CU Bancorp Posts Increase in Earnings to $2.57 Million

CU Bancorp, the Encino-based parent of California United Bank, reported a surge in earnings and substantially improved asset quality for the year and fourth quarter that ended Dec. 31.

CU Bancorp posted earnings of $2.57 million for 1994, up 22% from $2.1 million a year earlier. For the fourth quarter, the bank reported a $717,000 profit, up 21% from $591,000 in the same three-month period of 1993.

CU Bancorp’s assets totaled $304 million as of Dec. 31, up 9% from $279 million at the end of 1993. Meanwhile, non-performing assets, which include delinquent loans, dwindled to $36,000 as of Dec. 31, compared to $2.3 million a year earlier. As a result, the bank didn’t set aside any money in 1994 to cover loan losses, after contributing $450,000 to loan-loss reserves in 1993.

“Staying focused on the middle market and committed to a discipline of credit quality and cost control is paying off for us in solid earnings and growth,” said Stephen G. Carpenter, chief executive of CU Bancorp.