Hammond Posts Quarter Earnings of $139,158

With an expanding market for new loans, the mortgage banking firm of Hammond Co. in Newport Beach reported net second-quarter earnings of $139,158, compared with a year-earlier loss of $209,950. Revenues for the fiscal 1986 period ended Sept. 30 were $5.5 million, more than triple the $1.8 million revenues reported for the same period last year.

For the first six months of its fiscal 1986, Hammond had a net income of $251,591, more than twice the $111,987 reported a year ago. Revenues also more than doubled to $10.2 million from $5 million.

Hammond, a 10-year-old company that originates, sells, and services residential and commercial loans through 14 branch offices, said loan originations for the second quarter increased 63%, to $80.6 million from $49.6 million, and jumped 23.7% over the six-month period to $139.3 million from $112.6 million.