Irvine City Financial Posts Net Income in 3rd Quarter

Irvine City Financial, parent of Irvine City Savings & Loan Assn., reported net income of $78,851 for the fiscal third quarter, ended March 31, more than double the $37,914 in earnings for the same quarter last year. It was the fifth consecutive quarter of profitability for the 2-year-old S&L; holding company.

For the first nine months of the fiscal year, the company had net income of $403,384, compared with a $274,696 loss for the same period last year.

Assets grew 37% to $43 million from $31.4 million a year earlier. The S&L;’s total loans for the quarter rose 35% to $33.5 million from $24.8 million, while deposits increased 33.7% to $38.8 million from $29 million.

Mortgage banking operations fueled the S&L;’s profits, said Douglas J. Weeks, president and chief executive of the company and its subsidiary. In the first nine months of the fiscal year, the S&L; funded nearly $62 million in new loans and sold more than $51 million in loans in the secondary market.