CU Bancorp Posts 15% Rise in Quarterly Profit

CU Bancorp, the Encino-based parent of California United Bank, reported a 15% increase in profit for the second quarter that ended June 30.

The company posted a profit of $699,000, compared to $608,000 in the same three-month period a year earlier. For the first six months of the year, CU Bancorp reported a profit of $1.41 million, up 18% from $1.19 million the comparable period of 1994.

Stephen Carpenter, chief executive of CU Bancorp, attributed the improved results largely to an increase in commercial lending activity. Assets totaled $310 million as of June 30, up 12% from $278 million a year earlier.

Asset quality at the bank continued to be among the highest in the San Fernando Valley area. Delinquent loans and other non-performing assets totaled just $285,000, down from $1.04 million a year earlier.