Continued favorable interest rates helped Far West Financial Corp., the Newport Beach parent of Far West Savings & Loan Assn., post net income of $5.6 million for the first quarter ended March 31. The earnings were more than 2 1/2 times the $2.2 million in profit reported for the first quarter last year, Alexander L. Popof, a senior vice president, said Monday.
The company and its S&L;, which accounts for almost all of Far West Financial’s earnings and revenues, reported that revenues increased 25.8% to $79.4 million from $63.1 million.
Corporate assets jumped 25% to $2.5 million from $2 million a year earlier. The company’s net worth climbed to $152 million and Far West S&L;'s ratio of net worth to assets was 5.9% at the quarter’s end. Federal regulators require S&Ls; to maintain a minimum ratio of 3%. A public stock offering last week netted the company nearly $40.7 million, which Popof said will push the S&L;'s net worth ratio to 7.5%
Total loans at Far West S&L; grew 21.4% to $1.7 billion from $1.4 billion, and total deposits grew 25% to $1.75 billion from $1.4 billion.