Western Security Bancorp 3rd-Quarter Profit Soars

Western Security Bancorp, a holding company for the single-office Western Security Bank in Toluca Lake, said its third-quarter profit jumped 73% from a year earlier.

The company’s net income in the quarter that ended Sept. 30 climbed to $179,000, or 42 cents a share, from $103,000, or 24 cents a share, a year earlier.

For the first 9 months of this year, Western Security’s profit rose to $441,000, or $1.05 a share, from $235,000, or 56 cents a share.

Western Security, with assets of $62.3 million as of Sept. 30, attributed the gains to a surge in new business, cost controls and higher yields from its loans.

For detailed data and results of other companies, please see tables, Page 13.