FirstFed hit by delinquent loans
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FirstFed Financial Corp., parent of First Federal Bank of California, reported that net income plunged 75% to $8.41 million in the fourth quarter because of delinquent home loans.
FirstFed shares slumped $2.93 to $36.07.
Net income was 61 cents a share, compared with $33.4 million, or $1.97, in the same period a year earlier, the Santa Monica-based company said.
Single-family home loan delinquencies led to an increase in the provision for losses to $21 million, compared with $3 million a year earlier. Adjustable-rate mortgages contributed to the higher level of delinquent loans, the company said.
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