Independence One Bank of California, FSB: The...

Independence One Bank of California, FSB: The Mission Viejo savings and loan said first-quarter profit fell 44%, to $944,000 from last year’s first-quarter profit of $1.7 million. The thrift said the earnings decline resulted primarily from the anticipated $114-million pay-down of a government note and a downward rate adjustment on the remaining balance. Also, the company said, a slowdown in the real estate refinancing market led to a decline in lending activities at the bank’s mortgage warehouse lending subsidiary. As of March 31, total assets stood at $756.6 million, down 12% from $856.2 million a year earlier.