Olympus Capital Corp., parent company of Salt Lake City-based Olympus Bank, reported first-quarter net income of $246,000 or 10 cents per share, down from $511,000 or 20 cents per share in the first quarter a year ago.

At the company's annual meeting Wednesday, Chairman A. Blaine Huntsman told shareholders that the decline reflected disposal of residential units and discontinuation of managing seasonal rental properties at The Resort Center in Park City."In the past, those activities made positive contributions during the winter months, but were a drag on earnings during the rest of the year," said Huntsman.

"These earnings reflect a continuation of abnormally high costs associated with troubled assets," said Huntsman. "The bank continues to place strong emphasis on resolving delinquent loans and foreclosed properties, which has resulted in further declines in non-performing assets and improvement in net interest income."

Net interest income for the quarter was $2.06 million, similar to a year ago. Total assets on March 31 were $442 million, down from $556 million a year earlier. Shareholders equity increased to $22 million. Capital is 4.9 percent of assets, up from 3.8 percent for the prior year.

For the year, 1990 net income was $858,000 or 34 cents per share, up from a loss of $14.41 million or a loss of $5.65 per share in 1989. Return on average equity in 1990 was 3.73 percent, up from a loss of 50.47 percent a year earlier. Return on assets in 1990 was .16 percent, up from a loss of 2.01 percent in 1989.

Interest income for the year was $48.83 million, down from $65.14 million in 1989.