Increased Income Reported by Citizens Thrift & Loan Assn.
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Crediting sales of some of its portfolio of FHA home-improvement loans, Citizens Thrift & Loan Assn. in Irvine said Wednesday that its net income more than doubled in the second quarter and jumped 84% for the first six months.
The thrift posted a quarterly net income of $179,526, contrasted with $71,978 in last year’s second quarter. Its six-month net earnings rose to $335,238 from $181,986 in the same period last year.
The thrift’s assets at the end of June rose 40% to $28 million from $20 million a year earlier. Its loan portfolio increased 19.5% to $20.2 million from $16.9 million a year earlier, and its total certificates, or deposits, grew 28% to $24.6 million from $19.2 million.
Citizens, which operates branches in Irvine, Anaheim Hills and San Clemente, is awaiting federal approval of its plan to acquire U.S. Thrift & Loan Assn. and its branches in Stockton, Sunnyvale, Concord and Citrus Heights, a suburb of Sacramento.
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