Los Robles Bank Tops $1 Million in Net Profits
Los Robles Bank reported net income of $1.29 million or $1.08 per share in 1997, the first time in its 10-year history that annual net profits exceeded $1 million.
Net income for 1996 was $613,000, or 58 cents per share.
Bank officials said 1997’s growth was caused by improved local loan demand throughout the Conejo Valley and strong core-earnings growth. Total loans grew by 25.7%, to $66.7 million.
As of Dec. 31, total assets were $120.02 million, up $26.6 million from a year earlier. Shareholders equity was $8.4 million, the highest level ever.
Total deposits increased 32.4% over 1996 to $109.8 million, including an increase in interest-free deposits of 37.6%.
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