Placerville-based El Dorado Savings Bank continues to ring up profits
Banks serving the Sacramento region continue to churn out profits despite relatively low interest rates that have put a drag on some earnings throughout the year.
Lately, however, low rates have pretty much been trumped by an improving loan market.
Thomas Meuser, chairman and CEO of Placerville-based El Dorado Savings Bank, said earlier this year that “record-low interest rates have made it challenging to invest the funds profitably.” Yet recently rising rates on new investments helped the banking company’s bottom line in the recently completed third quarter.
The bank, which operates 32 branches in California and three in Nevada, reported a profit of $2.3 million for the quarter ended Sept. 30, up 18 percent from about $1.95 million in last year’s third quarter. Still, through nine months, the bank’s net income of $6.14 million just slightly trailed $6.21 million amassed in 2012....