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Golden West's Portfolio Up 13%.(Brief Article)
Oakland, CA -- Golden West Financial Corp., parent of World Savings Bank, earned diluted earnings per share of $1.22 in the third quarter, up from $1.05 in the same period last year.
Herbert Sandler, chairman of the board and CEO, said in the company's earnings announcement that the key driver behind the company's earnings growth was its ability to grow its mortgage portfolio. In the third quarter, the company's loans receivable portfolio increased by $3.8 billion, reflecting a 13% annualized portfolio growth rate despite high levels of prepayment activity. The company originated $13.8 billion of home loans during the quarter, just shy of the company's quarterly record.
"As usual, the popularity of our main product, the adjustable-rate mortgage, or ARM, is influenced by what's happening with fixed-rate mortgages, or FRMs, the customer's other alternative," Mr. ...
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...a $25 billion agreement to acquire Golden West Financial Corp., one of the West Coast's last...Acquiring the California-based Golden West will give it a presence in the West. Golden West, which operates its branches under...
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Source: HighBeam Research, Golden West's Portfolio Up 13%.(Brief Article)