CalFed Inc.’s third-quarter net earnings fell 16%...

CalFed Inc.’s third-quarter net earnings fell 16% from last year to $42.4 million. The Los Angeles-based financial services company, parent of California Federal Savings, attributed the drop to a narrowing of the interest rate spread, the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. Glenfed Inc. said first-quarter profit dropped 29% to $31.4 million. The Glendale-based parent of Glendale Federal attributed the decrease to narrower interest rate margins, and operating losses and restructuring expenses related to its mortgage banking unit.