First California Financial Group Misses Estimates

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First California Financial Group Inc. reported Wednesday second quarter net income of $1.3 million, or 11 cents per share, missing Wall Street estimates.

The Los Angeles-based parent of First California Bank said in an after-market statement that earnings were dinged by a $400,000 pre-tax loss on derivatives. Analysts on average expected earnings of 14 cents per share, according to Bloomberg News.

The company said net interest margin a key measure of a bank’s profitability was 4.17 percent, up slightly from the previous quarter but down from 5.14 percent for the same quarter last year.

The company’s past-due or non-accrual loans dropped to $9.2 million from $11.8 million last quarter.

Shares of the company’s stock dropped roughly 6 percent in after-hours trading to $8.

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