Bank of Sacramento parent’s 2013 earnings down from previous year

Published: Wednesday, Feb. 5, 2014 - 2:26 pm

Greater Sacramento Bancorp, parent of Bank of Sacramento, reported net income of $2.93 million, or $1.10 a share, for all of 2013.

That was down slightly from $3.05 million, or $1.15 a share, in 2012.

Fourth-quarter 2013 profits totaled $790,000, or 30 cents a share, compared with net income of $1.07 million, or 40 cents a share, in the year-ago period. The bank noted that fourth-quarter 2012 income was enhanced by $800,000 in special reimbursements and reductions of expenses.

“We are most pleased that loan demand is showing life as our local economy slowly improves,” said William Martin, GSB chairman and CEO. “During 2013, we increased loans by $12.8 million over 2012, and since the end of 2011 loans have grown by $44.1 million ... Growth in quality loans remains the key initiative in what remains a less than vibrant local economy.”

Call The Bee’s Mark Glover, (916) 321-1184.

Read more articles by Mark Glover

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