Foothill Group Earnings More Than Double

The Foothill Group Inc., a financial services company with executive offices in Agoura Hills and Los Angeles, reported its earnings more than doubled in the quarter that ended Sept. 30.

Foothill’s $5.65 million in net income in the third quarter was in contrast with a $2.69-million profit a year before.

The company said the increase was due to higher interest margins, growth in its asset-based loan portfolio and its money management activities.

For the nine months, Foothill earned $15.2 million, a 59% gain from $9.5 million in net income in the same period in 1992.

Foothill also said that its previously announced plan to spin off its Foothill Thrift and Loan subsidiary to Foothill shareholders is progressing. Last week, it formed a new holding company for the thrift, Pacific Crest Capital Inc., which intends to raise between $7 million and $15 million through the sale of preferred stock.

The spinoff is expected to be completed by the end of the year.