Westcorp Inc., the Orange-based parent company of...

Westcorp Inc., the Orange-based parent company of Western Financial Savings Bank, posted net income of $2.5 million for the second quarter, a 33% decline from the $3.7 million reported for the comparable 1988 period. For the first half, net income fell 20%, to $5.7 million from the $7.1 million posted for the first half last year. Total assets rose 11%, to $2.7 billion from $2.5 billion. The company attributed the earnings decline to the narrowing spread between the bank’s cost of funds and its yield on assets.