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FINANCE–Halfway Point Finds Local Banks in Positive Mode



Roth Capital Partners Moves Into New

Carmel Valley Office

Three local banks are reporting positive financial results for the second quarter and first six months of this year.

Borrego Springs Bank, now headquartered in La Mesa, had net earnings of $285,000, or 29 cents per share, for the six months ended June 30, said President and CEO Frank Riolo. That compares to earnings of $49,000, or 5 cents per share for the same period in 1999.

Earnings for the quarter ended June 30 were $196,000, or 20 cents per share, compared to $89,000, or 9 cents per share, during the first quarter and a loss of $19,000, or 2 cents per share, during the second quarter of 1999.

“Our second quarter results represent the strongest earnings we have reported in over five years,” Riolo said earlier this month.

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The bank had assets of $70.1 million at the end of the second quarter, an increase of 8 percent over second quarter 1999, he said.

San Diego National Bank reported earnings of $12.98 million for the first six months, an increase of 20 percent more than the same period in 1999. The earnings for the second quarter were $7.54 million, 18 percent more than the $6.37 million earned in the second quarter of 1999, said Robert Horsman, president and CEO.

The bank’s assets grew to $1.33 billion, 18 percent more than assets of $1.13 billion as of June 30, 1999, he said. Horsman attributed the growth to the bank’s expansion into North County. Last year, it opened new offices in the University Towne Centre area and Carlsbad. It also bought Los Padres Bank branches in Encinitas and Rancho Bernardo.

Community Bancorp Inc. of Fallbrook, parent of Fallbrook National Bank, said earlier this month loan growth and decreased operating expenses led to profits for the second quarter and first half.

At second quarter’s end, loans had increased 77 percent to $196 million, compared to $111 million in second quarter 1999, said President and CEO Tom Swanson. The bank’s total assets grew 50 percent to $233 million from $156 million. Net income for the quarter was $197,000, or 8 cents per share. It totaled $241,000, or 10 cents per share, for the first six months of this year.

This compares to earnings of $382,000, or 16 cents per share, in the second quarter of 1999 and profits of $735,000, or 30 cents per share, for the first six months of 1999.

Swanson attributed the drop in earnings to near elimination of one-time gains from loan sales. The bank has recently grown big enough to keep the loans it makes, Swanson said. He expected the increasing interest income from them to contribute to profitability in future quarters.

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Bank Notes: Roth Capital Partners has moved to a new, 4,800-square-foot office in Suite 370 at Corporate Plaza II, 12626 High Bluff Drive. North Island Federal Credit Union of Chula Vista has chosen San Francisco-based BankServ to provide wire transfer services to it. North American Mortgage Co. will open its sixth office in San Diego County on Aug. 1 at 701 Palomar Airport Road, Suite 300 in Carlsbad.

Send banking and finance news to Arthur S. Grupe at agrupe@sdbj.com.

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