First Interstate Bank of Utah reports net income of $9.2 million for 1990, a 38 percent increase over the $6.7 million in earnings at the end of 1989, according to Richard Kieffer, president.
He said the bank's return on assets was 0.96 percent for 1990, compared to 0.70 percent in 1989. The return on equity for 1990 was 14.57 percent compared to 11.36 percent for the previous year.Kieffer said a brighter Utah economy, combined with significant improvements in the bank's loan quality and expense control, were key factors in the record performance in 1990.
Problem assets decreased significantly from 2.27 percent of total loans in December of 1989 to 1.07 percent of total loans in December 1990. Non-interest expenses declined during 1990 while non-interest income increased substantially.
First Interstate Bancorp has assets of $51.4 billion and Kieffer reported net income for the fourth quarter of 1990 of $91 million or $1.32 per share.