Pasadena’s Community Bank reported strong first quarter earnings after markets closed Friday, growing its net income by 8 percent from the same period last year.
The bank, which has about $3.6 billion in assets, reported net income of $7.2 million in the quarter, compared with $6.6 million for the same quarter last year. Total loans increased 9 percent to $2.3 billion.
Community Bank also announced it would pay a cash dividend of 45 cents a share to its common stockholders around June 1, which would be a total payment of about $1.4 million.
“The bank’s consistently strong earnings capability and solid credit quality enable us to reward shareholders with a dividend program,” said Director Charles McCluer in a press release announcing the earnings.