VENTURA COUNTY BUSINESS : VENTURA COUNTY EARNINGS : Bank Holding Company Increases Earnings
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Ventura-based Americorp, the holding company for American Commercial Bank, reported an increase in earnings for the first six months of 1999.
Net income through June 30 was just over $1 million or 52 cents per share, a 25.2% jump over the $860,000 or 44 cents per share reported for the first six months of last year.
Gerald J. Lukiewski, American Commercial president and chief executive officer, said the growth in earnings is a result of an expanding loan portfolio and improved operating efficiencies.
Outstanding loans on June 30 totaled $169.2 million, a 20.1% increase over total loans a year earlier. The corporation also reported an 8% drop in the ratio of non-interest expense to average assets on an annualized basis.
Americorp’s chairman, Allen W. Jue, said the half-year results reflect the consolidated operations of American Commercial Bank and the former Channel Islands Bank. American Commercial Bank operates six full-service branches in Ventura County.
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