American West Bank’s Profits Increase 33%

American West Bank, a single-office bank based in Encino, reported a 33% increase in third-quarter profits, while its earnings for nine months are up 24% compared to the same period a year earlier.

The bank reported a third-quarter profit of $154,271, or 20 cents per share, for the period that ended Sept. 30, compared to $115,986, or 15 cents per share, a year earlier.

For the nine months, the bank’s profits were $380,027, or 40 cents per share, compared to $306,647, or 49 cents per share, in the same period a year earlier. The bank attributed its improved performance to lower operating costs and the growing spread between what it pays for funds and what it is able to lend it out for.

As of Sept. 30 the bank’s assets were $55.5 million, a 29% increase from last year.