Glenfed Up 68% for Year : Southern California S&Ls; Post Mixed Profit Reports

Three Southern California S&Ls; reported higher earnings Wednesday, while income fell for two others.

Glenfed, parent of Glendale Federal Savings, posted a 68% increase in earnings for the fiscal year ended June 30 to $148.7 million. For the fourth quarter, earnings rose 65% to $42.4 million. The company said the results reflected the strength of its core savings and loan operation and that fiscal 1987 was its most successful year.

Western Federal Savings & Loan also reported higher fourth-quarter and year-end earnings. For the quarter, income was up 43% to $4 million. For the year, earnings more than doubled to $15.5 million. The Marina del Rey company credited the addition of new loan origination centers and robust resale and refinance activity.

Gibraltar Financial announced a 4% gain in second-quarter earnings to $13.2 million. The Beverly Hills company also said it has not written off its investment in the secondary reserve of the Federal Savings and Loan Insurance Corp. Had it done so, earnings would be reduced by $3.9 million. The company said residential loan originations in the quarter climbed 36%, while interest income was down.

Coast Federal Savings & Loan, meanwhile, said its second-quarter income fell 24% to $10.8 million. The Los Angeles company said 1987 results include an after-tax charge of $3.9 million for the writeoff of the FSLIC secondary reserve.

Columbia Savings & Loan, Beverly Hills, reported that second-quarter earnings were down more than half to $25 million. Gains on the securities sales fell sharply, to $14 million from $56.4 million a year ago. Profit margins on interest-bearing assets also declined.