Irvine City Financial, parent company of Irvine City Savings & Loan, more than doubled its net income to $162,032 in its fiscal third quarter, ended March 30, from $78,851 it earned in the same fiscal quarter last year. Its net earnings for the first nine months rose 75.7% to $708,629 from $403,384 in the same period last year.
At the end of the quarter, the 3-year-old company had $68 million in assets, a 58% increase over the $43 million in assets it had a year earlier.
The S&L's deposits at the end of the quarter rose 52.6% to $58 million from $38 million, while its loan portfolio grew 84% to $61.8 million from $33.6 million.
The small S&L had relied almost entirely on mortgage banking--the selling and servicing of the loans it makes--for its profits. But it has been building its own portfolio of adjustable rate loans in the last two quarters and is reaping the rewards as interest rates climb, said James P. Giraldin, president and chief executive of the S&L and its parent company.