First Nationwide Financial Corp.’s earnings fell 38%...

First Nationwide Financial Corp.’s earnings fell 38% to $62.5 million for 1987, compared to 1986, which was the most profitable year in the company’s history. For the fourth quarter, the San Francisco company, parent of First Nationwide Bank, earned $11 million, down 42% from 1986. The firm attributed the results to a reduction in portfolio interest rate spreads and the cost of expansion programs. First Nationwide is owned by Ford Motor Co.