First Citizens Doubles Profit in 4th Quarter

First Citizens Bank, a single-office bank in Sherman Oaks, said its fourth-quarter profit more than doubled from a year earlier, to $63,004 from $24,419 a year earlier.

For the full year ended Dec. 31, however, First Citizens’ net income dropped 26%, to $300,604 from $403,890 in 1989, a year in which the bank’s results were bolstered by a one-time tax benefit.

First Citizens’ assets as of Dec. 31 totaled $31.4 million, down from $32.4 million a year earlier.