Citadel Quarterly Net Income Rises 37%

Citadel Holding Corp., the Glendale-based parent of Fidelity Federal Bank, reported a 37% jump in net income in the quarter ended March 31, despite increasing its reserves in case of future loan and real estate losses.

Citadel’s first-quarter profit was $6.06 million, up from a $4.42-million profit a year earlier.

The thrift holding company attributed the higher income to increases in net interest income and loan fees, sales of loans and securities and reduced operating costs. Those gains were partially offset by a $9-million loan-loss provision in the first quarter, compared to a $6-million provision in 1991’s first quarter.