First Citizens Reports Dip in Fourth-Quarter Income
First Citizens Bank in Sherman Oaks said its net income for the fourth quarter that ended Dec. 31 fell 37% to $27,394 from $43,527 a year earlier, when it paid no taxes because of a tax credit. Pretax income more than doubled to $109,078 for the period.
First Citizens’ total assets increased about 18% to $32.5 million from $27.6 million.
For the year that ended Dec. 31, First Citizens’ net income increased 61% to $403,890 from $250,630 in 1988.
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