DES PLAINES, Ill. -- Firstfed Bancshares, the $444 million-asset holding company for First Federal Bank for Savings, announced net income for the quarter ended June 30 of $783,000, down 42.3% from $1.4 million for the comparable quarter in 1993.

Earnings for the first six months were $1.7 million, down 36.4% from $2.6 million for the same period in 1993.

Firstfed said its lower earnings were due to its decreased net interest margin, as well as increased costs associated with the purchase of a new branch and the creation of a credit card program.

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