Valley Federal Posts $4.3-Million Quarter Profit

Valley Federal Savings & Loan Assn. said it had a first-quarter profit of $4.3 million, up 21% from $3.6 million a year ago, mainly because of lower interest rates and success in its mortgage banking subsidiaries.

Per share, the Van Nuys-based savings institution earned $1.40, against $1.15 a year ago. Assets on March 31 were $2.61 billion, up from $2.53 billion a year ago but down from $2.66 billion at the end of last year.

“The association’s performance improved in spite of the fact that the first quarter of the year traditionally is a slow period for loan originations,” said President Donald C. Headlund.

At its annual meeting on Wednesday, shareholders reelected all three incumbent directors whose seats were at stake, and Mayor Tom Bradley formally became a director emeritus. His seat will not be filled, the company said. Instead, the board will remain at nine members.