Fullerton S&L; Reports Record 1985 Net Income
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The 59-year-old Fullerton Savings & Loan Assn. reported a record net income for 1985 of $4.8 million, nearly half of it in extraordinary income from the sale of real estate, compared with only $66,000 in profits in the previous year.
About $2 million of last year’s net income came from a gain on the $11-million sale of the thrift’s four-story Crown Valley Plaza office building in Mission Viejo, said Carl W. Gregory, the S&L;’s president and chief executive officer.
He attributed the rest of the income to traditional operations, primarily Fullerton S&L;’s mortgage banking activities and its real estate joint ventures, primarily single-family housing developments in Orange and San Diego counties.
“This year looks really good, but I don’t think we’ll top last year because of the extraordinary income we had,” Gregory said. “But we’ll come within shouting distance if interest rates remain stable.”
Fullerton S&L; also increased its assets and net worth in 1985. Its assets rose to $316.3 million, from $249.2 million, and its net worth increased to 4.5% from 3.1% of assets.
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