Great American Reports Record Quarterly Earnings
San Diego-based Great American First Savings Bank, riding the crest of acquisitions in new markets, on Wednesday reported record third-quarter earnings of $26.1 million, up 101% over the prior year. For the nine months, Great American reported net income of $65.3 million, up 122%.
Assets as of Sept. 30 rose 40% to nearly $12.4 billion, primarily from the acquisition earlier this year of Home Federal Savings and Loan in Tucson and its merger with Los Angeles Federal Savings Bank.
Revenues for the third quarter rose 37% to $332.2 million, while revenues for the nine months increased 32% to $916.6 million.
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