PHILADELPHIA -- Meritor Savings Bank said it lost $8.5 million in the second quarter, half the $17 million loss reported a year earlier. The per-share figure fell to 15 cents from 49 cents.

The thrift, which has $5.6 billion in assets, lowered its provision for possible credit losses by $6.4 million, to $4.4 million. Its net interest income was down a slight $100,000, to $19.5 million, despite a $700,000 decline in interest-earning assets to $5.2 billion at June 30.

Nonperforming assets of $422 million were up from $396 million in June 1991 but down from $464 million at yearend.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.