Fallbrook National Bank reported an increase in third-quarter net income to $113,000, up from a $12,000 profit a year ago. For the year to date, the bank's profit totaled $191,000, up from a loss of $52,000 over the same three quarters last year.
As of Sept. 30, Fallbrook National Bank's assets were $17.2 million, up from $13.7 million this time last year. Net loans totaled $10.1 million, up from $6.4 million, and deposits stood at $14.9 million, up from $11.7 million a year ago.
The bank opened in September, 1985, attained profitability in May, 1986, and has been profitable each month since, President Stephen Wacknitz said.