California Commercial Income Up
Despite a slow fourth quarter, California Commercial Bankshares on Wednesday reported record net income of $3 million for last year, a 20% increase over $2.5 million in earnings the previous year.
Revenue for the Santa Ana-based parent company of National Bank of Southern California rose 32% to $35.8 million last year from $27.2 million in 1989.
The company earned $608,000 in the last quarter, a 25% drop from $813,000 in the final quarter of 1989. Quarterly revenue rose 22% to $9.5 million last year from $7.8 million. Assets grew 27% to $345.7 million from $271.5 million a year earlier.
The lower quarterly earnings were attributed to higher operating costs and a $606,000 addition to the company’s general reserves for possible loan losses. The amount is more than twice the $250,000 provision in the last quarter of 1989.
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