Imperial Corp. of America, parent company of Imperial Savings of California, reported that net income rose by 7%, to $13 million, for the third quarter ended Sept. 30, up from $12.2 million during the like quarter of 1987.
The profit reflects Imperial's sale of 186,500 shares of its Freddie Mac preferred stock for a pretax gain of $15 million. Imperial still holds 80,000 shares of Freddie Mac preferred.
Net income fell to $30.5 million for the nine-month period ended Sept. 30, down from $37.6 million during the like period a year before. Imperial blamed the drop on a "sharp reduction" in gains on the sale of loans and loan-servicing contracts.
Imperial linked the increased net profit over the recent quarter to improved pretax core earnings that rose by 36% to $15.8 million on a pretax basis. General and administrative expenses dropped 21% during the third quarter.
Imperial reported $12.3 billion in assets on Sept. 30.