CU Bancorp Reports 23% Rise in Net Income

CU Bancorp, the Encino-based parent of California United Bank, reported a 23% jump in net income for the first quarter that ended March 31.

The bank, which has offices in Encino, the South Bay and on the Westside, reported a profit of $710,000 for the first quarter, compared to $578,000 in the same three-month period a year earlier. Total assets rose to $317 million as of March 31, up 4% from $304 million a year earlier.

“With a strong balance sheet, clear of problem assets, we are able to fully concentrate our attention on cultivating new business,” said Stephen Carpenter, chief executive of California United Bank. “The resulting growth of our commercial loan portfolio has significantly increased our core earnings.”

Delinquent loans and other non-performing assets totaled $66,000 as of March 31, compared to $36,000 a year earlier.