Net Income $1.4 Million in 1985 for Eldorado Bancorp

Citing an improved loan portfolio, fewer non-performing assets and lower expenses, Eldorado Bancorp in Tustin, a one-bank holding company for Eldorado Bank, reported Tuesday that its net income last year was $1.4 million, a five-fold increase over 1984's net income of $271,000.

For the fourth quarter, ended Dec. 31, the company reported a net income of $455,000, compared with a $551,000 loss in the previous year's last quarter.

J.B. Crowell, president and chief executive officer, said large charge-offs in 1984 led executives to review and revise the bank's loan procedures, and the new procedures were responsible for much of the improved performance.

Crowell said net loan losses in 1985 totaled $812,000, one third of the $2.44 million in net loan losses the previous year.

"Growth (of) the bank's Small Business Administration loan department and gains on the sale of securities also contributed to earnings," Crowell said.

The company's assets as of Dec. 31 grew slightly to $171.5 million from $170.3 million a year earlier. Its ratio of total capital to assets was 8.3%, well above the 7% ratio required by federal regulators.

At year's end, the company had total deposits of $154 million, slightly ahead of the $152.2 million in deposits a year earlier. Total loans dropped to $100.3 million from $102.8 million a year earlier.

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