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SAN DIEGO EARNINGS

February 18, 1988

Home Federal Savings & Loan Tuesday reported net income of $18.9 million for the fourth quarter ended Dec. 31, 1987, down from $25.1 million during the previous fourth quarter. Home Federal's net income for the year ended Dec. 31 fell by $3 million to $100.3 million.

However, an accounting change boosted Home Federal's 1987 net income to $103 million.

Home Federal's fourth-quarter net income was affected negatively by a $44-million allowance for anticipated losses on loans and interest income.

Home Federal's annual net income was dragged down by a $3.3-million allowance for the write-off of the company's Federal Savings and Loan Insurance Corp.'s secondary reserve.

Deposits grew by a record 23% to $10.6 billion.

Chairman and Chief Executive Kim Fletcher was "very pleased with the company's performance in 1987. Despite many external challenges, we were able to achieve strong earnings in our core operations."

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