Far West Financial, the Los Angeles parent...

Far West Financial, the Los Angeles parent of Far West Savings & Loan in Newport Beach, posted net income of $2.2 million for the second quarter, a 63% drop from $5.9 million earned in last year’s second quarter. Revenue rose 21% to $104.9 million this year from $86.8 million last year. For the first six months, net income fell 67% to $4.85 million this year from $14.6 million for the same period last year. Revenue grew 13% to $202.2 million for the period from $178.5 million for the same period last year. Reduced sales of mortgage-backed securities was the primary cause of lower earnings this year, the company said. Total corporate assets grew 21% to $4.1 billion at the end of June from $3.4 billion a year earlier. The S&L;’s total deposits increased 29% to $3.1 billion at the end of the period from $2.4 billion a year earlier, while its loan portfolio grew 22% to $2.8 billion from $2.3 billion.