Hammond Co. Doubles Third-Quarter Earnings
The Hammond Co., a Newport Beach mortgage banking firm, said it more than doubled earnings during its third quarter to $1.01 million, from $436,187 in the period a year earlier.
Revenues for the company during the third quarter ended Dec. 31 were $9.7 million, a 79.6% increase from the $5.4 million reported last year.
For the first nine months of fiscal 1986, the company’s earnings totaled $1.3 million, more than quadrupling its profits of $294,778 for the same time period a year earlier. Revenues for the nine-month period rose to $23.8 million, a 52.5% increase from the $15.6 million reported in the first nine months of 1985.
Company officials attributed the nine-month gains primarily to an 84% increase in loan originations.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
