First Alliance Reports Loss of $259,000

Irvine mortgage lender First Alliance Corp. said it lost $259,000, or 1 cent a share, for the fourth quarter, which included $2.2 million in nonrecurring charges. The company posted net income of $2.3 million, or 13 cents a share, for the corresponding period in 1998. Revenue was down 24% to $15.3 million. Despite the loss in the recent quarter because of the unusual charges, the overall operating results were in line with expectations, the company said. For the year, net income declined 73% to $2.3 million, or 21 cents a share, from $14.2 million, or 73 cents a share, for the previous year. Revenue dropped 17% to $69.9 million.