CU Bancorp Profit Up 51% in First Quarter

CU Bancorp reported a 51% jump in its first-quarter profit, a result of improved bank earnings and a gain on the sale of some mortgage servicing rights, the Encino-based bank holding company said.

In the quarter ended March 31, the parent of California United Bank earned $578,000, compared with a $384,000 profit a year earlier.

CU also said that in the first quarter it continued to reduce its problem real estate loans, strengthen its reserves and increase its capital.