Ahmanson Profit Rises 17% in Quarter
- Share via
H. F. Ahmanson & Co. said Thursday that it notched record profits for both the fourth quarter and the full year that ended Dec. 31.
The Los Angeles-based parent firm of Home Savings of America said fourth-quarter earnings rose 17% over year-ago levels to $80.3 million, while earnings for the entire year rose 37% to $304 million.
It “was a record year in every respect,” Ahmanson Chairman Richard H. Deihl said in a statement. “We began the year with a number of ambitious goals and exceeded each of them.”
Lending volume totaled $9.85 billion in 1986, including $1.51 billion in December, the first time that monthly loan volume has ever exceeded $1 billion, the firm said. Fourth-quarter loan volume was $3.25 billion, 38% higher than in the fourth quarter of 1985, company figures show.
The record loan amounts occurred even though Home Savings offers only adjustable-rate mortgages. It makes no fixed-rate home loans, which are very popular with consumers today because mortgage rates are the lowest in 10 years.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
