Westmark Group Holdings Inc. reported net income of $435,619 for the first three months of 1998, a turnaround from a $266,982 loss in year-earlier quarter.

On a per-share basis, Westmark last week reported 17 cents per share in basic earnings, or 10 cents per share fully diluted, compared with a net loss of 27 cents.

Mark D. Schaftlein, president and chief executive officer, attributed the first-quarter results to the company's focus on the "rapidly expanding and highly profitable subprime mortgage lending business."

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