First Federal Savings Bank reported record earnings of $590,000 or 50 cents per share for its third fiscal quarter ended March 31, up 103 percent from the same period a year ago.

For the nine months ended March 31, earnings were $1.55 million or $1.31 per share, up 178 percent over the same period a year earlier.First Federal, based in Salt Lake City, said assets are $300.27 million and stockholder equity is $15.63 million or $13.59 per share. The quarter produced an annualized return on stockholder's equity of 15.7 percent.

Gerald R. Christensen, president, attributed the earnings to asset quality, improved interest margin, healthy economic conditions and continued emphasis on retail banking and residential home lending.