First Federal Savings Bank reported net income for its fiscal year ended June 30 of $841,000, or 73 cents per share, up from a net loss of $889,000, or 77 cents per share, for the prior year.
Net income for the fourth quarter was $281,000, or 24 cents per share, compared to a loss of $317,000, or 28 cents per share, for the fourth quarter last year.Gerald R. Christensen, chairman of the board and president, attributed the gain in earnings to improvement in net interest income and a reduction in provision for losses on loans and real estate owned. Christensen said the loan portfolio is of high quality.
Non-performing assets at June 30, 1990, were .69 percent of total assets compared to 1.1 percent of total assets a year ago.
Net interest income, before provision for losses on loans, increased to $5.25 million for fiscal 1990, up from $3.86 million last year.
Mortgage loan volume for the year totaled 638 loans for $64.8 million up from 385 loans and $40.2 million a year ago. The company said the increase in loan volume was due to First Federal's increase in market share as well as increased activity in local real estate purchases and home building during the year.
Christensen said First Federal's previously announced acquisition of the $69 million retail deposits of CrossLand Savings Utah should occur in late summer. He said the acquisition will have a positive impact on First Federal's market share.
First Federal's assets hit an all time high of $305 million at June 30, 1990 and shareholder equity was $13.9 million, or $12.12 per share.