Pacific Inland Bancorp Nets $22,991 for Quarter

Pacific Inland Bancorp, the holding company for Pacific Inland Bank in Anaheim, posted greatly reduced net income of $22,991 in the second quarter, compared with $353,525 in last year’s second quarter. In the first six months, the company reported a $42,034 loss, compared with net income of $456,307 in the same period last year.

The bank itself posted net income of $116,562 in the second quarter, down from $208,828 in last year’s second quarter, and profit of $219,768 in the first six months, about half the $424,972 earned in the same period last year.

Richard J. Meyer, the company’s chairman, said the higher earnings reported in 1986 were the result of tax benefits and gains on the bank’s sales of securities. The company’s lower earnings in the quarter and the six-month loss also were attributed to losses at its Trident Investment Management subsidiary.

The bank’s assets grew 32.4% to $81.8 million at the end of June from $61.8 million a year earlier. Total loans at the end of June grew 39.9% to $53.3 million from $38.1 million, while deposits rose 38% to $71.7 million from $51.95 million.

The company is made up of the bank; Trident, an asset management concern, and Pacific Inland Venture Corp., a venture capital company.