Great American Reports Record Year for Earnings

Riding the crest of improved point spreads, strengthened real estate operations, a 22% increase in assets and record loan volume, Great American First Savings Bank on Thursday reported a record $45.7 million in earnings for the year ended Dec. 31, up 114%.

Assets increased to $8.2 billion, deposits rose 29% to $5.9 billion and new loans rose 5.9% to $3.1 billion. About 73% of the new loans featured adjustable rates, which officials said would help manage “future interest rate risk.”

Shareholders equity totaled $385.9 million, for a net-worth ratio of 5.9% of total assets.

Great American is awaiting regulatory approval to merge with Home Federal Savings & Loan Assn. of Arizona and with Los Angeles Federal Savings Bank.