First Federal Savings Bank, 505 E. 200 South, reported an unaudited net income of $464,000 or 40 cents per share in the quarter ending Dec. 31, a 188 percent increase over the in net income of $161,000 or 14 cents per share for the same quarter a year ago.

Gerald R. Christensen, company chairman, said net income for the six-month period ending Dec. 31 was $967,000 or 84 cents per share compared to $269,000 or 23 cents per share for the same period in 1989.He said the gain in income was primarily due to continued improvement in net interest income. Net interest income was $2.04 million for the quarter compared $1.1 million a year ago. Also, during the quarter, the bank sold mortgage-backed securities for a pre-tax gain of $295,000 and sold its entire portfolio of high yield corporate bond mutual funds for a pre-tax loss of $164,000.