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Klamath First Bancorp reports lower earnings

KLAMATH FALLS-- Klamath First Bancorp, parent company for Klamath First Federal, reported quarterly earnings of 27 cents a share, down a penny from 28 cents a year ago.

The company's earnings for the quarter were also down, dropping from $2.49 million in the third quarter of 1998 to $1.89 million for the third quarter of 1999, which ended June 30.

Interest income was up for the quarter, rising from $17.7 million last year to $17.8 million, and interest expenses were down. However, non-interest expenses were higher, resulting in the lower earnings.

At the end of the third quarter, the bank, which has Rogue Valley branches in Medford, Jacksonville and Ashland, had $1.035 billion in assets and $727 million in loans.

Valley of Rogue expands home loan program

ROGUE RIVER-- Valley of the Rogue Bank has expanded its home loan services, the bank announced Monday.

The bank's new department will be able to oversee the entire lending process, from loan origination to closing. The bank will now have in-house processing, underwriting and closing services, removing the need for secondary market lenders such as Fannie Mae or Freddie Mac.

Bank officials said the new department is important because it gives local bank employees decision-making authority.

The bank plans to offer a full range of home loans, including Federal Housing Administration, state and veterans loans. It is also expanding its construction loan services.