Living up to its projection, Eldorado Bancorp in Tustin, holding company for Eldorado Bank, reported record third-quarter net income of $625,000, up 14% from the year-earlier figure of $548,000.
For the first nine months, net income was $1.77 million, up 31% from the $1.35 million reported for the first three quarters of 1986.
The bank holding company had projected those earnings figures last week.
Total assets were $197.7 million at the end of the 1987 third quarter, substantially above the $175.6 million reported for Sept. 30, 1986.
J.B. Crowell, president and chief executive officer of Eldorado Bancorp and Eldorado Bank, said the planned acquisition by Eldorado Bancorp of American Merchant Bank, which has offices in Orange, Huntington Beach and Newport Beach, will begin to contribute to net income in 1988 and will help continue the earnings growth.
Eldorado Bank currently operates in Orange, Riverside and San Bernardino counties.