California Community Bank, which is based in Escondido and has three branches, reported April 24 net income of $13,000 for its first quarter, compared with $110,000 in the like period of 2007.
The bank says increased expenses for the quarter associated with opening a new branch and hiring additional employees caused the lower earnings.
As of March 31, California Community had $146 million in assets, up 18 percent from the prior year’s first quarter; and total loans of $121.6 million, up 27 percent.
It reported zero delinquencies or problem loans.
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The bank received regulatory approval to open a fourth branch in Encinitas, which should happen before the end of the quarter.
, Mike Allen
