FirstFed Financial Corp. reported third quarter net income of $32 million ($1.90 per share) up 28 percent from $23 million ($1.38) for the same period a year earlier.

Net interest income for the Santa Monica-based bank was up 15 percent to $73 million primarily due increases on adjustable loans and well-performing investments, the company said in a statement.

Shares in FirstFed closed $1.21 to $59.47 Tuesday.