With its loan volume greatly increased under new management, Far West Financial Corp. reported on Thursday that profits more than doubled for the first fiscal quarter of 1985 compared to the same 1984 period.
The Newport Beach holding company, parent of Far West Savings & Loan Assn., reported net earnings of $2.18 million for the three months ended March 31, compared to $922,000 during the same quarter the year before. Revenues were up more than 31% for the period, at $63 million compared to $48 million in the first quarter of 1984.
Alexander L. Popof, senior vice president of finance, said that the company's new management team that joined Far West in late 1983 increased the loan volume from what was then $1.5 billion to what is now over $2 billion. "That's $500 million more in assets than we had the year before," Popof said.