Far West Financial Posts 3rd Straight Record Year

Far West Financial Corp. said that in 1986 it achieved its third consecutive year of record earnings.

The savings and loan holding company posted net income of $23.1 million, a 44.3% increase over the preceding year’s $16 million.

Fourth-quarter earnings for the Newport Beach-based parent of Far West Savings & Loan Assn. were $4.9 million, a 14.7% increase over $4.3 million posted for the like quarter a year ago.

At year’s end, total assets topped $3 billion, a 25% increase over $2.4 billion for fiscal 1985. Loans for the company jumped 40.7% to $2 billion from $1.4 billion, and deposits climbed to $2.1 billion, a 22.8% growth over last year’s $1.7 billion.