Delaware County Bank’s parent company appears to be righting the ship after reporting a small first quarter 2011 profit.
DCB Financial Corp. reported a $33,000 profit in a federal filing made Tuesday, compared to a $888,000 loss from the same period last year. In a press release, interim CEO David Folkwein said the company is proud to announce its first profitable quarter “in a long time.”
“It hasn’t been easy, and we are not ready to rest, but it is good to see our focus and effort has begun to show positive results,” Folkwein said in the written release. “We are also pleased with our efforts to stabilize and even increase our retail deposits through our branch network.”
The company attributed the profit to “a reduction in provision expense for credit losses, a decrease in other-than-temporary impairment charges and a reduction in employee costs compared to the first quarter 2010.”
DCB last year reduced staffing levels and overhauled its loan portfolio to help reduce its expenses. The bank lost a total of $12.3 million in 2010, and announced in November that it would enter into an agreement with state and federal regulators for more stringent monitoring.
The company’s stock value rose a dime a share on Tuesday, closing the day at $3.35 a share. It has been valued at a low of $3 a share and as high as $7 a share within the past 52 weeks.