First Regional Bancorp in Century City, Calif., said Thursday that earnings more than doubled in the third quarter thanks to strong loan growth.
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The $1.6 billion-asset parent of First Regional Bank said net income rose 119%, to $7 million, principally because of a 54% increase in loans, to $1.5 billion.
Jack A. Sweeney, the company's chairman and chief executive officer, attributed its performance to strong demand for commercial real estate loans throughout southern California.
Additionally, First Regional has benefited from the rise in interest rates. Its net interest margin increased to 6.09% in the third quarter, from 5.04% a year earlier.
