First Federal Savings and Loan Association has reported an unaudited net income for the fiscal year ending June 30 of $66,000 or 6 cents per share.
That compares with a net income of $438,000 or 38 cents per share in the same 12 months a year ago.Gerald R. Christensen, president and chairman of the board, attributed the decline in earnings to net losses on the sale of investments of $372,000 compared with a gain on the same of investments the prior year of $144,000.
In the determination to take the loss on investments, Christensen said it would save about $145,000 in taxes and allow the company to restructure its investment portfolio to improve yield.
A net after-tax loss of $145,000 or 13 cents per share was reported for the fourth quarter compared with the net after-tax income of $94,000 or 8 cents per share in the same quarter a year ago.
Christensen said assets increased 6.6 percent to $257.6 million from $241.6 million a year ago.