First Interstate Bank of Utah has reported second quarter net income of $2.0 million, up 55.1 percent from the $1.3 million reported for the second quarter 1989.
For the first six months, net income was $4.0 million, an increase of 62.8 percent over the same period a year earlier."The improving local economy is reflected by higher loan volumes and improved loan quality," said Richard Kieffer, president.
Total loans were $489.4 million at the end of June, up 8.8 percent over the same period a year ago. Problem assets were down from 3.07 percent in June 1989, to 1.91 percent of total loans in June 1990.
An additional factor is cost control, said Kieffer. "Non-interest expense has declined over the first six months of 1990. On the other hand, non-interest income has increased substantially."
Assets of First Interstate Bank of Utah were at $996.8 million, on June 30, up 2.0 percent from a year earlier. Total assets for parent company First Interstate Bancorp, based in Los Angeles, were $55.1 billion.