Home Federal S&L;’s Net Drops 91% to $1.4 Million
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Buffeted by previously announced heavy losses in its consumer credit sector, Home Federal Savings & Loan Assn. reported a 91% drop in earnings to $1.4 million in the third quarter ended Sept. 30.
The San Diego-based S&L; increased its provision for loan losses to $47.6 million, up from only $2 million a year ago. Revenue rose 12% to $263.8 million.
Total assets rose 9.6% to $9.7 billion, while deposits increased by about 7% to $7.2 billion. Stockholders’ equity as of Sept. 30 was $668 million, and the company’s net worth to assets ratio was 6.9%, well above regulatory standards.
Home Federal, the nation’s ninth-largest S&L;, is selling its $320-million credit card portfolio in two increments to other financial institutions.
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