American Commerce National Bank in Anaheim posted a record third-quarter net income of $322,000, nearly three times the $109,000 earned in last year's third quarter. The bank also reported a record $835,000 net income in the first nine months, a 51.2% increase over the $552,000 earned in the same period last year.
The one-branch bank had $74.3 million in assets at the end of September, a 20.6% increase in the $61.6 million in assets of a year earlier.
Deposits at the 3 1/2-year-old bank grew 18.7% to $68 million at the end of September from $57.3 million at the same time last year. The loan portfolio rose 24.2% to $55 million from $44.3 million a year earlier.