El Dorado Savings Bank - 87 percent year-over-year gain in net income
Banks serving the Sacramento region are seeing a decidedly rosier environment compared with the dismal days of the recession, as higher interest rates and an improving loan market have boosted profits.
That was particularly true for Placerville-based El Dorado Savings Bank, which saw an 87 percent year-over-year gain in first-quarter net income. The bank reported a profit of $3.11 million in this year’s first quarter, compared with $1.66 million in the first three months of 2013.
“The improvement in earnings is the result of the increase in interest rates that began in the last half of 2013,” said CEO George L. Cook Jr. “The higher rates on new loans and investments improved the bank’s profit margin while the strong performance of the loan portfolio allowed for a reduction in reserves for potential losses.”
El Dorado closed out the first quarter with $1.87 billion in total assets and savings deposits of $1.67 billion...