SAN JUAN -- First Federal Savings Bank, the largest thrift in Puerto Rico, said it increased its second-quarter earnings by 34%, to $4.9 million, or 55 cents a share.
First Federal also more than doubled its earnings for the first half, to $16.4 million, from $6.9 million in the year-earlier half.
Contributing $6.8 million, or 87 cents a share, to the 1993 first-half result was implementation of Financial Accounting Standard 109, which covers reporting of deferred tax assets.
The second-quarter operating earnings were fueled by a $3.4 million increase in net interest income, to $21 million. The $1.9 billion-asset thrift sale gained $1.6 million on the sale of mortgages in May through collateralized mortgage obligations, which were offset by $2.5 million in additional loan-loss provisions.