Wilshire Bancorp, Inc. (NASDAQ:WIBC) (the “Company”), the holding
company for Wilshire Bank (the “Bank”), today reported net income
of $13.9 million, or $0.18 per diluted common share, for the
quarter ended December 31, 2015. This compares to net income of
$16.1 million, or $0.20 per diluted common share, for the same
period of the prior year, and net income of $13.3 million, or $0.17
per diluted common share, for the third quarter of 2015. Excluding
$994,000 in non-deductible merger-related costs related to the BBCN
Bancorp Inc. (“BBCN”) merger of equals, net income was $14.9
million, or $0.19 per diluted common share, for the fourth quarter
of 2015.*
Jae Whan (J.W.) Yoo, President and CEO of
Wilshire Bancorp, said, “We finished 2015 with excellent momentum,
generating more than $500 million in loan originations, a
historical high. During the fourth quarter, we received strong
contributions from most of our major lending areas including
commercial real estate, commercial and industrial, and Small
Business Administration (“SBA”). With our strong loan production in
the second half of the year, we were able to increase our total
loan portfolio by 16% in 2015, while experiencing positive trends
in asset quality.
“We were also able to effectively redeploy a
significant portion of our excess liquidity during the fourth
quarter by funding our strong loan production, investing in our
securities portfolio, and allowing certain higher cost deposits to
run-off. As a result, our net interest margin increased seven basis
points during the fourth quarter to 3.56%.
“We are very excited about our pending merger of
equals with BBCN Bancorp and we look forward to the opportunity to
better serve our markets as part of the premier Korean-American
bank in the United States,” said Mr. Yoo.
Q4 2015 Summary
- Net income totaled $13.9
million, or $0.18 per diluted
common share, for the fourth quarter of 2015
- Return on average assets of 1.18% and return on
average equity of 10.43% for the fourth quarter of
2015
- Net interest margin of 3.56% for the fourth
quarter of 2015, an increase from 3.49% for the third quarter of
2015
- Improvement in credit quality from the third of
2015 to fourth quarter of 2015 with a decline in non-accrual,
delinquencies, TDR, and classified loans
- Net recoveries increased from $795,000 for the
third quarter of 2015, to $2.3 million for the fourth quarter of
2015
- Loan originations of $502.9 million during the
fourth quarter of 2015 compared to $327.4 million for the fourth
quarter of 2014
- Loans receivable (net of deferred fees and
costs) totaled $3.82 billion at December 31, 2015, an increase of
15% from $3.31 billion at December 31, 2014
- Total deposits were $3.84 billion at December
31, 2015, an increase of 13% from $3.40 billion at December 31,
2014
- Demand deposits totaled $1.09 billion at
December 31, 2015, an increase of 19% from $915.4 million at
December 31, 2014
- Merger-related costs of $994,000 related to the
pending merger of equals with BBCN
* “Net income and earnings per share before merger-related
costs” 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 Net income and earnings per share before
merger-related costs to Net income and earnings per share.
STATEMENT OF
OPERATIONS
Net interest income before provision for losses
on loans and loan commitments totaled $39.4 million for the fourth
quarter of 2015, an increase of 5.2% from $37.5 million for both
the fourth quarter of 2014 and the third quarter of 2015. Relative
to the fourth quarter of 2014 and third quarter of 2015, net
interest income was positively impacted by an increase in average
total loans and investments securities.
Net interest margin was 3.56% for the fourth
quarter of 2015, compared to 3.49% for the third quarter of 2015,
and 4.00% for the fourth quarter of 2014. The increase in net
interest margin from the third to fourth quarter of 2015 was
attributable to an increase in average loans and the deployment of
lower yielding excess cash.
Loan yields were 4.80% for the fourth quarter of
2015, compared to 4.76% for the third quarter of 2015, and 5.09%
for the fourth quarter of 2014.
The total cost of deposits was 0.61% for the
fourth quarter of 2015, compared to 0.62% for the third quarter of
2015, and 0.58% for the fourth quarter of 2014. Compared to the
third quarter of 2015, the decrease in the cost of deposits for the
fourth quarter of 2015 was primarily due to the run-off of higher
cost other time deposits.
Non-Interest Income
Total non-interest income was $9.5 million for
the fourth quarter of 2015, compared to $9.5 million for the third
quarter of 2015, and $9.9 million for the fourth quarter of
2014.
The Company recognized $2.9 million in net gain
on sales of loans during the fourth quarter of 2015, compared to
$3.2 million for the third quarter of 2015, and $3.5 million for
the fourth quarter of 2014. Net gain on sale of loans in the fourth
quarter of 2015 consisted of $2.0 million in gains on sales of SBA
loans, $898,000 in net gains on sales of residential mortgage
loans, and $62,000 in gains from the sale of non-performing loans.
The decline in net gain on sale of loans for the fourth quarter of
2015, compared to the previous quarter, was primarily due to a
decline in sale of residential mortgage loans, while the decline
from the fourth quarter of 2014 was due to a reduction in SBA loan
sales in addition to a decline in average premium rates.
Other non-interest income totaled $3.7 million
for the fourth quarter of 2015, compared to $3.3 million for both
the third quarter of 2015 and fourth quarter of 2014. The increase
in other non-interest income from the third to fourth quarter of
2015 was primarily due to an increase in loan servicing and other
miscellaneous loan related income.
Non-Interest Expense
Total non-interest expense was $26.6 million for
the fourth quarter of 2015, compared with $25.8 million for the
third quarter of 2015, and $23.5 million for the fourth quarter of
2014. The increase in non-interest expense from the prior quarter
was primarily due to $994,000 in merger-related costs related to
the planned merger of equals with BBCN, consisting mostly of
financial advisor fees and legal expenses. Merger-related costs
also contributed to an approximate 1.60% increase in tax rate for
the fourth quarter of 2015, as these expenses were not tax
deductible.
Total salaries and employee benefits expense was
$13.7 million for the fourth quarter of 2015, compared to $13.6
million for the third quarter of 2015, and $12.4 million for the
fourth quarter of 2014. The increase in salaries and employee
benefits for the fourth quarter of 2015 compared to the fourth
quarter of 2014 was due to an overall increase in total employees,
primarily to support the expansion of the residential mortgage
lending business.
The Company’s operating efficiency ratio was
54.3% for the fourth quarter of 2015, compared with 54.8% for the
third quarter of 2015, and 49.5% for the fourth quarter of
2014.
BALANCE SHEET
During the fourth quarter of 2015, the Company
was able to reduce its cash and cash equivalents balance from
$488.3 million at September 30, 2015, to $118.2 million at December
31, 2015. Excess cash was deployed in the fourth quarter of 2015
through the purchase of investment securities and funding loan
growth. Higher cost time deposits and brokered money market
accounts were also run-off during the fourth quarter of 2015, which
helped to reduce cash equivalents to levels at year end.
Total loans receivable (net of deferred fees and
costs) were $3.82 billion at December 31, 2015, compared to $3.63
billion at September 30, 2015. The increase in loans during the
fourth quarter of 2015 was primarily attributable to growth in the
real estate secured portfolio.
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, 2015 |
|
September 30, 2015 |
|
June 30, 2015 |
|
March 31, 2015 |
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
Construction |
$ |
19,541 |
|
|
$ |
18,146 |
|
|
$ |
16,050 |
|
|
$ |
26,117 |
|
|
$ |
21,248 |
|
Real Estate
Secured |
|
2,992,824 |
|
|
|
2,810,420 |
|
|
|
2,723,458 |
|
|
|
2,701,800 |
|
|
|
2,655,251 |
|
Commercial &
Industrial |
|
792,243 |
|
|
|
789,422 |
|
|
|
765,655 |
|
|
|
769,438 |
|
|
|
610,762 |
|
Consumer |
|
15,096 |
|
|
|
13,284 |
|
|
|
14,622 |
|
|
|
15,465 |
|
|
|
21,036 |
|
Total
Loans Receivable * |
|
3,819,704 |
|
|
|
3,631,272 |
|
|
|
3,519,785 |
|
|
|
3,512,820 |
|
|
|
3,308,297 |
|
Loans
Held-For-Sale |
|
25,223 |
|
|
|
13,316 |
|
|
|
25,269 |
|
|
|
10,204 |
|
|
|
11,783 |
|
Total
Loans * |
$ |
3,844,927 |
|
|
$ |
3,644,588 |
|
|
$ |
3,545,054 |
|
|
$ |
3,523,024 |
|
|
$ |
3,320,080 |
|
|
|
|
|
|
|
|
|
|
|
* 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) |
December 31, 2015 |
|
September 30, 2015 |
|
June 30, 2015 |
|
March 31, 2015 |
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate
Secured |
$ |
273,613 |
|
|
|
54 |
% |
|
$ |
176,605 |
|
|
|
43 |
% |
|
$ |
121,066 |
|
|
|
41 |
% |
|
$ |
138,145 |
|
|
|
35 |
% |
|
$ |
184,477 |
|
|
|
56 |
% |
|
Commercial &
Industrial |
|
94,128 |
|
|
|
19 |
% |
|
|
107,952 |
|
|
|
26 |
% |
|
|
46,438 |
|
|
|
16 |
% |
|
|
59,837 |
|
|
|
15 |
% |
|
|
73,194 |
|
|
|
22 |
% |
|
Consumer |
|
55 |
|
|
|
0 |
% |
|
|
360 |
|
|
|
0 |
% |
|
|
124 |
|
|
|
0 |
% |
|
|
1,640 |
|
|
|
0 |
% |
|
|
3,385 |
|
|
|
1 |
% |
|
SBA |
|
37,897 |
|
|
|
8 |
% |
|
|
21,871 |
|
|
|
5 |
% |
|
|
25,648 |
|
|
|
9 |
% |
|
|
31,718 |
|
|
|
8 |
% |
|
|
34,747 |
|
|
|
11 |
% |
|
Residential
Mortgage |
|
95,159 |
|
|
|
19 |
% |
|
|
102,383 |
|
|
|
25 |
% |
|
|
89,652 |
|
|
|
31 |
% |
|
|
11,357 |
|
|
|
3 |
% |
|
|
8,632 |
|
|
|
4 |
% |
|
Warehouse Lines of
Credit* |
|
2,000 |
|
|
|
0 |
% |
|
|
7,000 |
|
|
|
1 |
% |
|
|
10,000 |
|
|
|
3 |
% |
|
|
155,000 |
|
|
|
39 |
% |
|
|
23,000 |
|
|
|
6 |
% |
|
Total
Loan Originations |
$ |
502,852 |
|
|
|
100 |
% |
|
$ |
416,171 |
|
|
|
100 |
% |
|
$ |
292,928 |
|
|
|
100 |
% |
|
$ |
397,697 |
|
|
|
100 |
% |
|
$ |
327,435 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Warehouse lines of credit are reported as
commercial and industrial loans on the consolidated balance
sheet.
Originations for the fourth quarter of 2015
totaled $502.9 million, compared to $416.2 million for the third
quarter of 2015, and $327.4 million for the fourth quarter of 2014.
The increase in loan origination for the three months ended
December 31, 2015, compared to the previous quarter, was due to an
increase in real estate secured and SBA loan
originations.
Total SBA loans held-for-sale at the end of the
fourth quarter of 2015 were $5.5 million, compared to $2.2 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. Residential mortgage loans held-for-sale at the
end of the fourth quarter of 2015 were $19.7 million, compared to
$9.6 million at the end of the third quarter of 2015.
Total deposits were $3.84 billion at December
31, 2015, compared with $3.94 billion at September 30, 2015. The
decrease in total deposits was attributable to the strategic
run-off of higher cost time deposits and a reduction in brokered
money market deposits.
CREDIT QUALITY
During the fourth quarter of 2015, the Company
experienced general improvement in asset quality, continued low
levels of charge-offs, and significant loan recoveries. As a
result, the Company determined that no provision for losses on
loans and loan commitments was required for the fourth quarter of
2015 in spite of the loan growth experienced during the
quarter.
The allowance for loan losses totaled $52.4
million, or 1.37% of gross loans (excluding loans held-for-sale),
at December 31, 2015, compared to $50.1 million, or 1.38% of gross
loans (excluding loans held-for-sale), at September 30, 2015. The
coverage ratio of the allowance for loan losses to non-performing
assets was 169.74% at December 31, 2015, compared with 130.23% at
September 30, 2015.
Non-Performing
Loans
At December 31, 2015, total non-performing loans
were $21.7 million, or 0.56% of total gross loans, compared to
$27.2 million, or 0.74% of total gross loans, at September 30,
2015.
The following table shows total non-performing
loans by loan type:
|
|
NON-PERFORMING
LOANS |
Quarter Ended |
(Dollars In Thousands) (Unaudited) |
Dec 31, 2015 |
|
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Mar 31, 2015 |
|
Dec 31, 2014 |
(Net of SBA Guaranty Portions) |
|
|
|
|
|
|
|
|
|
Real
Estate Secured |
$ |
15,422 |
|
|
$ |
20,123 |
|
|
$ |
23,235 |
|
|
$ |
25,329 |
|
|
$ |
29,547 |
|
Commercial & Industrial |
|
6,272 |
|
|
|
7,058 |
|
|
|
7,617 |
|
|
|
7,193 |
|
|
|
7,718 |
|
Total
Non-Performing Loans |
$ |
21,694 |
|
|
$ |
27,181 |
|
|
$ |
30,852 |
|
|
$ |
32,522 |
|
|
$ |
37,265 |
|
|
|
|
|
|
|
|
|
|
|
Net Charge-offs/Recoveries
During the fourth quarter of 2015, the Company
had total gross charge-offs of $1.4 million, and recoveries of $3.7
million, which resulted in net recoveries of $2.3 million, compared
to net recoveries of $795,000 for the third 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) |
Dec 31, 2015 |
|
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Mar 31, 2015 |
|
Dec 31, 2014 |
|
|
|
|
|
|
|
|
|
|
Real
Estate Secured |
$ |
13 |
|
|
$ |
605 |
|
|
$ |
249 |
|
|
$ |
325 |
|
|
$ |
5,461 |
|
Commercial & Industrial |
|
1,392 |
|
|
|
1,270 |
|
|
|
310 |
|
|
|
999 |
|
|
|
852 |
|
Total
Loan Charge-Offs |
$ |
1,405 |
|
|
$ |
1,875 |
|
|
$ |
559 |
|
|
$ |
1,324 |
|
|
$ |
6,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN
RECOVERIES |
Quarter Ended |
(Dollars In Thousands) (Unaudited) |
Dec 31, 2015 |
|
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Mar 31, 2015 |
|
Dec 31, 2014 |
|
|
|
|
|
|
|
|
|
|
Real
Estate Secured |
$ |
3,242 |
|
|
$ |
1,867 |
|
|
$ |
970 |
|
|
$ |
193 |
|
|
$ |
199 |
|
Commercial & Industrial |
|
452 |
|
|
|
803 |
|
|
|
240 |
|
|
|
667 |
|
|
|
1,620 |
|
Consumer |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10 |
|
|
|
2 |
|
Total
Loan Recoveries |
$ |
3,694 |
|
|
$ |
2,670 |
|
|
$ |
1,210 |
|
|
$ |
870 |
|
|
$ |
1,821 |
|
|
|
|
|
|
|
|
|
|
|
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, 2015 |
|
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Mar 31, 2015 |
|
Dec 31, 2014 |
(Net of SBA Guaranty Portions) |
|
|
|
|
|
|
|
|
|
30 - 59
Days Past Due |
$ |
4,315 |
|
|
$ |
4,911 |
|
|
$ |
3,615 |
|
|
$ |
7,375 |
|
|
$ |
5,165 |
|
60 -
89 Days Past Due |
|
1,643 |
|
|
|
1,143 |
|
|
|
7,576 |
|
|
|
421 |
|
|
|
1,820 |
|
90 Days,
and still accruing |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total
Delinquent Loans |
$ |
5,958 |
|
|
$ |
6,054 |
|
|
$ |
11,191 |
|
|
$ |
7,796 |
|
|
$ |
6,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TROUBLED DEBT
RESTRUCTURED LOANS (“TDR”) |
Quarter Ended |
(Dollars In Thousands) (Unaudited) |
Dec 31, 2015 |
|
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Mar 31, 2015 |
|
Dec 31, 2014 |
(Net of SBA Guaranty Portions) |
|
|
|
|
|
|
|
|
|
Real
Estate Secured |
$ |
22,311 |
|
|
$ |
24,188 |
|
|
$ |
29,424 |
|
|
$ |
28,612 |
|
|
$ |
25,096 |
|
Commercial & Industrial |
|
15,681 |
|
|
|
16,578 |
|
|
|
13,469 |
|
|
|
11,682 |
|
|
|
12,014 |
|
Total TDR
Loans |
$ |
37,992 |
|
|
$ |
40,766 |
|
|
$ |
42,893 |
|
|
$ |
40,294 |
|
|
$ |
37,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN
CLASSIFICATIONS
|
Quarter Ended |
(Dollars In Thousands) (Unaudited) |
Dec 31, 2015 |
|
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Mar 31, 2015 |
|
Dec 31, 2014 |
(Net of SBA Guaranty Portions) |
|
|
|
|
|
|
|
|
|
Special
Mention |
$ |
120,019 |
|
|
$ |
118,290 |
|
|
$ |
86,118 |
|
|
$ |
81,049 |
|
|
$ |
76,906 |
|
Substandard |
|
80,310 |
|
|
|
82,000 |
|
|
|
96,666 |
|
|
|
89,402 |
|
|
|
82,305 |
|
Doubtful |
|
41 |
|
|
|
2,182 |
|
|
|
5,301 |
|
|
|
9,822 |
|
|
|
11,952 |
|
Total
Criticized and Classified Loans |
$ |
200,370 |
|
|
$ |
202,472 |
|
|
$ |
188,085 |
|
|
$ |
180,273 |
|
|
$ |
171,163 |
|
|
|
|
|
|
|
|
|
|
|
Total
Classified Loans |
$ |
80,351 |
|
|
$ |
84,182 |
|
|
$ |
101,967 |
|
|
$ |
99,224 |
|
|
$ |
94,257 |
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS
As of December 31, 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) |
December 31, 2015 |
|
Well CapitalizedRegulatory Requirements |
|
Total Excess Above WellCapitalized Requirements |
Tier 1 Leverage Capital
Ratio |
|
11.30 |
% |
|
|
5.00 |
% |
|
292,980 |
Tier 1 Common Equity
Risk-Based Capital Ratio |
|
11.23 |
% |
|
|
6.50 |
% |
|
193,241 |
Tier 1 Risk-Based
Capital Ratio |
|
12.86 |
% |
|
|
8.00 |
% |
|
198,690 |
Total Risk-Based
Capital Ratio |
|
14.11 |
% |
|
|
10.00 |
% |
|
168,112 |
Tangible Common Equity
To Tangible Assets * |
|
9.96 |
% |
|
|
N/A |
|
|
N/A |
Tangible Common Equity
Per Common Share * |
$ |
5.88 |
|
|
|
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 26, 2016, at 11:00 a.m. PT (2:00 p.m. ET).
Investment professionals are invited to participate in the call by
dialing toll-free 888-298-2143 (domestic) or 503-406-4050
(international) and providing passcode number 20355338.
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 markets encompassing the multi-ethnic
populations of the Los Angeles, New York, New Jersey, and Texas.
For more information, please go to www.wilshirebank.com.
ABOUT BBCN BANCORP, INC.
BBCN Bancorp, Inc. is the holding company of
BBCN Bank, the largest Korean-American bank in the nation.
Headquartered in Los Angeles and serving a diverse mix of customers
mirroring its communities, BBCN operates 50 branches in California,
New York, New Jersey, Illinois, Washington, and Virginia; eight
loan production offices in Seattle, Denver, Dallas, Atlanta,
Northern California, Annandale, Virginia, Portland, Oregon, and
Fremont, California; and a representative office in Seoul,
Korea. BBCN specializes in core business banking products for
small and medium-sized businesses, with an emphasis in commercial
real estate and business lending, SBA lending and international
trade financing. BBCN Bank is a California-chartered bank and its
deposits are insured by the FDIC to the extent provided by law.
BBCN is an Equal Opportunity Lender.
ADDITIONAL INFORMATION ABOUT
MERGER AND WHERE TO FIND IT
In connection with the proposed merger, BBCN
Bancorp, Inc. will file with the Securities and Exchange Commission
(“SEC”) a Registration Statement on Form S-4 that will include a
Joint Proxy Statement/Prospectus of Wilshire Bancorp, Inc. and BBCN
Bancorp, as well as other relevant documents concerning the
proposed transaction. Shareholders are urged to read the
Registration Statement and the Joint Proxy Statement/Prospectus
regarding the merger when it becomes available and any other
relevant documents filed with the SEC, as well as any amendments or
supplements to those documents, because they will contain important
information. You will be able to obtain a free copy of the Joint
Proxy Statement/Prospectus, as well as other filings containing
information about Wilshire Bancorp and BBCN Bancorp at the SEC’s
Internet site (www.sec.gov). You will also be able to obtain these
documents, free of charge, from BBCN at www.BBCNbank.com in
the “Investor Relations” section under the “About” tab, or from
Wilshire Bancorp at www.wilshirebank.com in the “Investor
Relations” section under the “About Wilshire Bank” tab.
PARTICIPANTS IN
SOLICITATION
Wilshire Bancorp and BBCN Bancorp and their
respective directors, executive officers, management and employees
may be deemed to be participants in the solicitation of proxies in
respect of the merger. Information concerning Wilshire Bancorp’s
participants is set forth in the proxy statement, dated April 9,
2015, for Wilshire Bancorp’s 2015 annual meeting of stockholders as
filed with the SEC on Schedule 14A. Information concerning BBCN
Bancorp’s participants is set forth in the proxy statement, dated
May 1, 2015, and supplemental proxy materials, dated May 20, 2015,
for BBCN Bancorp’s 2015 annual meeting of stockholders, as filed
with the SEC on Schedules 14A. Additional information regarding the
interests of participants of Wilshire Bancorp and BBCN Bancorp in
the solicitation of proxies in respect of the merger will be
included in the registration statement and joint proxy
statement/prospectus to be filed with the SEC.
FORWARD-LOOKING STATEMENTS
This press release contains statements regarding
the proposed transaction between Wilshire Bancorp and BBCN Bancorp.
These statements are based on current expectations, estimates,
forecasts and projections and management assumptions about the
future performance of each of BBCN Bancorp, Wilshire Bancorp and
the combined company, as well as the businesses and markets in
which they do and are expected to operate. These statements
constitute forward-looking statements within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995. Words such
as “expects,” “believes,” “estimates,” “anticipates,” “targets,”
“goals,” “projects,” “intends,” “plans, “seeks,” and variations of
such words and similar expressions are intended to identify such
forward-looking statements which are not statements of historical
fact. These forward-looking statements are not guarantees of future
performance and involve certain risks, uncertainties, and
assumptions that are difficult to assess. Actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. The closing of the proposed
transaction is subject to regulatory approvals, the approval of the
shareholders of both Wilshire Bancorp and BBCN Bancorp, and other
customary closing conditions. There is no assurance that such
conditions will be met or that the proposed transaction will be
consummated within the expected time frame, or at all. If the
transaction is consummated, factors that may cause actual outcomes
to differ from what is expressed or forecasted in these
forward-looking statements include, among things: difficulties and
delays in integrating Wilshire Bancorp and BBCN Bancorp and
achieving anticipated synergies, cost savings and other benefits
from the transaction; higher than anticipated transaction costs;
deposit attrition, operating costs, customer loss and business
disruption following the merger, including difficulties in
maintaining relationships with employees, may be greater than
expected; required governmental approvals of the merger may not be
obtained on its proposed terms and schedule, or without regulatory
constraints that may limit growth; competitive pressures among
depository and other financial institutions may increase
significantly and have an effect on revenues; the strength of the
United States economy in general, and of the local economies in
which the combined company will operate, may be different than
expected, which could result in, among other things, a
deterioration in credit quality or a reduced demand for credit and
have a negative effect on the combined company’s loan portfolio and
allowance for loan losses; changes in the U.S. legal and regulatory
framework; and adverse conditions in the stock market, the public
debt market and other capital markets (including changes in
interest rate conditions) which would negatively affect the
combined company’s business and operating results.
For a more complete list and description of such
risks and uncertainties, refer to Wilshire Bancorp’s Form 10-K for
the year ended December 31, 2014, and BBCN Bancorp’s Form 10-K for
the year ended December 31, 2014, as amended, as well as other
filings made by Wilshire Bancorp and BBCN Bancorp with the SEC.
Except as required under the U.S. federal securities laws and the
rules and regulations of the SEC, Wilshire Bancorp and BBCN Bancorp
disclaim any intention or obligation to update any forward-looking
statements after the distribution of this press release, whether as
a result of new information, future events, developments, changes
in assumptions or otherwise.
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
(Dollars In Thousands)
(Unaudited) |
|
December 31, |
|
September 30, |
|
Three Months |
|
December 31, |
|
Twelve Months |
|
|
|
2015 |
|
|
|
2015 |
|
|
% Change |
|
|
2014 |
|
|
% Change |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
Cash and
due from banks |
|
$ |
118,089 |
|
|
$ |
487,655 |
|
|
|
-76 |
% |
|
$ |
233,699 |
|
|
|
-49 |
% |
Federal
funds sold and other cash equivalents |
|
|
104 |
|
|
|
601 |
|
|
|
-83 |
% |
|
|
254 |
|
|
|
-59 |
% |
Total Cash and
Cash Equivalents |
|
|
118,193 |
|
|
|
488,256 |
|
|
|
-76 |
% |
|
|
233,953 |
|
|
|
-49 |
% |
|
|
|
|
|
|
|
|
|
|
|
Deposits held
in other financial institutions |
|
|
- |
|
|
|
7,500 |
|
|
|
-100 |
% |
|
|
8,000 |
|
|
|
-100 |
% |
|
|
|
|
|
|
|
|
|
|
|
Investment securities available for sale |
|
|
535,524 |
|
|
|
386,679 |
|
|
|
38 |
% |
|
|
388,367 |
|
|
|
38 |
% |
Investment securities held to maturity |
|
|
21 |
|
|
|
22 |
|
|
|
-5 |
% |
|
|
26 |
|
|
|
-19 |
% |
Total
Investment Securities |
|
|
535,545 |
|
|
|
386,701 |
|
|
|
38 |
% |
|
|
388,393 |
|
|
|
38 |
% |
|
|
|
|
|
|
|
|
|
|
|
Total Loans
Held-For-Sale |
|
|
25,223 |
|
|
|
13,316 |
|
|
|
89 |
% |
|
|
11,783 |
|
|
|
114 |
% |
|
|
|
|
|
|
|
|
|
|
|
Real
estate construction |
|
|
19,541 |
|
|
|
18,146 |
|
|
|
8 |
% |
|
|
21,248 |
|
|
|
-8 |
% |
Residential real estate |
|
|
269,117 |
|
|
|
231,902 |
|
|
|
16 |
% |
|
|
183,665 |
|
|
|
47 |
% |
Commercial real estate |
|
|
2,723,707 |
|
|
|
2,578,518 |
|
|
|
6 |
% |
|
|
2,471,586 |
|
|
|
10 |
% |
Commercial and industrial |
|
|
792,243 |
|
|
|
789,422 |
|
|
|
0 |
% |
|
|
610,762 |
|
|
|
30 |
% |
Consumer |
|
|
15,096 |
|
|
|
13,284 |
|
|
|
14 |
% |
|
|
21,036 |
|
|
|
-28 |
% |
Total loans receivable,
net of deferred fees and costs |
|
|
3,819,704 |
|
|
|
3,631,272 |
|
|
|
5 |
% |
|
|
3,308,297 |
|
|
|
15 |
% |
Allowance for loan
losses |
|
|
(52,405 |
) |
|
|
(50,116 |
) |
|
|
5 |
% |
|
|
(48,624 |
) |
|
|
8 |
% |
Loans
Receivable, Net of Allowance for Loan Losses |
|
|
3,767,299 |
|
|
|
3,581,156 |
|
|
|
5 |
% |
|
|
3,259,673 |
|
|
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
Accrued
interest receivable |
|
|
9,226 |
|
|
|
8,604 |
|
|
|
7 |
% |
|
|
8,792 |
|
|
|
5 |
% |
Due from
customers on acceptances |
|
|
7,250 |
|
|
|
8,940 |
|
|
|
-19 |
% |
|
|
5,611 |
|
|
|
29 |
% |
Other
real estate owned |
|
|
9,179 |
|
|
|
11,302 |
|
|
|
-19 |
% |
|
|
7,922 |
|
|
|
16 |
% |
Premises
and equipment |
|
|
16,096 |
|
|
|
14,328 |
|
|
|
12 |
% |
|
|
13,881 |
|
|
|
16 |
% |
Federal
home loan bank (FHLB) stock, at cost |
|
|
16,539 |
|
|
|
16,539 |
|
|
|
0 |
% |
|
|
16,539 |
|
|
|
0 |
% |
Cash
surrender value of life insurance |
|
|
25,028 |
|
|
|
24,879 |
|
|
|
1 |
% |
|
|
23,330 |
|
|
|
7 |
% |
Investment in affordable housing partnerships |
|
|
48,867 |
|
|
|
45,435 |
|
|
|
8 |
% |
|
|
44,077 |
|
|
|
11 |
% |
Deferred
income taxes |
|
|
21,489 |
|
|
|
20,086 |
|
|
|
7 |
% |
|
|
22,271 |
|
|
|
-4 |
% |
Servicing
assets |
|
|
19,894 |
|
|
|
19,967 |
|
|
|
0 |
% |
|
|
18,031 |
|
|
|
10 |
% |
Goodwill |
|
|
67,473 |
|
|
|
67,473 |
|
|
|
0 |
% |
|
|
67,473 |
|
|
|
0 |
% |
Other
assets |
|
|
26,167 |
|
|
|
25,919 |
|
|
|
1 |
% |
|
|
25,740 |
|
|
|
2 |
% |
TOTAL
ASSETS |
|
$ |
4,713,468 |
|
|
$ |
4,740,401 |
|
|
|
-1 |
% |
|
$ |
4,155,469 |
|
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand deposits |
|
$ |
1,088,436 |
|
|
$ |
1,074,025 |
|
|
|
1 |
% |
|
$ |
915,413 |
|
|
|
19 |
% |
Savings
and interest checking |
|
|
172,038 |
|
|
|
161,267 |
|
|
|
7 |
% |
|
|
160,717 |
|
|
|
7 |
% |
Money
market deposits |
|
|
977,697 |
|
|
|
996,899 |
|
|
|
-2 |
% |
|
|
765,892 |
|
|
|
28 |
% |
Time
deposits in denomination of $100,000 or more |
|
|
1,349,440 |
|
|
|
1,440,340 |
|
|
|
-6 |
% |
|
|
1,291,844 |
|
|
|
4 |
% |
Other
time deposits |
|
|
252,265 |
|
|
|
269,909 |
|
|
|
-7 |
% |
|
|
267,393 |
|
|
|
-6 |
% |
Total
Deposits |
|
|
3,839,876 |
|
|
|
3,942,440 |
|
|
|
-3 |
% |
|
|
3,401,259 |
|
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
FHLB
borrowings |
|
|
220,000 |
|
|
|
150,000 |
|
|
|
47 |
% |
|
|
150,000 |
|
|
|
47 |
% |
Acceptance outstanding |
|
|
7,250 |
|
|
|
8,940 |
|
|
|
-19 |
% |
|
|
5,611 |
|
|
|
29 |
% |
Junior
subordinated debentures |
|
|
72,016 |
|
|
|
71,955 |
|
|
|
0 |
% |
|
|
71,779 |
|
|
|
0 |
% |
Accrued
interest payable |
|
|
2,105 |
|
|
|
2,326 |
|
|
|
-10 |
% |
|
|
2,228 |
|
|
|
-6 |
% |
Other
liabilities |
|
|
39,291 |
|
|
|
38,112 |
|
|
|
3 |
% |
|
|
35,181 |
|
|
|
12 |
% |
Total
Liabilities |
|
|
4,180,538 |
|
|
|
4,213,773 |
|
|
|
-1 |
% |
|
|
3,666,058 |
|
|
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
|
233,341 |
|
|
|
233,634 |
|
|
|
0 |
% |
|
|
232,001 |
|
|
|
1 |
% |
Retained
earnings |
|
|
296,303 |
|
|
|
287,072 |
|
|
|
3 |
% |
|
|
252,957 |
|
|
|
17 |
% |
Accumulated other comprehensive income |
|
|
3,286 |
|
|
|
5,922 |
|
|
|
-45 |
% |
|
|
4,453 |
|
|
|
-26 |
% |
Total
Shareholders’ Equity |
|
|
532,930 |
|
|
|
526,628 |
|
|
|
1 |
% |
|
|
489,411 |
|
|
|
9 |
% |
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
4,713,468 |
|
|
$ |
4,740,401 |
|
|
|
-1 |
% |
|
$ |
4,155,469 |
|
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF
OPERATIONS |
(Dollars
In Thousands, Except Per Share Data) (Unaudited) |
|
|
Quarter Ended |
|
Three Mths |
|
Quarter Ended |
|
Twelve Mths |
|
|
December 31, 2015 |
|
September 30, 2015 |
|
% Change |
|
December 31, 2014 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Interest
and fees on loans |
|
$ |
43,797 |
|
|
$ |
41,877 |
|
|
|
5 |
% |
|
$ |
40,709 |
|
|
|
8 |
% |
Interest
on investment securities |
|
|
2,626 |
|
|
|
2,022 |
|
|
|
30 |
% |
|
|
2,053 |
|
|
|
28 |
% |
Interest
on federal funds sold and others |
|
|
228 |
|
|
|
303 |
|
|
|
-25 |
% |
|
|
155 |
|
|
|
47 |
% |
Total Interest
Income |
|
|
46,651 |
|
|
|
44,202 |
|
|
|
6 |
% |
|
|
42,917 |
|
|
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
5,945 |
|
|
|
6,039 |
|
|
|
-2 |
% |
|
|
4,783 |
|
|
|
24 |
% |
FHLB
advances and other borrowings |
|
|
1,287 |
|
|
|
704 |
|
|
|
83 |
% |
|
|
667 |
|
|
|
93 |
% |
Total Interest
Expense |
|
|
7,232 |
|
|
|
6,743 |
|
|
|
7 |
% |
|
|
5,450 |
|
|
|
33 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net
interest income before provision for losses on loans and loan
commitments |
|
|
39,419 |
|
|
|
37,459 |
|
|
|
5 |
% |
|
|
37,467 |
|
|
|
5 |
% |
Provision
for losses on loans and loan commitments |
|
|
- |
|
|
|
700 |
|
|
|
-100 |
% |
|
|
- |
|
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net
interest income after provision for losses on loans and loan
commitments |
|
|
39,419 |
|
|
|
36,759 |
|
|
|
7 |
% |
|
|
37,467 |
|
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Service
charges on deposits |
|
|
2,903 |
|
|
|
3,084 |
|
|
|
-6 |
% |
|
|
3,105 |
|
|
|
-7 |
% |
Net gain
on sale of SBA loans |
|
|
1,958 |
|
|
|
1,958 |
|
|
|
-0 |
% |
|
|
3,465 |
|
|
|
-43 |
% |
Net gain
on sale of residential loans |
|
|
898 |
|
|
|
1,204 |
|
|
|
-25 |
% |
|
|
63 |
|
|
|
1325 |
% |
Net gain
on sale of other loans |
|
|
62 |
|
|
|
- |
|
|
|
0 |
% |
|
|
- |
|
|
|
0 |
% |
Other |
|
|
3,725 |
|
|
|
3,281 |
|
|
|
14 |
% |
|
|
3,280 |
|
|
|
14 |
% |
Total Noninterest Income |
|
|
9,546 |
|
|
|
9,527 |
|
|
|
0 |
% |
|
|
9,913 |
|
|
|
-4 |
% |
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSES |
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
|
13,676 |
|
|
|
13,639 |
|
|
|
0 |
% |
|
|
12,359 |
|
|
|
11 |
% |
Occupancy
and equipment |
|
|
3,390 |
|
|
|
3,341 |
|
|
|
1 |
% |
|
|
3,385 |
|
|
|
0 |
% |
Data
processing |
|
|
1,156 |
|
|
|
1,119 |
|
|
|
3 |
% |
|
|
1,030 |
|
|
|
12 |
% |
Merger-related costs |
|
|
994 |
|
|
|
- |
|
|
|
0 |
% |
|
|
- |
|
|
|
0 |
% |
Other |
|
|
7,348 |
|
|
|
7,651 |
|
|
|
-4 |
% |
|
|
6,694 |
|
|
|
10 |
% |
Total
Noninterest Expenses |
|
|
26,564 |
|
|
|
25,750 |
|
|
|
3 |
% |
|
|
23,468 |
|
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
|
22,401 |
|
|
|
20,536 |
|
|
|
9 |
% |
|
|
23,912 |
|
|
|
-6 |
% |
Income
taxes provision |
|
|
8,453 |
|
|
|
7,251 |
|
|
|
17 |
% |
|
|
7,809 |
|
|
|
8 |
% |
NET
INCOME |
|
$ |
13,948 |
|
|
$ |
13,285 |
|
|
|
5 |
% |
|
$ |
16,103 |
|
|
|
-13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON
SHARE INFORMATION: |
|
|
|
|
|
|
|
|
|
|
Basic
income per common share |
|
$ |
0.18 |
|
|
$ |
0.17 |
|
|
|
5 |
% |
|
$ |
0.21 |
|
|
|
-14 |
% |
Diluted
income per common share |
|
$ |
0.18 |
|
|
$ |
0.17 |
|
|
|
5 |
% |
|
$ |
0.20 |
|
|
|
-14 |
% |
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
78,601,082 |
|
|
|
78,556,455 |
|
|
|
|
|
78,315,686 |
|
|
|
Diluted |
|
|
78,942,078 |
|
|
|
78,907,223 |
|
|
|
|
|
78,628,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF
OPERATIONS |
(Dollars
In Thousands, Except Per Share Data) (Unaudited) |
|
|
Twelve Months Ended |
|
Twelve Mths |
|
|
December 31, 2015 |
|
December 31, 2014 |
|
% Change |
|
|
|
|
|
|
|
INTEREST
INCOME |
|
|
|
|
|
|
Interest
and fees on loans |
|
$ |
167,361 |
|
|
$ |
155,020 |
|
|
|
8 |
% |
Interest
on investment securities |
|
|
8,545 |
|
|
|
8,195 |
|
|
|
4 |
% |
Interest
on federal funds sold and others |
|
|
987 |
|
|
|
489 |
|
|
|
102 |
% |
Total Interest
Income |
|
|
176,893 |
|
|
|
163,704 |
|
|
|
8 |
% |
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
Deposits |
|
|
22,742 |
|
|
|
15,926 |
|
|
|
43 |
% |
FHLB
advances and other borrowings |
|
|
3,309 |
|
|
|
2,241 |
|
|
|
48 |
% |
Total Interest
Expense |
|
|
26,051 |
|
|
|
18,167 |
|
|
|
43 |
% |
|
|
|
|
|
|
|
Net
interest income before provision for losses on loans and loan
commitments |
|
|
150,842 |
|
|
|
145,537 |
|
|
|
4 |
% |
Provision
for losses on loans and loan commitments |
|
|
700 |
|
|
|
- |
|
|
|
0 |
% |
|
|
|
|
|
|
|
Net
interest income after provision for losses on loans and loan
commitments |
|
|
150,142 |
|
|
|
145,537 |
|
|
|
3 |
% |
|
|
|
|
|
|
|
NONINTEREST
INCOME |
|
|
|
|
|
|
Service
charges on deposits |
|
|
12,253 |
|
|
|
12,693 |
|
|
|
-3 |
% |
Net gain
on sale of SBA loans |
|
|
8,792 |
|
|
|
14,366 |
|
|
|
-39 |
% |
Net gain
on sale of residential loans |
|
|
3,290 |
|
|
|
366 |
|
|
|
799 |
% |
Net gain
on sale of other loans |
|
|
4,988 |
|
|
|
230 |
|
|
|
2069 |
% |
Other |
|
|
16,331 |
|
|
|
13,586 |
|
|
|
20 |
% |
Total Noninterest Income |
|
|
45,654 |
|
|
|
41,241 |
|
|
|
11 |
% |
|
|
|
|
|
|
|
NONINTEREST
EXPENSES |
|
|
|
|
|
|
Salaries
and employee benefits |
|
|
54,144 |
|
|
|
49,724 |
|
|
|
9 |
% |
FDIC
indemnification impairment |
|
|
- |
|
|
|
597 |
|
|
|
-100 |
% |
Occupancy
and equipment |
|
|
13,300 |
|
|
|
13,371 |
|
|
|
-1 |
% |
Data
processing |
|
|
4,406 |
|
|
|
3,998 |
|
|
|
10 |
% |
Merger-related costs |
|
|
994 |
|
|
|
3,577 |
|
|
|
-72 |
% |
Other |
|
|
27,046 |
|
|
|
26,247 |
|
|
|
3 |
% |
Total
Noninterest Expenses |
|
|
99,890 |
|
|
|
97,514 |
|
|
|
2 |
% |
|
|
|
|
|
|
|
Income
before income taxes |
|
|
95,906 |
|
|
|
89,264 |
|
|
|
7 |
% |
Income
taxes provision |
|
|
34,501 |
|
|
|
30,255 |
|
|
|
14 |
% |
NET
INCOME |
|
$ |
61,405 |
|
|
$ |
59,009 |
|
|
|
4 |
% |
|
|
|
|
|
|
|
PER COMMON
SHARE INFORMATION: |
|
|
|
|
|
|
Basic
income per common share |
|
$ |
0.78 |
|
|
$ |
0.75 |
|
|
|
4 |
% |
Diluted
income per common share |
|
$ |
0.78 |
|
|
$ |
0.75 |
|
|
|
4 |
% |
|
|
|
|
|
|
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
Basic |
|
|
78,486,883 |
|
|
|
78,250,901 |
|
|
|
Diluted |
|
|
78,818,556 |
|
|
|
78,591,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY OF FINANCIAL DATA |
(Dollars
In Thousands, Except Per Share Data) (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
AVERAGE
BALANCES |
|
December 31, 2015 |
|
|
|
September 30, 2015 |
|
|
|
December 31, 2014 |
|
|
Average Assets |
|
$ |
4,728,510 |
|
|
|
|
$ |
4,592,052 |
|
|
|
|
$ |
4,049,930 |
|
|
|
Average Equity |
|
|
534,938 |
|
|
|
|
|
524,962 |
|
|
|
|
|
485,482 |
|
|
|
Average Net Loans |
|
|
3,650,672 |
|
|
|
|
|
3,519,441 |
|
|
|
|
|
3,200,538 |
|
|
|
Average Deposits |
|
|
3,922,849 |
|
|
|
|
|
3,893,958 |
|
|
|
|
|
3,292,557 |
|
|
|
Average Time Deposits
of $100,000 or more |
|
|
1,407,298 |
|
|
|
|
|
1,448,501 |
|
|
|
|
|
1,211,738 |
|
|
|
Average FHLB &
Other Borrowings |
|
|
151,848 |
|
|
|
|
|
59,783 |
|
|
|
|
|
150,000 |
|
|
|
Average Interest
Earning Assets |
|
|
4,445,026 |
|
|
|
|
|
4,308,140 |
|
|
|
|
|
3,764,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
AVERAGE
BALANCES |
|
December 31, 2015 |
|
|
|
|
|
|
|
December 31, 2014 |
|
|
Average Assets |
|
$ |
4,513,304 |
|
|
|
|
|
|
|
|
$ |
3,762,400 |
|
|
|
Average Equity |
|
|
518,447 |
|
|
|
|
|
|
|
|
|
466,398 |
|
|
|
Average Net Loans |
|
|
3,501,800 |
|
|
|
|
|
|
|
|
|
3,017,409 |
|
|
|
Average Deposits |
|
|
3,762,323 |
|
|
|
|
|
|
|
|
|
3,021,392 |
|
|
|
Average Time Deposits
of $100,000 or more |
|
|
1,393,357 |
|
|
|
|
|
|
|
|
|
970,481 |
|
|
|
Average FHLB &
Other Borrowings |
|
|
118,435 |
|
|
|
|
|
|
|
|
|
160,950 |
|
|
|
Average Interest
Earning Assets |
|
|
4,233,219 |
|
|
|
|
|
|
|
|
|
3,479,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
PROFITABILITY |
|
December 31, 2015 |
|
|
|
September 30, 2015 |
|
|
|
December 31, 2014 |
|
|
Annualized Return on
Average Assets |
|
|
1.18 |
% |
|
|
|
|
1.16 |
% |
|
|
|
|
1.59 |
% |
|
|
Annualized Return on
Average Equity |
|
|
10.43 |
% |
|
|
|
|
10.12 |
% |
|
|
|
|
13.27 |
% |
|
|
Efficiency Ratio |
|
|
54.25 |
% |
|
|
|
|
54.80 |
% |
|
|
|
|
49.53 |
% |
|
|
Annualized Operating
Expense/Average Assets |
|
|
2.25 |
% |
|
|
|
|
2.24 |
% |
|
|
|
|
2.32 |
% |
|
|
Annualized Net Interest
Margin |
|
|
3.56 |
% |
|
|
|
|
3.49 |
% |
|
|
|
|
4.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
PROFITABILITY |
|
December 31, 2015 |
|
|
|
|
|
|
|
December 31, 2014 |
|
|
Annualized Return on
Average Assets |
|
|
1.36 |
% |
|
|
|
|
|
|
|
|
1.57 |
% |
|
|
Annualized Return on
Average Equity |
|
|
11.84 |
% |
|
|
|
|
|
|
|
|
12.65 |
% |
|
|
Efficiency Ratio |
|
|
50.84 |
% |
|
|
|
|
|
|
|
|
52.21 |
% |
|
|
Annualized Operating
Expense/Average Assets |
|
|
2.21 |
% |
|
|
|
|
|
|
|
|
2.59 |
% |
|
|
Annualized Net Interest
Margin |
|
|
3.58 |
% |
|
|
|
|
|
|
|
|
4.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Of |
DEPOSIT
COMPOSITION |
|
December 31, 2015 |
|
Cost of Funds |
|
September 30, 2015 |
|
Cost of Funds |
|
December 31, 2014 |
|
Cost of Funds |
Noninterest Bearing
Demand Deposits |
|
|
28.3 |
% |
|
|
0.00 |
% |
|
|
27.2 |
% |
|
|
0.00 |
% |
|
|
26.9 |
% |
|
|
0.00 |
% |
Savings & Interest
Checking |
|
|
4.5 |
% |
|
|
1.26 |
% |
|
|
4.1 |
% |
|
|
1.29 |
% |
|
|
4.7 |
% |
|
|
1.33 |
% |
Money Market
Deposits |
|
|
25.5 |
% |
|
|
0.69 |
% |
|
|
25.3 |
% |
|
|
0.68 |
% |
|
|
22.5 |
% |
|
|
0.71 |
% |
Time Deposits of
$100,000 or More |
|
|
35.1 |
% |
|
|
0.89 |
% |
|
|
36.5 |
% |
|
|
0.89 |
% |
|
|
38.0 |
% |
|
|
0.79 |
% |
Other Time
Deposits |
|
|
6.6 |
% |
|
|
0.91 |
% |
|
|
6.9 |
% |
|
|
0.92 |
% |
|
|
7.9 |
% |
|
|
0.84 |
% |
Total
Deposits |
|
|
100.0 |
% |
|
|
0.61 |
% |
|
|
100.0 |
% |
|
|
0.62 |
% |
|
|
100.0 |
% |
|
|
0.58 |
% |
|
|
|
|
|
|
As Of |
|
CAPITAL
RATIOS |
|
December 31, 2015 |
|
|
|
September 30, 2015 |
|
|
|
December 31, 2014 |
|
|
Tier 1 Leverage
Ratio |
|
|
11.30 |
% |
|
|
|
|
11.54 |
% |
|
|
|
|
12.11 |
% |
|
|
Tier 1 Common Equity
Risk-Based Capital Ratio |
|
|
11.23 |
% |
|
|
|
|
11.47 |
% |
|
|
|
|
N/A |
|
|
|
Tier 1 Risk-Based
Capital Ratio |
|
|
12.86 |
% |
|
|
|
|
13.23 |
% |
|
|
|
|
14.13 |
% |
|
|
Total Risk-Based
Capital Ratio |
|
|
14.11 |
% |
|
|
|
|
14.48 |
% |
|
|
|
|
15.38 |
% |
|
|
Total Shareholders'
Equity |
|
$ |
532,930 |
|
|
|
|
$ |
526,628 |
|
|
|
|
$ |
489,411 |
|
|
|
Book Value Per Common
Share |
|
$ |
6.78 |
|
|
|
|
$ |
6.70 |
|
|
|
|
$ |
6.25 |
|
|
|
Tangible Common Equity
Per Common Share * |
|
$ |
5.88 |
|
|
|
|
$ |
5.80 |
|
|
|
|
$ |
5.33 |
|
|
|
Tangible Common Equity
to Tangible Assets * |
|
|
9.96 |
% |
|
|
|
|
9.76 |
% |
|
|
|
|
10.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Excludes goodwill and other intangible
assets
|
ALLOWANCE FOR LOAN LOSSES |
(Dollars In Thousands)
(Unaudited) |
|
|
|
|
|
Quarter Ended |
|
|
December 31, 2015 |
|
September 30, 2015 |
|
June 30, 2015 |
|
March 31, 2015 |
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of
period |
|
$ |
50,116 |
|
|
$ |
48,821 |
|
|
$ |
48,170 |
|
|
$ |
48,624 |
|
|
$ |
53,116 |
|
Provision for losses on
loans |
|
|
- |
|
|
|
500 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Recoveries on loans
previously charged-off |
|
|
3,694 |
|
|
|
2,670 |
|
|
|
1,210 |
|
|
|
870 |
|
|
|
1,821 |
|
Gross loan
charge-offs |
|
|
(1,405 |
) |
|
|
(1,875 |
) |
|
|
(559 |
) |
|
|
(1,324 |
) |
|
|
(6,313 |
) |
Balance at end of
period |
|
$ |
52,405 |
|
|
$ |
50,116 |
|
|
$ |
48,821 |
|
|
$ |
48,170 |
|
|
$ |
48,624 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Loan Charge-offs /
Average Net Loans |
|
|
-0.06 |
% |
|
|
-0.02 |
% |
|
|
-0.02 |
% |
|
|
0.01 |
% |
|
|
0.14 |
% |
Charge-offs / Average
Total Loans |
|
|
0.04 |
% |
|
|
0.05 |
% |
|
|
0.02 |
% |
|
|
0.04 |
% |
|
|
0.20 |
% |
Allowance for Loan
Losses / Gross Loans* |
|
|
1.37 |
% |
|
|
1.38 |
% |
|
|
1.38 |
% |
|
|
1.37 |
% |
|
|
1.47 |
% |
Allowance for Loan
Losses / Non-accrual Loans |
|
|
241.56 |
% |
|
|
184.38 |
% |
|
|
158.24 |
% |
|
|
148.12 |
% |
|
|
130.48 |
% |
Allowance for Loan
Losses / Non-performing Loans |
|
|
241.56 |
% |
|
|
184.38 |
% |
|
|
158.24 |
% |
|
|
148.12 |
% |
|
|
130.48 |
% |
Allowance for Loan
Losses / Non-performing Assets |
|
|
169.74 |
% |
|
|
130.23 |
% |
|
|
130.50 |
% |
|
|
120.63 |
% |
|
|
107.61 |
% |
Allowance for Loan
Losses / Classified Loans |
|
|
65.22 |
% |
|
|
59.53 |
% |
|
|
47.88 |
% |
|
|
48.55 |
% |
|
|
51.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
* Excludes
held-for-sale loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING ASSETS |
(Dollars In Thousands,
Net of SBA Guaranty) |
|
Quarter Ended |
|
(Unaudited) |
|
December 31, 2015 |
|
September 30, 2015 |
|
June 30, 2015 |
|
March 31, 2015 |
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans |
|
$ |
21,694 |
|
|
$ |
27,181 |
|
|
$ |
30,852 |
|
|
$ |
32,522 |
|
|
$ |
37,265 |
|
Loans 90 days or more
past due and still accruing |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total Non-performing
Loans |
|
|
21,694 |
|
|
|
27,181 |
|
|
|
30,852 |
|
|
|
32,522 |
|
|
|
37,265 |
|
|
|
|
|
|
|
|
|
|
|
|
Total OREO |
|
|
9,179 |
|
|
|
11,302 |
|
|
|
6,559 |
|
|
|
7,411 |
|
|
|
7,922 |
|
Total Non-performing
Assets |
|
$ |
30,873 |
|
|
$ |
38,483 |
|
|
$ |
37,411 |
|
|
$ |
39,933 |
|
|
$ |
45,187 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Loans/Gross Loans |
|
|
0.56 |
% |
|
|
0.74 |
% |
|
|
0.87 |
% |
|
|
0.92 |
% |
|
|
1.12 |
% |
Total Non-performing
Assets/Total Assets |
|
|
0.65 |
% |
|
|
0.81 |
% |
|
|
0.81 |
% |
|
|
0.90 |
% |
|
|
1.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR OFF-BALANCE SHEET ITEMS |
(Dollars In Thousands)
(Unaudited) |
|
Quarter Ended |
|
|
December 31, 2015 |
|
September 30, 2015 |
|
December 31, 2014 |
|
|
|
|
|
|
|
Balance at beginning of
period |
|
$ |
1,261 |
|
|
$ |
1,061 |
|
|
$ |
1,061 |
|
Provision for losses on
loan commitments |
|
|
- |
|
|
|
200 |
|
|
|
- |
|
Balance at end of
period |
|
$ |
1,261 |
|
|
$ |
1,261 |
|
|
$ |
1,061 |
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
December 31, 2015 |
|
December 31, 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 |
|
December 31, 2015 |
|
September 30, 2015 |
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
$ |
2,904,530 |
|
|
$ |
34,851 |
|
|
|
4.80 |
% |
|
$ |
2,802,173 |
|
|
$ |
33,750 |
|
|
|
4.82 |
% |
|
$ |
2,666,855 |
|
|
$ |
33,339 |
|
|
|
5.00 |
% |
Commercial Loans |
|
743,686 |
|
|
|
7,662 |
|
|
|
4.12 |
% |
|
|
714,169 |
|
|
|
7,116 |
|
|
|
3.99 |
% |
|
|
530,293 |
|
|
|
5,717 |
|
|
|
4.31 |
% |
Consumer
Loans |
|
12,650 |
|
|
|
96 |
|
|
|
3.04 |
% |
|
|
13,053 |
|
|
|
108 |
|
|
|
3.31 |
% |
|
|
13,162 |
|
|
|
129 |
|
|
|
3.92 |
% |
Total
Gross Loans |
|
3,660,866 |
|
|
|
42,609 |
|
|
|
4.66 |
% |
|
|
3,529,395 |
|
|
|
40,974 |
|
|
|
4.64 |
% |
|
|
3,210,310 |
|
|
|
39,185 |
|
|
|
4.88 |
% |
Deferred
Fees and Costs Loan Fees |
|
(10,194 |
) |
|
|
1,188 |
|
|
|
|
|
(9,954 |
) |
|
|
903 |
|
|
|
|
|
(9,772 |
) |
|
|
1,524 |
|
|
|
Total Loans * |
|
3,650,672 |
|
|
|
43,797 |
|
|
|
4.80 |
% |
|
|
3,519,441 |
|
|
|
41,877 |
|
|
|
4.76 |
% |
|
|
3,200,538 |
|
|
|
40,709 |
|
|
|
5.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
SECURITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INTEREST-EARNING ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities** |
|
496,571 |
|
|
|
2,626 |
|
|
|
2.24 |
% |
|
|
355,828 |
|
|
|
2,022 |
|
|
|
2.45 |
% |
|
|
366,229 |
|
|
|
2,053 |
|
|
|
2.43 |
% |
Deposits
Held In Other Institutions |
|
4,223 |
|
|
|
22 |
|
|
|
2.08 |
% |
|
|
7,576 |
|
|
|
31 |
|
|
|
1.64 |
% |
|
|
8,402 |
|
|
|
34 |
|
|
|
1.62 |
% |
Federal
Funds Sold & Others |
|
293,560 |
|
|
|
206 |
|
|
|
0.28 |
% |
|
|
425,295 |
|
|
|
272 |
|
|
|
0.26 |
% |
|
|
189,102 |
|
|
|
121 |
|
|
|
0.26 |
% |
Total Investment Securities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Earning Assets |
|
794,354 |
|
|
|
2,854 |
|
|
|
1.51 |
% |
|
|
788,699 |
|
|
|
2,325 |
|
|
|
1.26 |
% |
|
|
563,733 |
|
|
|
2,208 |
|
|
|
1.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST-EARNING ASSETS |
$ |
4,445,026 |
|
|
$ |
46,651 |
|
|
|
4.21 |
% |
|
$ |
4,308,140 |
|
|
$ |
44,202 |
|
|
|
4.12 |
% |
|
$ |
3,764,271 |
|
|
$ |
42,917 |
|
|
|
4.58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Non-Interest Earning Assets |
|
283,484 |
|
|
|
|
|
|
|
283,912 |
|
|
|
|
|
|
|
285,659 |
|
|
|
|
|
TOTAL
ASSETS |
$ |
4,728,510 |
|
|
|
|
|
|
$ |
4,592,052 |
|
|
|
|
|
|
$ |
4,049,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST-BEARING DEPOSITS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market |
$ |
982,301 |
|
|
$ |
1,684 |
|
|
|
0.69 |
% |
|
$ |
978,220 |
|
|
$ |
1,657 |
|
|
|
0.68 |
% |
|
$ |
748,031 |
|
|
$ |
1,320 |
|
|
|
0.71 |
% |
NOW |
|
34,586 |
|
|
|
23 |
|
|
|
0.27 |
% |
|
|
30,916 |
|
|
|
22 |
|
|
|
0.29 |
% |
|
|
31,364 |
|
|
|
17 |
|
|
|
0.22 |
% |
Savings |
|
132,186 |
|
|
|
504 |
|
|
|
1.53 |
% |
|
|
128,597 |
|
|
|
493 |
|
|
|
1.53 |
% |
|
|
127,610 |
|
|
|
510 |
|
|
|
1.60 |
% |
Time
Deposits of $100,000 or More |
|
1,407,298 |
|
|
|
3,132 |
|
|
|
0.89 |
% |
|
|
1,448,501 |
|
|
|
3,235 |
|
|
|
0.89 |
% |
|
|
1,211,738 |
|
|
|
2,387 |
|
|
|
0.79 |
% |
Other
Time Deposits |
|
263,322 |
|
|
|
602 |
|
|
|
0.91 |
% |
|
|
273,433 |
|
|
|
632 |
|
|
|
0.93 |
% |
|
|
262,777 |
|
|
|
549 |
|
|
|
0.84 |
% |
Total Interest Bearing Deposits |
|
2,819,693 |
|
|
|
5,945 |
|
|
|
0.84 |
% |
|
|
2,859,667 |
|
|
|
6,039 |
|
|
|
0.85 |
% |
|
|
2,381,520 |
|
|
|
4,783 |
|
|
|
0.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BORROWINGS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
Advances and Other Borrowings |
|
151,848 |
|
|
|
828 |
|
|
|
2.18 |
% |
|
|
59,783 |
|
|
|
257 |
|
|
|
1.72 |
% |
|
|
150,000 |
|
|
|
235 |
|
|
|
0.63 |
% |
Junior
Subordinated Debentures |
|
71,976 |
|
|
|
459 |
|
|
|
2.55 |
% |
|
|
71,916 |
|
|
|
447 |
|
|
|
2.49 |
% |
|
|
71,742 |
|
|
|
432 |
|
|
|
2.41 |
% |
Total Borrowings |
|
223,824 |
|
|
|
1,287 |
|
|
|
2.30 |
% |
|
|
131,699 |
|
|
|
704 |
|
|
|
2.14 |
% |
|
|
221,742 |
|
|
|
667 |
|
|
|
1.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INTEREST
BEARING LIABILITIES |
$ |
3,043,517 |
|
|
$ |
7,232 |
|
|
|
0.95 |
% |
|
$ |
2,991,366 |
|
|
$ |
6,743 |
|
|
|
0.90 |
% |
|
$ |
2,603,262 |
|
|
$ |
5,450 |
|
|
|
0.84 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Bearing Deposits |
|
1,103,156 |
|
|
|
|
|
|
|
1,034,291 |
|
|
|
|
|
|
|
911,037 |
|
|
|
|
|
Other
Liabilities |
|
46,899 |
|
|
|
|
|
|
|
41,433 |
|
|
|
|
|
|
|
50,149 |
|
|
|
|
|
Shareholders’ Equity |
|
534,938 |
|
|
|
|
|
|
|
524,962 |
|
|
|
|
|
|
|
485,482 |
|
|
|
|
|
TOTAL
LIABILITIES AND EQUITY |
$ |
4,728,510 |
|
|
|
|
|
|
$ |
4,592,052 |
|
|
|
|
|
|
$ |
4,049,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME |
|
$ |
39,419 |
|
|
|
|
|
$ |
37,459 |
|
|
|
|
|
$ |
37,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
SPREAD |
|
|
|
|
3.26 |
% |
|
|
|
|
|
3.22 |
% |
|
|
|
|
|
3.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
MARGIN |
|
|
|
|
3.56 |
% |
|
|
|
|
|
3.49 |
% |
|
|
|
|
|
4.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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 Twelve Months Ended |
|
December 31, 2015 |
|
December 31, 2014 |
|
|
|
|
|
Average |
|
Interest |
|
Average |
|
Average |
|
Interest |
|
Average |
INTEREST EARNING ASSETS |
Balance |
|
Income/ |
|
Yield/ |
|
Balance |
|
Income/ |
|
Yield/ |
|
|
|
|
Expense |
|
Rate |
|
|
|
|
|
Expense |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS: |
|
|
|
|
|
|
|
|
|
Real
Estate Loans |
$ |
2,798,746 |
|
|
$ |
134,576 |
|
|
|
4.81 |
% |
|
$ |
2,549,100 |
|
|
$ |
128,969 |
|
|
|
5.06 |
% |
Commercial Loans |
|
699,713 |
|
|
|
28,007 |
|
|
|
4.00 |
% |
|
|
464,911 |
|
|
|
21,136 |
|
|
|
4.55 |
% |
Consumer
Loans |
|
13,384 |
|
|
|
443 |
|
|
|
3.31 |
% |
|
|
12,308 |
|
|
|
490 |
|
|
|
3.98 |
% |
Total
Gross Loans |
|
3,511,843 |
|
|
|
163,026 |
|
|
|
4.64 |
% |
|
|
3,026,319 |
|
|
|
150,595 |
|
|
|
4.98 |
% |
Deferred
Fees and Costs Loan Fees |
|
(10,043 |
) |
|
|
4,335 |
|
|
|
|
|
(8,910 |
) |
|
|
4,425 |
|
|
|
Total Loans * |
|
3,501,800 |
|
|
|
167,361 |
|
|
|
4.78 |
% |
|
|
3,017,409 |
|
|
|
155,020 |
|
|
|
5.14 |
% |
|
|
|
|
|
|
|
|
|
|
INVESTMENT
SECURITIES AND |
|
|
|
|
|
|
|
|
|
OTHER
INTEREST-EARNING ASSETS: |
|
|
|
|
|
|
|
|
|
Investment Securities** |
|
388,183 |
|
|
|
8,545 |
|
|
|
2.37 |
% |
|
|
350,661 |
|
|
|
8,195 |
|
|
|
2.54 |
% |
Deposits
Held In Other Institutions |
|
6,938 |
|
|
|
118 |
|
|
|
1.70 |
% |
|
|
17,105 |
|
|
|
238 |
|
|
|
1.39 |
% |
Federal
Funds Sold & Others |
|
336,298 |
|
|
|
869 |
|
|
|
0.26 |
% |
|
|
94,818 |
|
|
|
251 |
|
|
|
0.27 |
% |
Total Investment Securities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Earning Assets |
|
731,419 |
|
|
|
9,532 |
|
|
|
1.39 |
% |
|
|
462,584 |
|
|
|
8,684 |
|
|
|
2.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST-EARNING ASSETS |
$ |
4,233,219 |
|
|
$ |
176,893 |
|
|
|
4.19 |
% |
|
$ |
3,479,993 |
|
|
$ |
163,704 |
|
|
|
4.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Non-Interest Earning Assets |
|
280,085 |
|
|
|
|
|
|
|
282,407 |
|
|
|
|
|
TOTAL
ASSETS |
$ |
4,513,304 |
|
|
|
|
|
|
$ |
3,762,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST-BEARING DEPOSITS: |
|
|
|
|
|
|
|
|
|
Money
Market |
$ |
924,673 |
|
|
$ |
6,211 |
|
|
|
0.67 |
% |
|
$ |
770,316 |
|
|
$ |
5,219 |
|
|
|
0.68 |
% |
NOW |
|
30,874 |
|
|
|
82 |
|
|
|
0.27 |
% |
|
|
32,240 |
|
|
|
63 |
|
|
|
0.20 |
% |
Savings |
|
129,961 |
|
|
|
1,993 |
|
|
|
1.53 |
% |
|
|
121,878 |
|
|
|
1,926 |
|
|
|
1.58 |
% |
Time
Deposits of $100,000 or More |
|
1,393,357 |
|
|
|
12,031 |
|
|
|
0.86 |
% |
|
|
970,481 |
|
|
|
6,849 |
|
|
|
0.71 |
% |
Other
Time Deposits |
|
269,842 |
|
|
|
2,425 |
|
|
|
0.90 |
% |
|
|
244,144 |
|
|
|
1,869 |
|
|
|
0.77 |
% |
Total Interest Bearing Deposits |
|
2,748,707 |
|
|
|
22,742 |
|
|
|
0.83 |
% |
|
|
2,139,059 |
|
|
|
15,926 |
|
|
|
0.75 |
% |
|
|
|
|
|
|
|
|
|
|
BORROWINGS: |
|
|
|
|
|
|
|
|
|
FHLB
Advances and Other Borrowings |
|
118,435 |
|
|
|
1,537 |
|
|
|
1.30 |
% |
|
|
160,950 |
|
|
|
522 |
|
|
|
0.32 |
% |
Junior
Subordinated Debentures |
|
71,888 |
|
|
|
1,772 |
|
|
|
2.47 |
% |
|
|
71,659 |
|
|
|
1,719 |
|
|
|
2.40 |
% |
Total Borrowings |
|
190,323 |
|
|
|
3,309 |
|
|
|
1.74 |
% |
|
|
232,609 |
|
|
|
2,241 |
|
|
|
0.96 |
% |
|
|
|
|
|
|
|
|
|
|
TOTAL INTEREST
BEARING LIABILITIES |
$ |
2,939,030 |
|
|
$ |
26,051 |
|
|
|
0.89 |
% |
|
$ |
2,371,668 |
|
|
$ |
18,167 |
|
|
|
0.77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Bearing Deposits |
|
1,013,616 |
|
|
|
|
|
|
|
882,333 |
|
|
|
|
|
Other
Liabilities |
|
42,211 |
|
|
|
|
|
|
|
42,001 |
|
|
|
|
|
Shareholders’ Equity |
|
518,447 |
|
|
|
|
|
|
|
466,398 |
|
|
|
|
|
TOTAL
LIABILITIES AND EQUITY |
$ |
4,513,304 |
|
|
|
|
|
|
$ |
3,762,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME |
|
$ |
150,842 |
|
|
|
|
|
$ |
145,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
SPREAD |
|
|
|
|
3.31 |
% |
|
|
|
|
|
3.96 |
% |
|
|
|
|
|
|
|
|
|
|
NET INTEREST
MARGIN |
|
|
|
|
3.58 |
% |
|
|
|
|
|
4.20 |
% |
|
|
|
|
|
|
|
|
|
|
* 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, 2015 |
|
September 30, 2015 |
|
December 31, 2014 |
|
|
|
|
|
|
Total shareholders’
equity |
$ |
532,930 |
|
|
$ |
526,628 |
|
|
$ |
489,411 |
|
Goodwill
and other intangible assets, net |
|
(70,658 |
) |
|
|
(70,894 |
) |
|
|
(71,628 |
) |
Tangible common
equity |
$ |
462,272 |
|
|
$ |
455,734 |
|
|
$ |
417,783 |
|
|
|
|
|
|
|
Total assets |
$ |
4,713,468 |
|
|
$ |
4,740,401 |
|
|
$ |
4,155,469 |
|
Goodwill
and other intangible assets, net |
|
(70,658 |
) |
|
|
(70,894 |
) |
|
|
(71,628 |
) |
Tangible assets |
$ |
4,642,810 |
|
|
$ |
4,669,507 |
|
|
$ |
4,083,841 |
|
|
|
|
|
|
|
Common shares
outstanding |
|
78,608,717 |
|
|
|
78,598,147 |
|
|
|
78,322,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME AND EARNINGS PER SHARE BEFORE MERGER-RELATED
COSTS |
(Dollars
In Thousands, Except Share and Per Share Data)
(Unaudited) |
|
Quarter Ended |
|
December 31, 2015 |
|
September 30, 2015 |
|
December 31, 2014 |
|
|
|
|
|
|
Net income |
$ |
13,948 |
|
|
$ |
13,285 |
|
|
$ |
16,103 |
|
Add Back
– merger-related costs |
|
994 |
|
|
|
- |
|
|
|
- |
|
Net
change in tax provision expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
Net income before
merger-related costs |
$ |
14,942 |
|
|
$ |
13,285 |
|
|
$ |
16,103 |
|
|
|
|
|
|
|
PER COMMON
SHARE INFORMATION: |
|
|
|
|
|
Basic
income per common share |
$ |
0.19 |
|
|
$ |
0.17 |
|
|
$ |
0.21 |
|
Diluted
income per common share |
$ |
0.19 |
|
|
$ |
0.17 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
Basic |
|
78,601,082 |
|
|
|
78,556,455 |
|
|
|
78,315,686 |
|
Diluted |
|
78,942,078 |
|
|
|
78,907,223 |
|
|
|
78,628,965 |
|
|
|
|
|
|
|
* Tangible Common Equity, Tangible Assets, and
Income Before Merger-Related Costs 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
Wilshire Bancorp, Inc. (MM) (NASDAQ:WIBC)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Wilshire Bancorp, Inc. (MM) (NASDAQ:WIBC)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024