CU Bancorp (CUNB), the parent company of wholly owned California United Bank, has disclosed a 2.80 percent rise in profit for the quarter ended Jun. 30, 2014. The company earned $2.39 million or $0.21 a share in the second quarter compared with $2.32 million or $0.22 a share, a year ago. Analysts on average had predicted net income of $0.23 a share.

Revenue during the second-quarter went up marginally 0.64 percent to $14.36 million from $14.27 million in the last year period.

Net interest income for the quarter dropped 0.02 percent over the prior year period to $12.58 million.

Non-interest income for the quarter rose 5.50 percent over the last year period to $1.78 million.

CU Bancorp has made provision of $0.41 million for loan losses during the quarter, which was lower by 64.61 percent from $1.15 million in the same period last year.

"We are very pleased to report that core net income of $2.9 million is up 24% over the second quarter of 2013 and 8% over the first quarter of 2014," said David Rainer, President and Chief Executive Officer of CU Bancorp and California United Bank.

Total assets stood at $1430.31 million as on Jun. 30, 2014, up 11.86 percent compared with $1278.66 million on Jun. 30, 2013.

While total liabilities stood at $1284.88 million as on Jun. 30, 2014, up 11.82 percent from $1149.09 million on Jun. 30, 2013.

Net loans stood at $968.61 million as on Jun. 30, 2014, up 10.62 percent compared with $875.62 million on Jun. 30, 2013.

Deposits stood at $1245.28 million as on Jun. 30, 2014, up 20.03 percent compared with $1037.52 million on Jun. 30, 2013.

Equity capital of CU Bancorp increased 12.25 percent to $145.44 million as on Jun. 30, 2014 compared with $129.57 million on Jun. 30, 2013.

Shares of the company went down by 13 cents or 0.70 percent to close at $18.56 on Thursday.