El Camino Bancorp Posts Record Net Earnings
El Camino Bancorp, the Anaheim holding company for El Camino Bank, posted record net earnings in the first six months of $763,000, which includes a record $422,000 net income in the second quarter.
The six-month earnings represent a 24% increase over earnings of $615,000 in the same period last year, while the quarterly net income was 46% higher than the $289,000 earned in last year’s second quarter.
“We’re having the best year we’ve ever had in our 17-year history,” said Stanley J. Pawlowski, company chairman. The recovering real estate market and internal controls on operating costs and interest expenses led the company toward its higher earnings, he said.
The company’s assets at the end of June were $101.5 million, a 17% increase over $86.7 million in assets a year earlier.
Total deposits at the bank, the company’s sole subsidiary, were $91 million at the end of the year, a 17% rise over $77.4 million in deposits a year earlier. Total net loans dropped slightly to $57.9 million from $58.3 million a year ago.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
