Community Bank, a business bank with 15 branches in San Bernardino, Los Angeles, Riverside and Orange counties, reported a $25.2 million profit for the year ending Dec. 31.
The bank’s profit compares with a $20.7 million profit earned in 2010.
The bank also reported a decrease in its reserve for loan losses. At the end of last year, the bank reported a $37.5 million, or 2.12 percent, of its total loans as being reserved for potential losses. That number is down from $39.7 million, or 2.25 percent of outstanding loans, at the end of 2010.
Community Bank has $2.6 billion in reported assets. The bank’s branches include locations in Ontario, Fontana and Redlands. Community Bank’s main office is in Pasadena.
Altura Credit Union, which is based in Riverside, reported an $8.43 million profit for 2011.
The amount signifies an improvement over the credit union’s $5.8 million loss in 2010.
“After the economic turmoil of the past few years, 2011 was our best year since 2006,” Altura Credit Union CEO Mark Hawkins said in a statement. “Although we continued to deal with a difficult economy, 2011 was the year in which we finally saw the marketplace begin to firm up. Unemployment is settling down and foreclosures and delinquencies have eased substantially.”
Altura Credit Union ended 2011 with a 7.84 percent net worth ratio, well above the 5.81 percent ratio at the end of 2010. The National Credit Union Administration considers an institution with a ratio of at least 7 percent to be well capitalized.
Mining firm Molycorp reported record sales of $138.1 million for the quarter ending Sept. 30.
The reported sales levels were 39 percent higher than the company’s reported earnings during the previous quarter.
Molycorp earned $8.5 million during the third quarter of 2010. The company did not revive mining operations at its Mountain Pass location until later in the year.
The company’s mine at Mountain Pass, which is near the Nevada state line in San Bernardino County, is the only place in the United States where rare earths metals can be mined. Rare earths metals are a class of elements that have a variety of applications in high technology, but are rarely discovered in concentrations where they can be effectively mined.
Molycorp’s net income attributable to stockholders reached $45.3 million during the third quarter, a 4 percent increase from the previous three-month period.
The company’s corporate offices are in Greenwood Village, Colo.