SAN DIEGO — Home Federal Savings & Loan reported that "strong loan volume and increased net interest income" pushed first-quarter net profit up by 17% to $27.2 million. Revenue rose 4% to $308.8 million.
Deposits rose by $240 million to $8.8 billion and loans rose 36% to $1 billion. Home Federal reported $12.1 billion in assets on March 31, compared to $10.1 billion a year earlier.
Home Federal, which has applied for a state banking charter and Federal Deposit Insurance Corp. coverage, "may retain" its S&L charter if Congress adequately recapitalizes the ailing Federal Savings & Loan Insurance Corp., Home Federal President Robert F. Adelizzi said during Wednesday's annual meeting.
The bank charter application gives Home Federal "maximum flexibility" to meet changes in the rapidly changing financial services market, according to Adelizzi, who described Home Federal as having "evolved through deregulation into an entity which is hard to distinguish from a bank."