Citing a sharp reduction in mortgage loan originations, Imperial Corp. of America, parent of Imperial Savings, reported a 23% drop in net income for the third quarter ended Sept. 30.
ICA reported net income of $12.2 million compared with $15.9 million over the same three months last year. For the nine months, ICA's net income stands at $37.6 million, up from $34.1 million over the same three quarters last year.
Single-family mortgage originations during the third quarter totaled $622 million, less than half the $1.3 billion over the same quarter last year, resulting in a drop in fee income for the three months.
Assets as of Sept. 30 were $10.8 billion, up from $9.6 billion as of Dec. 31. Loans totaled $5.6 billion, down from $5.8 billion nine months ago, and deposits were $6.6 billion, up from $6.1 billion.