Laguna Bank Reports Net of $126,965 for Year
Laguna Bank in Laguna Beach posted a net income of $126,965 last year, a slight increase from the previous year’s $125,717, according to a recently released audited annual report.
The bank’s total assets grew 10.5% to $29.3 million from $26.5 million. Its total loans increased 23% to $21.8 million from $17.7 million, and total deposits rose 10% to $26.8 million from $24.2 million.
The 5-year-old bank plans to expand its deposit base and lending activities significantly this year and achieve a 15% to 20% return on equity, Richard R. Stenton, the bank’s chairman, said in his annual letter to shareholders.
Last year’s earnings provided shareholders with a 5.6% return on equity.
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