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La Jolla Bancorp reported a drop in...

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La Jolla Bancorp reported a drop in both third-quarter earnings--to $480,000 from $493,000--and nine months net income, to $1.3 million from $1.7 million. Ed Sondker, president and chief operating of the firm’s La Jolla Bank & Trust, said that the earnings drop and decreases in assets, deposits and loans stemmed from the company’s effort to scale down its resources.

The bank’s capital-to-asset ratio increased, however, to 7.4% from 6.6% at year-end 1985.

Assets dropped 4.8% to $297.8 million, deposits decreased 5.4% to $271.6 million, and loans dropped 9.6% to $188.8 million.

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