California Republic Bank Swings to Profit

Newport Beach-based California Republic Bancorp reported net income of $1.9 million in the third quarter, a swing from a year-ago loss of $412,000.

Its subsidiary California Republic Bank saw record growth in assets, deposits and loans in the third quarter.

The bank reported assets of $585.5 million at the end of September, a 58% jump from a year earlier. A 66% increase in deposits to $532.9 million helped boost assets.

It had $487.5 million in total loans outstanding at the end of the quarter, more than double the sum in the same period a year ago. About 40% of the loans were indirect auto loans, with the rest in commercial banking and real estate.

Interest income for the quarter was $7.4 million, compared with $3.1 million in the same quarter a year earlier.