Westcorp, the holding company for Western Financial...

Westcorp, the holding company for Western Financial Savings Bank in Orange, posted net income of $3.43 million for the first quarter, slightly ahead of the $3.35 million earned in last year’s first quarter. The company’s total revenue increased by one-third to $50 million from $37.4 million in last year’s first quarter. Total assets at the end of the quarter were $1.95 billion, an 8.3% increase over $1.8 billion a year earlier. Total deposits in the savings bank rose 5% to $927 million at the end of March from $884 million a year earlier, while total loans grew 6% to $1.6 billion from $1.5 billion. The weakening mortgage market that is causing many S&Ls; to post lower earnings was offset at Western Financial by a stronger automobile sales market. About 60% of the S&L;’s new loans in the first quarter were automobile loans, said Stephen W. Prough, Westcorp’s president.