April 29--Placerville-based El Dorado Savings Bank saw an 87 percent year-over-year gain in first-quarter profits.
The bank reported net income 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.
The bank operates 32 branches in California and three in Northern Nevada.
For more quarterly financial results of banks serving the Sacramento region, visit www.sacbee.com or see Wednesday's edition of The Sacramento Bee.
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