Hammond Co. Records Net of $571,781 for Year
The Hammond Co., a Newport Beach mortgage banking firm, said Friday that it posted net income of $571,781 for its 1986 fiscal year, ended March 31, compared with a loss of $755,781 a year earlier. Revenues nearly doubled to $21.9 million from $11.3 million.
Loan originations increased 18% to $283.1 million from $239.1 million, and the mortgage servicing portfolio increased 8% to $614.6 million from $569.6 million.
For the fourth quarter, ended March 31, the company reported a net income of $277,003, compared with a loss of $819,128 in last year’s fourth quarter. Revenues in the quarter nearly doubled to $6.3 million from $3.3 million. Loan originations jumped 52% to $75.6 million from $49.8 million.
The Hammond Co. originates, sells and services residential and commercial real estate loans through 10 branches in California, Arizona, New Mexico and Hawaii.
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