Home Federal Lists Earnings Drop

SAN DIEGO — Buffeted by previously announced heavy losses in its consumer credit, Home Federal Savings & Loan Assn. on Wednesday reported a 91% drop in earnings, to $1.4 million, in the third quarter ended Sept. 30. For the nine months, Home Federal reported earnings of $42.8 million, down 2%.

The San Diego-based S&L; increased its provision for loan losses to $47.6 million, up from only $2 million a year ago.

Revenues in the third quarter rose 12% to $263.8 million. For the nine months, revenues rose 27% to $790.2 million.

Home Federal, the nation’s ninth largest S&L;, is selling its $320 million credit card portfolio in two increments to other financial institutions. That sale will be completed in the fourth quarter, according to Home Federal President Robert F. Adelizzi.