Sunwest Bank’s Quarterly Earnings Up 10-Fold
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TUSTIN — Sunwest Bank, ridding itself of most of its bad loans after a restructuring last year, posted second-quarter earnings of $831,000, a more than 10-fold increase over the $82,000 earned in last year’s second quarter. Total quarterly revenue grew 12% to $2.8 million from $2.5 million last year.
For the first six months, the bank earned $1 million, nearly a fivefold increase over $217,000 earned in last year’s first half. Revenue for the period rose 6% to $5.4 million this year from $5.1 million.
At the end of June, the bank’s assets were $120.9 million, a 15% increase over assets of $105.2 million a year earlier.
Sunwest is 57% owned by West Coast Bancorp and 43% owned by Hovde Financial Inc. in Washington.
With only 115 total shares outstanding, the company’s per-share earnings rose to $9,060 for the quarter from $2,170 a year earlier.
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