FirstFed posts loss

The numbers were pretty much in line with expectations - a second-quarter net loss of $35.5 million, or $2.60 a share. That compares with earnings of $29.1 million a year earlier. The company also recorded a $90.2 million provision for loan losses, compared with just $3.1 million a year earlier. As has been noted this week, FirstFed is struggling to work out all the bad loans it handed out - almost literally - a few years back. Many borrowers now owe more than their homes are worth. The bank is relatively small, but it’s been cited as potentially vulnerable due to the housing woes. FirstFed says it’s doing just fine. (LAT, LABJ). In yesterday's post, I neglected to mention that the Business Journal had also done a curtain-raiser on today's earnings report.