Net for Fiscal 1986 Up for Parent of Irvine City S
Tiny Irvine City Financial, the parent company of Irvine City Savings & Loan Assn., posted net income of $542,518 for its 1986 fiscal year ended June 30. The 2-year-old company reported a $221,823 annual loss a year ago and officials said the 1986 profit was due largely to a more aggressive mortgage banking operation.
In the fourth quarter, the company had net earnings of $139,120, compared with $52,867.
The S&L;, the company’s only business, picked up most of its income from loan fees and from its mortgage lending operation--the sale and servicing of loans it originates--said Douglas J. Weeks, president and chief executive of both the holding company and the S&L.;
In its second year of operations, the S&L; funded $96 million worth of loans and sold $89 million of those loans in the secondary market.
The holding company’s assets at the end of the fiscal year had grown 44% to $50.7 million from $35.2 million a year earlier.
The S&L;'s total deposits increased 42.5% to $46.3 million from $32.5 million, and its loan portfolio rose 50% to $36.9 million from $24.6 million.
A successful public offering earlier this year pumped up the company’s stockholder equity to $3.7 million from $2.4 million. The extra capital is needed, Weeks said, to bolster the association’s growth. It also gives the S&L; a 7.3% ratio of net worth to assets, more than twice the 3% industry standard.