First Federal Savings Bank posted net income of $503,754 or 44 cents per share for its first fiscal quarter ended Sept. 30, up from $108,182 or 9 cents per share for the same period last year.

Chairman Gerald R. Christensen said the gain was due to a rise in interest income, which was $1.91 million for the quarter - up from $1.03 million for the same three months last year.Operating expenses increased $204,000 for the quarter compared to the same quarter last year, primarily due to an increase in personnel and administrative expenses, Christensen said.

Mortgage loan volume for the quarter totalled 161 loans for $21 million compared to 158 loans for $15.2 million for the period in 1989. Deposits increased $56.9 million to $228.4 million, attributed to the acquisition of $58 million of CrossLand Savings Bank's Utah deposits on Sept. 28.