Valley Federal S&L; Reports Best Year in Its History
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Valley Federal Savings & Loan announced the most profitable quarter and year since it was established in 1925.
The Van Nuys-based S & L said it earned $4.9 million, or $1.60 a share, for its fourth quarter, up 31% from the corresponding period a year earlier. For the year, Valley Federal earned $17.0 million, or $5.51, up 64% from 1985.
Donald C. Headlund, Valley Federal’s president, attributed the record earnings to favorable interest rates, which allowed the S & L to increase the margin between what it pays out in interest for deposits and what it receives in interest from loans and investments.
Valley Federal’s assets as of Dec. 31 were $2.7 million, up 7% over the year. Deposits increased nearly 6% in 1986, to $2.1 million.
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