Great American First’s Earnings Increase 26%

Aided by lucrative yield spreads, San Diego-based Great American First Savings Bank reported net income for the first quarter ended March 31 of $7.5 million, a 26% increase over the same period a year ago. The first-quarter earnings were the highest since Great American converted to public ownership in August, 1983. Revenue reached $205.3 million, up 38%, while loan volume totaled $760.1 million, up 35%. Net interest income increased 40% to $22.5 million, while income from loan fees and charges rose 6% to $12.5 million.

Great American’s primary interest rate spread increased to 1.92 percentage points as of March 31, up from 1.47 points last Dec. 31. The highest spread last year was 1.82 percentage points in May.