Glendale Federal Bank Posts $10.7-Million Loss

Glendale Federal Bank reported a $10.7-million fiscal second-quarter loss, a result of losses on the sale of its collateralized mortgage obligation investment portfolio and its former headquarters building.

A year before, in its fiscal second quarter ended Dec. 31, 1994, the Glendale-based savings and loan earned $12.7 million.

For the latest six-month period, Glendale Federal reported net income of $3.16 million, an 86% decline from earnings of $22 million a year earlier.

Aside from the one-time items, Glendale Federal said its earnings improved because of lower provisions for loan losses, reduced expenses and higher fee income from its banking and lending operations.