FirstFed Reports Strong 1Q Earnings

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FirstFed Financial Corp. reported first-quarter net income of $32 million ($1.92 per share), a 5 percent jump from $31 million ($1.82) for the same period a year earlier, beating analysts’ predictions of $1.86 per share according to a Thomson Financial poll.


Net interest income for the Santa Monica-based parent company of First Federal Bank of California also rose slightly to $75 million due to gains on the sale of loans. Total assets dipped 20 percent however, to $8.5 billion.


Shares of FirstFed added 65 cents, or 1.1 percent, to $59.87 in afternoon trading Wednesday on the New York Stock Exchange.

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