Orange National Bank Reports Record Profits
Orange National Bank reported a 23% increase in net income--to $930,000 from $756,000--in 1985, the most profitable of its six years in operation.
For the fourth quarter, the two-branch bank reported net income of $279,799, up 45.6% from $192,206.
Orange National’s assets increased 13% to $95.7 million on Dec. 31, and year-end deposits of $87.8 million also were up 13%. Capital and reserves at the close of 1985 were 7.6% of assets, well above the 6% minimum regulatory standard.
Wayne Miller, president of the Orange-based business bank, credited the year’s results in large part to an internal cost-cutting program.
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