LOS ANGELES -- Coast Savings Financial Inc. reported a $3.2 million, or 63%, decline in second-quarter net income, to $1.9 million.
Fully diluted earnings per share were down to 10 cents from 27 cents last year.
The company, which owns $8 billion-asset Coast Federal Bank, lost $4.8 million, or 26 cents a share, in the first six months of 1994, attributed to earthquake-related provisions of $15 million in the first quarter. Coast earned $9.3 million, or 52 cents a share, in the first half of 1993.
Ray Martin, chairman and chief executive officer, pointed to "several encouraging developments," including single-family, adjustable-rate loan originations' reaching the highest level in several years, and nonperforming assets' hitting their lowest point since 1987.