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Business Description
Westcorp is a financial services holding company that provides automobile lending services through its second-tier subsidiary, WFS Financial Inc. (WFS), as well as retail and commercial banking services through its wholly owned subsidiary, Western Financial Bank, which it refers to as the Bank. The Bank owns 84% of the capital stock of WFS. The Company primarily earns income by originating assets, including automobile contracts that generate a yield in excess of the cost of the liabilities including deposits that fund these assets. Westcorp has grown substantially since December 31, 2000. As of December 31, 2003, it had a three-year compounded annual growth rate of 22.9%, 15.8% and 33.2% respectively.

Financial Information
For the nine months ended 30 September 2004, interest income rose 2% to $945.9 million. Net interest income after loan loss prov. rose 41% to $423.3M. Net income rose 80% to $152.5 million. Results reflect increased mortgage backed securities, lower LLP and higher automobile lending.