Despite greater than 30 percent growth in total assets, loans and deposits, Woodland Hills-based Western Commercial Bank reported its first loss attributed to nonaccrual loans in the third quarter of 2008. An increase in loan loss provisions also dinged the bottom line. “The economy has weakened significantly and we feel it is prudent to increase the loan loss reserves as a cushion for unforeseen losses that may be caused by the current economic predicament,” stated Carl W. Raggio, III, president and CEO. Total assets grew 35 percent in the first three quarters of 2008, to $123.2 million while total loans grew 31 percent, to $99.2 million, and total deposits increased 37 percent to $107.7 million in the same period. For the year-to-date ended Sep. 30, the bank’s holding company stated net losses of $526,000, compared to losses of $671,000 in the first three quarters of 2007.
