FirstFeb Reports Strong Earnings

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Shares in FirstFed Financial Corp. rose Friday after the company reported a big jump in loan sales and a strong increase in profit.


FirstFed reported fourth quarter net income of $33.4 million ($1.97 per share), an 18 percent jump from $28.2 million ($1.67), from the same period a year earlier, beating analysts’ expectations of $1.70, according to Thomson Financial.


Net interest income for the Santa Monica savings and loan increased 11 percent to $75.6 million. For the year, net income jumped 41 percent to $129 million ($7.64 per share) while net interest income increased 23 percent to $298 million.


Shares in FirstFed were up $1.76 to $66.60 in midday trading.

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