2nd-Quarter Gain Shown by Far West Financial
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Far West Financial Corp., the Newport Beach holding company for Far West Savings & Loan Assn., said consolidated net income in the second quarter was $7.7 million, up 57.1% from $4.9 million last year. Revenues for the quarter rose 26.3% to $91.4 million from $72.3 million.
In the first six months, the company’s net income grew 87.8% to $13.3 million from $7.1 million. Revenues rose 26.2% to $170.9 million from $134.4 million.
Total assets at the end of the period hit a record $2.7 billion, up 23.7% from $2.2 billion.
As of June 30, the S&L;’s loan portfolio was $1.7 billion, an 11.7% increase over $1.6 billion a year earlier. Total deposits at the time were $1.9 billion, a 32.5% increase over $1.4 billion a year earlier.
Continued lower interest rates “helped all areas” of Far West’s operations, said Alexander L. Popof, the company’s senior vice president for finance.
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