Western Financial Group announced that its revenue for the first six months of 2006, ended June 30, increased 22.7% to $36.3 million from $29.6 million in the same period in 2005 and net income increased 35.1%. Earnings per share amounted to $0.11 per share from $0.10 in the same period in 2005.

“We continue to make strides toward our financial, operational and strategic goals for the year,” said Scott Tannas, president and CEO. “The network has picked up the pace on same store sales growth. The bank had record loan growth in the second quarter. Western Life business continues to grow revenue and profit in symmetry. We also received a strong profit contribution from our strategic investment partnerships.”

Here is a breakdown of the performance of WFG’s companies:

WFG Agency Network

The network posted increases in same-store customer count of 4.3% and same-store revenue of 4.7%, as growth in these two important indicators accelerated quarter-over-quarter.

Bank West

Bank West operating income improved by 95.8% to an operating loss of $21,000 in the first six months of 2006 from an operating loss of $498,000 in the same period last year. The bank is ahead of its plan for the year. Net interest and investment income showed a substantial increase of 143.4% over the same period last year. Loan growth for the quarter was well ahead of plan.

Western Life

Premium and investment income were up a substantial 64.1% over the first six months of 2005, while operating income increased by 13.7%.

Investment Business

Jennings Capital again had a strong quarter exceeding its expected contribution to the company’s investment income. Jennings continues to enjoy robust growth across its corporate finance, institutional and retail divisions.