WASHINGTON -- The nation's 83 insolvent thrifts run by the Resolution Trust Corp. lost $744 million in the second quarter, $154 million more than they lost in the first quarter and $241 million more than they lost in the second quarter last year, the RTC said Friday.
The thrifts, which had assets of $74.6 billion before they were taken over by the RTC, had assets of $34.9 billion in the second quarter. They had liabilities of $37.9 billion, for negative tangible capital of $5.5 billion.
Net operating losses for the 83 institutions were $302 million, compared with 178 million in the first quarter.
Operating losses represent the cash expenses of funding the thrifts' negative net worth, marketing expenses for their asset sales, and operating costs such as salaries and other overhead, the RTC said. This quarter's remaining $442 million in losses reflects noncash charges to recognize prior losses on assets.