1st-Quarter Profit Drops at SC Bancorp

SC Bancorp, the Anaheim parent company of Southern California Bank, said profit for the first quarter dropped 64% to $345,000, or 5 cents a share, from $966,000, or 28 cents a share, in last year’s first quarter.

The company attributed much of the lower income to costs associated with acquiring most of the corporate and private banking divisions of Independence One Bank of California. In addition, the previous year’s first-quarter net income benefited from gains of $663,000 on the sale of the company’s headquarters facility and other assets.

The company’s total assets at the end of March stood at $450.8 million, an increase of 11% over $405.4 million in assets a year earlier.