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Banking—Local banks report successes so far this year

Three local banks had sharply higher third-quarter earnings than last year.

La Mesa-headquartered Borrego Springs Bank reported unaudited net earnings of $479,000 or 49 cents per share for the nine months ended Sept. 30. That compares with earnings of $97,000, or 10 cents per share for the same 1999 period, said Frank V. Riolo, president and CEO.

Net earnings for third quarter were $194,000 or 20 cents per share, compared to $48,000 or 5 cents per share for third quarter 1999.

“Our bank’s increasing asset base, growth in fee income from our ATMs and quasi-cash advance machines, and diversification into other sources of revenue all contributed to our increase in profitability,” Riolo said.

The bank’s assets increased 8 percent from Sept. 30, 1999 to $73.4 million at the end of this third quarter, he said. Loans rose by 40 percent to $48.3 million. Deposits neared $64.5 million , an increase of 21 percent more than last year.

The bank also opened Small Business Administration loan production offices in Chattanooga, Tenn., and Sacramento.

Carlsbad-based Capital Bank of North County reported 33 percent growth in net income for the first nine months of the year when compared to last year. Net income for the period this year totaled $911,000.

That compares with $683,000 for the same period last year, said Don Schempp, president and CEO.

The bank’s total assets increased to $113.8 million, compared to $93.7 million a year earlier.

It recently received the Super Premier Performing Bank Award from the Findley Reports and a four-star rating from the Bauer Reports. Both are independent bank analyst firms.

Meanwhile, Community Bancorp Inc. of Fallbrook said asset growth and stable operating expenses led to profitability in the third quarter.

The company is the parent of Community National Bank, formerly Fallbrook National Bank.

The company’s assets and deposits both increased 72 percent from a year ago to $267 million and $241 million, said Tom Swanson, president and CEO.

Its net earnings for the third quarter were $326,000 or 13 cents per share, compared to a loss of $40,000 or 2 cents per share in third quarter 1999.

“Our strategy to retain business loans in our portfolio, implemented at the first of this year, has been successful,” Swanson said. “We have met or exceeded all of our targets for internal growth and profitability and believe that a stock dividend is an excellent way to share that success with our stockholders.”

In conjunction with the release of the earnings report, the board of directors of the company approved a 5 percent stock dividend to be paid on Nov. 30 to shareholders of record on Nov. 15.

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