Liberty National Bank’s Profits Fall 6% in 1990
Liberty National Bank of Huntington Beach reported net earnings of $1.5 million for 1990, down 6% from the $1.6 million posted last year.
The bank attributed the decline to a reduction in its real estate construction lending and a one-time expense of $296,560 associated with an earlier capital offering.
Net income for the fourth quarter dropped 42%, to $246,933 from $424,895.
Total assets at the end of 1990 were $146.4 million, 7% higher than the $136.3 million recorded for 1989.