Far West Financial Posts $4.9 Million Net Earning
Far West Financial Corp., the Newport Beach-based holding company for Far West Savings & Loan Assn., posted net earnings of $4.9 million for its second quarter ended June 30, which the company said reflected “strong improvement” in operating earnings compared to the same quarter a year ago.
Although Far West Financial earned $8.6 million in the second quarter, that included the extraordinary sale of the company’s Gulf Corp. stock to Standard Oil of California for $8.4 million, said Alexander L. Popof, Far West Financial senior vice president.
For the first half, Far West posted net income of $7.1 million, compared with $9.57 million for the first half of 1984.
Popof attributed the gain in earnings this year to an improved net interest margin resulting from a declining interest rate paid to depositors for funds, an increase in lending volume and increased operating efficiencies.
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