H.F. Ahmanson Sees Profit and Portfolio Improve

H.F. Ahmanson, parent of Irwindale-based Home Savings of America, reported fourth-quarter earnings of $28.5 million, up from $15.5 million for the comparable quarter in 1992. The largest U.S. thrift company also reported continued improvement in its loan portfolio.

Ahmanson, which has $51 billion in assets, said its loss for all of 1993 was $160 million, contrasted with a profit of $204 million in 1992. The full-year loss resulted mainly from write-offs taken to clean up some $1.3 billion in bad loans and foreclosures the thrift sold in bulk last year.

Golden West Financial, the parent of Oakland-based World Savings, the nation’s second-largest thrift, reported fourth-quarter earnings of $68 million, off from $70 million during the final three months of 1992. Full-year profit declined to $274 million from the $284 million reported for the prior year.

Golden West, which has $28 billion in assets and 237 branches in seven states, said the profit drop was due to the ailing California economy, tax increases and a narrower spread, which is the difference between what the thrift pays out to depositors and the income it receives in loan payments and from other assets.

Ahmanson’s fourth-quarter results were negatively affected by an extraordinary charge of $21.6 million to retire about $325 million worth of high-interest bonds.

As of Dec. 31, Ahmanson’s non-performing assets totaled $960 million, or 1.89% of total assets, down from $2.2 billion, or 4.61% of total assets, at the end of 1992.

On Dec. 31, Golden West’s bad assets were $431 million, or 1.50% of total assets, compared to $343 million, or 1.33% of total assets, at the end of 1992.

Ahmanson shares added $0.25 to close at $18.625 in New York Stock Exchange trading Tuesday, while Golden West shares slipped $0.125 to close at $43.625.