OAKLAND, Calif. — Golden West Financial Corp. announced Monday that its fourth-quarter earnings were $149.2 million, or 93 cents a share, up 27%.

On the year, the adjustable-rate mortgage lender’s diluted earnings per share were $3.41, up 19%. It originated $19.8 billion of loans in 2000, up 56%.

Marion O. Sandler, chairman and chief executive officer of Golden West, attributed the company’s performance to record loan volume. Last year’s relatively high mortgage rates favored adjustable-rate originations, because ARMs are typically made with an initial below-market interest rate.

In other earnings news, New Century Financial Corp. of Irvine, Calif., announced on Friday that it will report a loss for the fourth quarter and year after having announced it would post earnings of 30 cents to 35 cents a share.

The subprime lender said the recent reduction of market interest rates and possible future reductions, together with a general slowdown of the economy, may result in an increase in prepayment speeds and in loan delinquencies and losses.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.