Great American First Savings Bank on Wednesday announced that net income rose 111% to a record $15.7 million for the first quarter ended March 31. Revenues increased 16% to $237 million, spurred by interest payments on loans and mortgage securities which rose 17% to $192 million.
The declining cost of funds helped Great American enlarge its primary earnings spread, Chairman and Chief Executive Gordon Luce told shareholders at the S&L's annual meeting on Wednesday.
The acquisition of Home Federal Savings & Loan of Tucson and two supervisory acquisitions that became effective March 31 boosted Great American's assets by 30% to $10 billion. Deposits rose 29% to $7.6 billion.
Great American's record net income figure, however, did not include earnings generated by the acquisition of Home Federal of Tucson, Luce said.