Long Beach Financial Corp.
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The Orange-based mortgage lender reported record fourth-quarter net income of $8.9 million, or 39 cents a share, 22% higher than the $7.3 million, or 28 cents a share, posted for the like period last year. Loan production climbed 43% to $759 million $529 million. Net income for the year increased 22% to $30 million, or $1.22 a share, from $24.6 million, or 96 cents a share, for 1997. Loan production totaled $2.6 billion, up 53% over $1.7 billion.
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