DuPont-based Venture Bank this week reported record net income of $12.7 million for 2007 – $1.6 million, or 14.4 percent, above the figure for 2006.
For the fourth quarter, Venture reported income of $3.2 million, $100,000 above the figure for the same quarter a year before.
Total assets at Venture were $1.2 billion at year-end, up 22.7 percent from the end of 2006.
Non-performing loans as a percentage of total loans were 0.40 percent at year-end, up from 0.10 percent a year before. The allowance for credit losses increased to 1.34 percent from 1.25 percent.
"We are closely managing our loan portfolio in light of the housing downturn," said President and CEO Jim Arneson. "We continue to see opportunities in both commercial and residential construction and development projects.