Camarillo Community Bank’s Earnings Drop Camarillo Community...

Camarillo Community Bank’s Earnings Drop Camarillo Community Bank reported net earnings for 1999 of $946,200 or 59 cents per share, a drop from the $1.1 million and 70 cents per share reported a year earlier.

President and Chief Executive C.G. Kum said the decline in net income was due primarily to the bank addressing loan administration deficiencies identified by an independent auditor. Based on the auditor’s report, the bank took steps to address problem loans and additional risks in its loan portfolio.

Expenses associated with the departure of some bank executives also contributed to the decline, Kum said.

The bank’s total assets increased 4.9% in 1999 to $100.7 million, and its deposits increased 5.2% to $90.9 million. Its loan portfolio grew 15.4% to a record $63.8 million, primarily due to a strong fourth quarter.

The bank has headquarters in Camarillo, a full-service branch in Westlake Village and a loan production office in Moorpark. It is scheduled to open a full-service branch in Oxnard next month.