Westcorp Says First-Quarter Net Income Is $20 Million

Westcorp, an Irvine financial services holding company, said net income for the first quarter reached a record $20 million, or 75 cents a share, more than double the $9.3 million, or 35 cents a share, reported for the same period a year earlier. The company, whose principal subsidiaries are WFS Financial Inc. and Western Financial Bank, recorded a one-time $5.8-million gain on the sale of the servicing rights for its mortgage portfolio. Total assets rose 13% to $5.1 billion.