Columbia Savings’ Profits Leap 250% to New High

Columbia Savings & Loan Assn. reported record earnings of $32.8 million for the first quarter of 1985, a 250% rise from the first quarter of last year.

Columbia attributed the gain to a “dramatic” rise in loans and in interest rate profits.

The thrift said its net interest income for the quarter was $24.5 million, more than three times the $8 million in the same period a year ago. The average yield on interest income--the difference between what the thrift pays for money and the price it charges to lend it out--was 1.79%, the thrift said. In the first quarter of 1984, the yield was 0.84%.

It said that sales of mortgage-backed securities, corporate bonds and mortgage loans were $38.9 million, up significantly from $9.1 million in the same quarter last year.

Thomas Spiegel, president and chief executive, said the institution’s capital base--stock equity and subordinated debt--had risen to $329.2 million, or 5.7%, of the thrift’s total liabilities. For the first quarter of 1984, capital base was $140 million or 3.7% of Columbia’s total liabilities.