Western Security Bank Nearly Triples Its Profit
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Western Security Bank, a one-office bank in Toluca Lake, said its fourth-quarter profit nearly tripled from a year earlier, from $36,200, or 8 cents a share, to $105,100, or 25 cents a share.
The bank’s earnings for all of 1987 also rose sharply, to $395,300, or 94 cents a share, from $193,300, or 46 cents a share, the previous year.
Western Security, which concentrates on business loans, attributed the gains largely to a 29% jump in its loans outstanding, to $32.8 million as of Dec. 31 from $25.3 million a year earlier, and to lower loan losses.
The bank’s assets rose 20% last year, from $44.4 million to $53.1 million, and its deposits swelled 21%, from $40 million to $48.3 million.
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