Golden West Financial Corp., parent of the...
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Golden West Financial Corp., parent of the nation’s third-largest savings and loan, said earnings fell 5% in the second quarter because of less income earned on loans.
Net income fell to $71 million, or $1.01 a share, from $74 million, or $1.16 a share, a year earlier.
Earnings were lower than analysts’ expectations of $1.15 a share, based on a mean estimate from 11 analysts surveyed by Zacks Investment Research.
Chairman and Chief Executive Marion O. Sandler said the decrease was due to a drop in interest earned from adjustable-rate mortgages.
The yield on earning assets narrowed to 6.83% from 8.40% a year earlier. The yield on the loan portfolio narrowed to 7.18% from 8.16%.
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