A dramatic reduction in gains from sales...

A dramatic reduction in gains from sales of securities and loans caused Far West Financial, the holding company for Far West Savings & Loan in Newport Beach, to post net income of $2.6 million in the first quarter, a 70% drop from $8.7 million earned in last year’s first quarter. Quarterly gains on asset sales were only $912,000 in the first quarter, contrasted with gains of $16.6 million a year ago. Quarterly revenue rose 8% to $98 million this year from $91 million last year. The company’s total assets were $4 billion at the end of March, a 29% increase over $3.1 billion in assets a year earlier. Total deposits at the S & L rose 34% to $2.95 billion at the end of the quarter from $2.2 billion a year earlier, while total loans grew 29% to $2.7 billion this year from $2.1 billion last year.