Levy Bancorp Reports 23% Drop in Earnings

Levy Bancorp, the Ventura-based parent of Bank of A. Levy, reported a 23% drop in its net income in the fourth quarter that ended Dec. 31, to $1.34 million from $1.73 million a year earlier. For all of 1991, Levy earned $5.09 million, down 31% from $7.39 million in 1990.

The bank holding company said its 1991 results were negatively affected by falling interest rates and an increase in problem loans due to the declining real estate market.