LOS ANGELES - Coast Savings Financial Inc. said its recovery continued in the second quarter with net income of $6.7 million, or 41 cents a share.
The figures were down substantially from the $21.8 million, or $1.39 a share, reported for the second quarter last year, but those figures were inflated by gains from the sale of branches in San Diego.
Net earnings for the first six months of 1992 totaled $20.5 million, compared with $24.7 million for the first six months of 1991.
"While the continuing weak economic and real estate market conditions resulted in a disappointing high level of credit losses, we are pleased with the company's progress during the quarter," said Ray Martin, chairman and chief executive officer. "During the latest three months, Coast's capital ratios were enhanced and core earnings remained near record levels.
Problem assets, mainly related to California residential properties, declined for the fifth consecutive quarter, to $355.1 million. Total assets have held flat since yearend 1991 at $8.5 billion.
At June 30, the tangible, leverage, and risk-based capital ratios were 3.34%, 4.34%, and 8.13%, each in excess of minimum requirements.
Pretax Earnings Up
Coast, the parent of Coast Federal Bank, said its pretax core earnings reached $28.8 million, $5.5 million better than in the 1991 second quarter.
Operating expenses declined by $4.8 million, to $37.9 million, in the latest three-month period.