H. F. Ahmanson & Co., parent of Home Savings of America, on Friday reported a 134% gain in first-quarter profit. Another savings and loan firm, Financial Corp. of Santa Barbara, reported a slight profit of $111,000, reversing a loss in the year-ago quarter.
Los Angeles-based Ahmanson posted record earnings of $36.5 million, up from $15.6 million in the first three months of 1984.
The firm attributed the increase to significantly higher net interest income, lower liability costs, improved margins, increased gains on sales of adjustable-rate loans and a substantial reduction in losses from insurance operations.
Earnings at Home Savings, the nation's second-largest S&L, totaled $37.6 million, up from $17.5 million a year ago. Net interest income totaled a record $116 million, up 62% from $71.6 million in the like 1984 period.
Financial Corp. of Santa Barbara's first-quarter profit reversed a $3.3-million loss in the first three months of 1984.
The profit represented the second consecutive profitable three-month period for the ailing parent of Santa Barbara Savings & Loan Assn., the nation's 68th-largest S&L based on deposits. The parent firm had lost $80.9 million during the 15 previous quarters before the reversal, due largely to a high level of bad loans and an ill-fated branch expansion plan.