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Klamath First Bancorp report earnings double

KLAMATH FALLS - Klamath First Bancorp Inc. Monday reported that its fiscal second-quarter earnings doubled from the first quarter. Net income for the quarter ending March 31 was $1.7 million, or 26 cents per diluted share, more than double first quarter's net income of $821,000, or 13 cents per share.

Net income for the second quarter a year ago, excluding a $1.6 million after-tax gain on the sale of securities, was $1.3 million, or 20 cents per share.

The bank holding company said both internally generated growth and last fall's acquisition of former Western Bank branches contributed to stronger net-interest income and balance-sheet expansion.

Quarterly cash earnings were 47 cents per share, compared to cash earnings of 56 cents per share in the same quarter a year ago.

Net interest income before the provision for loan losses increased 65 percent to $12.0 million, compared to $7.3 million in the second quarter of fiscal 2001. Income from fees and service charges for the second quarter more than doubled over the like quarter a year ago to $2 million, accounting for 68 percent of other operating income.

Assets jumped 45 percent to $1.4 billion, compared to $1 billion a year earlier. Deposits increased 63 percent to $1.1 billion, compared to $702 million in March 2001. Stockholders' equity dropped more than $5 million to $108.8 million, and book value per share fell to $17.18 compared to $17.40 the previous quarter.

The bank's non-performing loans represented 0.04 percent of total assets, compared to 0.14 percent a year earlier.