P.M. BRIEFING : Valley Federal Gains on Losses
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Valley Federal Savings & Loan Assn. today reported fourth-quarter net income of $116,000, or a loss of three cents a share after preferred dividends, compared to a net loss of $2.41 million the year before. Gross income rose to $86.41 million from $80.62 million.
The per-share loss for the latest quarter was attributed to the payment of preferred dividends by the company. Latest results include an extra reserve of $3 million to cover servicing costs at the thrift’s All Valley Acceptance Co. subsidiary. The charge was offset by a gain of $3.3 million from the sale of Federal Home Loan Mortgage Corp. preferred shares.
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