Far West Financial Reports Profits Up

Far West Financial Corp. of Newport Beach reported first-quarter profits of $8.7 million, up 55% from the $5.6 million recorded last year. A large portion of the increased earnings came from the company’s $11.5 million pre-tax gain on its holdings of mortgage-backed securities. Far West Financial is the holding company for Far West Savings & Loan Assn.

At the end of the quarter, the company’s assets were $3.2 billion, up 23% from the $2.6 billion at the end of the year-ago period. Total loans outstanding were $2.1 billion, up 23% from the $1.7 billion prior year. Total savings deposits were $2.2 billion, up 22% from the $1.8 billion posted last year.