Levy Records Net Loss of $790,000 in 1st Quarter

Levy Bancorp, parent of Bank of A. Levy, posted a $790,000 first-quarter net loss because of problem loans.

The loss in the first quarter ended March 31, which included a $3.8-million provision for loan losses, compares with net income of $1.7 million in the same quarter a year ago. The Ventura-based banking company said the loan charges were in line with its projections.

Levy’s loan-loss reserve totaled $13 million at March 31, or about 3% of its total loans, compared with $7.7 million at the end of 1992’s first quarter. Assets stood at $751 million at March 31, down 14% from $869.1 million a year earlier.