CU Bancorp Says Profit Fell 22% in 3rd Quarter

CU Bancorp, the Encino parent of California United Bank, said its net income fell 22% to $1.15 million from $1.48 million, primarily because the bank increased its quarterly provision for possible loan losses to $1.45 million from about $300,000 a year ago.

After the provision, CU said, its $4.79 million loan loss reserve is equal to 1.77% of of the bank’s total loans.

For the nine months that ended Sept. 30, CU’s net income increased 2% to $4.58 million, from $4.48 million a year ago.

CU, which was formerly named Lincoln Bancorp, said its total assets grew 6% to $464 million on Sept. 30 from $436 million a year before.