S&L; Parent Firms’ Earnings Mixed
- Share via
The parent firm of Home Savings of America said Thursday that its earnings rose sharply during the second quarter because of a recent acquisition, and the parent of California Federal Savings & Loan reported slightly lower earnings.
H. F. Ahmanson, parent of Home Savings of America, said its second-quarter profit jumped to $48.8 million, a 42% increase from the $34.4 million reported in the year-ago quarter.
Ahmanson said Bowery Savings Bank, which it bought in January, accounted for $11.9 million of Home Savings’ earnings. Ahmanson also said loan volume broke records from April through June, reaching $3.4 billion.
With $38 billion in assets, Los Angeles-based Ahmanson is the nation’s biggest savings and loan firm. Home Savings, with offices across the country, has deposits of more than $29 billion.
CalFed earned $39 million in the second quarter, down 6% from the record $41.4 million it earned in the second quarter of 1987, the company said. CalFed recently replaced George Rutland as its chief executive. His permanent successor is John R. Torell III, who officially takes over Aug. 1.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
