Given the headlines generated by the high-profile troubles of so many banks -- and the much-maligned $700 billion federal "bailout" for financial institutions -- it's almost surprising to see that some banks turned a profit in a disastrous 2008.

But so far, four publicly-traded, Valley-based banks have done just that according to financial results released this week.

Valley Commerce Bancorp, the holding company that owns Visalia's Valley Business Bank, reported late Wednesday that its net income for 2008 was $1.8 million, or 74 cents per share of its stock. That compares to its 2007 income of $2.7 million or $1.03 per share -- a reduction of 28% in earnings per share.

The positive income came despite allowing $1.6 million during the year for bad loans -- a result of poor economic conditions "that are likely to persist well into 2009 and perhaps beyond," bank president Don Gilles said in a written statement. Valley Commerce Bancorp made no allowances for loan losses in 2007.

The bank, which has branches in Visalia, Tulare, Fresno, Woodlake and Tipton, ended the year with total assets of $306 million, up 10% over 2007's year-end assets of $279 million.

Valley Commerce's announcement Wednesday night came amid a flood of other financials being reported by companies across the country. Also on Wednesday were releases from Premier Valley Bank and Central Valley Community Bank, both in Fresno, plus Monday's report by Porterville's Sierra Bancorp. And each showed net income instead of losses for the year.

The toll taken by the economy, however, is readily apparent comparing 2008 to 2007.

Sierra Bancorp, the parent company of Bank of the Sierra, reported a loss of $1.9 million in the fourth quarter but had net income for the entire year of to $13.4 million. That was down 36.2% from the company's 2007 net income of $21.0 million.

Premier Valley's 2008 income of $3.3 million was off by 28% compared to 2007's $4.6 million. And Central Valley Community's income fell by 18% between 2007 and 2008, from $6.3 million to $5.1 million.

Still waiting to see the financials for Fresno's United Security Bank and Fresno First Bank, as well as for Capital Corp of the West, the Merced-based holding company of County Bank.