St. Paul Bancorp, the holding company for St. Paul Federal Bank for Savings, said first-quarter earnings shot up 34 percent, to $7.1 million, or 59 cents a share, from $5.3 million, or 43 cents a share, a year earlier.
The thrift, with $3.5 billion in assets, attributed the improved profits to an increase in net interest income, a $1.4 million reduction in loan-loss reserves from a year earlier and lower operating expenses.
St. Paul reported non-performing assets of $42 million, or 1.74 percent of total loans, March 31, up from non-performing assets of $37 million, or 1.53 percent of total loans, Dec. 31. Tangible capital March 31 was 6.19 percent of assets.
