First Alliance Nets $781,000 for Quarter

Irvine consumer finance company First Alliance Corp. reported net income of $781,000, or 4 cents a share, for the second quarter, which included a $4.5-million write-down in the value of residual interests. A year ago, the company earned $7.9 million, or 36 cents a share. Revenue dropped 32% to $15.8 million from $23.2 million.

For the first half, net income declined 49% to $8 million, or 39 cents a share, from $15.6 million, or 70 cents a share, for the first six months last year. Revenue was down 8% to $41.2 million from $44.7 million.