| OCR Text |
Show Summit Savings Issues Earnings Report Summit Savings and Loan Association, reported net earnings for 1982 of $164,003. The 19S2 earnings equate to a record earnings per share of $1.61. Dean S. Berrett, President and Chairman Chair-man of the Board of Summit Savings and Loan said the Association ended 1982 with total assets of $5,919,239, up 163 from $2,252,227 in 1981. Total savings deposits at year end were $5,073,490, up 200 from $1,680,643 in 1981. Berrett attributes the; Associations As-sociations record performance perfor-mance in 1982 to several factors. "We have experienced exper-ienced a general improvement improve-ment in the overall economy, combined with federal regulatory regul-atory changes removing burdensome bur-densome restrictions on several se-veral areas of a savings and loan operation. At Summit we have implemented a very aggressive, opportunistic managment philosophy designed de-signed to capitalize on the improved economy in a deregulated environment." As for 1983, Berrett says the Association will look to an even better year. Summit Savings will expand its lending program to include large project financing of both construction and permanent per-manent loans for residential and commercial projects. On the savings side of the business, Summit will continue conti-nue to provide Park City savers the highest yield available with insured safety and high liquidity. |
