BankAmerica Corp. said Monday that it earned $240 million in the second quarter, with strong operating income offsetting greater-than-expected charges for its merger with Security Pacific Corp.

BankAmerica's capital levels were slightly below expectations because of merger-related goodwill and other intangible assets. However, the results were not viewed as a serious problem.

Wall Street was apparently impressed by BankAmerica's ability to earn a reasonable profit after completing its merger with Security Pacific and in the face of a slumping California economy. The stock closed Monday at $44.25 a share, up $2.75.

Also on Monday, CalFed Inc. reported a $23.2 million loss for the second quarter, a setback in its race to meet special capital standards scheduled to take effect next summer. CalFed's shares were off 37.5 cents late Monday, at $3.50.

BANKAMERICA CORP.

Though depleted, BankAmerica's capital remains well above regulatory minimums. Its Tier 1 ratio is estimated at 6.20%, down from 8.20% at the end of march, while its leverage ratio is estimated at 5.89% compared with 7.52% at the end of March.

But San Francisco-based BankAmerica will need additional capital if it wants to continue its rapid expansion, analysts said. "Capital levels are good on an operating basis but do not leave room for further acquisitions," said Raphael Soifer, analyst at Brown Brothers Harriman & Co.

BankAmerica said operating earnings totaled $421 million in the second quarter, reflecting combined results with Security Pacific. In the first quarter, BankAmerica earned $303 million, while Security Pacific lost $504.6 million.

Hits to Earnings

Nonrecurring items reduced earnings by a net of $181 million. In connection with the merger, BankAmerica took a charge of $395 million for restructuring. It also added $48 million to operating-loss reserves, mainly to cover pending litigation.

Partly offsetting the charges was a one-time $157 million gain from sale of BankAmerica's payroll-processing business to New Jersey-based Automatic Data Processing Inc.

Goodwill and other intangible assets totaled about $4.5 billion, up sharply from $796 million at the end of march. Higher intangibles reflect the premium over book value BankAmerica paid for Security Pacific and the markdown of certain Security Pacific assets to market value.

BankAmerica said intangibles may increase when it establishes a collecting bank for disposal of problem assets and when additional assets are marked to market.

It said, however, that unused Security Pacific tax benefits would reduce intangibles when they are recognized.

Nonaccrual Assets Up 54.6%

Nonaccrual assets rose to $4.6 billion due to the merger, a sharp 54.6% increase from the first-quarter level. In addition, BankAmerica held about $1.3 billion in foreclosed property at June 30. The total does not include assets marked to market for immediate sale, BankAmerica said.

Loan-loss reserves totaled $4.5 billion at the end of June, or 103% of nonaccrual assets other than developing-country debt. The second-quarter provision was $240 million, down sharply from a combined $1 billion addition to reserves in the first quarter.

BankAmerica said it had about 88,000 full-time equivalent employees at June 30, down 5.1% from the combined staffing levels of Security Pacific and BankAmerica a year earlier.

The company said it has added about 3,100 full-time staff posts as a result of acquisitions completed in the last year other than the merger with Security Pacific.

CALFED INC.

Although in the second quarter of 1991, CalFed lost only $18.6 million, for the first half of 1992, it lost $10.1 million, compared with a loss of $21.3 million in the first six months of 1991.

The Los Angeles-based thrift company said its quarterly loss stemmed from a $51.9 million loss provision on income-property loans, foreclosed real estate, and real estate investments, a reflection of the deteriorating Southern California realty market.

CalFed's nonperforming assets rose 2.9% in the quarter,to $1.142 billion, or 6.52% of assets. The company said problem residential and multifamily credits grew significantly and now compromise 73% of total nonperforming loans.

Capital Ratios Rise

At the end of the second quarter, CalFed's core and risk-based capital ratios were 4.00% and 7.49%, respectively, up from 3.92% and 7.34% at March 31 - despite the loss.

Total assets were $17.5 billion at June 30, down 13% in 12 months.

This month, CalFed announced an agreement with regulators to modify a special minimum capital plan imposed on it. Under the new agreement, the company has until next June 30 to raise core and risk-based capital ratios to 5% and 9%, respectively. Those standards will require it to raise more than $200 million in capital.

Success of the plan hinges on an agreement with bondholders to exchange about $125 million in subordinated debt for fresh equity.

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