El Camino Bancorp Posts $353,000 Profit
El Camino Bancorp of Anaheim, the holding company for El Camino Bank, reported large gains in earnings for the third quarter and the first nine months of the year. For the quarter ending Sept. 30, the company posted a profit of $353,000, a 24% increase over last year’s third quarter profits of $284,000.
For the nine-month period, El Camino earned $968,000, a 49% increase over $648,000 in earnings for the same period last year. Company Chairman Stanley J. Pawlowski said he expects earnings to reach $1.3 million by the end of the year.
He credited the improved showing on the lower cost of money for the bank, lower operating expenses and a reduction in non-performing loans.
Total assets grew 3.9% to $89.7 million from nearly $86.4 million a year ago. The bank has two branches in Anaheim and one each in Fullerton and Tustin.