Columbia Savings’ Profits Tripled in the 4th Quarter
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Buoyed by asset sales, net income at Columbia Savings & Loan Assn. more than tripled in the fourth quarter, the Beverly Hills-based financial institution reported.
Profits in the final period jumped to $22.5 million, compared to $6.5 million earned in the fourth quarter of 1983, the S&L; said. The fourth-quarter surge boosted earnings for the year to $44.1 million, up 11% over the 1983 figure of $39.9 million.
Columbia attributed the strong fourth-quarter performance in large part to pretax gains of $16.8 million from the sale of loans and mortgage-backed securities.
In addition, Columbia said, earnings were aided by higher interest income, a lower effective federal tax rate and a one-time gain of $1.3 million from the distribution of stock from the Federal Home Loan Mortgage Corp.
Columbia, with assets of $6 billion, has 24 branch and lending offices throughout the state.
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