Benefiting from an increase in its net interest margin and a large gain on the sale of loans and loan servicing, Imperial Corp. of America on Thursday reported earnings of nearly $15.9 million for the third quarter ended Sept. 30, a turnaround from last year's comparable loss of $4.9 million.
For the nine months, Imperial, San Diego-based parent of Imperial Savings Assn., reported earnings of nearly $34.1 million, up from last year's $243,000, according to President Kenneth Thygerson.
Assets increased 10.2% to $9.5 billion.
Earlier this week, Imperial announced that it would offer student loans to more than 90,000 California residents after obtaining $225 million in funds from two transactions with the Student Loan Marketing Assn. (Sallie Mae).