GLENDALE, Calif. - Glendale Federal Bank reported net earnings Wednesday of $12.7 million for its second quarter, which ended Dec. 31.

This compares with a net loss of $39.8 million for the second quarter of fiscal 1994.

The results for the latest quarter include a gain of $2.3 million resulting from the previously announced sale of the Glendale's Florida operations. Also included is an extraordinary net gain of $1.8 million due to the early extinguishing of debt.

Excluding these items, second-quarter net earnings totaled $8.6 million.

For the first six months of fiscal 1995, Glendale reported net earnings of $22 million, compared with a net loss of $59.7 million reported for the first six months of fiscal 1994.

Stephen J. Trafton, Glendale's chairman and chief executive, said the bank's results were aided by a decline in delinquencies and nonperforming assets.

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