The bankruptcy of Southern Pacific Funding Corp., losses at Franchise Mortgage Acceptance Corp., and a poor yearend market for home equity loans crippled earnings at Imperial Credit Industries and Imperial Bancorp.

Imperial Bancorp, parent of Imperial Bank of Inglewood, Calif., on Tuesday reported an 11% decline in 1998 annual income, to $43.7 million, and a 21% decline for the fourth quarter, to $16.9 million.

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