First Interstate Bank of Utah reported third-quarter income of $2.7 million, up 83.4 percent from the $1.5 million reported for the same period last year.
The bank reported income of $6.8 million for the first nine months, up 70.5 percent over the first three quarters in 1990."We continue to see improvement in loan quality and cost control," said Richard Kieffer, president. "Problem assets decreased significantly from 2.65 percent of total loans in September 1989, to 1.65 percent of total loans in September 1990."
Non-interest expense declined 6.0 percent in the first nine months of this year compared to last year. Non-interest income increased 16.0 percent.
On Sept. 30, First Interstate Utah's loan loss reserve stood at $13.4 million, equal to 2.79 percent of total loans and leases, compared with $13.25 million and 2.73 percent a year ago.
Total capital grew 8.9 percent from a year ago and was 6.7 percent of total assets, which are currently up 1.7 percent to $984.0 million.