First PacTrust Bancorp Inc. in Chula Vista, Calif., reported that third-quarter earnings fell 82% from a year earlier, to $506,000, after income from lending fell and expenses jumped.
Net interest income fell 8% from a year earlier, to $7.5 million, and the loan-loss provision rose 5%, to $823,000. The net interest margin shrank 42 basis points from a year earlier, to 3.61%.
Noninterest expenses nearly doubled from a year earlier, to $7.7 million, after the company's valuation allowance for other real estate owned more than tripled, to $1.3 million. Other expenses included $244,000 tied to a 2010 private placement and $475,000 tied to acquisitions and "other noncore activities," the company said in a Thursday press release.
Nonperforming loans fell 62% from a year earlier, to $8.3 million.
