Western Security Profit Up 67% in 2nd Quarter

Western Security Bancorp, the holding company for Western Security Bank in Toluca Lake, said that its second-quarter profit jumped 67% from a year earlier and that its first-half 1988 earnings nearly doubled.

The company’s net income in the three months that ended June 30 totaled $144,800, or 35 cents a share, up from $86,500, or 21 cents a share, a year earlier. For the first six months of this year, Western Security’s profit rose to $261,900, or 63 cents a share, from $132,200, or 32 cents a share.

Western Security’s deposits as of June 30 rose 19% to $56.7 million from $47.6 million a year earlier. Assets climbed to $62.6 million from $51.96 million.