CU Bancorp, the Encino parent of California United Bank, said its net income for the first quarter ended March 31 fell 39% to $986,000 from $1.62 million a year before, mainly because the bank increased its quarterly contribution to reserves for possible loan losses.
CU had assets of $487 million as of March 31, a 2% decline from $498 million a year before.
CU's loan loss provision for the first quarter was $1.14 million, compared with $300,000 a year ago. But CU's non-performing loans fell to $4.9 million, or 1.7% of total loans, as of March 31, from $7.2 million a year before. Non-performing loans increased from $4.0 million as of Dec. 31.