Imperial Corp. of America Rebounds, Reports Profit

Citing a lower cost of funds and an improved net interest margin, San Diego-based Imperial Corp. of America reported first-quarter earnings of $4.7 million, compared to a loss of $3.8 million in the first quarter of 1984.

Revenue for the first quarter ended March 31 increased 47% to $248 million, while real estate loan originations rose 2% to $440 million.

The first-quarter earnings were the result of an “improvement in the net interest margin as a result of a lower cost of funds,” said Matthew J. Shevlin, chairman and chief executive of Imperial Corp., parent of Imperial Savings & Loan.

Imperial officials also said they are continuing discussions with the bankruptcy trustee in charge of Bevill, Bressler & Schulman Asset Management to recover $25.1 million of securities pledged as collateral for a loan from the New Jersey-based securities firm.

Imperial has previously said it could lose as much as $4.1 million if it cannot retrieve the securities. Any loss would be recorded in the second quarter, officials said Friday.