The Irvine financial services holding company reported earnings of $19 million, or 59 cents a share, for the fourth quarter, up 23% from the $15.5 million, or 58 cents a share, for the same period a year earlier. Net income for the year increased 42% to $74.7 million, or $2.53 a share, from $52.6 million, or $1.99 a share, in 1999.
The company's principal subsidiaries are WFS Financial Inc. and Western Financial Bank.
WFS Financial Inc., the automobile finance subsidiary, reported record earnings of $18.2 million, or 64 cents a share, for the fourth quarter, 41% higher than the $12.9 million, or 50 cents a share, for the same period a year earlier. Revenue increased 37% to $96.7 million. Net income for the year rose 34% to $66.4 million, or $2.35 a share, from $49.4 million, or $1.91 a share, for 1999. Revenue advanced 25% to $368 million.