NEW ORLEANS - Hibernia Corp. of New Orleans reported second-quarter net income of $600,000, 2 cents a share, reversing losses of $9.8 million in the first quarter and $33.4 million a year earlier.
In the midst of a recapitalization program, the company said its improvement was fueled by substantial reductions in nonperforming assets and loss provisions, reduced noninterest expenses, and improving interest margins.
Nonperformers totaled $273 million at June 30, down 19.2% from June 1991 and 10% from the first quarter.
