First Citizens Goes From Loss to Gain for 1st Quarter

First Citizens Bank, a one-office bank in Sherman Oaks, said it earned $48,283, or 12 cents a share, in this year’s first quarter, contrasted with a $67,442 loss a year earlier.

The bank, which opened in September, 1986, said its assets as of March 31 climbed 64% from a year ago, from $14.3 million to $23.5 million. Deposits at First Citizens jumped to $20.2 million from $11.1 million a year earlier, and loans outstanding rose from $7.03 million to $12.7 million.