Citing the healthy real estate economy, First American Financial Corp. of Santa Ana said it had its third consecutive year of record profits in 1986.
The parent of First American Title Insurance Co. said net income nearly doubled last year to $27.3 million from $14 million in 1985. Company revenues totaled $377.5 million for the year, up 41% from $268.3 million.
For the fourth quarter ended Dec. 31, the company posted net income of $10.5 million, a nearly threefold increase from $3.9 million for the same period the previous year. Revenues were $120.6 million, a 56% jump from $77.5 million a year earlier.
Jack H. Derloshon, chief financial officer at First American Financial, said the acquisitions of Midland Title Security Inc. of Cleveland, Ohio, and First American Home Buyers Warranty Co. of Sherman Oaks during the year contributed to the company's record showing.
Net income was set back slightly by a $2.3-million charge in September to settle a Texas firm's allegation that First American Financial used computer programs the firm said were proprietary.