Standard Federal Bank said Friday that the cessation of gains from mortgage sales lowered fourth-quarter earnings by roughly $600,000, to $30.3 million, despite a 10.7% increase in total assets.

The $12.1 billion-asset thrift, based in Troy, Mich., said annualized quarterly returns equaled 1.01% on average assets, down 19 basis points from a year ago; and 15.15% on average equity, down 260 basis points.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.