Newport Balboa S&L; Posts 70% Hike in Income

Newport Balboa Savings & Loan Assn. in Newport Beach reported Monday that its net income rose 70% in the second quarter and 55.5% in the first six months, as the institution continued its steady growth.

Net earnings in the quarter rose to $1.7 million from $1 million in last year’s second quarter and increased to $2.8 million in the first six months from $1.8 million.

Total assets at the 7-year-old S&L; had grown 30% year to year by the end of June, to $293 million from $225.5 million.

Net loans at the end of June were $263.9 million, a 33.1% increase over $198.2 million a year ago. Deposits rose 7.4% to $259 million from $241.2 million.

“As we grow larger, we get the benefits of economies of scale,” said Fredric J. Forster, president of the S&L;, a subsidiary of ITT Financial Corp. “Continued softening of interest rates has helped us, and our loan portfolio has performed nicely.”