TransWorld Bancorp Reports Earnings Down
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TransWorld Bancorp, the Sherman Oaks parent of TransWorld Bank, said its third-quarter earnings dropped 60% to $251,000 from $620,000 for the same period last year.
For the nine months that ended Sept. 30, TransWorld’s earnings fell 31% to $1.27 million from $1.84 million last year.
The bank blamed the decline on lower interest rates and a $533,000 increase in its loan-loss provision compared to the third quarter last year.
TransWorld’s assets as of Sept. 30 were $243.1 million, up 7% from the prior year.
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