LAKEWOOD, Colo. -- First Federal Savings Bank, a former mutual that went public in 1993, saw its net income drop 12.6% in the second quarter due to a declining interest rate spread.

Net income at the $1.3 billion-asset thrift fell to $3.6 million in the second quarter from $4.2 million a year earlier.

For the six months ended June 30, net income fell to $6.9 million from $8.1 million. Interest income in the first half of 1994 increased 5.15%, while interest expense increased by a much higher 12.13%.

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