First Security Corp. Monday reported second quarter net income of $55.9 million or 60 cents per share after one-time charges relating to its May acquisition of California State Bank.
That's up 9.2 percent over the same period last year. Earnings per share were 29 cents, up 3.6 percent from a year ago.Net income for the first six months of 1998, after the acquisition charges, totaled $117.3 million, up 15.9 percent over the first half of 1997. Earnings per share of 60 cents for the first half were up 11.1 percent over the same period last year.
Spencer F. Eccles, chairman and CEO of the Salt Lake-based financial services company, said he was pleased with First Security's performance so far this year..
He said key factors in the first half results were a 22.3 percent growth in average loans and a 39.5 percent rise in noninterest income. He also noted that the acquisition of California State Bank was expected to be revenue neutral by the end of this year. "But we are pleased to report that this neutrality has been achieved ahead of schedule."