Warner Center Bank's earnings fell to $135,000, or 19 cents a share, in the third quarter ended Sept. 30, down 3.6% from the same quarter a year earlier.
The Woodland Hills-based bank attributed the lower earnings to increases in its loan-loss reserves because of loan write-offs in the quarter. As of Sept. 30, those reserves totaled $441,000, up 10.8% from 12 months before.
For the first nine months of this year, Warner Center Bank earned $530,000, or 75 cents a share, an increase of 44% from the corresponding period of 1984. The bank said the improvement reflects a lower tax rate resulting from its increased leasing business and investment tax credits.
The bank's assets on Sept. 30 were $47.7 million, up nearly 15% from a year earlier. Deposits increased 16% to $43.1 million over the 12 months.