business Development Center in Bakersfield.

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