Golden West Financial Corp., the parent of World Savings, has reported net earnings of $116.95 million ($2.01 per share) for the second quarter, compared with $87.28 million ($1.51 per share) a year ago.The results included a $13 million gain resulting from the redemption of preferred stock. Loan production totaled $2.1 billion in new mortgages, a slight drop from the $2.2 billion produced in the second quarter of 1997. Marion O. Sandler, chairman of the board and chief executive officer of Golden West, said the earnings increase stemmed from the 2% growth of the company's loan portfolio (including mortgage-backed securities) and "further declines in chargeoffs and nonperforming assets brought about by the strong California economy."
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