Westcorp. Reports Net for Quarter Up 18%
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Westcorp, holding company for Western Financial Savings Bank, reported first quarter net earnings of $3.4 million, up 18% from $2.8 million a year earlier. The Orange-based S&L; holding company said a 60% increase in net interest income from loans and investments was responsible for the gain.
Loans outstanding for the quarter ended March 31 rose 7.9% to $946 million from $877 million a year earlier, while deposits rose 7% to $657 million from $614 million on March 31, 1986.
Shareholder equity of $102.7 million at the end of the quarter was more than 2.5 times the $39.1 million reorted a year earlier.
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