Mercury S&L; Reports a Record $3.6-Million Net in Second Quarter
Mercury Savings & Loan Assn. in Huntington Beach has continued a record earnings pace with second quarter net income of $3.6 million, a 20% increase over $3 million in earnings during the same quarter last year.
Net earnings for the first six months shot up 86% to $6.9 million from $3.7 million, making it the most profitable first half year in the S&L;’s 22-year history.
For the record:
12:00 a.m. July 19, 1986 FOR THE RECORD
Los Angeles Times Saturday July 19, 1986 Orange County Edition Business Part 4 Page 2 Column 2 Financial Desk 1 inches; 29 words Type of Material: Correction
Mercury Savings & Loan Assn. of Huntington Beach posted total deposits of $1.75 billion and loans of $1.57 billion as of June 30. A story in Tuesday’s editions incorrectly reported the figures in millions.
Leonard Shane, Mercury’s chairman and chief executive, had predicted earlier this year that the S&L; would have record earnings in 1986.
Mercury’s assets, however, barely inched up during the quarter. The institution grew less than 1% to $2.17 billion as of June 30, compared with $2.15 million a year earlier. Shane had said earlier that the association would concentrate on bigger returns rather than on asset growth.
Total deposits at the end of the period rose 11.5% to $1.75 million from $1.56 million, while total loans fell 2% to $1.57 million from $1.6 million.
The association paid its second regular 10-cent quarterly dividend, and, at the end of the period, declared its regular 6% stock dividend.
