American Commerce Sees Net Income Jump
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American Commerce National Bank in Anaheim nearly tripled its net income in 1986, to $576,000 from $201,000 earned in the previous year. Fourth-quarter net earnings were $24,000, compared with a loss of $12,000 in 1985’s last quarter.
The earnings came on top of $85,000 in bonus incentives given to the bank’s 35 employees in December, said Robert Duncan, the bank’s chief financial officer.
Gerald J. Garner, the bank’s chairman and chief executive, attributed the higher income to the bank’s loan portfolio performance and to an increased customer base.
Total assets at the 3-year-old bank grew 43.2% to $69.6 million at the end of the year from $48.6 million a year earlier. Total deposits increased 13.6% to $65.1 million from $57.3 million, while total loans rose 11.7% to $49.5 million from $44.3 million.
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