Orange County S&L; Scoreboard
Orange County’s 21 savings and loans reported $81.9 million in combined net income for the first quarter this year. The same thrifts posted profits in 1991’s first quarter, but the group then included three failed S&Ls; that pulled down the total. For the first time since 1989, when federal law restructured the industry, all of the county’s thrifts still in private hands exceeded the two basic tests for capital adequacy, though three fell short in the third test: a minimum required for riskier loans and investments.
Results for First Quarter, 1992
(Ranked by assets)
ASSETS TOTAL CAPITAL** NET IN (millions) as % of assets (thou S & L 1992 1991 Tangible Core Risk-based 1992 American $17,269.9 $16,782.9 4.3% 4.3% 12.9% $46,937 Household 9,076.2 7,551.2 3.5 4.1 10.5 14,008 Bank Downey 3,590.9 4,131.0 7.0 7.0 13.4 11,281 Western 2,620.3 3,063.3 5.5 5.5 11.8 5,398 Financial Union Federal 1,690.8 2,285.3 2.8 3.1 5.0 -1,476 ITT Federal 1,483.6 1,249.9 5.5 5.5 8.3 4,096 Beverly Hills 1,085.5 1,357.5 10.7 10.7 45.3 2,412 Long Beach 796.2 789.0 4.3 4.3 6.5 1,790 United 572.3 622.7 3.6 3.7 7.7 -386 California Guardian* 403.0 682.1 -5.2 -5.2 -4.5 -6,887 Standard 352.4 290.4 6.2 6.2 11.1 885 Pacific Fullerton 334.8 338.3 6.7 6.7 10.7 771 Plaza 333.5 196.1 6.0 6.0 11.6 3,234 Universal 243.8 271.9 5.3 5.3 10.7 138 San Clemente* 220.4 253.0 0.8 1.3 2.4 -111 Irvine City 108.5 102.8 4.0 4.0 8.9 70 Cornerstone 56.7 60.5 4.0 4.0 5.6 34 Delta * 52.4 73.8 -0.9 -0.9 -1.3 -87 Pioneer 52.0 36.9 7.1 7.1 14.2 127 Sterling 49.4 87.1 18.6 18.6 20.2 -262 First 35.0 72.8 -0.1 -0.1 -0.2 -96 Newport* O.C. Totals $40,427.6 $40,298.5 4.5% 4.7% 11.0% $81,876
COME*** sands) S & L 1991 American $47,505 Household 14,404 Bank Downey 12,462 Western 3,467 Financial Union Federal -12,888 ITT Federal 3,542 Beverly Hills 2,428 Long Beach 518 United 573 California Guardian* 3,093 Standard 500 Pacific Fullerton 385 Plaza 1,144 Universal -86 San Clemente* -532 Irvine City -64 Cornerstone 3 Delta * 173 Pioneer 66 Sterling 30 First 29 Newport* O.C. Totals $76,752
* Seized and now being operated by regulators.
** Federal law requires thrifts to have 1.5% tangible, 3% core and 7.2% risk-based capital relative to assets.
*** Total does not include first-quarter 1991 losses from defunct FarWest, Malibu and Beach S&Ls;, which lowered overall earnings to $68 million.
Source: Office of Thrift Supervision
