First Citizens Bank Reports 39% Decline in Income
First Citizens Bank in Sherman Oaks said its net income for the second quarter that ended June 30 fell 39% to $79,018 from $129,392 a year earlier. But the bank said its tax reserve ballooned to $94,425 June 30 from $8,811 a year earlier, when the bank enjoyed a large tax benefit.
First Citizens said its profit for the first six months of 1990 fell 50% to $143,538 from $284,619 a year earlier.
The bank had total assets of $34.3 million June 30, a 13% increase from $29.7 million last year.
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