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VALLEY EARNINGS

Valley Federal Savings & Loan Reports 15% Higher Earnings

July 28, 1987

Valley Federal Savings & Loan Assn. said its second-quarter profit climbed 15% from a year earlier and that first-half 1987 earnings were up 17%.

Net income in the latest quarter rose to $4.7 million, or 76 cents a share, from $4.1 million, or 66 cents a share, a year earlier. Six-month earnings rose to $9 million, or $1.46 a share, from $7.7 million, or $1.23 a share, in the comparable 1986 period. The per-share results take into account a 2-for-1 stock split last March.

The Van Nuys-based thrift attributed the second-quarter improvement partly to fees it earned from a company record $559.2 million in new loans; a year earlier new loans totaled $338.8 million. The higher fees helped offset a $1.2 million write-off of Valley Federal's investment in a recently discontinued federal insurance fund for savings and loan associations.

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