Agency says thrifts swing to 1st-Qtr net income of $1.82B; highest level since 2nd-Qtr of 2007

Thrifts post 1Q net income of $1.82B

WASHINGTON — The federal government says U.S. thrifts posted first-quarter net income in the latest sign the industry is stabilizing as the economy recovers.

The Office of Thrift Supervision said Monday that savings and loans had net income of $1.82 billion in the January-March period, compared with a net loss of $1.62 billion a year earlier.

The agency says the industry’s net income in the latest quarter was the highest since the April-June quarter of 2007.

It says about 60 percent of thrifts posted an increase in net income compared with the previous three months. But it says the number of “problem” thrifts rose to 50 as of March 31 from 43 three months earlier.