Verus Bank of Commerce reports record profit for 2014

FORT COLLINS — Verus Bank of Commerce announced Thursday that it recorded a record net profit of $5.7 million in 2014.

The community bank, based in Fort Collins said the profit represents a 2.1 percent return on assets, or ROA, and an 18.2 percent return on equity, or ROE.

Bank co-founder Gerard Nalenzy said the average bank ROA in Colorado is 0.7 percent, and the average Colorado bank ROE is 6.5 percent.

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The bank reported a loan to deposit ratio of 111.05 percent.

“We believe that one of our important roles as a locally owned and locally based community bank is to reinvest and support the economy of Northern Colorado through making loans,” said co-founder Mark Kross in a statement.

The bank paid an annual dividend of 94 cents per share on Jan. 14.