Shares in First Regional Bancorp were up more than 7 percent Tuesday after the banking company said it reaped a windfall as a result of Visa International’s initial public offering.

The parent of Los Angeles bank First Regional Bank reported first quarter net income of $4.7 million (37 cents per share), down 48 percent from $9 million (69 cents) the same period a year earlier.

First Regional said it recorded a $2.8 million gain during the quarter as a result of selling some of the company’s holdings in Visa International in conjunction with Visa’s IPO in late March.

Net interest income was off a fraction of a percent to $26.4 million.

Shares in First regional were up 8 percent to $16.10 in early trading