Earnings at Nation’s Thrifts Fall 11% in ’96

Earnings at the nation’s savings and loans dropped 11% in 1996 because of $2.1 billion in costs to revive their deposit insurance fund, the Office of Thrift Supervision reported. Thrifts earned $4.8 billion last year, the fourth-highest ever, but down from $5.4 billion in 1995. Thrifts pushed for the big assessment to rescue the Savings Assn. Insurance Fund, which protects individual savings accounts up to $100,000 in the event of an S&L; failure. Bringing SAIF to full funding will reduce their annual deposit insurance premiums. The thrifts’ total assets at the end of 1996 were $769.3 billion, down from $771 billion a year earlier.