Wilshire Bancorp, Inc. (Nasdaq:WIBC) (the "Company"), the holding
company for Wilshire Bank (the "Bank"), today reported net income
of $16.1 million, or $0.20 per diluted common share, for the
quarter ended December 31, 2014. This compares to net income of
$10.9 million, or $0.15 per diluted common share, for the same
period of the prior year, and net income of $15.1 million, or $0.19
per diluted common share, for the third quarter of 2014.
Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp,
said, "We had another strong quarter of business development with
$327 million in loan originations, which is an increase of 47%
compared to the same quarter in 2013. As a result of the strong
marketing team we have built, we have been able to more deeply
penetrate our existing markets and generate full year loan growth
of 16% in 2014. We are also making good progress towards our goal
of building a more diversified loan portfolio, as our commercial
portfolio and our residential real estate portfolio are growing at
significantly higher rates than our commercial real estate
portfolio. Our positive business development trends, continued low
credit costs, and disciplined expense control has helped us to
deliver a consistently strong level of returns with a return on
average assets of 1.57% and a return on average equity of 12.65%
for the full year 2014."
"In addition to continuing to expand our customer base in our
core markets, we plan to increase our presence in the Southeastern
United States, where we are seeing strong growth in the
multi-ethnic communities that we serve. We believe this expansion
will provide an incremental source of growth, while also helping us
to build a stronger, more diversified banking franchise," said Mr.
Yoo.
Q4 2014 Summary
- Net income totaled $16.1 million, or $0.20 per diluted
common share, for the fourth quarter of 2014
- Total net revenue of $47.4 million for the fourth
quarter of 2014, an increase of 13.8% from the fourth quarter of
2013
- Return on average assets of 1.59% and return on average
equity of 13.27% for the fourth quarter of 2014
- Net interest margin of 4.00% for the fourth quarter of
2014, a decrease from 4.26% for the third quarter of
2014
- Loans receivable (net of deferred fees and costs)
totaled $3.31 billion at December 31, 2014, an increase of 17% from
$2.82 billion at December 31, 2013
- Total deposits were $3.40 billion at December 31, 2014,
an increase of 18% from $2.87 billion at December 31,
2013
- Continued improvement in asset quality resulted in no
provision for losses on loans and loan commitments for the fourth
quarter of 2014
STATEMENT OF OPERATIONS
Net interest income before provision for losses on loans and
loan commitments totaled $37.5 million for the fourth quarter of
2014, an increase of 16% from $32.3 million for the fourth quarter
of 2013, and an increase of 2% from $36.8 million for the third
quarter of 2014. The increase from the prior quarter is primarily
attributable to a higher average loan balance. Discount accretion
income from loans acquired from Saehan Bancorp and BankAsiana
totaled $2.4 million for the fourth quarter of 2014, compared to
$2.9 million for the third quarter of 2014.
Net interest margin was 4.00% for the fourth quarter of 2014,
compared to 4.26% for the third quarter of 2014, and 4.20% for the
fourth quarter of 2013. Excluding the effect of the
amortization/accretion of the purchase accounting adjustments for
the acquisitions of Saehan Bancorp and BankAsiana, the net interest
margin was 3.74% for the fourth quarter of 2014, compared with
3.89% for the third quarter of 2014, and 3.91% for the fourth
quarter of 2013. The decrease in net interest margin is
attributable to an increase in lower yielding fed funds sold
balances and a decline in discount accretion income for the fourth
quarter of 2014, compared to the third quarter of 2014 and fourth
quarter of 2013.
Loan yields were 5.09% for the fourth quarter of 2014, compared
with 5.12% for the third quarter of 2014, and 5.17% for the fourth
quarter of 2013. Excluding the effect of the accretion of the
purchase accounting adjustments for the acquisitions of Saehan
Bancorp and BankAsiana, loan yields were 4.79% for the fourth
quarter of 2014, compared to 4.74% for the third quarter of 2014,
and 4.86% for the fourth quarter of 2013.
Net interest margin and loan yields excluding the effect of
acquisition accounting adjustments are non-GAAP measures. Please
refer to the "Reconciliation of GAAP Financial Measures to Non-GAAP
Financial Measures" table at the end of this press release.
The total cost of deposits was 0.58% for the fourth quarter of
2014, compared with 0.53% for the third quarter of 2014 and 0.53%
for the fourth quarter of 2013. The increase in cost of deposits
for the fourth quarter of 2014 compared to the third quarter of
2014 and fourth quarter of 2013, was primarily due to an increase
in rates on time deposits.
Non-Interest Income
Total non-interest income was $9.9 million for the fourth
quarter of 2014, compared to $9.3 million for the fourth quarter of
2013, and $9.6 million for the third quarter of 2014. The increase
from the prior quarter was primarily due to an increase in net gain
on sale of Small Business Administration ("SBA") loans, while the
increase from the same period in 2013 was due to an increase in
other non-interest income.
The $3.5 million in net gain on sale of loans recognized during
the fourth quarter of 2014 consisted mostly of gains from the sale
of SBA loans. Net gain on sale of loans for the third quarter of
2014 was $2.4 million. During the fourth quarter of 2014, the
Company sold $35.5 million in SBA loans, compared with $20.3
million sold during the third quarter of 2014.
Non-Interest Expense
Total non-interest expense was $23.5 million for the fourth
quarter of 2014, compared with $24.7 million for the fourth quarter
of 2013, and $23.2 million for the third quarter of 2014. The
increase in non-interest expense from the prior quarter was due to
increases in salaries and employee benefits and other non-interest
expenses.
Total salaries and employee benefits expense was $12.4 million
for the fourth quarter of 2014, compared with $12.9 million for the
fourth quarter of 2013, and $12.3 million for the third quarter of
2014.
Other non-interest expense for the fourth quarter of 2014
totaled $6.7 million, compared with $6.3 million for the fourth
quarter of 2013, and $6.5 million for the third quarter of 2014.
The increase in other non-interest expense during the fourth
quarter of 2014 compared to prior quarters was primarily
attributable to an increase in expenses related to OREO (other real
estate owned).
The Company's operating efficiency ratio was 49.5% for the
fourth quarter of 2014, compared with 59.2% for the fourth quarter
of 2013, and 50.1% for the third quarter of 2014.
BALANCE SHEET
Total loans receivable (net of deferred fees and costs) were
$3.31 billion at December 31, 2014, compared to $3.16 billion at
September 30, 2014. The increase in loans during the fourth quarter
of 2014 was driven by growth in real estate secured and commercial
& industrial loans.
The following table shows total loans receivable, loans
held-for-sale, and total loans by loan type:
| |
Quarter
Ended |
| (Dollars In Thousands) (Unaudited) |
December 31, 2014 |
September 30, 2014 |
June 30, 2014 |
March 31, 2014 |
December 31, 2013 |
| |
|
|
|
|
|
| Construction |
$21,248 |
$40,062 |
$43,292 |
$42,124 |
$39,268 |
| Real Estate Secured |
2,655,251 |
2,593,242 |
2,481,801 |
2,395,487 |
2,314,527 |
| Commercial & Industrial |
610,762 |
515,831 |
431,758 |
417,956 |
448,379 |
| Consumer |
21,036 |
12,810 |
13,044 |
16,072 |
14,668 |
| Total Loans Receivable * |
3,308,297 |
3,161,945 |
2,969,895 |
2,871,639 |
2,816,842 |
| Held-For-Sale Loans |
11,783 |
16,236 |
6,207 |
27,791 |
47,557 |
| Total Loans
* |
$3,320,080 |
$3,178,181 |
$2,976,102 |
$2,899,430 |
$2,864,399 |
| |
|
|
|
|
|
| * Total loans receivable and
total loans are net of deferred fees and costs as shown in the
consolidated balance sheet presentation |
The following table presents the December 31, 2014 balance of
total loans by loan type and broken out by legacy Wilshire loans
and loans acquired from former BankAsiana, Saehan Bank, and Mirae
Bank.
| |
At December
31, 2014 |
| (Dollars In Thousands) (Unaudited) |
BankAsiana* |
Saehan Bank* |
Mirae Bank* |
Legacy Wilshire |
Total |
| |
|
|
|
|
|
| Construction |
$3,947 |
$ -- |
$ -- |
$17,301 |
$21,248 |
| Real Estate Secured |
101,100 |
303,699 |
38,546 |
2,211,906 |
2,655,251 |
| Commercial & Industrial |
20,749 |
18,672 |
2,607 |
568,734 |
610,762 |
| Consumer |
-- |
646 |
-- |
20,390 |
21,036 |
| Total Loans Receivable |
125,796 |
323,017 |
41,153 |
2,818,331 |
3,308,297 |
| Held-For-Sale Loans |
-- |
-- |
-- |
11,783 |
11,783 |
| Total Loans |
$125,796 |
$323,017 |
$41,153 |
$2,830,114 |
$3,320,080 |
| |
|
|
|
|
|
| * Represents loans balances net
of fair value adjustments |
The following table shows quarterly loan originations:
| |
Quarter
Ended |
| (Dollars In Thousands) (Unaudited) |
December 31,
2014 |
September 30,
2014 |
June 30,
2014 |
March 31,
2014 |
December 31,
2013 |
| |
|
|
|
|
|
|
|
|
|
|
| Real Estate Secured |
$184,477 |
56% |
$191,272 |
48% |
$170,042 |
60% |
$96,266 |
49% |
$132,780 |
60% |
| Commercial & Industrial |
73,194 |
22% |
89,166 |
22% |
31,058 |
11% |
36,619 |
18% |
30,541 |
14% |
| Consumer |
3,385 |
1% |
6,560 |
2% |
1,580 |
1% |
632 |
0% |
546 |
0% |
| SBA |
34,747 |
11% |
41,373 |
10% |
37,004 |
13% |
35,305 |
18% |
44,599 |
20% |
| Residential Mortgage Dept. * |
31,632 |
10% |
70,791 |
18% |
42,325 |
15% |
29,063 |
15% |
13,858 |
6% |
| Total Loan Originations |
$327,435 |
100% |
$399,162 |
100% |
$282,009 |
100% |
$197,885 |
100% |
$222,324 |
100% |
| |
|
|
|
|
|
|
|
|
|
|
| * Originations of warehouse
lines of credit are presented under the Residential Mortgage
Department as shown above, however, warehouse lines of credit are
reported as commercial and industrial loans on the consolidated
balance sheet. |
Originations for the fourth quarter of 2014 totaled $327.4
million, compared to $399.2 million for the third quarter of 2014,
and $222.3 million for the fourth quarter of 2013.
Total SBA loans held-for-sale at the end of the fourth quarter
of 2014 were $11.1 million, compared to $16.2 million at the end of
the previous quarter. The decision to retain or sell SBA loans
is made on a quarter-to-quarter basis, depending on prevailing
pricing in the secondary market and the Company's liquidity
needs.
Total deposits were $3.40 billion at December 31, 2014, compared
with $3.19 billion at September 30, 2014. The increase in
total deposits was primarily attributable to growth in time
deposits, which was partially offset by a decrease in money market
deposits.
CREDIT QUALITY
During the fourth quarter of 2014, the Company continued to
experience a general improvement in asset quality including a
decline in non-accrual and classified loans. As a result of
the improved credit quality, the Company determined that no
provision for losses on loans and loan commitments was required for
the fourth quarter of 2014. The allowance for loan losses
totaled $48.6 million, or 1.47% of gross loans (excluding loans
held-for-sale), at December 31, 2014, compared to $53.1 million, or
1.67% of gross loans (excluding loans held-for-sale), at September
30, 2014. Acquired loans, included in the allowance coverage
ratios, were recorded at fair value and the remaining discount on
these loans was approximately $22.1 million at December 31,
2014. The coverage ratio of the allowance for loan losses to
non-performing assets was 107.6% at December 31, 2014, compared
with 103.2% at September 30, 2014.
Non-Performing Loans
At December 31, 2014, total non-performing loans were $37.3
million, or 1.12% of total gross loans, compared to $44.9 million,
or 1.41% of total gross loans, at September 30, 2014.
The following table shows total non-performing loans by loan
type:
| NON-PERFORMING LOANS |
Quarter
Ended |
| (Dollars In Thousands) (Unaudited) |
Dec 31, 2014 |
Sep 30, 2014 |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
| (Net of SBA Guaranty Portions) |
|
|
|
|
|
| Construction |
$ -- |
$ -- |
$ -- |
$ -- |
$2,471 |
| Real Estate Secured |
29,547 |
37,205 |
35,585 |
35,988 |
33,569 |
| Commercial &
Industrial |
7,718 |
7,699 |
6,769 |
7,121 |
1,196 |
| Consumer |
-- |
1 |
4 |
-- |
-- |
| Total
Non-Performing Loans |
$37,265 |
$44,905 |
$42,358 |
$43,109 |
$37,236 |
Net Charge-offs/Recoveries
During the fourth quarter of 2014, the Company had total gross
charge-offs of $6.3 million and recoveries of $1.8 million which
resulted in total net charge-offs of $4.5 million for the fourth
quarter of 2014, compared to net recoveries of $447,000 for the
third quarter of 2014. The gross charge-offs in the fourth
quarter of 2014 primarily consisted of $2.7 million in charge-offs
of commercial real estate loans that had previously been on
non-accrual status and related to one borrower, and $1.3 million in
charge-offs related to former Mirae Bank loans.
Gross charge-offs and recoveries by loan type are reflected in
the tables below:
| GROSS LOAN CHARGE-OFFS |
Quarter
Ended |
| (Dollars In Thousands) (Unaudited) |
Dec 31, 2014 |
Sep 30, 2014 |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
| |
|
|
|
|
|
| Real Estate Secured |
$5,461 |
$1,161 |
$782 |
$672 |
$552 |
| Commercial &
Industrial |
852 |
614 |
1,021 |
964 |
997 |
| Consumer |
-- |
-- |
-- |
1 |
2 |
| Total Loan
Charge-Offs |
$6,313 |
$1,775 |
$1,803 |
$1,637 |
$1,551 |
| |
|
|
|
|
|
| LOAN RECOVERIES |
Quarter
Ended |
| (Dollars In Thousands) (Unaudited) |
Dec 31, 2014 |
Sep 30, 2014 |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
| |
|
|
|
|
|
| Real Estate Secured |
$199 |
$1,688 |
$586 |
$1,028 |
$2,038 |
| Commercial &
Industrial |
1,620 |
534 |
408 |
510 |
679 |
| Consumer |
2 |
-- |
14 |
-- |
-- |
| Total Loan
Recoveries |
$1,821 |
$2,222 |
$1,008 |
$1,538 |
$2,717 |
| |
|
|
|
|
|
Other measures of credit quality are shown in the following
tables:
| DELINQUENT LOANS -- By Days
Past Due |
Quarter
Ended |
| (Dollars In Thousands) (Unaudited) |
Dec 31, 2014 |
Sep 30, 2014 |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
| (Net of SBA Guaranty Portions) |
|
|
|
|
|
| 30 - 59 Days Past Due |
$5,165 |
$4,137 |
$4,556 |
$5,756 |
$2,846 |
| 60 - 89 Days Past Due |
1,820 |
4,002 |
2,992 |
1,526 |
2,527 |
| 90 Days, and still
accruing |
-- |
-- |
-- |
-- |
167 |
| Total Delinquent
Loans |
$6,985 |
$8,139 |
$7,548 |
$7,282 |
$5,540 |
| |
|
|
|
|
|
| TROUBLED DEBT RESTRUCTURED LOANS
("TDR") |
Quarter
Ended |
| (Dollars In Thousands) (Unaudited) |
Dec 31, 2014 |
Sep 30, 2014 |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
| (Net of SBA Guaranty Portions) |
|
|
|
|
|
| Real Estate Secured |
$25,096 |
$31,313 |
$33,349 |
$34,565 |
$30,008 |
| Commercial &
Industrial |
10,900 |
11,425 |
5,542 |
5,563 |
6,212 |
| Total TDR
Loans |
$35,996 |
$42,738 |
$38,891 |
$40,128 |
$36,220 |
| |
|
|
|
|
|
| LOAN CLASSIFICATIONS |
Quarter
Ended |
| (Dollars In Thousands) (Unaudited) |
Dec 31, 2014 |
Sep 30, 2014 |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
| (Net of SBA Guaranty Portions) |
|
|
|
|
|
| Special Mention |
$76,906 |
$62,929 |
$88,382 |
$101,627 |
$100,798 |
| Substandard |
82,305 |
94,854 |
110,462 |
127,996 |
149,479 |
| Doubtful |
11,952 |
15,291 |
18,040 |
19,931 |
8,015 |
| Total Criticized
and Classified Loans |
$171,163 |
$173,074 |
$216,884 |
$249,554 |
$258,292 |
| |
|
|
|
|
|
| Total Classified
Loans |
$94,257 |
$110,145 |
$128,502 |
$147,927 |
$157,494 |
| |
|
|
|
|
|
CAPITAL RATIOS
As of December 31, 2014, all of the Company's capital ratios
remain in excess of "well capitalized" regulatory requirements as
shown in the following table:
| |
|
Well Capitalized |
Total Excess Above |
| (Dollars In Thousands, Except Per Share
Info) |
|
Regulatory |
Well Capitalized |
| |
December 31, 2014 |
Requirements |
Requirements |
| Tier 1 Leverage Capital Ratio |
12.11% |
5.00% |
$282,191 |
| Tier 1 Risk-Based Capital Ratio |
14.13% |
6.00% |
$276,602 |
| Total Risk-Based Capital Ratio |
15.38% |
10.00% |
$183,112 |
| Tangible Common Equity To Tangible Assets
* |
10.23% |
N/A |
N/A |
| Tangible Common Equity Per Common Share
* |
$5.33 |
N/A |
N/A |
|
_______________________________ |
| * "Tangible Common Equity" and
"Tangible Assets" are Non-GAAP measures of financial
performance. Please refer to the "Reconciliation of GAAP
Financial Measures to Non-GAAP Financial Measures" table at the end
of this press release for a reconciliation of Tangible Common
Equity to Shareholders' Equity and Tangible Assets to Total
Assets. |
CONFERENCE CALL
Management will host its quarterly conference call on January
27, 2015, at 11:00 a.m. PT (2:00 p.m. ET). Investment professionals
are invited to participate in the call by dialing 800-299-9630
(domestic) or 617-786-2904 (international) and providing passcode
number 82609103.
ABOUT WILSHIRE BANCORP
Headquartered in Los Angeles, Wilshire Bancorp is the parent
company of Wilshire Bank, which operates 33branch offices in
California, Texas, New Jersey and New York, and 6 loan production
offices in Dallas, TX, Palisades Park, NJ, Atlanta, GA, Aurora, CO,
Newark, CA, and Federal Way, WA, and is an SBA preferred lender
nationwide. Wilshire Bank is a community bank with a focus on
commercial real estate lending and general commercial banking, with
its primary market encompassing the multi-ethnic populations of the
Los Angeles metropolitan area. For more information, please go
to www.wilshirebank.com.
FORWARD-LOOKING STATEMENTS
Statements concerning future performance, events, or any other
guidance on future periods constitute forward-looking statements
that are subject to a number of risks and uncertainties that might
cause actual results to differ materially from stated expectations.
Undue reliance should not be placed on forward-looking statements,
as they are subject to risks and uncertainties, including but not
limited to the risk factors set forth in our most recent Annual
Report on Form 10-K and our other reports filed with or furnished
to the Securities and Exchange Commission. Specific factors
that could cause future results to differ materially from
historical performance and these forward-looking statements
include, but are not limited to: (1) loan production and sales, (2)
credit quality, (3) the ability to expand net interest margin, (4)
the ability to continue to attract low-cost deposits, (5) success
of expansion efforts, (6) competition in the marketplace, (7)
political developments, war or other hostilities, (8) changes in
the interest rate environment, (9) the ability of our borrowers to
repay their loans, (10) the ability to maintain capital
requirements and adequate sources of liquidity, (11) effects of or
changes in accounting policies, (12) legislative or regulatory
changes or actions, (13) the ability to attract and retain key
personnel, (14) the ability to receive dividends from our
subsidiaries, (15) the ability to secure confidential information
through the use of computer systems and telecommunications
networks, (16) weakening in the economy, specifically the real
estate market, either nationally or in the states in which we do
business, (17) the integration of our acquired businesses, and (18)
general economic conditions. The information in this press release
speaks only as of the date of this release and Wilshire Bancorp
specifically disclaims any duty to update the information in this
press release, expect as required by applicable law. Additional
information on these and other factors that could affect financial
results are included in filings by Wilshire Bancorp with the
Securities and Exchange Commission.
| CONSOLIDATED BALANCE
SHEET |
| (Dollars In Thousands) (Unaudited) |
December 31, |
September 30, |
Three Months |
December 31, |
Twelve Months |
| |
2014 |
2014 |
% Change |
2013 |
% Change |
| ASSETS: |
|
|
|
|
|
| Cash and due from banks |
$233,699 |
$173,586 |
35% |
$124,064 |
88% |
| Federal funds sold and other
cash equivalents |
254 |
21 |
1110% |
46,590 |
-99% |
| Total Cash and Cash
Equivalents |
233,953 |
173,607 |
35% |
170,654 |
37% |
| |
|
|
|
|
|
| Deposits held in other financial
institutions |
8,000 |
9,000 |
-11% |
21,019 |
-62% |
| |
|
|
|
|
|
| Investment securities available
for sale |
388,367 |
365,866 |
6% |
352,437 |
10% |
| Investment securities held to
maturity |
26 |
28 |
-7% |
35 |
-26% |
| Total Investment
Securities |
388,393 |
365,894 |
6% |
352,472 |
10% |
| |
|
|
|
|
|
| Total Loans
Held-For-Sale |
11,783 |
16,236 |
-27% |
47,557 |
-75% |
| |
|
|
|
|
|
| Real estate construction |
21,248 |
40,062 |
-47% |
39,268 |
-46% |
| Residential real estate |
183,665 |
174,466 |
5% |
124,373 |
48% |
| Commercial real estate |
2,471,586 |
2,418,776 |
2% |
2,190,154 |
13% |
| Commercial and industrial |
610,762 |
515,831 |
18% |
448,379 |
36% |
| Consumer |
21,036 |
12,810 |
64% |
14,668 |
43% |
| Total loans receivable, net of deferred fees
and costs |
3,308,297 |
3,161,945 |
5% |
2,816,842 |
17% |
| Allowance for loan losses |
(48,624) |
(53,116) |
-8% |
(53,563) |
-9% |
| Loans Receivable, Net of Allowance
for Loan Losses |
3,259,673 |
3,108,829 |
5% |
2,763,279 |
18% |
| |
|
|
|
|
|
| Accrued interest
receivable |
8,792 |
8,324 |
6% |
8,350 |
5% |
| Due from customers on
acceptances |
5,611 |
10,350 |
-46% |
1,517 |
270% |
| Other real estate owned |
7,922 |
6,565 |
21% |
7,600 |
4% |
| Premises and equipment |
13,881 |
12,380 |
12% |
13,862 |
0% |
| Federal home loan bank (FHLB)
stock, at cost |
16,539 |
16,539 |
0% |
15,983 |
3% |
| Cash surrender value of life
insurance |
23,330 |
22,945 |
2% |
22,519 |
4% |
| Investment in affordable
housing partnerships |
44,077 |
45,017 |
-2% |
43,316 |
2% |
| Deferred income taxes |
22,271 |
27,656 |
-19% |
39,672 |
-44% |
| Servicing assets |
18,031 |
17,927 |
1% |
16,108 |
12% |
| Goodwill |
67,473 |
67,473 |
0% |
67,528 |
0% |
| FDIC indemnification asset |
-- |
-- |
0% |
4,856 |
-100% |
| Other assets |
25,740 |
27,056 |
-5% |
21,443 |
20% |
| TOTAL ASSETS |
$4,155,469 |
$3,935,798 |
6% |
$3,617,735 |
15% |
| |
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS'
EQUITY: |
|
|
|
|
|
| Non-interest bearing demand
deposits |
$915,413 |
$914,667 |
0% |
$832,152 |
10% |
| Savings and interest
checking |
160,717 |
156,669 |
3% |
145,549 |
10% |
| Money market deposits |
765,892 |
772,902 |
-1% |
780,280 |
-2% |
| Time deposits in denomination
of $100,000 or more |
1,291,844 |
1,092,058 |
18% |
870,074 |
48% |
| Other time deposits |
267,393 |
249,058 |
7% |
243,455 |
10% |
| Total Deposits |
3,401,259 |
3,185,354 |
7% |
2,871,510 |
18% |
| |
|
|
|
|
|
| FHLB borrowings |
150,000 |
150,000 |
0% |
190,325 |
-21% |
| Acceptance outstanding |
5,611 |
10,350 |
-46% |
1,517 |
270% |
| Junior subordinated
debentures |
71,779 |
71,722 |
0% |
71,550 |
0% |
| Accrued interest payable |
2,228 |
2,249 |
-1% |
2,418 |
-8% |
| Other liabilities |
35,181 |
40,415 |
-13% |
40,997 |
-14% |
| Total Liabilities |
3,666,058 |
3,460,090 |
6% |
3,178,317 |
15% |
| |
|
|
|
|
|
| Common stock |
232,001 |
231,715 |
0% |
229,836 |
1% |
| Retained earnings |
252,957 |
240,770 |
5% |
209,605 |
21% |
| Accumulated other comprehensive
income |
4,453 |
3,223 |
38% |
(23) |
N/A |
| Total Shareholders'
Equity |
489,411 |
475,708 |
3% |
439,418 |
11% |
| TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY |
$4,155,469 |
$3,935,798 |
6% |
$3,617,735 |
15% |
| |
|
|
|
|
|
| |
|
|
|
|
|
| CONSOLIDATED STATEMENT OF
OPERATIONS |
| (Dollars In Thousands, Except Per
Share Data) (Unaudited) |
| |
Quarter
Ended |
Three Mths |
Quarter Ended |
Twelve Mths |
| |
December 31, 2014 |
September 30, 2014 |
% Change |
December 31, 2013 |
% Change |
| |
|
|
|
|
|
| INTEREST INCOME |
|
|
|
|
|
| Interest and fees on loans |
$40,709 |
$39,217 |
4% |
$33,954 |
20% |
| Interest on investment
securities |
2,053 |
2,018 |
2% |
2,113 |
-3% |
| Interest on federal funds sold
and others |
155 |
91 |
70% |
120 |
29% |
| Total Interest Income |
42,917 |
41,326 |
4% |
36,187 |
19% |
| |
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
| Deposits |
4,783 |
3,981 |
20% |
3,446 |
39% |
| FHLB advances and other
borrowings |
667 |
577 |
16% |
413 |
62% |
| Total Interest Expense |
5,450 |
4,558 |
20% |
3,859 |
41% |
| |
|
|
|
|
|
| Net interest income before
provision for losses on loans and loan commitments |
37,467 |
36,768 |
2% |
32,328 |
16% |
| Provision for losses on loans
and loan commitments |
-- |
-- |
0% |
-- |
0% |
| |
|
|
|
|
|
| Net interest income after
provision for losses on loans and loan commitments |
37,467 |
36,768 |
2% |
32,328 |
16% |
| |
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
| Service charges on
deposits |
3,105 |
3,268 |
-5% |
3,002 |
3% |
| Gain on sales of loans,
net |
3,528 |
2,418 |
46% |
3,980 |
-11% |
| Gain on sale/call of investment
securities |
-- |
-- |
0% |
4 |
-100% |
| Other |
3,280 |
3,912 |
-16% |
2,328 |
41% |
| Total
Noninterest Income |
9,913 |
9,598 |
3% |
9,314 |
6% |
| |
|
|
|
|
|
| NONINTEREST EXPENSES |
|
|
|
|
|
| Salaries and employee
benefits |
12,359 |
12,261 |
1% |
12,948 |
-5% |
| FDIC indemnification
impairment |
-- |
-- |
0% |
-- |
0% |
| Occupancy
and equipment |
3,385 |
3,311 |
2% |
2,712 |
25% |
| Data processing |
1,030 |
1,210 |
-15% |
920 |
12% |
| Merger related costs |
-- |
-- |
0% |
1,785 |
-100% |
| Other |
6,694 |
6,457 |
4% |
6,288 |
6% |
| Total Noninterest
Expenses |
23,468 |
23,239 |
1% |
24,653 |
-5% |
| |
|
|
|
|
|
| Income before income taxes |
23,912 |
23,127 |
3% |
16,989 |
41% |
| Income taxes provision |
7,809 |
7,998 |
-2% |
6,075 |
29% |
| NET INCOME |
$16,103 |
$15,129 |
6% |
$10,914 |
48% |
| |
|
|
|
|
|
| PER COMMON SHARE
INFORMATION: |
|
|
|
|
|
| Basic income per common
share |
$0.21 |
$0.19 |
6% |
$0.15 |
40% |
| Diluted income per common
share |
$0.20 |
$0.19 |
6% |
$0.15 |
40% |
| |
|
|
|
|
|
| WEIGHTED-AVERAGE COMMON SHARES
OUTSTANDING: |
|
|
|
|
|
| Basic |
78,315,686 |
78,302,251 |
|
74,082,711 |
|
| Diluted |
78,628,965 |
78,619,592 |
|
74,462,668 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| CONSOLIDATED STATEMENT OF
OPERATIONS |
| (Dollars In Thousands, Except Per
Share Data) (Unaudited) |
| |
Year
Ended |
Twelve Months |
| |
December 31, 2014 |
December 31, 2013 |
% Change |
| |
|
|
|
| INTEREST INCOME |
|
|
|
| Interest and fees on loans |
$155,020 |
$115,722 |
34% |
| Interest on investment
securities |
8,195 |
7,460 |
10% |
| Interest on federal funds
sold |
489 |
557 |
-12% |
| Total Interest Income |
163,704 |
123,739 |
32% |
| |
|
|
|
| INTEREST EXPENSE |
|
|
|
| Deposits |
15,926 |
11,968 |
33% |
| FHLB advances and other
borrowings |
2,241 |
1,441 |
56% |
| Total Interest Expense |
18,167 |
13,409 |
35% |
| |
|
|
|
| Net interest income before
provision for losses on loans and loan commitments |
145,537 |
110,330 |
32% |
| Provision for losses on loans
and loan commitments |
-- |
-- |
0% |
| |
|
|
|
| Net interest income after
provision for losses on loans and loan commitments |
145,537 |
110,330 |
32% |
| |
|
|
|
| NONINTEREST INCOME |
|
|
|
| Service charges on
deposits |
12,693 |
11,412 |
11% |
| Gain on sales of loans,
net |
14,962 |
13,415 |
12% |
| Gain on sale/call of investment
securities |
-- |
19 |
-100% |
| Other |
13,586 |
9,337 |
46% |
| Total Noninterest
Income |
41,241 |
34,183 |
21% |
| |
|
|
|
| NONINTEREST EXPENSES |
|
|
|
| Salaries and employee
benefits |
49,724 |
40,131 |
24% |
| FDIC indemnification
impairment |
597 |
-- |
0% |
| Occupancy and equipment |
13,371 |
8,851 |
51% |
| Data processing |
3,998 |
2,801 |
43% |
| Merger related costs |
3,577 |
2,797 |
28% |
| Other |
26,247 |
22,276 |
18% |
| Total Noninterest
Expenses |
97,514 |
76,856 |
27% |
| |
|
|
|
| Income before income taxes |
89,264 |
67,657 |
32% |
| Income taxes provision |
30,255 |
22,281 |
36% |
| NET INCOME |
$59,009 |
$45,376 |
30% |
| |
|
|
|
| PER COMMON SHARE
INFORMATION: |
|
|
|
| Basic income per common
share |
$0.75 |
$0.63 |
19% |
| Diluted income per common
share |
$0.75 |
$0.63 |
19% |
| |
|
|
|
| WEIGHTED-AVERAGE COMMON SHARES
OUTSTANDING: |
|
|
|
| Basic |
78,250,901 |
71,771,116 |
|
| Diluted |
78,591,374 |
72,037,516 |
|
| |
|
|
|
| |
|
|
|
| SUMMARY OF FINANCIAL
DATA |
|
| (Dollars In Thousands, Except Per
Share Data) (Unaudited) |
|
| |
|
|
|
|
|
|
| |
Quarter
Ended |
|
| AVERAGE BALANCES |
December 31, 2014 |
|
September 30, 2014 |
|
December 31, 2013 |
|
| Average Assets |
$4,049,930 |
|
$3,757,520 |
|
$3,306,168 |
|
| Average Equity |
485,482 |
|
472,697 |
|
401,153 |
|
| Average Net Loans |
3,200,538 |
|
3,061,900 |
|
2,626,557 |
|
| Average Deposits |
3,292,557 |
|
3,017,301 |
|
2,610,689 |
|
| Average Time Deposits of $100,000 or
more |
1,211,738 |
|
930,220 |
|
801,836 |
|
| Average FHLB & Other Borrowings |
150,000 |
|
150,696 |
|
185,182 |
|
| Average Interest Earning Assets |
3,764,271 |
|
3,469,161 |
|
3,093,084 |
|
| |
|
|
|
|
|
|
| |
Year
Ended |
|
| AVERAGE BALANCES |
December 31, 2014 |
|
|
|
December 31, 2013 |
|
| Average Assets |
$3,762,400 |
|
|
|
$2,901,224 |
|
| Average Equity |
466,398 |
|
|
|
366,357 |
|
| Average Net Loans |
3,017,409 |
|
|
|
2,285,623 |
|
| Average Deposits |
3,021,392 |
|
|
|
2,285,148 |
|
| Average Time Deposits of $100,000 or
more |
970,481 |
|
|
|
658,483 |
|
| Average FHLB & Other Borrowings |
160,950 |
|
|
|
152,171 |
|
| Average Interest Earning Assets |
3,479,993 |
|
|
|
2,731,077 |
|
| |
|
|
|
|
|
|
| |
Quarter
Ended |
|
| PROFITABILITY |
December 31, 2014 |
|
September 30, 2014 |
|
December 31, 2013 |
|
| Annualized Return on Average Assets |
1.59% |
|
1.61% |
|
1.32% |
|
| Annualized Return on Average Equity |
13.27% |
|
12.80% |
|
10.88% |
|
| Efficiency Ratio |
49.53% |
|
50.12% |
|
59.20% |
|
| Annualized Operating Expense/Average
Assets |
2.32% |
|
2.47% |
|
2.98% |
|
| Annualized Net Interest Margin |
4.00% |
|
4.26% |
|
4.20% |
|
| |
|
|
|
|
|
|
| |
Year
Ended |
|
| PROFITABILITY |
December 31, 2014 |
|
|
|
December 31, 2013 |
|
| Annualized Return on Average Assets |
1.57% |
|
|
|
1.56% |
|
| Annualized Return on Average Equity |
12.65% |
|
|
|
12.39% |
|
| Efficiency Ratio |
52.21% |
|
|
|
53.18% |
|
| Annualized Operating Expense/Average
Assets |
2.59% |
|
|
|
2.65% |
|
| Annualized Net Interest Margin |
4.20% |
|
|
|
4.07% |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
Cost of |
|
Cost of |
|
Cost of |
| DEPOSIT COMPOSITION |
December 31, 2014 |
Funds |
September 30, 2014 |
Funds |
December 31, 2013 |
Funds |
| Noninterest Bearing Demand Deposits |
26.9% |
0.00% |
28.7% |
0.00% |
29.0% |
0.00% |
| Savings & Interest Checking |
4.7% |
1.33% |
4.9% |
1.31% |
5.1% |
1.35% |
| Money Market Deposits |
22.5% |
0.71% |
24.3% |
0.68% |
27.1% |
0.65% |
| Time Deposits of $100,000 or More |
38.0% |
0.79% |
34.3% |
0.72% |
30.3% |
0.69% |
| Other Time Deposits |
7.9% |
0.84% |
7.8% |
0.79% |
8.5% |
0.81% |
| Total Deposits |
100.0% |
0.58% |
100.0% |
0.53% |
100.0% |
0.53% |
| |
|
|
|
|
|
|
| CAPITAL RATIOS |
December 31, 2014 |
|
September 30, 2014 |
|
December 31, 2013 |
|
| Tier 1 Leverage Ratio |
12.11% |
|
12.72% |
|
13.44% |
|
| Tier 1 Risk-Based Capital Ratio |
14.13% |
|
14.37% |
|
14.79% |
|
| Total Risk-Based Capital Ratio |
15.38% |
|
15.63% |
|
16.05% |
|
| Total Shareholders' Equity |
$489,411 |
|
$475,708 |
|
$439,418 |
|
| Book Value Per Common Share |
$6.25 |
|
$6.07 |
|
$5.63 |
|
| Tangible Common Equity Per Common Share
* |
$5.33 |
|
$5.16 |
|
$4.70 |
|
| Tangible Common Equity to Tangible Assets
** |
10.23% |
|
10.45% |
|
10.34% |
|
| |
|
|
|
|
|
|
| * Tangible common
equity excludes goodwill, other intangible assets |
| ** Tangible assets
excludes goodwill and intangible assets |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| ALLOWANCE FOR LOAN
LOSSES |
| (Dollars In Thousands)
(Unaudited) |
| |
Quarter
Ended |
| |
December 31, 2014 |
September 30, 2014 |
June 30, 2014 |
March 31, 2014 |
December 31, 2013 |
| |
|
|
|
|
|
| Balance at Beginning of Period |
$53,116 |
$52,669 |
$53,464 |
$53,563 |
$52,397 |
| Provision for Losses on Loans |
-- |
-- |
-- |
-- |
-- |
| Recoveries on Loans Previously
Charged-off |
1,821 |
2,222 |
1,008 |
1,538 |
2,717 |
| Gross Loan Charge-offs |
(6,313) |
(1,775) |
(1,803) |
(1,637) |
(1,551) |
| Balance at End of Period |
$48,624 |
$53,116 |
$52,669 |
$53,464 |
$53,563 |
| |
|
|
|
|
|
| Net Loan Charge-offs/Average Net Loans |
0.14% |
-0.01% |
0.03% |
0.00% |
-0.04% |
| Charge-offs/Average Total Loans |
0.20% |
0.06% |
0.06% |
0.06% |
0.06% |
| Allowance for Loan Losses/Gross Loans* |
1.47% |
1.67% |
1.77% |
1.86% |
1.90% |
| Allowance for Loan Losses/Non-accrual
Loans |
130.48% |
118.29% |
124.34% |
124.02% |
144.50% |
| Allowance for Loan Losses/Non-performing
Loans |
130.48% |
118.29% |
124.34% |
124.02% |
143.85% |
| Allowance for Loan Losses/Non-performing
Assets |
107.61% |
103.20% |
107.41% |
102.66% |
119.46% |
| Allowance for Loan Losses/Classified
Loans |
51.59% |
48.22% |
34.01% |
34.01% |
34.01% |
| |
|
|
|
|
|
| * Excluding held-for-sale
loans |
| |
|
|
|
|
|
| |
|
|
|
|
|
| NON-PERFORMING
ASSETS |
| (Dollars In Thousands, Net of SBA
Guaranty) |
Quarter
Ended |
| (Unaudited) |
December 31, 2014 |
September 30, 2014 |
June 30, 2014 |
March 31, 2014 |
December 31, 2013 |
| |
|
|
|
|
|
| Non-accrual Loans |
$37,265 |
$44,905 |
$42,358 |
$43,109 |
$37,068 |
| Loans 90 days or more past due and still
accruing |
-- |
-- |
-- |
-- |
168 |
| Total Non-performing Loans |
37,265 |
44,905 |
42,358 |
43,109 |
37,236 |
| |
|
|
|
|
|
| Total OREO |
7,922 |
6,565 |
6,676 |
8,969 |
7,600 |
| |
|
|
|
|
|
| Total Non-performing Assets |
$45,187 |
$51,470 |
$49,034 |
$52,078 |
$44,836 |
| |
|
|
|
|
|
| Total Non-performing Loans/Gross Loans |
1.12% |
1.41% |
1.42% |
1.48% |
1.30% |
| Total Non-performing Assets/Total Assets |
1.09% |
1.31% |
1.33% |
1.43% |
1.24% |
| |
|
|
|
|
|
| |
|
|
|
|
|
| ALLOWANCE FOR OFF-BALANCE
SHEET ITEMS |
| (Dollars In Thousands) (Unaudited) |
Quarter
Ended |
|
|
| |
December 31, 2014 |
September 30, 2014 |
December 31, 2013 |
|
|
| |
|
|
|
|
|
| Balance at beginning of period |
$1,061 |
$1,061 |
$1,023 |
|
|
| Provision for losses on off-balance sheet
items |
-- |
-- |
38 |
|
|
| Balance at end of period |
$1,061 |
$1,061 |
$1,061 |
|
|
| |
|
|
|
|
|
| |
Year
Ended |
|
|
|
| |
December 31, 2014 |
December 31, 2013 |
|
|
|
| |
|
|
|
|
|
| Balance at beginning of period |
$1,061 |
$1,023 |
|
|
|
| Provision for losses on off-balance sheet
items |
-- |
38 |
|
|
|
| Balance at end of period |
$1,061 |
$1,061 |
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| WILSHIRE BANCORP, INC.
AND SUBSIDIARIES |
| AVERAGE BALANCES,
AVERAGE YIELDS EARNED AND AVERAGE RATES PAID |
| (Dollars In Thousands)
(Unaudited) |
| |
For
the Quarter Ended |
| |
December 31, 2014 |
September 30, 2014 |
December 31, 2013 |
| |
Average |
Interest |
Average |
Average |
Interest |
Average |
Average |
Interest |
Average |
| INTEREST EARNING ASSETS |
Balance |
Income/ |
Yield/ |
Balance |
Income/ |
Yield/ |
Balance |
Income/ |
Yield/ |
| |
|
Expense |
Rate |
|
Expense |
Rate |
|
Expense |
Rate |
| |
|
|
|
|
|
|
|
|
|
| LOANS: |
|
|
|
|
|
|
|
|
|
| Real Estate Loans |
$2,666,855 |
$33,339 |
5.00% |
$2,582,668 |
$32,868 |
5.09% |
$2,211,155 |
$27,780 |
5.03% |
| Commercial Loans |
530,293 |
5,717 |
4.31% |
477,493 |
5,381 |
4.51% |
411,421 |
5,143 |
5.00% |
| Consumer Loans |
13,162 |
129 |
3.92% |
10,942 |
110 |
4.02% |
10,647 |
100 |
3.76% |
| Total Gross
Loans |
3,210,310 |
39,185 |
4.88% |
3,071,103 |
38,359 |
5.00% |
2,633,223 |
33,023 |
5.02% |
| Deferred Fees and Costs Loan
Fees |
(9,772) |
1,524 |
|
(9,203) |
858 |
|
(6,666) |
931 |
|
| Total
Loans * |
3,200,538 |
40,709 |
5.09% |
3,061,900 |
39,217 |
5.12% |
2,626,557 |
33,954 |
5.17% |
| |
|
|
|
|
|
|
|
|
|
| INVESTMENT SECURITIES AND OTHER
INTEREST-EARNING ASSETS: |
|
|
|
|
|
|
|
|
|
| Investment Securities** |
366,229 |
2,053 |
2.43% |
348,663 |
2,018 |
2.51% |
360,675 |
2,113 |
2.55% |
| Deposits Held In Other
Institutions |
8,402 |
34 |
1.62% |
18,584 |
66 |
1.42% |
-- |
-- |
0.00% |
| Federal Funds Sold &
Others |
189,102 |
121 |
0.26% |
40,014 |
25 |
0.25% |
105,852 |
120 |
0.45% |
| Total
Investment Securities and Other Earning Assets |
563,733 |
2,208 |
1.69% |
407,261 |
2,109 |
2.24% |
466,527 |
2,233 |
2.07% |
| |
|
|
|
|
|
|
|
|
|
| TOTAL INTEREST-EARNING
ASSETS |
$3,764,271 |
$42,917 |
4.58% |
$3,469,161 |
$41,326 |
4.79% |
$3,093,084 |
$36,187 |
4.70% |
| |
|
|
|
|
|
|
|
|
|
| Total Non-Interest Earning
Assets |
285,659 |
|
|
288,359 |
|
|
213,084 |
|
|
| TOTAL ASSETS |
$4,049,930 |
|
|
$3,757,520 |
|
|
$3,306,168 |
|
|
| |
|
|
|
|
|
|
|
|
|
| INTEREST BEARING
LIABILITIES |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| INTEREST-BEARING
DEPOSITS: |
|
|
|
|
|
|
|
|
|
| Money Market |
$748,031 |
$1,320 |
0.71% |
$775,914 |
$1,322 |
0.68% |
$687,948 |
$1,121 |
0.65% |
| NOW |
31,364 |
17 |
0.22% |
30,728 |
15 |
0.20% |
29,212 |
15 |
0.21% |
| Savings |
127,610 |
510 |
1.60% |
124,674 |
495 |
1.59% |
109,304 |
452 |
1.65% |
| Time Deposits of $100,000 or
More |
1,211,738 |
2,387 |
0.79% |
930,220 |
1,681 |
0.72% |
801,836 |
1,384 |
0.69% |
| Other Time Deposits |
262,777 |
549 |
0.84% |
236,724 |
468 |
0.79% |
231,821 |
474 |
0.82% |
| Total
Interest Bearing Deposits |
2,381,520 |
4,783 |
0.80% |
2,098,260 |
3,981 |
0.76% |
1,860,121 |
3,446 |
0.74% |
| |
|
|
|
|
|
|
|
|
|
| BORROWINGS: |
|
|
|
|
|
|
|
|
|
| FHLB Advances and Other
Borrowings |
150,000 |
235 |
0.63% |
150,696 |
146 |
0.39% |
185,182 |
64 |
0.14% |
| Junior Subordinated
Debentures |
71,742 |
432 |
2.41% |
71,687 |
431 |
2.41% |
66,275 |
349 |
2.11% |
| Total
Borrowings |
221,742 |
667 |
1.20% |
222,383 |
577 |
1.04% |
251,457 |
413 |
0.66% |
| |
|
|
|
|
|
|
|
|
|
| TOTAL INTEREST BEARING
LIABILITIES |
$2,603,262 |
$5,450 |
0.84% |
$2,320,643 |
$4,558 |
0.79% |
$2,111,578 |
$3,859 |
0.73% |
| |
|
|
|
|
|
|
|
|
|
| Non-Interest Bearing
Deposits |
911,037 |
|
|
919,041 |
|
|
750,568 |
|
|
| Other Liabilities |
50,149 |
|
|
45,139 |
|
|
42,869 |
|
|
| Shareholders' Equity |
485,482 |
|
|
472,697 |
|
|
401,153 |
|
|
| TOTAL LIABILITIES AND
EQUITY |
$4,049,930 |
|
|
$3,757,520 |
|
|
$3,306,168 |
|
|
| |
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
$37,467 |
|
|
$36,768 |
|
|
$32,328 |
|
| . |
|
|
|
|
|
|
|
|
|
| NET INTEREST SPREAD |
|
|
3.74% |
|
|
4.00% |
|
|
3.97% |
| |
|
|
|
|
|
|
|
|
|
| NET INTEREST MARGIN |
|
|
4.00% |
|
|
4.26% |
|
|
4.20% |
| |
|
|
|
|
|
|
|
|
|
| * Allowance for loan losses
excluded from average total loans and earning assets |
| ** Tax equivalent ratios for
investment securities |
| |
| |
| WILSHIRE BANCORP, INC.
AND SUBSIDIARIES |
| AVERAGE BALANCES, AVERAGE
YIELDS EARNED AND AVERAGE RATES PAID |
| (Dollars In Thousands)
(Unaudited) |
| |
For
the Year Ended |
| |
December 31, 2014 |
December 31, 2013 |
| |
Average |
Interest |
Average |
Average |
Interest |
Average |
| INTEREST EARNING ASSETS |
Balance |
Income/ |
Yield/ |
Balance |
Income/ |
Yield/ |
| |
|
Expense |
Rate |
|
Expense |
Rate |
| |
|
|
|
|
|
|
| LOANS: |
|
|
|
|
|
|
| Real Estate Loans |
$2,549,100 |
$128,969 |
5.06% |
$1,915,929 |
$95,060 |
4.96% |
| Commercial Loans |
464,911 |
21,136 |
4.55% |
364,462 |
17,162 |
4.71% |
| Consumer Loans |
12,308 |
490 |
3.98% |
10,940 |
327 |
2.99% |
| Total Gross
Loans |
3,026,319 |
150,595 |
4.98% |
2,291,331 |
112,549 |
4.91% |
| Deferred Fees and Costs Loan
Fees |
(8,910) |
4,425 |
|
(5,708) |
3,173 |
|
| Total
Loans * |
3,017,409 |
155,020 |
5.14% |
2,285,623 |
115,722 |
5.06% |
| |
|
|
|
|
|
|
| INVESTMENT SECURITIES AND OTHER
INTEREST-EARNING ASSETS: |
|
|
|
|
|
|
| Investment Securities** |
350,661 |
8,195 |
2.54% |
330,238 |
7,460 |
2.49% |
| Deposits Held In Other
Institutions |
17,105 |
238 |
1.39% |
-- |
-- |
0.00% |
| Federal Funds Sold &
Others |
94,818 |
251 |
0.27% |
115,216 |
557 |
0.48% |
| Total
Investment Securities and Other Earning Assets |
462,584 |
8,684 |
2.03% |
445,454 |
8,017 |
1.97% |
| |
|
|
|
|
|
|
| TOTAL INTEREST-EARNING
ASSETS |
$3,479,993 |
$163,704 |
4.72% |
$2,731,077 |
$123,739 |
4.56% |
| |
|
|
|
|
|
|
| Total Non-Interest Earning
Assets |
282,407 |
|
|
170,147 |
|
|
| TOTAL ASSETS |
$3,762,400 |
|
|
$2,901,224 |
|
|
| |
|
|
|
|
|
|
| INTEREST BEARING
LIABILITIES |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| INTEREST-BEARING
DEPOSITS: |
|
|
|
|
|
|
| Money Market |
$770,316 |
$5,219 |
0.68% |
$630,050 |
$3,996 |
0.63% |
| NOW |
32,240 |
63 |
0.20% |
27,656 |
55 |
0.20% |
| Savings |
121,878 |
1,926 |
1.58% |
103,102 |
1,801 |
1.75% |
| Time Deposits of $100,000 or
More |
970,481 |
6,849 |
0.71% |
658,483 |
4,300 |
0.65% |
| Other Time Deposits |
244,144 |
1,869 |
0.77% |
225,900 |
1,816 |
0.80% |
| Total
Interest Bearing Deposits |
2,139,059 |
15,926 |
0.75% |
1,645,191 |
11,968 |
0.73% |
| |
|
|
|
|
|
|
| BORROWINGS: |
|
|
|
|
|
|
| FHLB Advances and Other
Borrowings |
160,950 |
522 |
0.32% |
152,171 |
244 |
0.16% |
| Junior Subordinated
Debentures |
71,659 |
1,719 |
2.40% |
62,971 |
1,197 |
1.90% |
| Total
Borrowings |
232,609 |
2,241 |
0.96% |
215,142 |
1,441 |
0.67% |
| |
|
|
|
|
|
|
| TOTAL INTEREST BEARING
LIABILITIES |
$2,371,668 |
$18,167 |
0.77% |
$1,860,333 |
$13,409 |
0.72% |
| |
|
|
|
|
|
|
| Non-Interest Bearing
Deposits |
882,333 |
|
|
639,957 |
|
|
| Other Liabilities |
42,001 |
|
|
34,577 |
|
|
| Shareholders' Equity |
466,398 |
|
|
366,357 |
|
|
| TOTAL LIABILITIES AND
EQUITY |
$3,762,400 |
|
|
$2,901,224 |
|
|
| |
|
|
|
|
|
|
| NET INTEREST INCOME |
|
$145,537 |
|
|
$110,330 |
|
| . |
|
|
|
|
|
|
| NET INTEREST SPREAD |
|
|
3.96% |
|
|
3.84% |
| |
|
|
|
|
|
|
| NET INTEREST MARGIN |
|
|
4.20% |
|
|
4.07% |
| |
|
|
|
|
|
|
| * Allowance for loan losses
excluded from average total loans and earning assets |
| ** Tax equivalent ratios for
investment securities |
| |
| |
| RECONCILIATION OF GAAP
FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES: |
|
| |
|
|
|
| TANGIBLE COMMON EQUITY
AND TANGIBLE ASSETS * |
| (Dollars In Thousands, Except
Share Data) (Unaudited) |
| |
Quarter
Ended |
| |
December 31, 2014 |
September 30, 2014 |
December 31, 2013 |
| |
|
|
|
| Total shareholders' equity |
$489,411 |
$475,708 |
$439,418 |
| Goodwill and other intangible
assets, net |
(71,628) |
(71,888) |
(72,752) |
| Tangible common equity |
$417,783 |
$403,820 |
$366,666 |
| |
|
|
|
| Total assets |
$4,155,469 |
$3,935,798 |
$3,617,735 |
| Goodwill and other intangible
assets, net |
(71,628) |
(71,888) |
(72,752) |
| Tangible assets |
$4,083,841 |
$3,863,910 |
$3,544,983 |
| |
|
|
|
| Common shares outstanding |
78,322,462 |
78,306,839 |
78,061,307 |
| |
|
|
|
| |
|
|
|
| NET INTEREST MARGIN
EXCLUDING THE EFFECT OF ACQUISITION ACCOUNTING
ADJUSTMENTS |
| (Dollars In
Thousands) (Unaudited) |
| |
Quarter
Ended |
| |
December 31, 2014 |
September 30, 2014 |
December 31, 2013 |
| |
|
|
|
| Net interest margin, excluding effect of
acquisition accounting adjustments for Saehan Bancorp and
BankAsiana |
3.74% |
3.89% |
3.91% |
| Acquisition accounting adjustments: |
|
|
|
| Loan discount accretion |
0.25% |
0.34% |
0.26% |
| Time deposit premium
amortization |
0.02% |
0.01% |
0.03% |
| FHLB borrowing premium
amortization |
0.00% |
0.03% |
0.00% |
| Junior subordinated debt
discount accretion |
-0.01% |
-0.01% |
0.00% |
| Reported net interest margin |
4.00% |
4.26% |
4.20% |
| |
|
|
|
| Loan yield, excluding effect of acquisition
accounting adjustments for Saehan Bancorp and BankAsiana |
4.79% |
4.74% |
4.86% |
| Acquisition accounting adjustments: |
|
|
|
| Loan discount accretion |
0.30% |
0.38% |
0.31% |
| Reported loan yield |
5.09% |
5.12% |
5.17% |
| |
|
|
|
| * Tangible Common Equity,
Tangible Assets, and Net Interest Margin and Loan Yields Excluding
The Effect of Acquisition Accounting Adjustments are Non-GAAP
financial measures. Management believes that presentation of
non-GAAP financial information included in this press release are
meaningful and useful in understanding the business metrics of the
Company's operations. We provide non-GAAP financial
information for informational purposes and to enhance an
understanding of the Company's GAAP consolidated financial
statements. Readers should consider this non-GAAP information
in addition to, but not instead or as superior to, the Company's
financial statements in accordance with GAAP. Non-GAAP
financial information presented by us may be determined or
calculated differently by other companies, limiting the usefulness
of non-GAAP measures for comparative purposes |
CONTACT: WILSHIRE BANCORP, INC.
Alex Ko, EVP & CFO, (213) 427-6560
www.wilshirebank.com
Wilshire Bancorp, Inc. (MM) (NASDAQ:WIBC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Wilshire Bancorp, Inc. (MM) (NASDAQ:WIBC)
Historical Stock Chart
From Apr 2023 to Apr 2024
