Universal Savings Bank in Orange posted record...

Universal Savings Bank in Orange posted record net income of $1.6 million last year, contrasted with a $2-million loss in 1987. Annual revenue rose 21% to $25.5 million last year from $21 million the previous year. For the fourth quarter, the savings and loan earned $244,000, contrasted with a $1.2-million loss in 1987’s last quarter. Revenue grew 27% to $6.6 million for the final quarter from $5.2 million in the last quarter of 1987. Universal’s total assets were $266.9 million at the end of December, a 19% increase over $223.6 million a year earlier. Total deposits rose 20% to $252.9 million at the end of the year from $210.9 million a year earlier, while total loans grew 10% to $196.7 million from $178.6 million. The S&L;’s income in 1987 was adversely affected by expenses and temporary loan restrictions that were part of the S&L;’s well-publicized battle with state and federal regulators. Universal’s Australian parent company has been negotiating with several parties to sell the S&L.;