Bank of Encino Reports Drop in 2nd Quarter Net

Bank of Encino, a single-office bank that caters primarily to businesses, said its second-quarter net income fell 36% from a year earlier, to $113,545 from $178,402.

The drop was attributed to Bank of Encino's need to set aside higher reserves for income-tax purposes. The reserves totaled $107,801 in the quarter ended June 30, compared with $57,875 a year ago.

The bank's assets as of June 30 totaled $60 million, up 19% from $50.5 million a year earlier.

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