Written by The Business Journal Staff
The year-over-year dip in quarterly income was due to non-recurring acquisition costs of Coast National Bank totaling $1.69 million, according to the bank.
For the first nine months of 2016, net income was $12.05 million, down 5 percent from the same period last year — also because of non-recurring acquisition costs.
“Demonstrating our continued commitment to expansion, early in the third quarter we successfully completed our acquisition of Coast National Bank, which was our second whole-bank purchase over the past two years. These acquisitions have extended the Bank’s geography to Ventura County, the Santa Clarita Valley, and California’s Central Coast, providing an excellent platform for further growth in these areas,” stated Kevin McPhaill, president and CEO.
As of Sept. 30, total assets were $1.97 billion, up 15 percent compared to $1.71 billion on the same date of 2015.