Net Income Up 37% for Eldorado Bancorp.
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Eldorado Bancorp of Tustin, holding company for Eldorado Bank, reported Thursday that net income for the third quarter hit $329,000, a 37% increase over profits of $240,000 for the same quarter last year. The holding company’s profits also showed a 15% increase in the nine months ending Sept. 30, rising to $948,000 from $822,000 over the same period a year ago.
President and Chairman J.B. Crowell said the bank--Eldorado Bancorp’s principal asset--has been able to increase earnings by reducing non-performing loans and lowering expenses while improving its loan portfolio and selling more securities and Small Business Administration loans. Eldorado Bank’s total deposits rose to $152 million as of Sept. 30, up from $145.2 million a year ago, while total assets hit $169.2 million, up from $165.4 million a year ago.
Eldorado operates seven banking offices in Orange, Riverside and San Bernardino counties.
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