82.1 F
San Fernando
Thursday, Mar 28, 2024
Array

California Bank & Trust Releases Q3 Earnings

Assets held by California Bank & Trust dropped slightly in the third quarter when compared with the same period a year ago. California Bank reported assets of $10.9 million for the quarter ending Sept. 30. In the same period in 2010, the bank had $11 million in assets. Deposits in the third quarter totaled $9.3 million compared to $9.5 million in the third quarter of 2010. Californian Bank & Trust is owned by Zions Bancorporation and has branches in Acton, Encino, Lancaster, Palmdale, and Woodland Hills. For the nine month period, the bank improved its net income, helped primarily by setting aside less month to cover bad loans. Through Sept. 30, the bank reported net income of $103.5 million compared to $41.6 million for the first nine months in 2010. The improvement was largely due to a $116.1 million reduction in the provision for loan losses, the bank said. Even during a period of stock market volatility, California Bank & Trust generated stable financial results and strong operating earnings, said CEO and President David Blackford. “California Bank & Trust remains highly focused on growing our loan portfolio and providing competitively priced solutions to credit-worthy customers,” Blackford said in a prepared statement. “Our local decision making and responsive bankers allow us to make approval decisions quickly and to close new loan transactions efficiently.”

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

Featured Articles

Related Articles