SAN FRANCISCO -- Golden West Financial Corp.'s co-chairman and chief executive office, Herbert Sandler, said the thrift expects to originate about $6.5 billion of loans this year, equaling the pace of 1992, its best year.
As of Aug. 31, the figure stood at $4.5 billion, he told the Montgomery Securities Annual Investment Conference.
He said 75% of the home loans are adjustable-rate mortgages. The company is based in Oakland, Calif., and lends primarily in the affordable, residential home market.
Golden West has been unusual in weathering the poor California economy by keeping costs down.
Co-chairman Marion Sandler said that, without commenting on the California economy, management has asked itself if it is wise to keep most of its assets in one state. She said the thrift will be expanding outside California without necessarily shrinking its California business.
Herbert Sandler told participants that 25% to 30% of the thrift's earnings are from outside California and that he considered the figure "significant."
