For the fifth straight year, Newport Balboa Savings reported record earnings, posting a $6.4-million net income last year. The figure is 39% higher than the $4.6 million earned the previous year.
In the fourth quarter, the Newport Beach S&L's net income rose 22% to $2.2 million from $1.8 million in the final quarter a year earlier.
The steadily falling cost of funds to the S&L, controlled administrative expenses and a strong loan portfolio accounted for the increased net profits, said Fredric J. Forster, president of Newport Balboa Savings.
The S&L's total assets at the end of the year were $339.5 million, a 24.9% increase over the $271.8 million in assets a year earlier. Total net loans rose 38.4% to $311.7 million at the end of the year from $225.2 million a year earlier, while total deposits grew 6.7% to $196.2 million from $183.8 million a year earlier.