Mercury Savings & Loan Assn. in Huntington Beach has continued a record earnings pace with second quarter net income of $3.6 million, a 20% increase over $3 million in earnings during the same quarter last year.
Net earnings for the first six months shot up 86% to $6.9 million from $3.7 million, making it the most profitable first half year in the S&L's 22-year history.
Leonard Shane, Mercury's chairman and chief executive, had predicted earlier this year that the S&L would have record earnings in 1986.
Mercury's assets, however, barely inched up during the quarter. The institution grew less than 1% to $2.17 billion as of June 30, compared with $2.15 million a year earlier. Shane had said earlier that the association would concentrate on bigger returns rather than on asset growth.
Total deposits at the end of the period rose 11.5% to $1.75 million from $1.56 million, while total loans fell 2% to $1.57 million from $1.6 million.
The association paid its second regular 10-cent quarterly dividend, and, at the end of the period, declared its regular 6% stock dividend.