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Imperial Capital Bank Reports Reduced Income

La Jolla, CA—Imperial Capital Bancorp, Inc. reported net income for the quarter of $2.4 million compared with $6 million last year, but is optimistic because of commercial loans.

By Don Jergler | Updated on July 29, 2008

SAN DIEGO, CA—Imperial Capital Bancorp Inc. reported net income for the quarter ended June 30, primarily from wholly-owned subsidiary La Jolla-based Imperial Capital Bank of $2.4 million, or 43 cents per diluted share, compared with $6 million, or $1.08 per diluted share, for the same period last year. However, the company’s chief financial officer believes it is in a good position thanks to its commercial loan portfolio.

The bank’s non-performing assets consist of about 50% income-producing properties and 50% construction lending, says CFO Tim Doyle. “The commercial stuff I’m concerned about, but we know we’ll be OK because we loan in markets where there’s high demand in real estate,” Doyle says, adding that the bulk of the bank’s commercial loans are in the Western US, including San Francisco, Los Angeles and San Diego.

While there are “People sitting on the sideline,” Doyle says, “I don’t feel that we’re going to have a lot of credit losses associated with income-producing properties. Our feeling is that income properties are situated in markets where there’s going to be demand for those properties.”

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