Far West Financial Posts 3rd Straight Record Year
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Far West Financial Corp. said that in 1986 it achieved its third consecutive year of record earnings.
The savings and loan holding company posted net income of $23.1 million, a 44.3% increase over the preceding year’s $16 million.
Fourth-quarter earnings for the Newport Beach-based parent of Far West Savings & Loan Assn. were $4.9 million, a 14.7% increase over $4.3 million posted for the like quarter a year ago.
At year’s end, total assets topped $3 billion, a 25% increase over $2.4 billion for fiscal 1985. Loans for the company jumped 40.7% to $2 billion from $1.4 billion, and deposits climbed to $2.1 billion, a 22.8% growth over last year’s $1.7 billion.
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