First Alliance Corp.: The Irvine consumer finance...

First Alliance Corp.: The Irvine consumer finance company reported net income of $7.7 million, or 52 cents a share, for the first quarter, a 67% hike from net income of $4.6 million, or 31 cents a share, for the first quarter of 1996. The company completed its initial public offering during the third quarter last year. Revenue increased 45% to $21.4 million from $14.8 million.

The company also announced Thursday that its board authorized the company to repurchase up to 1 million shares of class A common stock. The company had 4 million shares outstanding on March 31.