CU Bancorp Reports Profit of $556,000 in 2nd Quarter
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CU Bancorp said it had a second-quarter profit of $556,000 compared with a $3.5-million loss for the same period last year.
The Encino-based parent of California United Bank, which mainly caters to small- and medium-sized businesses, said the turnaround was due to improved credit quality and reduced overhead. Also, in the second quarter that ended June 30, the company set aside an additional $150,000 in provisions for loan losses, compared with $7.5 million last year.
CU’s revenue for the quarter before providing for loan losses was $3.8 million, down 31% from $5.5 million a year ago.
For the first half of 1993, CU Bancorp had a net income of $940,000, in contrast with a $2.9-million loss in the first half of last year. Its revenue fell 33%, from $11.3 million to $7.6 million.
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