Wesco Financial Corp. reported net income of $11.3 million, or $1.58 per share, in the fourth quarter of 2009. The company earned $ 23.6 million, or $3.32, in the same quarter in 2008.
Full year 2009 net income came in at $54 million, or $7.59 per share. In 2008, Wesco Financial Corporation earned $82.1 million, or $11.53 per share.
Wesco Financial Corp. saw strong growth in book value during 2009, despite the drop in net income. Book value was $358.26 per share at December 31, 2009 up from $333.96 a year earlier.
Wesco Financial Corporation exited the bank deposit insurance business in 2009, and reduced its outstanding deposit guarantee bonds from $9.7 billion to $33 million.
Wesco Financial Corporation is involved in several diversified businesses through wholly owned subsidiaries. The company owns Cort Furniture, which leases furniture to business customers on a term basis. Wesco Financial also owns Precision Steel and underwrites insurance under the Wesco Financial brand.
The company reported investment income of $13.5 million in the fourth quarter of 2009, down from $17.69 million a year earlier. Full year investment income also fell, from $64.2 million in 2008 to $55.7 million in 2009.