Imperial Capital earnings tumble
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Reflecting the worsening economy, fourth-quarter earnings for Imperial Capital Bancorp Inc. of San Diego plunged 84% to $1.1 million, or 21 cents a share.
The bank holding company, which specializes in commercial real estate lending, reported a profit of $7 million, or $1.22 a share, for the last three months of 2006. Total revenue rose to $62.9 million from $61.1 million for the year-earlier quarter.
“Our results for the quarter reflect the deteriorating economic conditions currently being experienced in the real estate and credit markets,” said George W. Haligowski, Imperial’s chief executive.
The company set aside $4.6 million for possible loan losses, compared with $1.3 million reserved for last year’s final quarter.
Shares closed unchanged at $22.
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