San Joaquin County Banks Growing

STOCKTON, CA-Boosted by strong residential and commercial real estate markets, San Joaquin County-based banks reported strong earnings growth through the second quarter.

Nearly all banks reported gains in net income for the six months ended June 30, according to figures released recently by the Federal Deposit Insurance Corp. The Bank of Stockton saw earnings increase 118% to $9.6 million, due mostly to gains in the bank’s investment portfolio, which were the highest in the bank’s history. In addition, Union Safe Deposit Bank saw a 14% increase to $3.1 million, and Farmers & Merchants Bank of Central California saw a 19% increase to $5.6 million.

Smaller banks also saw profits rise. The Bank of Agriculture and Commerce saw earnings increase 36% to $1.1 million. The Bank of Lodi saw a 10% increase to $580,000. Pacific State Bank saw profits increase 55% increase to $550,000.