Citizens Bank Reports 62% Increase in ’87 Income

Citizens Bank of Costa Mesa posted net income of $317,858 in the second quarter, compared with $256,702 in that period last year. It reported record net earnings of $919,737 in the first six months, 62.3% higher than the $556,824 it earned in the same period last year.

Paige V. Simpson, the bank’s president, predicted that the three-branch bank would post record net earnings for the full year.

The bank had $113.7 million in assets at the end of June, a 12.2% increase from the $101.3 million in assets a year earlier. Its loan portfolio grew 14.4% to $76.4 million at the end of the month from $66.8 million a year earlier, and its total deposits rose 11.1% to $101.5 million from $99.4 million.