Citing a nearly 57% increase in its...
Citing a nearly 57% increase in its loan loss reserves, La Jolla Bank & Trust reported a 7.7% drop in earnings for the nine months ended Sept. 30, to $1.7 million. Loan loss reserves were increased by $750,000 to $2 million, according to Bob Roy, the bank’s controller. Assets increased 20% to $312.8 million, deposits rose 20% to $287.1 million, and loans increased 18% to $208.9 million. The bank’s capital ratio is 6.67%, about even with last year, Roy said.
More to Read
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.