Coast S&L; Reports Net for the Year Quadrupled
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Coast Savings & Loan Assn., which went public last month, said its profit ballooned to $21.4 million in 1985, more than quadruple the $4.5 million it earned in 1984.
Fourth-quarter profit was $10.7 million, 91% higher than the final three months of 1984, when it earned $5.6 million.
The much-improved results were “primarily the result of lower costs for deposits and borrowings, improved operating efficiencies and increased mortgage-loan originations,” Coast Savings Chief Executive Ray Martin said in a statement. “I believe the association is off to a sound start as a public company.”
Los Angeles-based Coast, which has 93 branch offices statewide, had assets of $7.4 billion at year-end, 16% higher than at the end of 1984. The S&L; received $169 million from its public sale of stock and now has 13.1 million shares outstanding.
For detailed data and results of other companies, please see tables, Page 11.
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