IRWINDALE, Calif. - H.F. Ahmanson & Co., parent company of Home Savings of America, on Wednesday reported fourth-quarter earnings of $39.9 million, 40.1% more than a year earlier.

Earnings for all of 1994 were $237.4 million, compared with a net loss for 1993 of $159.6 million. The loss was largely due to credit costs associated with bulk sales of $1.3 billion in nonaccruing loans, and additions to real estate investment reserves totaling $207.9 million.

In 1994, credit costs were $262.6 million and the company added $86.1 million to its REI reserves.

Charles R. Rinehart, Ahmanson's chief executive officer, said he expects rising interest rates to continue to compress the thrift holding company's net interest margins.

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