Ahmanson Net Rises 22%; Golden West Reports Drop

The parent company of Home Savings of America reported a 22% jump in first-quarter profit, but World Savings & Loan’s parent said its earnings fell 12% during the same period.

Los Angeles-headquartered H. F. Ahmanson--of which Home Savings of America is a subsidiary--said quarterly earnings rose to a record $82.4 million from $67.8 million in the first quarter of 1986. Meanwhile, Golden West Financial of Oakland said its profit fell to $42.1 million in the first quarter of 1987 from $47.8 million in the first three months of 1986.

Both companies said higher effective tax rates, a temporary effect from the phase-in of last year’s tax reform act, cut their profits--by 7 cents a share in Ahmanson’s case and 8 cents a share for Golden West. Ahmanson earned 84 cents a share in the first quarter; Golden West earned $1.35.

Golden West said its profit was also down because of a smaller gain from the sale of mortgage-backed securities and a $3.3-million expense from the prepayment of older, high-cost borrowings.