Vibra Bank (VBBK) Swings to Profit YoY in Q2, HY2011

QualityStocks would like to highlight Vibra Bank (OTCBB: VBBK). The bank was founded in July, 2008 as a bi-cultural community bank serving all of San Diego County, including the Hispanic business and professional market.

In the company’s news yesterday,

Vibra Bank announced its unaudited financial results for the second quarter and six months ended June 30, 2011, reflecting its focus on the Hispanic business and professional market in San Diego County.

“We are pleased to report a continuing expansion of the profitability which began in the fourth quarter of 2010″ Vibra Bank Chairman Enrique Schon stated in the press release. “Our continued success is the result of efforts to extend credit to small businesses, and demonstrates the power of our bicultural focus, our local decision-making, and our commitment to excellent service.”

For the second quarter ended June 30, 2011, the bank reported net profit of $329,000 compared to a loss of $119,000 for the comparable quarter of 2010.

For the six-month period ended June 30, 2011, the bank reported net profit of $464,000 compared to a loss of $393,000 for the comparable six months of the year prior.

Vibra Bank CEO Scott Parker said the bank has expanded its small business lending focus, noting the bank’s ability to achieve positive results in a tough economy. The bank reports zero non-performing loans or foreclosed real estate.

As of June 30, 2011, Vibra Bank reported total assets of $77.8 million, including total gross loans of $57.6 million; total deposits were posted at$64.3 million, and total equity at $11.5 million.

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