Net Income Up at Far West Financial
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Far West Financial Corp., the holding company for Far West Savings & Loan Assn. in Newport Beach, reported net income of $6 million for the third quarter, a 22.2% increase from the $4.9 million it earned in the year-earlier period. Quarterly revenues rose 12.9% to $94.15 million this year from $83.4 million.
For the first nine months, the company posted $20.6 million net income, a 13.2% increase from $18.2 million reported a year ago. Revenues for the nine months grew 9.6% to $273.8 million from $249.8 million.
The company’s total assets were $3.6 billion at the end of September, or 22% higher than the $2.9 million reported a year earlier.
The S&L;’s total deposits grew 31% to $2.7 billion at the end of the period from $2.05 billion last year, while net loans rose 30% to $2.4 billion from $1.85 billion.
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