Golden West, Cathay Bancorp Profits Up

Golden West Financial Corp., the third-largest U.S. savings and loan company, on Thursday reported a 14% jump in third-quarter earnings on loan growth.

Net income rose to $118 million, or $2.14 a share, from a profit before a charge of $108 million, or $1.85, for the period a year earlier. The per-share results handily beat the $2.06 average estimate of analysts surveyed by First Call Corp.

The Oakland-based company, which has 396 branches under the World Savings name in 29 states, benefited from borrowers’ switching into adjustable-rate mortgages, one of the bank’s main products.

New loans increased 63% to $3.6 billion. Net interest income rose 5.8% to $252 million. The amount of interest the thrift earned on loans, less the cost of its funds, rose to 2.24% from 2.20%.

Golden West Financial stock closed at $97.25, down 38 cents, on the New York Stock Exchange.

Separately, East West Bancorp reported record third-quarter net income of $7 million, or 31 cents per share, compared with earnings of $4.8 million, or 20 cents, a year ago. The San Marino-based parent of East West Bank reported net interest income of $18.6 million,

Its shares rose 31 cents to close at $11.44 on Nasdaq.

Cathay Bancorp, the Los Angeles-based holding company of Cathay Bank, reported record third-quarter net income of $7.9 million, or 87 cents a share, up from $6.3 million, or 70 cents, a year ago. Net interest income rose to $2.3 million from $2 million. Cathay Bancorp shares closed unchanged at $36.69 on Nasdaq.

Pacific Crest Capital Inc., an Agoura Hills-based financial-institution holding company, reported third-quarter net income of $1.2 million, or 45 cents per share, down from $1.3 million, or 43 cents, a year ago. Its shares were unchanged at $12.25 on Nasdaq. The company has filed an application with the California Department of Financial Institutions to convert from a state-chartered industrial bank to a state-chartered commercial bank. Approval is expected.

At a Glance

Other earnings, excluding one-time gains and charges unless noted:

* International Rectifier Corp., an El Segundo-based supplier of power semiconductors, reported third-quarter net income of $5.1 million, or 10 cents a share, on revenue of $152.2 million, up from $34,000, or 0 cents, on revenue of $127.5 million a year ago.

* K-Swiss Inc., the Westlake Village-based maker of athletic footwear, reported third-quarter net income of $9.3 million, or 80 cents, up from $3 million, or 26 cents, a year ago. Revenue rose 109.7% to $80.1 million from $38.2 million.

* Internet-based public records site US Search.com Inc. of Beverly Hills reported a third-quarter net loss of $5.4 million, or 31 cents per share; it had a net loss of $2.3 million, or 24 cents, a year ago. Revenue rose to $6.2 million from $2.7 million.

Additional earnings: C3