Joining the ranks of most of its large Southern California-based competitors, the parent company of California Federal Savings & Loan Assn. reported record profits of $135 million in 1985.
CalFed said the year-end results were the best in its history and were almost twice the $69 million it earned in 1984. "The company's results in 1985 reflect strong earnings performances in almost all of our businesses," said George Rutland, CalFed's chief executive.
However, CalFed's fourth-quarter earnings were $31.1 million, only 2.3% above the $30.4 million that it earned in the last three months of 1984.
The company noted that reserves for loan losses stood at $28.7 million on Dec. 31, up from $11.9 million at the end of 1984, because of problems with three real estate development projects begun six years ago.