Bank of San Francisco's once-suffering holding company had its best performance in years in the second quarter, its sixth consecutive profitable period.
Bolstered by new money from its majority investor, the company earned $196,000 during the quarter, for a 0.75% return on assets.
San Francisco Co. earned $304,000 in the first six months of the year. In 1995, it earned $120,000 and $188,000 in the quarter and the first half, respectively. It lost tens of millions of dollars from the end of 1992 through 1994.
Majority investor Putra Masagung injected another $2.5 million into its coffers, bringing its capital levels above those required in its regulatory orders. Its nonperforming assets declined by 40% during the first six months.
"Now that we have had six consecutive quarters of profitability and have reduced our problem assets, we are putting more emphasis on regaining market share, including expanding into the local Asian community," said James E. Gilleran, chief executive. A former California superintendent of banks, Mr. Gilleran accepted the top spot at Bank of San Francisco in 1994.
Mr. Gilleran said Joseph Kwok has joined the bank as managing director of Asian banking.