Commercial Capital Bancorp Inc. of Irvine, Calif., said Monday that second-quarter earnings more than doubled because of continued record originations of apartment loans throughout the state.
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Net income rose 134% from the year-earlier period, to $10.9 million. The $4.7 billion-asset company's apartment loan portfolio increased 128%, to $2 billion. Total loans grew 385%, to $3.65 billion, as a result of its purchase of the $2.7 billion-asset Hawthorne Financial Corp. of El Segundo on June 4.
The company also said it would start distributing dividends to shareholders. It declared its first dividend, 4 cents a share, to be paid Aug. 30.
