Liberty National Bank Net Income Up Slightly
Liberty National Bank in Huntington Beach posted a net income of $535,046 last year, up slightly from profits of $530,632 in the previous year.
Total assets increased 13.5% last year to $91.4 million from $80.5 million the previous year.
“We decided we wanted to limit our growth, so we were looking at the same bottom line,” said James D. Ott, the bank’s executive vice president and chief financial officer. “We also wanted to clean house, so we upped our loan-loss reserves and took some charge-offs. Now we have a darned good loan portfolio.”
Total loans increased 12.9% to $56.8 million from $50.3 million, and total deposits rose 12.2% to $78.4 million from $69.9 million.
The bank’s ratio of capital to assets at the end of the year was 7.5%, well above the 6% ratio required by federal regulators.
Separately, Liberty National said Monday that it has declared a 5% stock dividend to be paid June 2 to shareholders of record on May 1, 1986.
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