Great Western, Gibraltar, Coast S&L; Post Big Gains
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Three large Los Angeles-area savings and loan companies--Great Western Financial, Gibraltar Financial and Coast Savings & Loan--all reported markedly higher earnings Tuesday for the first three months of 1987.
Great Western Financial reported record first-quarter earnings of $81.2 million, up 15% from the first quarter of 1986. The results marked the 10th consecutive quarter that Great Western Financial, based in Beverly Hills, has achieved record results.
Gibraltar Financial, also based in Beverly Hills, said its net income rose 49% from last year’s first quarter. Gibraltar Chairman Herbert J. Young indicated that first-quarter earnings would have been even higher were it not for a $453,000 after-tax charge for the early redemption of $10 million in long-term debt.
Coast Savings & Loan, based in Los Angeles, reported that its first-period profit rose more than 20%, compared to the same period a year ago. The company said the results were buoyed by continued high loan volume and sharp increases in interest income.
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