Fidelity Federal’s Parent Posts 36% Quarterly Profit
Citadel Holding Corp., the Glendale parent of Fidelity Federal Savings & Loan, reported a 36% increase in first-quarter profit.
In the quarter ended March 31, Citadel’s net income climbed to $6.13 million, or $1.86 a share, from $4.51 million, or $1.30 a share, a year earlier. The year-earlier results were hurt by $3.9 million in after-tax charges related to Citadel’s settlement of litigation.
The profit gain in the latest quarter came despite a 12% decline in Citadel’s net interest income, to $20.1 million from $22.9 million. Net interest income is the difference between what an S&L; earns on its loans minus the interest it pays on deposits.
Citadel, with 31 offices in California, had $3.91 billion in assets as of March 31.
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