Bank of Encino Profits Drop 41% in 1st Period
Bank of Encino reported that its profits for the first quarter, ended March 31, fell 41% to $103,467 from $176,296 a year earlier.
The bank, which has been in operation since September, 1986, attributed most of the decline to a large increase in reserves for tax payments and a bolstering of reserves for potential loan losses.
The bank’s assets as of March 31 were $52.1 million, up 9% from $47.9 million a year earlier.
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