Community Valley Bank reported that total assets rose nearly 10% in the first quarter.
Heading into its third year in business, the El Centro, Calif., bank said Friday that it expects to become profitable in 2010 based on growth in earning assets.
Community Valley had $47.6 million of assets at March 31, up from nearly $43.5 million at Dec. 31.
Deposits were up 10.5%, to $39.4 million and net loans declined less than a percent, to $34.9 million.
Community Valley's chief executive, Robert "Bob" Hahn, said in a press release that the bank is aiming to become profitable later this year. It reported a loss of $215,061 at March 31, narrowing from a $1.8 million loss at Dec. 31.
"We will continue to focus on building our performing loan portfolio by providing quality loans to the Imperial Valley's small-business community," Hahn said in the earnings release.
Community Valley maintains it is the only bank in the Imperial Valley participating in the Small Business Administration's America's Recovery Capital loan program. The bank said it has financed 18 SBA loans totaling $5 million to date.
