Security Pacific Corp. posted net income of $128.1 million for the third quarter, the big Los Angeles-based banking company said Monday, an increase of 8.3% over the same period a year ago.
The quarterly earnings report marked a rebound from Security Pacific's net loss of $172.4 million in the second quarter, which resulted from a $500-million addition to reserves for loan losses.
Security Pacific, the nation's seventh-largest bank and the state's second largest, was the first big California bank to issue its earnings report for the third quarter, which ended Sept. 30.
"There really were no surprises," said Dan B. Williams, banking analyst at the San Francisco brokerage of Sutro & Co.
BankAmerica is expected to release its third-quarter earnings Thursday. Analysts anticipate that the state's biggest banking company will show a moderate profit for the period after suffering enormous losses in the first half of the year.