Bank of Encino Profits Drop 41% in 1st Period
- Share via
Bank of Encino reported that its profits for the first quarter, ended March 31, fell 41% to $103,467 from $176,296 a year earlier.
The bank, which has been in operation since September, 1986, attributed most of the decline to a large increase in reserves for tax payments and a bolstering of reserves for potential loan losses.
The bank’s assets as of March 31 were $52.1 million, up 9% from $47.9 million a year earlier.
More to Read
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
