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EARNINGS

Home Federal S&L's Net Drops 91% to $1.4 Million

October 24, 1985|BILL RITTER

Buffeted by previously announced heavy losses in its consumer credit sector, Home Federal Savings & Loan Assn. reported a 91% drop in earnings to $1.4 million in the third quarter ended Sept. 30.

The San Diego-based S&L increased its provision for loan losses to $47.6 million, up from only $2 million a year ago. Revenue rose 12% to $263.8 million.

Total assets rose 9.6% to $9.7 billion, while deposits increased by about 7% to $7.2 billion. Stockholders' equity as of Sept. 30 was $668 million, and the company's net worth to assets ratio was 6.9%, well above regulatory standards.

Home Federal, the nation's ninth-largest S&L, is selling its $320-million credit card portfolio in two increments to other financial institutions.

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