First Citizens Bank’s Net Income Declines

First Citizens Bank in Sherman Oaks said its net income for the first quarter ended March 31 fell 45% to $35,176 from $64,520 a year earlier. The bank attributed the decrease to a narrower spread between its income from interest on loans and investments and the cost of interest it paid on deposits, as well as to an increase in operating expenses.

First Citizens’ assets also declined slightly, to $32.6 million on March 31 from $32.7 million a year before.