Magazine article American Banker

Security Pacific Earnings Rise 6% to 68.6% Million

Magazine article American Banker

Security Pacific Earnings Rise 6% to 68.6% Million

Article excerpt

NEW YORK -- Second-quarter earnings at Security Pacific Corp., Los Angeles, increased 6% to $68.6 million from $65.1 million earned in the same period last year.

Per share, the company earned $1.86 in the second quarter, compared with $1.78 in the same period of 1983.

A higher volume of earnings assets helped offset narrow margins during the second quarter, boosting fully taxable equivalent net interest income to $351.5 million in the quarter just ended, up 5% from the $333.8 million in the same period a year earlier.

The second-quarter margin was 4.10%, down 17 basis points from a year earlier. According to a Security Pacific statement, the second-quarter margin declined primarily because of "a higer negative impact on net interest income from nonperforming loans and leases."

As of June 30, Security Pacific's nonperforming loans totaled $1 billion, or about 3. …

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