TransWorld Bancorp, the Sherman Oaks-based parent of Trans World Bank, bounced back with solid earnings in the third quarter after a year-earlier loss.
In the three-month period that ended Sept. 30, the bank reported net income of $764,000, compared to a $98,000 loss in the same quarter of 1993. For its nine-month period, the bank reported profit of $1.66 million, up 86% from $891,000 a year earlier.
The bank attributed the improved results to stronger interest margins and a lower loan loss provision. "Total assets, as well as asset quality, have improved substantially during 1994," said David H. Hender, chief executive of TransWorld.
As of Sept. 30, total assets were $385 million, up 19% from $325 million a year earlier. Meanwhile, TransWorld's deposits grew 20% to $355 million.