First California Financial Group Inc. in Los Angeles said Tuesday that it earned $2.2 million, or 19 cents a share, in the first quarter, after posting a loss of $1.1 million, or 15 cents a share, in the year-earlier period.
The $1.1 billion-asset company said last year's first quarter included expenses related to the merger of National Mercantile Bancorp and FCB Bancorp into First California.
Net interest income rose 48% from a year earlier, to $10.3 million, and noninterest income rose 135%, to $2.2 million.
First California said sales of commercial and multifamily mortgage loans plunged, because the secondary market for those loans "dried up." It said it trimmed its commercial mortgage staff as a result, but did not specify by how much.
Total past-due and nonaccrual loans fell 9.8% from a year earlier, to $11.8 million. Chargeoffs were $570,000, mostly for one loan, the company said.
The loan-loss provision was $450,000. In last year's first quarter First California had no provision.
