Mercury Savings Boasts Big Increase in Income

Mercury Savings & Loan Assn. in Huntington Beach posted a $3.3-million first-quarter net income, contrasted with $713,000 a year earlier. Officials said it was the third most profitable quarter in the 22-year-old S&L;’s history.

“We appear to be well on our way to a record year, assuming that the economic conditions remain favorable. . . . Traditionally, the first quarter represents less than a proportionate share of our annual earnings,” said Leonard Shane, chairman and chief executive officer.

Mercury’s total assets as of March 31 grew 5% to $2.2 billion from $2.1 billion. Its net worth as a percent of assets was 3.5%, which is above the 3% level required by federal regulators.