BREA, Calif -- Unionfed Financial Corp., the parent of Union Federal Bank, announced on Tuesday a loss of $11.4 million, or $1.53 a share, for its fourth fiscal quarter, which ended June 30.
For the entire year, the thrift company lost $32.1 million, against a loss of $22.1 million for all of fiscal 1992.
The Southern California thrift attributed most of the loss to a loan provision and costs from real estate operations of $13 million, versus $6.5 million in the corresponding 1992 quarter.
Union Federal, which has $1.2 billion of assets, said it is taking the hits as part of an "aggressive reduction" of nonperforming assets through the sale of problem real estate and the restructuring of some problem loans.
The thrift is under a federal regulatory order to achieve core and risk-based capital levels of 4% and a total risk-based capital ratio of 8% by Sept. 22. At June 30, the ratios were, respectively, 1.4%, 1.8%, and 3.1%. Unionfed said it will meet the requirements by completing a planned $45 million commonstock offering.