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EARNINGS

California Commercial Net Drops in 2nd Quarter

August 20, 1987|JAMES S. GRANELLI

California Commercial Bankshares, the holding company for National Bank of Southern California, posted net income of $161,928 in the second quarter, down 41% from the $275,160 earned in last year's second quarter. The Santa Ana-based holding company's net of $485,797 for the first six months, however, was 4.7% higher than the $463,822 reported for the same period last year.

The reduced second-quarter earnings were caused by a rise in interest rates that cut into mortgage lending activity and lowered the bank's loan fee and interest income, said William Jacoby, chairman and chief executive officer of the holding company and the bank.

California Commercial's total assets at the end of June were $130.7 million, up 23% over the year-earlier figure of $106.1 million. The bank's total deposits rose 25% to $118.9 million at the end of June from $95 million a year earlier, while its loan portfolio grew 8% to $87.6 million from $81.2 million.

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