Imperial Corp. of America: Blaming increased loan...

Imperial Corp. of America: Blaming increased loan loss provisions for its automobile and mobile home loan portfolios, the parent of Imperial Savings Assn. of America, reported a drop in first-quarter profit to $916,000 from $5.6 million for the comparable quarter last year. First-quarter loan-loss provisions were $25.6 million, up from $2.3 million over the same quarter last year. The company had previously announced it planned to make significant provisions for bad loans during the first quarter. Imperial’s assets on March 31 totaled $11.9 billion, down $367 million from the Dec. 31 total. The S&L; is shrinking its assets to improve its capital ratio, which now stands at 3.81% of assets, up from 3.69% of assets in December. Deposits as of March 31 had declined to $8.06 billion from $8.28 billion as of Dec. 31. Loans were $7.5 billion, up from $7.4 billion three months previous.