Levy Bancorp Reports Record Annual Income

Levy Bancorp., a Ventura-based bank holding company that is about to be sold, reported net income of $7.9 million for 1994, the highest annual income in the bank’s 112-year history.

In August, Levy announced that it had agreed to be acquired by First Interstate Bancorp. of Los Angeles for $86.5 million in stock. The sale is expected to close today, although branches of the two banks aren’t scheduled to merge until April 21.

The 1994 profit represents a sharp turnaround for Levy, which reported a $5.7-million loss in 1993. Net income for the fourth quarter that ended Dec. 31 was $2.48 million, compared with a year-earlier loss of $981,000.

Levy, the parent of Bank of A. Levy, reported total assets of $588 million as of Dec. 31, down 12% from $665 million a year earlier. But asset quality improved, as non-performing loans represented 2.58% of the total loan portfolio as of Dec. 31, compared with 3.8% a year earlier.