Wilshire Bancorp, Inc. (NASDAQ:WIBC) (the "Company"), the holding
company for Wilshire Bank (the "Bank"), today reported net income
of $13.3 million, or $0.17 per diluted common share, for the
quarter ended September 30, 2015. This compares to net income of
$15.1 million, or $0.19 per diluted common share, for the same
period of the prior year, and net income of $15.6 million, or $0.20
per diluted common share, for the second quarter of 2015.
Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp,
said, "We had a very strong quarter of business development with
more than $400 million in total loan production. We continue to
make progress in building our commercial lending platform, which
resulted in more than $100 million in C&I loan production in
the third quarter, the highest quarterly production in our history.
We are also seeing increasing production from our residential
mortgage lending business, which originated over $100 million in
loans during the third quarter. The progress we are making in
building our C&I and residential mortgage lending businesses is
helping us to achieve the more diversified loan portfolio that we
are targeting.
"We believe we are well positioned to generate earnings growth
going forward. We have excellent liquidity with a loan-to-deposit
ratio below our historical range. As we redeploy our excess
liquidity into higher-yielding loans and securities, we expect to
see an expansion in our net interest margin, which should help
drive a higher level of revenue and earnings in future quarters,"
said Mr. Yoo.
Q3 2015 Summary
- Net income totaled $13.3 million, or $0.17 per diluted
common share, for the third quarter of 2015
- Total net revenue of $47.0 million for the third
quarter of 2015, an increase of 1.3% from the third quarter of
2014
- Return on average assets of 1.16% and return on average
equity of 10.12% for the third quarter of 2015
- Net interest margin of 3.49% for the third quarter of
2015, a decrease from 3.59% for the second quarter of
2015
- Loans receivable (net of deferred fees and costs)
totaled $3.63 billion at September 30, 2015, an increase of 15%
from $3.16 billion at September 30, 2014
- Total deposits were $3.94 billion at September 30,
2015, an increase of 24% from $3.19 billion at September 30,
2014
- Demand deposits totaled $1.07 billion at September 30,
2015, an increase of 17% from $914.7 million at September 30,
2014
- Provision for losses on loans and loan commitments of
$700,000 primarily related to loan growth and an increase in
unfunded commitments
STATEMENT OF OPERATIONS
Net interest income before provision for losses on loans and
loan commitments totaled $37.5 million for the third quarter of
2015, an increase of 1.9% from $36.8 million for the third quarter
of 2014, and unchanged from the second quarter of 2015. Relative to
the third quarter of 2014, net interest income continues to be
positively impacted by an increase in average total loans.
Net interest margin was 3.49% for the third quarter of 2015,
compared to 3.59% for the second quarter of 2015, and 4.26% for the
third quarter of 2014. The decline in net interest margin from the
second to third quarter of 2015 was primarily attributable to the
growth of demand deposits and money market accounts which resulted
in an increase in cash and cash equivalents.
Loan yields were 4.76% for the third quarter of 2015, compared
to 4.78% for the second quarter of 2015, and 5.12% for the third
quarter of 2014.
The total cost of deposits was 0.62% for the third quarter of
2015, compared to 0.61% for the second quarter of 2015, and 0.53%
for the third quarter of 2014. Compared to the second quarter of
2015, the increase in the cost of deposits for the third quarter of
2015 was primarily due to an increase in rates paid on time deposit
accounts.
Non-Interest Income
Total non-interest income was $9.5 million for the third quarter
of 2015, compared to $11.3 million for the second quarter of 2015,
and $9.6 million for the third quarter of 2014.
The Company recognized $3.2 million in net gain on sales of
loans during the third quarter of 2015, compared to $4.2 million
for the second quarter of 2015, and $2.4 million for the third
quarter of 2014. The decline in net gain on sale of loans for the
third quarter of 2015, compared to the previous quarter, was
primarily due to a decline in gains from the sale of non-performing
loans. Net gain on sale of loans in the third quarter of 2015
consisted of $2.0 million in gains on sales of SBA loans and $1.2
million in gains on sales of residential mortgage loans.
Other non-interest income totaled $3.3 million for the third
quarter of 2015, compared to $4.0 million for the second quarter of
2015, and $3.9 million for the third quarter of 2014. The decrease
in other non-interest income from the second to third quarter of
2015 was primarily due to a decline in FHLB dividend income.
Non-Interest Expense
Total non-interest expense was $25.8 million for the third
quarter of 2015, compared with $24.7 million for the second quarter
of 2015, and $23.2 million for the third quarter of 2014. The
increase in non-interest expense from the prior quarter was
primarily due to an increase in other non-interest expenses that
resulted from a reduction in net gain on sale of OREO during the
third quarter of 2015.
Total salaries and employee benefits expense was $13.6 million
for the third quarter of 2015, compared with $14.2 million for the
second quarter of 2015, and $12.3 million for the third quarter of
2014. The decrease in salaries and employee benefits for the third
quarter of 2015 compared to the second quarter of 2015 was largely
due to a decline in stock compensation expenses which were higher
during the second quarter of 2015 due to stock awards that were
issued during second quarter.
The Company's operating efficiency ratio was 54.80% for the
third quarter of 2015, compared with 50.56% for the second quarter
of 2015, and 50.12% for the third quarter of 2014.
BALANCE SHEET
Total loans receivable (net of deferred fees and costs) were
$3.63 billion at September 30, 2015, compared to $3.52 billion at
June 30, 2015. The increase in loans during the third quarter of
2015 was spread across all of the Company's major portfolios aside
from consumer loans.
The following table shows total loans receivable, loans
held-for-sale, and total loans by loan type:
|
Quarter Ended |
(Dollars In Thousands) (Unaudited) |
September 30, 2015 |
June 30, 2015 |
March 31, 2015 |
December 31, 2014 |
September 30, 2014 |
|
|
|
|
|
|
Construction |
$ 18,146 |
$ 16,050 |
$ 26,117 |
$ 21,248 |
$ 40,062 |
Real Estate Secured |
2,810,420 |
2,723,458 |
2,701,800 |
2,655,251 |
2,593,242 |
Commercial & Industrial |
789,422 |
765,655 |
769,438 |
610,762 |
515,831 |
Consumer |
13,284 |
14,622 |
15,465 |
21,036 |
12,810 |
Total Loans Receivable * |
3,631,272 |
3,519,785 |
3,512,820 |
3,308,297 |
3,161,945 |
Loans Held-For-Sale |
13,316 |
25,269 |
10,204 |
11,783 |
16,236 |
Total Loans * |
$ 3,644,588 |
$ 3,545,054 |
$ 3,523,024 |
$ 3,320,080 |
$ 3,178,181 |
|
|
|
|
|
|
* Total loans receivable and
total loans are net of deferred fees and costs as shown in the
consolidated balance sheet presentation |
The following table shows quarterly loan originations:
|
Quarter Ended |
(Dollars In Thousands) (Unaudited) |
September 30, 2015 |
June 30, 2015 |
March 31, 2015 |
December 31, 2014 |
September 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
Real Estate Secured |
$ 176,605 |
43% |
$ 121,066 |
41% |
$ 138,145 |
35% |
$ 184,477 |
56% |
$ 191,272 |
48% |
Commercial & Industrial |
107,952 |
26% |
46,438 |
16% |
59,837 |
15% |
73,194 |
22% |
89,166 |
22% |
Consumer |
360 |
0% |
124 |
0% |
1,640 |
0% |
3,385 |
1% |
6,560 |
2% |
SBA |
21,871 |
5% |
25,648 |
9% |
31,718 |
8% |
34,747 |
11% |
41,373 |
10% |
Residential Mortgage |
102,383 |
25% |
89,652 |
31% |
11,357 |
3% |
8,632 |
4% |
20,791 |
5% |
Warehouse Lines of Credit* |
7,000 |
1% |
10,000 |
3% |
155,000 |
39% |
23,000 |
6% |
50,000 |
13% |
Total Loan Originations |
$ 416,171 |
100% |
$ 292,928 |
100% |
$ 397,697 |
100% |
$ 327,435 |
100% |
$ 399,162 |
100% |
|
|
|
|
|
|
|
|
|
|
|
* Warehouse lines of credit
are reported as commercial and industrial loans on the consolidated
balance sheet. |
Originations for the third quarter of 2015 totaled $416.2
million, compared to $292.9 million for the second quarter of 2015,
and $399.2 million for the third quarter of 2014. The increase in
loan origination for the three months ended September 30, 2015,
compared to the previous quarter, was due to an increase in real
estate, commercial and industrial, and residential loans.
Total SBA loans held-for-sale at the end of the third quarter of
2015 were $2.2 million, compared to $5.9 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 $3.94 billion at September 30, 2015,
compared with $3.90 billion at June 30, 2015. The increase in total
deposits was attributable to growth in lower-cost deposit
categories.
CREDIT QUALITY
During the third quarter of 2015, the Company continued to
experience general stability in asset quality and a low level of
charge-offs. However, due primarily to growth in the loan
portfolio, the Company recorded a provision for losses on loans and
loan commitments of $700,000 during the third quarter of 2015.
The allowance for loan losses totaled $50.1 million, or 1.38% of
gross loans (excluding loans held-for-sale), at September 30, 2015,
compared to $48.8 million, also 1.38% of gross loans (excluding
loans held-for-sale), at June 30, 2015. The coverage ratio of the
allowance for loan losses to non-performing assets was 130.2% at
September 30, 2015, compared with 130.5% at June 30, 2015.
Non-Performing Loans
At September 30, 2015, total non-performing loans were $27.2
million, or 0.74% of total gross loans, compared to $30.9 million,
or 0.87% of total gross loans, at June 30, 2015.
The following table shows total non-performing loans by loan
type:
NON-PERFORMING LOANS |
Quarter Ended |
(Dollars In Thousands) (Unaudited) |
Sep 30, 2015 |
Jun 30, 2015 |
Mar 31, 2015 |
Dec 31, 2014 |
Sep 30, 2014 |
(Net of SBA Guaranty Portions) |
|
|
|
|
|
Real Estate Secured |
$ 20,123 |
$ 23,235 |
$ 25,329 |
$ 29,547 |
$ 37,205 |
Commercial & Industrial |
7,058 |
7,617 |
7,193 |
7,718 |
7,699 |
Consumer |
-- |
-- |
-- |
-- |
1 |
Total Non-Performing Loans |
$ 27,181 |
$ 30,852 |
$ 32,522 |
$ 37,265 |
$ 44,905 |
Net Charge-offs/Recoveries
During the third quarter of 2015, the Company had total gross
charge-offs of $1.9 million, and recoveries of $2.7 million, which
resulted in net recoveries of $795,000, compared to net recoveries
of $651,000 for the second quarter of 2015.
Gross charge-offs and recoveries by loan type are reflected in
the tables below:
GROSS LOAN CHARGE-OFFS |
Quarter Ended |
(Dollars In Thousands) (Unaudited) |
Sep 30, 2015 |
Jun 30, 2015 |
Mar 31, 2015 |
Dec 31, 2014 |
Sep 30, 2014 |
|
|
|
|
|
|
Real Estate Secured |
$ 605 |
$ 249 |
$ 325 |
$ 5,461 |
$ 1,161 |
Commercial & Industrial |
1,270 |
310 |
999 |
852 |
614 |
Consumer |
-- |
-- |
-- |
-- |
-- |
Total Loan Charge-Offs |
$ 1,875 |
$ 559 |
$ 1,324 |
$ 6,313 |
$ 1,775 |
LOAN
RECOVERIES |
Quarter Ended |
(Dollars In Thousands) (Unaudited) |
Sep 30, 2015 |
Jun 30, 2015 |
Mar 31, 2015 |
Dec 31, 2014 |
Sep 30, 2014 |
|
|
|
|
|
|
Real Estate Secured |
$ 1,867 |
$ 970 |
$ 193 |
$ 199 |
$ 1,688 |
Commercial & Industrial |
803 |
240 |
667 |
1,620 |
534 |
Consumer |
-- |
-- |
10 |
2 |
-- |
Total Loan Recoveries |
$ 2,670 |
$ 1,210 |
$ 870 |
$ 1,821 |
$ 2,222 |
Other measures of credit quality are shown in the following
tables:
DELINQUENT
LOANS - By Days Past Due |
Quarter Ended |
(Dollars In Thousands) (Unaudited) |
Sep 30, 2015 |
Jun 30, 2015 |
Mar 31, 2015 |
Dec 31, 2014 |
Sep 30, 2014 |
(Net of SBA Guaranty Portions) |
|
|
|
|
|
30 - 59 Days Past Due |
$ 4,911 |
$ 3,615 |
$ 7,375 |
$ 5,165 |
$ 4,137 |
60 - 89 Days Past Due |
1,143 |
7,576 |
421 |
1,820 |
4,002 |
90 Days, and still accruing |
-- |
-- |
-- |
-- |
-- |
Total Delinquent Loans |
$ 6,054 |
$ 11,191 |
$ 7,796 |
$ 6,985 |
$ 8,139 |
TROUBLED DEBT RESTRUCTURED LOANS
("TDR") |
Quarter Ended |
(Dollars In Thousands) (Unaudited) |
Sep 30, 2015 |
Jun 30, 2015 |
Mar 31, 2015 |
Dec 31, 2014 |
Sep 30, 2014 |
(Net of SBA Guaranty Portions) |
|
|
|
|
|
Real Estate Secured |
$ 24,188 |
$ 29,424 |
$ 28,612 |
$ 25,096 |
$ 31,313 |
Commercial & Industrial |
16,578 |
13,469 |
11,682 |
12,014 |
11,425 |
Total TDR Loans |
$ 40,766 |
$ 42,893 |
$ 40,294 |
$ 37,110 |
$ 42,738 |
LOAN CLASSIFICATIONS |
Quarter Ended |
(Dollars In Thousands) (Unaudited) |
Sep 30, 2015 |
Jun 30, 2015 |
Mar 31, 2015 |
Dec 31, 2014 |
Sep 30, 2014 |
(Net of SBA Guaranty Portions) |
|
|
|
|
|
Special Mention |
$ 118,290 |
$ 86,118 |
$ 81,049 |
$ 76,906 |
$ 62,929 |
Substandard |
82,000 |
96,666 |
89,402 |
82,305 |
94,854 |
Doubtful |
2,182 |
5,301 |
9,822 |
11,952 |
15,291 |
Total Criticized and Classified
Loans |
$ 202,472 |
$ 188,085 |
$ 180,273 |
$ 171,163 |
$ 173,074 |
|
|
|
|
|
|
Total Classified Loans |
$ 84,182 |
$ 101,967 |
$ 99,224 |
$ 94,257 |
$ 110,145 |
CAPITAL RATIOS
As of September 30, 2015, all of the Company's capital ratios
remain in excess of "well capitalized" regulatory requirements as
shown in the following table:
(Dollars In Thousands, Except Per Share
Info) |
September 30, 2015 |
Well Capitalized Regulatory
Requirements |
Total Excess Above Well Capitalized
Requirements |
Tier 1 Leverage Capital Ratio |
11.54% |
5.00% |
$ 295,250 |
Tier 1 Common Equity Risk-Based Capital
Ratio |
11.47% |
6.50% |
195,646 |
Tier 1 Risk-Based Capital Ratio |
13.33% |
8.00% |
206,048 |
Total Risk-Based Capital Ratio |
14.48% |
10.00% |
176,536 |
Tangible Common Equity To Tangible Assets
* |
9.76% |
N/A |
N/A |
Tangible Common Equity Per Common Share
* |
$ 5.80 |
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 October
20, 2015, at 11:00 a.m. PT (2:00 p.m. ET). Investment professionals
are invited to participate in the call by dialing toll-free
866-515-2912 (domestic) or 617-399-5126 (international) and
providing passcode number 83383026.
ABOUT WILSHIRE BANCORP
Headquartered in Los Angeles, Wilshire Bancorp is the parent
company of Wilshire Bank, which operates 35 branch offices in
California, Texas, Alabama, Georgia, New Jersey, and New York.
Wilshire Bancorp also operates six loan production offices of which
four are utilized primarily for the origination of loans under the
Small Business Administration lending program located in
California, Colorado, Georgia, and Washington, and two that are
utilized primarily for the origination of residential mortgage
loans located in California. 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) |
September 30, |
June 30, |
Three Months |
September 30, |
Twelve Months |
|
2015 |
2015 |
% Change |
2014 |
% Change |
ASSETS: |
|
|
|
|
|
Cash and due from banks |
$ 487,655 |
$ 475,834 |
2% |
$ 173,586 |
181% |
Federal funds sold and other cash
equivalents |
601 |
54 |
1013% |
21 |
2762% |
Total Cash and Cash
Equivalents |
488,256 |
475,888 |
3% |
173,607 |
181% |
|
|
|
|
|
|
Deposits held in other financial
institutions |
7,500 |
7,750 |
-3% |
9,000 |
-17% |
|
|
|
|
|
|
Investment securities available for
sale |
386,679 |
358,331 |
8% |
365,866 |
6% |
Investment securities held to
maturity |
22 |
24 |
-8% |
28 |
-21% |
Total Investment
Securities |
386,701 |
358,355 |
8% |
365,894 |
6% |
|
|
|
|
|
|
Total Loans
Held-For-Sale |
13,316 |
25,269 |
-47% |
16,236 |
-18% |
|
|
|
|
|
|
Real estate construction |
18,146 |
16,050 |
13% |
40,062 |
-55% |
Residential real estate |
231,902 |
192,732 |
20% |
174,466 |
33% |
Commercial real estate |
2,578,518 |
2,530,726 |
2% |
2,418,776 |
7% |
Commercial and industrial |
789,422 |
765,655 |
3% |
515,831 |
53% |
Consumer |
13,284 |
14,622 |
-9% |
12,810 |
4% |
Total loans receivable, net of deferred fees
and costs |
3,631,272 |
3,519,785 |
3% |
3,161,945 |
15% |
Allowance for loan losses |
(50,116) |
(48,821) |
3% |
(53,116) |
-6% |
Loans Receivable, Net of Allowance
for Loan Losses |
3,581,156 |
3,470,964 |
3% |
3,108,829 |
15% |
|
|
|
|
|
|
Accrued interest receivable |
8,604 |
8,635 |
0% |
8,324 |
3% |
Due from customers on acceptances |
8,940 |
3,940 |
127% |
10,350 |
-14% |
Other real estate owned |
11,302 |
6,559 |
72% |
6,565 |
72% |
Premises and equipment |
14,328 |
14,366 |
0% |
12,380 |
16% |
Federal home loan bank (FHLB) stock, at
cost |
16,539 |
16,539 |
0% |
16,539 |
0% |
Cash surrender value of life
insurance |
24,879 |
23,610 |
5% |
22,945 |
8% |
Investment in affordable housing
partnerships |
45,435 |
42,193 |
8% |
45,017 |
1% |
Deferred income taxes |
20,086 |
17,475 |
15% |
27,656 |
-27% |
Servicing assets |
19,967 |
20,123 |
-1% |
17,927 |
11% |
Goodwill |
67,473 |
67,473 |
0% |
67,473 |
0% |
Other assets |
25,919 |
31,958 |
-19% |
27,056 |
-4% |
TOTAL ASSETS |
$ 4,740,401 |
$ 4,591,097 |
3% |
$ 3,935,798 |
20% |
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY: |
|
|
|
|
|
Non-interest bearing demand deposits |
$ 1,074,025 |
$ 1,025,133 |
5% |
$ 914,667 |
17% |
Savings and interest checking |
161,267 |
158,734 |
2% |
156,669 |
3% |
Money market deposits |
996,899 |
962,855 |
4% |
772,902 |
29% |
Time deposits in denomination of $100,000
or more |
1,440,340 |
1,475,340 |
-2% |
1,092,058 |
32% |
Other time deposits |
269,909 |
280,894 |
-4% |
249,058 |
8% |
Total Deposits |
3,942,440 |
3,902,956 |
1% |
3,185,354 |
24% |
|
|
|
|
|
|
FHLB borrowings |
150,000 |
50,000 |
200% |
150,000 |
0% |
Acceptance outstanding |
8,940 |
3,940 |
127% |
10,350 |
-14% |
Junior subordinated debentures |
71,955 |
71,895 |
0% |
71,722 |
0% |
Accrued interest payable |
2,326 |
2,373 |
-2% |
2,249 |
3% |
Other liabilities |
38,112 |
44,350 |
-14% |
40,415 |
-6% |
Total Liabilities |
4,213,773 |
4,075,514 |
3% |
3,460,090 |
22% |
|
|
|
|
|
|
Common stock |
233,634 |
232,893 |
0% |
231,715 |
1% |
Retained earnings |
287,072 |
278,503 |
3% |
240,770 |
19% |
Accumulated other comprehensive
income |
5,922 |
4,187 |
41% |
3,223 |
84% |
Total Shareholders'
Equity |
526,628 |
515,583 |
2% |
475,708 |
11% |
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY |
$ 4,740,401 |
$ 4,591,097 |
3% |
$ 3,935,798 |
20% |
CONSOLIDATED STATEMENT OF
OPERATIONS |
|
|
|
|
|
Dollars In Thousands, Except Per Share Data)
(Unaudited) |
|
|
|
|
|
|
Quarter Ended |
Three Mths |
Quarter Ended |
Twelve Mths |
|
September 30, 2015 |
June 30, 2015 |
% Change |
September 30, 2014 |
% Change |
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
Interest and fees on loans |
$ 41,877 |
$ 41,599 |
1% |
$ 39,217 |
7% |
Interest on investment securities |
2,022 |
1,929 |
5% |
2,018 |
0% |
Interest on federal funds sold and
others |
303 |
264 |
15% |
91 |
233% |
Total Interest Income |
44,202 |
43,792 |
1% |
41,326 |
7% |
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
Deposits |
6,039 |
5,661 |
7% |
3,981 |
52% |
FHLB advances and other borrowings |
704 |
658 |
7% |
577 |
22% |
Total Interest Expense |
6,743 |
6,319 |
7% |
4,558 |
48% |
|
|
|
|
|
|
Net interest income before provision for
losses on loans and loan commitments |
37,459 |
37,473 |
0% |
36,768 |
2% |
Provision for losses on loans and loan
commitments |
700 |
-- |
0% |
-- |
0% |
|
|
|
|
|
|
Net interest income after provision for
losses on loans and loan commitments |
36,759 |
37,473 |
-2% |
36,768 |
0% |
|
|
|
|
|
|
NONINTEREST INCOME |
|
|
|
|
|
Service charges on deposits |
3,084 |
3,159 |
-2% |
3,268 |
-6% |
Gain on sales of loans, net |
3,162 |
4,184 |
-24% |
2,418 |
31% |
Gain on sale of investment
securities |
-- |
-- |
0% |
-- |
0% |
Other |
3,281 |
3,971 |
-17% |
3,912 |
-16% |
Total Noninterest
Income |
9,527 |
11,314 |
-16% |
9,598 |
-1% |
|
|
|
|
|
|
NONINTEREST EXPENSES |
|
|
|
|
|
Salaries and employee benefits |
13,639 |
14,164 |
-4% |
12,261 |
11% |
Occupancy and equipment |
3,341 |
3,196 |
5% |
3,350 |
0% |
Data processing |
1,119 |
1,089 |
3% |
1,210 |
-8% |
Other |
7,651 |
6,218 |
23% |
6,418 |
19% |
Total Noninterest
Expenses |
25,750 |
24,667 |
4% |
23,239 |
11% |
|
|
|
|
|
|
Income before income taxes |
20,536 |
24,120 |
-15% |
23,127 |
-11% |
Income taxes provision |
7,251 |
8,567 |
-15% |
7,998 |
-9% |
NET INCOME |
$ 13,285 |
$ 15,553 |
-15% |
$ 15,129 |
-12% |
|
|
|
|
|
|
PER COMMON SHARE
INFORMATION: |
|
|
|
|
|
Basic income per common share |
$ 0.17 |
$ 0.20 |
-15% |
$ 0.19 |
-13% |
Diluted income per common share |
$ 0.17 |
$ 0.20 |
-15% |
$ 0.19 |
-13% |
|
|
|
|
|
|
WEIGHTED-AVERAGE COMMON SHARES
OUTSTANDING: |
|
|
|
|
|
Basic |
78,556,455 |
78,459,708 |
|
78,302,251 |
|
Diluted |
78,907,223 |
78,818,847 |
|
78,619,592 |
|
CONSOLIDATED STATEMENT OF
OPERATIONS |
|
|
|
(Dollars In Thousands, Except Per Share Data)
(Unaudited) |
|
|
|
|
|
|
|
|
Nine Months Ended |
Twelve Months |
|
September 30, 2015 |
September 30,2014 |
% Change |
|
|
|
|
INTEREST INCOME |
|
|
|
Interest and fees on loans |
$ 123,564 |
$ 114,311 |
8% |
Interest on investment securities |
5,919 |
6,142 |
-4% |
Interest on federal funds sold and
others |
759 |
334 |
127% |
Total Interest Income |
130,242 |
120,787 |
8% |
|
|
|
|
INTEREST EXPENSE |
|
|
|
Deposits |
16,797 |
11,143 |
51% |
FHLB advances and other borrowings |
2,022 |
1,574 |
28% |
Total Interest Expense |
18,819 |
12,717 |
48% |
|
|
|
|
Net interest income before provision for
losses on loans and loan commitments |
111,423 |
108,070 |
3% |
Provision for losses on loans and loan
commitments |
700 |
-- |
0% |
|
|
|
|
Net interest income after provision for
losses on loans and loan commitments |
110,723 |
108,070 |
2% |
|
|
|
|
NONINTEREST INCOME |
|
|
|
Service charges on deposits |
9,350 |
9,588 |
-2% |
Gain on sales of loans, net |
14,152 |
11,434 |
24% |
Gain on sale of investment
securities |
-- |
-- |
0% |
Other |
12,606 |
10,306 |
22% |
Total Noninterest
Income |
36,108 |
31,328 |
15% |
|
|
|
|
NONINTEREST EXPENSES |
|
|
|
Salaries and employee benefits |
40,468 |
37,365 |
8% |
FDIC indemnification impairment |
-- |
597 |
-100% |
Occupancy and equipment |
9,910 |
10,103 |
-2% |
Data processing |
3,250 |
2,968 |
10% |
Merger related costs |
-- |
3,577 |
-100% |
Other |
19,698 |
19,436 |
1% |
Total Noninterest
Expenses |
73,326 |
74,046 |
-1% |
|
|
|
|
Income before income taxes |
73,505 |
65,352 |
12% |
Income taxes provision |
26,048 |
22,446 |
16% |
NET INCOME |
$ 47,457 |
$ 42,906 |
11% |
|
|
|
|
PER COMMON SHARE
INFORMATION: |
|
|
|
Basic income per common share |
$ 0.60 |
$ 0.55 |
10% |
Diluted income per common share |
$ 0.60 |
$ 0.55 |
10% |
|
|
|
|
WEIGHTED-AVERAGE COMMON SHARES
OUTSTANDING: |
|
|
|
Basic |
78,448,398 |
78,229,069 |
|
Diluted |
78,785,778 |
78,575,728 |
|
|
|
SUMMARY OF FINANCIAL
DATA |
|
(Dollars In Thousands, Except Per Share Data)
(Unaudited) |
|
|
|
|
Quarter Ended |
AVERAGE BALANCES |
September 30, 2015 |
|
June 30, 2015 |
|
September 30, 2014 |
|
Average Assets |
$ 4,592,052 |
|
$ 4,472,065 |
|
$ 3,757,520 |
|
Average Equity |
524,962 |
|
513,338 |
|
472,697 |
|
Average Net Loans |
3,519,441 |
|
3,481,181 |
|
3,061,900 |
|
Average Deposits |
3,893,958 |
|
3,736,003 |
|
3,017,301 |
|
Average Time Deposits of $100,000 or
more |
1,448,501 |
|
1,417,860 |
|
930,220 |
|
Average FHLB & Other Borrowings |
59,783 |
|
112,088 |
|
150,696 |
|
Average Interest Earning Assets |
4,308,140 |
|
4,197,297 |
|
3,469,161 |
|
|
|
|
|
|
|
|
|
Nine Months Ended |
AVERAGE BALANCES |
September 30, 2015 |
|
|
|
September 30, 2014 |
|
Average Assets |
$ 4,440,781 |
|
|
|
$ 3,666,133 |
|
Average Equity |
512,890 |
|
|
|
459,966 |
|
Average Net Loans |
3,451,630 |
|
|
|
2,955,695 |
|
Average Deposits |
3,708,226 |
|
|
|
2,930,010 |
|
Average Time Deposits of $100,000 or
more |
1,388,659 |
|
|
|
889,179 |
|
Average FHLB & Other Borrowings |
107,176 |
|
|
|
164,640 |
|
Average Interest Earning Assets |
4,161,839 |
|
|
|
3,384,191 |
|
|
|
|
|
|
|
|
|
Quarter Ended |
PROFITABILITY |
September 30, 2015 |
|
June 30, 2015 |
|
September 30, 2014 |
|
Annualized Return on Average Assets |
1.16% |
|
1.39% |
|
1.61% |
|
Annualized Return on Average Equity |
10.12% |
|
12.12% |
|
12.80% |
|
Efficiency Ratio |
54.80% |
|
50.56% |
|
50.12% |
|
Annualized Operating Expense/Average
Assets |
2.24% |
|
2.21% |
|
2.47% |
|
Annualized Net Interest Margin |
3.49% |
|
3.59% |
|
4.26% |
|
|
|
|
|
|
|
|
|
Nine Months Ended |
PROFITABILITY |
September 30, 2015 |
|
|
|
September 30, 2014 |
|
Annualized Return on Average Assets |
1.42% |
|
|
|
1.56% |
|
Annualized Return on Average Equity |
12.34% |
|
|
|
12.44% |
|
Efficiency Ratio |
49.70% |
|
|
|
53.12% |
|
Annualized Operating Expense/Average
Assets |
2.20% |
|
|
|
2.69% |
|
Annualized Net Interest Margin |
3.59% |
|
|
|
4.28% |
|
|
|
|
|
|
|
|
|
As Of |
DEPOSIT COMPOSITION |
September 30, 2015 |
Cost of Funds |
June 30, 2015 |
Cost of Funds |
September 30, 2014 |
Cost of Funds |
Noninterest Bearing Demand Deposits |
27.2% |
0.00% |
26.3% |
0.00% |
28.7% |
0.00% |
Savings & Interest Checking |
4.1% |
1.29% |
4.0% |
1.30% |
4.9% |
1.31% |
Money Market Deposits |
25.3% |
0.68% |
24.7% |
0.66% |
24.3% |
0.68% |
Time Deposits of $100,000 or More |
36.5% |
0.89% |
37.8% |
0.86% |
34.3% |
0.72% |
Other Time Deposits |
6.9% |
0.92% |
7.2% |
0.90% |
7.8% |
0.79% |
Total Deposits |
100.0% |
0.62% |
100.0% |
0.61% |
100.0% |
0.53% |
|
|
|
|
|
|
|
|
As Of |
CAPITAL RATIOS |
September 30, 2015 |
|
June 30, 2015 |
|
September 30, 2014 |
|
Tier 1 Leverage Ratio |
11.54% |
|
11.64% |
|
12.72% |
|
Tier 1 Common Equity Risk-Based Capital
Ratio |
11.47% |
|
11.91% |
|
14.37% |
|
Tier 1 Risk-Based Capital Ratio |
13.33% |
|
13.78% |
|
15.63% |
|
Total Risk-Based Capital Ratio |
14.48% |
|
15.03% |
|
$ 475,708 |
|
Total Shareholders' Equity |
$ 526,628 |
|
$ 515,583 |
|
$ 6.07 |
|
Book Value Per Common Share |
$ 6.70 |
|
$ 6.57 |
|
$ 5.16 |
|
Tangible Common Equity Per Common Share
* |
$ 5.80 |
|
$ 5.66 |
|
10.45% |
|
Tangible Common Equity to Tangible Assets
* |
9.76% |
|
9.83% |
|
September 30, 2014 |
|
* Excludes goodwill and other intangible
assets |
|
|
|
|
|
|
ALLOWANCE FOR LOAN
LOSSES |
|
|
|
|
|
(Dollars In Thousands) (Unaudited) |
|
|
|
|
|
|
Quarter Ended |
|
September 30, 2015 |
June 30, 2015 |
March 31, 2015 |
December 31, 2014 |
September 30, 2014 |
|
|
|
|
|
|
Balance at beginning of period |
$ 48,821 |
$ 48,170 |
$ 48,624 |
$ 53,116 |
$ 52,669 |
Provision for losses on loans |
500 |
-- |
-- |
-- |
-- |
Recoveries on loans previously
charged-off |
2,670 |
1,210 |
870 |
1,821 |
2,222 |
Gross loan charge-offs |
(1,875) |
(559) |
(1,324) |
(6,313) |
(1,775) |
Balance at end of period |
$ 50,116 |
$ 48,821 |
$ 48,170 |
$ 48,624 |
$ 53,116 |
|
|
|
|
|
|
Net Loan Charge-offs / Average Net Loans |
-0.02% |
-0.02% |
0.01% |
0.14% |
-0.01% |
Charge-offs / Average Total Loans |
0.05% |
0.02% |
0.04% |
0.20% |
0.06% |
Allowance for Loan Losses / Gross Loans* |
1.38% |
1.38% |
1.37% |
1.47% |
1.67% |
Allowance for Loan Losses / Non-accrual
Loans |
184.38% |
158.24% |
148.12% |
130.48% |
118.29% |
Allowance for Loan Losses / Non-performing
Loans |
184.38% |
158.24% |
148.12% |
130.48% |
118.29% |
Allowance for Loan Losses / Non-performing
Assets |
130.23% |
130.50% |
120,63% |
107.61% |
103.20% |
Allowance for Loan Losses / Classified
Loans |
59.53% |
47.88% |
48.55% |
51.59% |
48.22% |
|
|
|
|
|
|
* Excludes held-for-sale loans |
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING ASSETS |
|
|
|
|
|
(Dollars In Thousands, Net of SBA
Guaranty) |
Quarter Ended |
(Unaudited) |
September 30, 2015 |
June 30, 2015 |
March 31, 2015 |
December 31, 2014 |
September 30, 2014 |
|
|
|
|
|
|
Non-accrual loans |
$ 27,181 |
$ 30,852 |
$ 32,522 |
$ 37,265 |
$ 44,905 |
Loans 90 days or more past due and still
accruing |
-- |
-- |
-- |
-- |
-- |
Total Non-performing Loans |
27,181 |
30,852 |
32,522 |
37,265 |
44,905 |
|
|
|
|
|
|
Total OREO |
11,302 |
6,559 |
7,411 |
7,922 |
6,565 |
Total Non-performing Assets |
$ 38,483 |
$ 37,411 |
$ 39,933 |
$ 45,187 |
$ 51,470 |
|
|
|
|
|
|
Total Non-performing Loans/Gross Loans |
0.74% |
0.87% |
0.92% |
1.12% |
1.41% |
Total Non-performing Assets/Total Assets |
0.81% |
0.81% |
0.90% |
1.09% |
1.31% |
|
|
|
|
|
|
ALLOWANCE FOR OFF-BALANCE SHEET
ITEMS |
|
|
|
(Dollars In Thousands) (Unaudited) |
Quarter Ended |
|
September 30, 2015 |
June 30, 2015 |
September 30, 2014 |
|
|
|
|
Balance at beginning of period |
$ 1,061 |
$ 1,061 |
$ 1,061 |
Provision for losses on loan commitments |
200 |
-- |
-- |
Balance at end of period |
$ 1,261 |
$ 1,061 |
$ 1,061 |
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
September 30, 2015 |
September 30, 2014 |
|
|
|
|
|
Balance at beginning of period |
$ 1,061 |
$ 1,061 |
|
Provision for losses on loan commitments |
200 |
-- |
|
Balance at end of period |
$ 1, 261 |
$ 1,061 |
|
|
|
WILSHIRE BANCORP, INC.
AND SUBSIDIARIES |
AVERAGE BALANCES,
AVERAGE YIELDS EARNED AND AVERAGE RATES PAID |
(Dollars In Thousands) (Unaudited) |
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended |
|
September 30,
2015 |
June 30,
2015 |
September 30,
2014 |
|
Average |
Interest |
Average |
Average |
Interest |
Average |
Average |
Interest |
Average |
|
Balance |
Income/ |
Yield/ |
Balance |
Income/ |
Yield/ |
Balance |
Income/ |
Yield/ |
INTEREST EARNING ASSETS |
|
Expense |
Rate |
|
Expense |
Rate |
|
Expense |
Rate |
LOANS: |
|
|
|
|
|
|
|
|
|
Real Estate Loans |
$ 2,802,173 |
$ 33,750 |
4.82% |
$ 2,767,138 |
$ 33,410 |
4.83% |
$ 2,582,668 |
$ 32,868 |
5.09% |
Commercial Loans |
714,169 |
7,116 |
3.99% |
709,662 |
6,947 |
3.92% |
477,493 |
5,381 |
4.51% |
Consumer Loans |
13,053 |
108 |
3.31% |
14,413 |
124 |
3.44% |
10,942 |
110 |
4.02% |
Total Gross Loans |
3,529,395 |
40,974 |
4.64% |
3,491,213 |
40,481 |
4.64% |
3,071,103 |
38,359 |
5.00% |
Deferred Fees and Costs Loan Fees |
(9,954) |
903 |
|
(10,032) |
1,118 |
|
(9,203) |
858 |
|
Total Loans * |
3,519,441 |
41,877 |
4.76% |
3,481,181 |
41,599 |
4.78% |
3,061,900 |
39,217 |
5.12% |
|
|
|
|
|
|
|
|
|
|
INVESTMENT SECURITIES
AND |
|
|
|
|
|
|
|
|
|
OTHER INTEREST-EARNING
ASSETS: |
|
|
|
|
|
|
|
|
|
Investment Securities** |
355,828 |
2,022 |
2.45% |
339,876 |
1,929 |
2.47% |
348,663 |
2,018 |
2.51% |
Deposits Held In Other Institutions |
7,576 |
31 |
1.64% |
7,986 |
32 |
1.60% |
18,584 |
66 |
1.42% |
Federal Funds Sold & Others |
425,295 |
272 |
0.26% |
368,254 |
232 |
0.25% |
40,014 |
25 |
0.25% |
Total Investment Securities and
Other Earning Assets |
788,699 |
2,325 |
1.26% |
716,116 |
2,193 |
1.32% |
407,261 |
2,109 |
2.24% |
|
|
|
|
|
|
|
|
|
|
TOTAL INTEREST-EARNING
ASSETS |
$ 4,308,140 |
$ 44,202 |
4.12% |
$ 4,197,297 |
$ 43,792 |
4.19% |
$ 3,469,161 |
$ 41,326 |
4.79% |
|
|
|
|
|
|
|
|
|
|
Total Non-Interest Earning Assets |
283,912 |
|
|
274,768 |
|
|
288,359 |
|
|
TOTAL ASSETS |
$ 4,592,052 |
|
|
$ 4,472,065 |
|
|
$ 3,757,520 |
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST BEARING
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST-BEARING
DEPOSITS: |
|
|
|
|
|
|
|
|
|
Money Market |
$ 978,220 |
$ 1,657 |
0.68% |
$ 891,494 |
$ 1,464 |
0.66% |
$ 775,914 |
$ 1,322 |
0.68% |
NOW |
30,916 |
22 |
0.29% |
28,704 |
20 |
0.28% |
30,728 |
15 |
0.20% |
Savings |
128,597 |
493 |
1.53% |
129,805 |
494 |
1.52% |
124,674 |
495 |
1.59% |
Time Deposits of $100,000 or More |
1,448,501 |
3,235 |
0.89% |
1,417,860 |
3,061 |
0.86% |
930,220 |
1,681 |
0.72% |
Other Time Deposits |
273,433 |
632 |
0.93% |
276,973 |
622 |
0.90% |
236,724 |
468 |
0.79% |
Total Interest Bearing
Deposits |
2,859,667 |
6,039 |
0.85% |
2,744,836 |
5,661 |
0.83% |
2,098,260 |
3,981 |
0.76% |
|
|
|
|
|
|
|
|
|
|
BORROWINGS: |
|
|
|
|
|
|
|
|
|
FHLB Advances and Other Borrowings |
59,783 |
257 |
1.72% |
112,088 |
220 |
0.79% |
150,696 |
146 |
0.39% |
Junior Subordinated Debentures |
71,916 |
447 |
2.49% |
71,858 |
438 |
2.44% |
71,687 |
431 |
2.41% |
Total Borrowings |
131,699 |
704 |
2.14% |
183,946 |
658 |
1.43% |
222,383 |
577 |
1.04% |
|
|
|
|
|
|
|
|
|
|
TOTAL INTEREST BEARING
LIABILITIES |
$ 2,991,366 |
$ 6,743 |
0.90% |
$2,928,782 |
$ 6,319 |
0.86% |
$ 2,320,643 |
$ 4,558 |
0.79% |
|
|
|
|
|
|
|
|
|
|
Non-Interest Bearing Deposits |
1,034,291 |
|
|
991,167 |
|
|
919,041 |
|
|
Other Liabilities |
41,433 |
|
|
38,778 |
|
|
45,139 |
|
|
Shareholders' Equity |
524,962 |
|
|
513,338 |
|
|
472,697 |
|
|
TOTAL LIABILITIES AND
EQUITY |
$ 4,592,052 |
|
|
$ 4,472,065 |
|
|
$ 3,757,520 |
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
$ 37,459 |
|
|
$ 37,473 |
|
|
$ 36,768 |
|
. |
|
|
|
|
|
|
|
|
|
NET INTEREST SPREAD |
|
|
3.22% |
|
|
3.33% |
|
|
4.00% |
|
|
|
|
|
|
|
|
|
|
NET INTEREST MARGIN |
|
|
3.49% |
|
|
3.59% |
|
|
4.26% |
|
|
|
|
|
|
|
|
|
|
* 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 Nine
Months Ended |
|
September 30,
2015 |
September 30,
2014 |
|
Average |
Interest |
Average |
Average |
Interest |
Average |
|
Balance |
Income/ |
Yield/ |
Balance |
Income/ |
Yield/ |
INTEREST EARNING ASSETS |
|
Expense |
Rate |
|
Expense |
Rate |
LOANS: |
|
|
|
|
|
|
Real Estate Loans |
$ 2,767,504 |
$ 99,725 |
4.81% |
$ 2,509,417 |
$ 95,630 |
5.08% |
Commercial Loans |
680,583 |
20,345 |
3.99% |
442,878 |
15,419 |
4.64% |
Consumer Loans |
13,535 |
347 |
3.42% |
12,020 |
361 |
4.00% |
Total Gross Loans |
3,461,622 |
120,417 |
4.64% |
2,964,315 |
111,410 |
5.01% |
Deferred Fees and Costs Loan Fees |
(9,992) |
3,147 |
|
(8,620) |
2,901 |
|
Total Loans * |
3,451,630 |
123,564 |
4.77% |
2,955,695 |
114,311 |
5.16% |
|
|
|
|
|
|
|
INVESTMENT SECURITIES
AND |
|
|
|
|
|
|
OTHER INTEREST-EARNING
ASSETS: |
|
|
|
|
|
|
Investment Securities** |
351,656 |
5,919 |
2.43% |
345,414 |
6,142 |
2.57% |
Deposits Held In Other Institutions |
7,853 |
95 |
1.61% |
20,037 |
205 |
1.36% |
Federal Funds Sold & Others |
350,700 |
664 |
0.25% |
63,045 |
129 |
0.27% |
Total Investment Securities and
Other Earning Assets |
710,209 |
6,678 |
1.35% |
428,496 |
6,476 |
2.18% |
|
|
|
|
|
|
|
TOTAL INTEREST-EARNING
ASSETS |
$ 4,161,839 |
$ 130,242 |
4.19% |
$ 3,384,191 |
$ 120,787 |
4.78% |
|
|
|
|
|
|
|
Total Non-Interest Earning Assets |
278,942 |
|
|
281,942 |
|
|
TOTAL ASSETS |
$ 4,440,781 |
|
|
$ 3,666,133 |
|
|
|
|
|
|
|
|
|
INTEREST BEARING
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST-BEARING
DEPOSITS: |
|
|
|
|
|
|
Money Market |
$ 905,253 |
$ 4,527 |
0.67% |
$ 777,825 |
$ 3,900 |
0.67% |
NOW |
29,623 |
59 |
0.27% |
32,536 |
46 |
0.19% |
Savings |
129,211 |
1,489 |
1.54% |
119,946 |
1,416 |
1.57% |
Time Deposits of $100,000 or More |
1,388,659 |
8,899 |
0.85% |
889,179 |
4,462 |
0.67% |
Other Time Deposits |
272,039 |
1,823 |
0.89% |
237,865 |
1,319 |
0.74% |
Total Interest Bearing
Deposits |
2,724,785 |
16,797 |
0.82% |
2,057,351 |
11,143 |
0.72% |
|
|
|
|
|
|
|
BORROWINGS: |
|
|
|
|
|
|
FHLB Advances and Other Borrowings |
107,176 |
709 |
0.88% |
164,640 |
287 |
0.23% |
Junior Subordinated Debentures |
71,858 |
1,313 |
2.44% |
71,631 |
1,287 |
2.40% |
Total Borrowings |
179,034 |
2,022 |
1.51% |
236,271 |
1,574 |
0.89% |
|
|
|
|
|
|
|
TOTAL INTEREST BEARING
LIABILITIES |
$ 2,903,819 |
$ 18,819 |
0.86% |
$ 2,293,622 |
$ 12,717 |
0.74% |
|
|
|
|
|
|
|
Non-Interest Bearing Deposits |
983,441 |
|
|
872,659 |
|
|
Other Liabilities |
40,631 |
|
|
39,886 |
|
|
Shareholders' Equity |
512,890 |
|
|
459,966 |
|
|
TOTAL LIABILITIES AND
EQUITY |
$ 4,440,781 |
|
|
$ 3,666,133 |
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
$ 111,423 |
|
|
$ 108,070 |
|
. |
|
|
|
|
|
|
NET INTEREST SPREAD |
|
|
3.32% |
|
|
4.04% |
|
|
|
|
|
|
|
NET INTEREST MARGIN |
|
|
3.59% |
|
|
4.28% |
|
|
|
|
|
|
|
* 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 |
|
September 30, 2015 |
June 30, 2015 |
September 30, 2014 |
|
|
|
|
Total shareholders' equity |
$ 526,628 |
$ 515,583 |
$ 475,708 |
Goodwill and other intangible assets,
net |
(70,894) |
(71,141) |
(71,888) |
Tangible common equity |
$ 455,734 |
$ 444,442 |
$ 403,820 |
|
|
|
|
Total assets |
$ 4,740,401 |
$ 4,591,097 |
$ 3,935,798 |
Goodwill and other intangible assets,
net |
(70,894) |
(71,141) |
(71,888) |
Tangible assets |
$ 4,669,507 |
$ 4,519,956 |
$ 3,863,910 |
|
|
|
|
Common shares outstanding |
78,598,147 |
78,495,182 |
78,306,839 |
|
|
|
|
|
|
|
|
* Tangible Common Equity and
Tangible Assets 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: Alex Ko, EVP & CFO, (213) 427-6560
www.wilshirebank.com
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