Valley Federal Turns Loss to Gain in 3rd Quarter
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Valley Federal Savings & Loan Assn. said it earned $3 million, or $1.04 a share, in the third quarter ended Sept. 30. During the same period last year, it lost $1.7 million.
The Van Nuys-based S & L said the improved result stemmed partly from an increase in the margin between the amount of interest it pays for deposits and the amount of interest it receives from loans and investments.
Valley Federal’s total assets as of Sept. 30 were $2.6 billion, down 2.8% from a year earlier. Deposits increased less than 1% to nearly $2 billion.
For the first nine months, Valley Federal reported net income of $6.7 million, or $2.22 a share. That contrasts with an $8.3 million loss, $3.54 a share, a year earlier.
Valley Federal said it reduced the value of foreclosed properties it holds to $14.6 million as of Sept. 30, a drop of $7 million from Dec. 31.
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