GLENDALE, Calif. - Glenfed Inc. said Tuesday that its subsidiary, Glendale Federal Bank, has fallen out of compliance with the risk-based capital requirement.

In the earnings statement for its first fiscal quarter, which ended Sept. 30, the thrift holding company said the bank's risk-based capital ratio was 6.85%, compared with the federal requirement of 7.2%. Tangible capital, at 1.97% of assets, exceeded the minimum 1.5%, and core capital of 3.01% met the 3% standard.

Glenfed said operating losses and more stringent capital guidelines have made compliance increasingly difficult.

Loss for Quarter

In the quarter, Glenfed lost $16.8 million, or 49 cents a share, compared with net income of $24.1 million, or 70 cents a share, in the September 1991 quarter.

Nonperforming assets and restructured loans totaled $890.1 million, or 4.99% of total assets, compared with $798.6 million, or a 3.75% ratio, in September 1991 and $827.1 million, or 4.62%, in the June 1992 quarter.

Assets declined by 16% over the 12 months, to $17.8 billion.

The loan-loss reserve totaled $307.1 million at Sept. 30, up from $273.2 million in September 1991 and $281.4 million in June 1992.

Loan Activity Cut Back

Like other California bank and thrift companies, Glenfed cited the state's economy as a drag on earnings.

"While the bank ceased its commercial [asset-based] lending activities and curtailed income property lending in 1990, severe economic problems continue to impact the performance of loans made in the 1980s, which remain on our books," said chairman and chief executive officer Stephen J. Trafton.

Glenfed has sought to amend its capital restoration plan with the Office of Thrift Supervision, which has required 5% core capital and 10% risk-based capital by June 30, 1993.

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