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CalFed Inc.'s 1988 net income was off...

CalFed Inc.'s 1988 net income was off 19% from last year to $134.8 million. Deposits totaled $18.9 billion, up 17%. The Los Angeles financial services firm and parent of California Federal Savings & Loan said the results were due to a loss of $9.3 million in its life insurance operations following the sale of three product lines, a strengthening of reserves and narrower interest rate spreads in its financial services operations, which were partially offset by an increase in the gain on sale of loans.

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