Citizens Bank of Costa Mesa posted net...

Citizens Bank of Costa Mesa posted net income of nearly $2 million last year, about 25% higher than $1.6 million earned in the previous year. Annual revenue grew 13% to $13.5 million last year from $11.9 million the previous year. For the fourth quarter, the bank’s net income was $508,000, a 58% increase over $322,000 earned in the last quarter of 1987. Quarterly revenue rose 6% to $3.4 million last year from $3.2 million. The bank’s assets were $117.8 million at the end of December, a 3% increase over $114.3 million in assets a year earlier. Total deposits grew 3% to $105.9 million at the end of the year from $102.9 million a year earlier, while total loans fell 2% to $79.3 million from $81 million. The increase in deposits and assets occurred even after the bank sold its Brea branch, which had $12 million in deposits, in July to Mid-City Bank.