Irvine City Financial Reports Earnings Gain

Irvine City Financial, the holding company for Irvine City Savings & Loan Assn., reported net income of $194,836 for its second fiscal quarter, ended Dec. 31, a slight increase over the $191,541 earned in the same quarter the previous year. In its first six months, the S&L;’s net earnings rose 68.4% to $546,597 from $324,533 in the same period the previous year.

The S&L;’s main strength has come from its aggressive mortgage banking, said James P. Giraldin, president and chief executive of the company and the S&L.;

In the first six months of its 1987 fiscal year, the S&L; financed $72.4 million in loans and sold $44.7 million in loans, compared to $44.7 million in loans financed and $33 million in loans sold in the same period last year.

On Dec. 31, Irvine City Financial had assets of $57 million, a 39% increase from $41 million in assets a year earlier. The S&L;’s loan portfolio more than doubled to $141.4 million from $54.4 million, and its deposits grew 33% to $48 million from $36 million.