Far West Financial’s Quarterly Net Drops
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Far West Financial Corp., the holding company for Far West Savings & Loan Assn. in Newport Beach, posted net income of $5.9 million in the second quarter, a 23.4% drop from the $7.7 million it earned in last year’s second quarter.
The drop was in part caused by a $3.8-million write-off on its share of the secondary reserve fund of the Federal Deposit Insurance Corp.
Far West’s $14.6-million net income in the first six months, however, was 9.8% higher than the $13.3 million earned in the same period last year.
Total assets at the end of June were $3.4 billion, a 26% increase over the $2.7 billion in assets a year earlier. Total deposits grew by 26% to $2.4 billion at the end of June from $1.9 billion a year earlier, while total loans rose to $2.3 billion, a 35% increase from $1.7 billion.
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