CUPERTINO, Calif. - Cupertino National Bancorp earned $106,000 in the first quarter, down 76% from a year ago.

Earnings were hampered by a $275,000 charge related to the closing of its mortgage banking operation, a canceled merger, and severance payments to a former executive officer.

The bank returned 0.19% on average assets and 2.13% on average equity.

Don Allen, president and chief executive of Cupertino National Bank and trust, said the company is stronger today than it was a year ago because earnings are improving.

The company posted $233 million in assets, up 19% from a year ago. Loans increased 15%, to $142.5 million, and deposits were up 10% to $188.5 million.

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