LOS ANGELES - Citing accounting changes and a bulk sale of problem assets, California Federal Bank reported a net loss of $423.1 million for full-year 1994, compared with a net loss of $145.5 million in the year- earlier period.

The bank took a $274.8 million charge for the bulk sale of $1.3 billion of nonperforming "and other high risk" assets during the year. The bank also took a $274 million charge to earnings related to the elimination of goodwill.

The $14.1 billion-asset thrift holding company said fourth-quarter earnings were $13 million, or 13 cents per share, compared with a net loss of $53.7 million in the same period of 1993.

California Federal said it had reduced expenses for the three months ended Dec. 31 by 31%, to $57 million.

Partially offsetting fourth-quarter improvements was the compression of the interest rate spread as short-term rates rose.

"The bank's fourth quarter marks the beginning point in our return to a more normalized operating environment," said Edward Harshfield, CalFed's president and chief executive officer.

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