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Glendale Fed, Columbia Report Record Net Income

EARNINGS

July 25, 1985|TOM FURLONG

Glendale Federal Savings & Loan Assn. reported record annual earnings, while Columbia Savings & Loan Assn. said its second-quarter profits were the best in its history.

Glendale Federal said it earned $55.6 million for the fiscal year ended June 30, including $18.1 million in the fourth quarter. In fiscal 1984, the S&L earned $42.8 million, including $13.2 million in the final quarter.

In addition, Glendale Federal declared its first quarterly dividend--5 cents a share--since going public in October, 1983. The dividend is payable Aug. 16 to shareholders of record on August 5.

The savings and loan, fifth largest in California with $13.2 billion in assets, said increases were due to record loan volume, improved interest-rate spreads and strong profits from diversified subsidiaries.

Columbia Savings, meanwhile, reported net earnings of $37.7 million in the second quarter, marking the best quarter in its history and more than seven times the $5.2 million that it earned in the same quarter last year.

Though Columbia is the state's 14th-largest S&L with more than $6 billion in assets, its sharp increase in earnings has catapulted the financial institution into the land of the giants. Only the parent companies of Great Western Savings and Home Savings of America have reported higher earnings than Columbia Savings in the April to June period.

Beverly Hills-based Columbia said the profits resulted from interest income and sales gains on loans and securities.

"The gains Columbia realized on sales of securities during the first half (of 1985) took place in the context of a strong and sustained market rally," Chief Executive Thomas Spiegel said.

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