TransWorld Bancorp Posts 67% Gain in 4th Quarter

TransWorld Bancorp, the Sherman Oaks holding company for TransWorld Bank, said its fourth-quarter profit surged 67% from a year earlier.

In the three months that ended Dec. 31, TransWorld’s net income rose to $491,000, or 49 cents a share, from $294,000, or 30 cents a share, a year earlier. The per-share results are adjusted to reflect a 5% stock dividend that TransWorld paid April 22.

For the year, TransWorld’s earnings rose 42% to $1.5 million, or $1.50 a share, from $1.06 million, or $1.07 a share, the previous year.

TransWorld’s assets as of Dec. 31 totaled $196 million, up 20% from $163.7 million a year earlier.