First American Financial Corp., parent of First...

First American Financial Corp., parent of First American Title Insurance in Santa Ana, reported record net income of $32.4 million last year, a 9.5% increase over $29.6 million earned in 1986. Total revenue grew 14.2% to a record $636.8 million last year, from $558.2 million in 1986. For the fourth quarter, the company posted net income of $3.9 million, about one-third of the $10.6 million earned in the last quarter of 1986. Total quarterly revenue fell 11.6% to $157.9 million in 1987, from $178.6 million the previous year. Jack H. Derloshon, senior vice president, said that home buying and refinancings had reached a peak in 1986 and that orders had begun falling last year. Though annual revenues and net income have hit records for three straight years, the company expects a leveling off this year, he said. First American Title operates through a network of 4,500 offices or agents throughout the United States and in Guam, Mexico, Puerto Rico, the Virgin Islands and the United Kingdom.