Westcorp: The Irvine bank holding company reported...

Westcorp: The Irvine bank holding company reported a profit of $31.8 million, or $1.21 per share, for 1996, down slightly from $33.4 million, or $1.29 per share, a year earlier. The performance was affected by a one-time charge of $11.6 million in the third quarter to recapitalize a federal deposit insurance fund. Revenue for the year rose 29% to $423.6 million from $327.7 million.

For the fourth quarter, Westcorp posted a $7.8-million profit, or 30 cents a share, down 19.6% from $9.7 million, or 37 cents a share, a year earlier. Revenue totaled $111.4 million, up 19.4% from $93.3 million.

The company said its profits were affected by a significant increase in expenses for salaries and benefits that resulted from a yearlong expansion drive. Westcorp reported $3.3 billion in assets at the end of the year, up from $3.2 billion at the end of 1995.

Westcorp’s principal subsidiaries are Western Financial Bank and WFS Financial Inc., which finances automobile loans.