Westcorp’s Net Decreases 24%

Westcorp, the Irvine financial services company whose principal subsidiary is Western Financial Savings Bank, reported second-quarter net income of $4.2 million, or 24 cents a share, down 24% from the $5.5 million, or 31 cents a share, for the same period in 1991.

Profit for the first half rose 3% to $10 million, or 57 cents a share, from $9.7 million, or 55 cents a share. The company said the decline in earnings for the latest quarter reflected one-time expenses related to changes in accounting practices dealing with loan delinquencies and an increase in non-accrual loans. As of June 30, Westcorp had assets of $2.6 billion.