ORANGE COUNTY EARNINGS

Impac Commercial Holdings Inc.: The Santa Ana Heights real estate investment trust posted first-quarter net income of $2.2 million, or 27 cents a share. That contrasts with a loss of $2.7 million a year ago, which included a $2.7-million charge for stock compensation expense associated with issuance of founders’ stock. Revenue grew to $5.4 million from $366,000. The company completed its initial public offering in August.