Pacific Inland Bancorp, the Anaheim holding company for Pacific Inland Bank, said Friday that it lost $1.8 million last year, its first full year of operations.
But the bank, whose share of the loss was $1.4 million, is expected to post a profit for the first quarter of 1986, ended March 31, said Melvin E. Miller, chairman of the bank. Quarterly results are expected to be released within two weeks, he said.
The primary reason for the losses, said Richard J. Meyer, chairman of the holding company, was the previously revealed decision to add $1.5 million to the bank’s loan loss reserves to cover possible losses from three loans to two small businesses.
The holding company also lost money in its thwarted acquisition of a Seal Beach bank last year, and its nationwide investment management subsidiary, New Jersey-based Trident Investment Management Inc., contributed $373,000 to the losses last year because its fee income declined, Meyer said.
Pacific Inland Bancorp’s other subsidiary, Pacific Inland Venture Corp., a venture capital organization, is not operational yet, Miller said.
There are no comparable full-year figures from 1984, but for its first six months of operation, ended Dec. 31, 1984, Pacific Inland Bancorp posted a $115,487 profit.
At the end of 1985, the company had total assets of $57.9 million, including about $56 million in Pacific Inland Bank assets.
With the additional reserves, the bank had a 13.2% ratio of capital to assets at the end of the year. Federal regulators, who use the ratio as a measure of a bank’s soundness, require a 6% ratio.
The bank had total loans of $36.7 million and total deposits of $46.8 million.