Professional Bancorp of Santa Monica, Calif., Wednesday reported third-quarter earnings of $1.4 million, or 67 cents a share, compared to a loss of $2.4 million, or $1.17 a share, the year earlier.

The $268 million-asset parent company of First Professional Bank attributed its gain to $3.7 million in proceeds on a life insurance policy that covered the late Joel Kovner, founder and former chief executive of Professional Bancorp and First Professional Bank.

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