The Hammond Co., a Newport Beach mortgage...

The Hammond Co., a Newport Beach mortgage banker, reported a net loss of $529,754 for its fiscal third quarter ended Dec. 31, contrasted with net income of $144,227 for the previous year’s third quarter. Quarterly revenue fell 20% to $4.8 million from $6 million the previous year. For the first 9 months of the fiscal year, Hammond had a loss of $219,163, contrasted with $609,925 in profits for the same period the previous year. Revenue for the 9-month period fell 16% to $16.3 million for the period ended Dec. 31 from $19.4 million for the same period ended a year earlier. Thomas T. Hammond, president, blamed the net loss on the Federal Home Loan Bank Board, which rejected his application to buy a Riverside savings and loan. Hammond said the 16-month attempt to buy the S&L; resulted in a $450,000 charge against operating income in the third quarter. He also said that loan originations industrywide were sluggish last year, causing reduced revenue.