Imperial Corp. Posts Big Gain in Earnings

Citing an increase in the net interest spread and a larger asset base, San Diego-based Imperial Corp. of America, parent of Imperial Savings & Loan, reported earnings of $11.3 million for the second quarter, contrasted with earnings of $507,000 in last year's second quarter.

For the first half, ICA reported earnings of $18.2 million, up 250%.

ICA reported revenues of $255 million in the quarter, up slightly over last year's comparable $248 million. Cost of operations rose 10.8% over the prior year because of costs connected with "record lending origination" in ICA's mortgage banking division, officials said.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World