FirstFed America Inc., parent company of First Federal Savings and Loan of Logan, reported a drop in second-quarter net income and an increase in profits for six months ending March 31, 1989.
Net income for the second period was $2.15 million, or 57 cents a share, compared to $2.56 million, or 58 cents a share after the same three months in 1988. For first six months of fiscal 1989, net income was $5.23 million, or $1.38 a share, compared to $4.82 million, or $1.23 a share, for the like period a year ago.The sale of Federal Home Loan Mortgage Corp. preferred stock contributed to FirstFed's strong operating performance for the first six months of fiscal 1989, a spokesman said. Net interest income increased over last year for the second quarter $592,000 and for the six months $863,000.
In addition to its Utah savings institution, FirstFed, through its wholly owned First Federal Savings and Loan Association of America, operates 26 offices on the Hawaiian Is-lands, three offices in Guam and one in Saipan.
First Federal of Logan, operating two full-service offices and two loan offices in Utah, contributed after tax income of $8,056 for the quarter and $26,546 after six months.
Fred R. Hunsaker, president and chief executive of First Federal of Logan, said the parent company has infused $3 million in stockholders' equity to its Utah subsidiary, increasing capital to $5.5 million for a 14.1 percent capital-to-asset ratio.