CRI Insured Mortgage Association Inc., a Rockville real estate investment trust that invests in federally guaranteed multifamily housing mortgages, reported first-quarter earnings of $5.9 million (30 cents a share).

The trust, whose adviser is an affiliate of the privately held CRI Inc. in Rockville, began operations on Nov. 28, 1989, so there is no past performance for comparison.

The trust reported revenue of $12.8 million and taxable income of $9 million (45 cents). The company said 55.6 percent of the taxable income resulted from the sale, prepayment, refinancing or liquidation of mortgages or their assignment to the government.

The difference between taxable income of 45 cents a share and the 27-cents-a-share dividend that the trust declared reflects the trust's decision to distribute retained earnings evenly in other quarters, CRI said.

Franklin National Bank, a District-based financial institution, said a restructuring of its loan portfolio helped it reverse a loss in the first quarter. Franklin National reported a $92,492 profit in the quarter, compared with a $90,382 loss in the 1989 first quarter. Total assets rose to $43.6 million at the end of the quarter, up 26 percent over the level at the end of March 1989. Total deposits rose 15.6 percent, to $35.1 million at the end of the first quarter.