Laguna Bank Reports Quarter Profit of $56,700
The Laguna Bank in Laguna Beach reported increased profits for the quarter and nine-month period ended Sept. 30.
Earnings for the quarter were $56,700, compared with a $6,500 loss for the same quarter last year. Nine-month earnings jumped 53% to $171,100 from $111,800 for the same period last year.
The 4-year-old bank’s assets grew to $30.6 million as of Sept. 30, a 26% increase from the $24.3 million in assets recorded a year ago.
The loss in the third quarter last year was attributed to a $29,000 sale of real estate owned and another $83,000 in charge-offs of problem loans.
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