Banking Firm’s Earnings Fall 80%
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NEWPORT BEACH — California Commercial Bankshares, parent company of National Bank of Southern California, reported Wednesday that it had a large drop in earnings during its first quarter.
Earnings were $102,000, or 4 cents a share, for the quarter ended March 31, down 80% from $511,000, or 20 cents a share, for the same period last year. Total assets were $347.6 million, down nearly 3% from $357.3 million in the first quarter of 1992.
“The lower earnings resulted primarily from a decline in loans, an increase in the allocation for loan loss reserves and the decline in interest rates,” said William Jacoby, president of California Commercial Bankshares.
He said that in light of the economic slowdown, the company has continued to allocate reserves so it can provide better protection for depositors and shareholders.
Jacoby said the company plans to maintain its emphasis on personal service. The bank has offices in Santa Ana, Lake Forest, Orange and Newport Beach.
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