SANTA MONICA, Calif. -- Firstfed Financial Corp., parent of First Federal Bank of California, reported net income of $8.3 million for the second quarter, reversing a $16.4 million loss in the previous period.

The $3.6 billion-asset company sharply reduced its loan-loss provision to $1.9 million, down from $44.1 million in the first quarter. "We decided to take a very conservative approach to loan-loss provisions during the first quarter, which allowed us to reduce our loan-loss provisions in the second quarter," said chief executive William S. Mortensen.

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