National Bankshares of La Jolla, the holding company for National Bank of La Jolla, reported a $138,000 loss, compared to earnings for the nine months last year of $315,000. The loss was attributed to the bank's increased office occupancy costs and to the operating losses of National Bank of Fairbanks Ranch, which is 51% owned by the company. The company also reported a 57% jump in assets to $110.3 million and a 61% increase in deposits to $98.2 million.
Meanwhile, National Bank of Fairbanks Ranch reported a net loss of $257,000 for the nine months ended Sept. 30, compared to a loss of $8,700 last year in the same period. Assets, however, increased 151% to nearly $14 million and deposits rose 314% to $11.3 million.