Wilshire Bancorp, Inc. (NASDAQ:WIBC) (the “Company”), the holding
company for Wilshire Bank (the “Bank”), today reported net income
of $13.2 million, or $0.17 per diluted common share, for the
quarter ended March 31, 2016. This compares to net income of $18.6
million, or $0.24 per diluted common share, for the same period of
the prior year, and net income of $13.9 million, or $0.18 per
diluted common share, for the fourth quarter of 2015.
Jae Whan (J.W.) Yoo, President and CEO of
Wilshire Bancorp, said, “Following a very strong quarter of loan
production to end 2015, we saw a lower level of loan demand across
all of our business lines to start 2016. We believe this was
primarily attributable to the first quarter typically being a
seasonally slower period for loan production, as well as the impact
of macroeconomic uncertainty that caused borrowers to be more
cautious during the first two months of the year. However, market
conditions appear to be improving, and we expect to see an increase
in loan production as we move into the seasonally stronger periods
of the year.
“The pending merger of equals with BBCN Bancorp
is proceeding as anticipated and we are looking forward to the
opportunities to provide our customers with a superior banking
experience as part of the only Super Regional Korean-American bank
in the United States,” said Mr. Yoo.
Q1 2016 Summary
- Net income totaled $13.2 million, or
$0.17 per diluted common share, for the first quarter of
2016
- Return on average assets of 1.12% and return on average
equity of 9.69% for the first quarter of 2016
- Net interest margin of 3.54% for the first quarter of
2016, compared to 3.56% for the fourth quarter of
2015
- Loan originations of $276.1 million during the first
quarter of 2016, compared to $502.9 million for the fourth quarter
of 2015
- Loans receivable (net of deferred fees and costs)
totaled $3.79 billion at March 31, 2016, a decrease of 1% from
$3.82 billion at December 31, 2015
- Total deposits were $3.85 billion at March 31, 2016,
largely unchanged from $3.84 billion at December 31,
2015
- Demand deposits totaled $1.11 billion at March 31,
2016, an increase of 2% from $1.09 billion at December 31,
2015
STATEMENT OF
OPERATIONS
Net interest income before provision for losses
on loans and loan commitments totaled $38.9 million for the first
quarter of 2016, a decrease of 1.3% from $39.4 million for the
fourth quarter of 2015 and an increase of 6.6% from $36.5 million
for the first quarter of 2015. Relative to the fourth quarter of
2015, net interest income was negatively impacted by a decrease in
net interest margin.
Net interest margin was 3.54% for the first
quarter of 2016, compared to 3.56% for the fourth quarter of 2015,
and 3.69% for the first quarter of 2015. The decrease in net
interest margin compared to the fourth quarter of 2015 was
primarily attributable to a decline in the average yield on loans.
Net interest margin compression from the decline in loan yield was
partially offset by the increase in net interest margin that
resulted from a decrease in lower yielding fed funds sold and
others.
Loan yields were 4.61% for the first quarter of
2016, compared to 4.80% for the fourth quarter of 2015, and 4.78%
for the first quarter of 2015. The decline in loan yields for the
first quarter of 2016, compared to the fourth quarter of 2015, was
primarily due to the decline in yield on commercial real estate
loans as loans were originated and renewed at rates lower than the
existing portfolio.
The total cost of deposits was 0.62% for the
first quarter of 2016, compared to 0.61% for the fourth quarter of
2015, and 0.58% for the first quarter of 2015. Compared to the
fourth quarter of 2015, the increase in the total cost of deposits
was primarily due to a slight increase in interest rates in money
market and time deposits.
Non-Interest Income
Total non-interest income was $8.5 million for
the first quarter of 2016, compared to $9.5 million for the fourth
quarter of 2015, and $15.3 million for the first quarter of
2015.
The Company recognized $2.7 million in gain on
sales of loans during the first quarter of 2016, compared to $2.9
million for the fourth quarter of 2015, and $6.8 million for the
first quarter of 2015. Gain on sale of loans in the first quarter
of 2016 consisted of $1.3 million in gains on sales of SBA loans,
$830,000 in gains on sales of residential mortgage loans, and
$545,000 in gains from the sale of other loans. The decline in gain
on sale of loans for the first quarter of 2016, compared to the
previous quarter, was primarily due to a decline in sale of SBA
loans, while the decline from the first quarter of 2015 was
primarily due to a decline in the gain on sale of non-performing
loans and a reduction in SBA loan sales.
Other non-interest income totaled $2.9 million
for the first quarter of 2016, compared to $3.7 million for the
fourth quarter of 2015 and $5.4 million for the first quarter of
2015. The decrease in other non-interest income compared to the
fourth quarter of 2015 was due to a decline in recoveries on
acquired assets in addition to a decline in loan servicing income.
During the fourth quarter of 2015, the Company had a large increase
in recoveries on assets acquired from BankAsiana and Saehan. The
decrease in other non-interest income compared to the first quarter
of 2015 was due to the decline in income recorded from the change
in the fair value of the Company’s servicing asset and to a lesser
extent a decline in income recorded from the fair value change of
mortgage derivatives.
Non-Interest Expense
Total non-interest expense was $26.7 million for
the first quarter of 2016, compared with $26.6 million for the
fourth quarter of 2015, and $22.9 million for the first quarter of
2015. Non-interest expense in the first quarter of 2016 included
$458,000 in merger-related costs consisting of mostly legal
expenses related to the planned merger of equals with BBCN.
Total salaries and employee benefits expense was
$14.8 million for the first quarter of 2016, compared to $13.7
million for the fourth quarter of 2015, and $12.7 million for the
first quarter of 2015. The increase in salaries and employee
benefits for the first quarter of 2016 compared to the fourth
quarter of 2015 was primarily due to an increase in stock-based
compensation expense, incentive compensation, and commissions.
The Company’s operating efficiency ratio was
56.3% for the first quarter of 2016, compared with 54.3% for the
fourth quarter of 2015, and 44.3% for the first quarter of
2015.
BALANCE SHEET
Total loans receivable (net of deferred fees and
costs) were $3.79 billion at March 31, 2016, compared to $3.82
billion at December 31, 2015. During the first quarter of 2016, a
decrease in commercial real estate and commercial and industrial
loans was partially offset by an increase in construction loans.
Total loans held-for-sale increased to $90.4 million at March 31,
2016, from $25.2 million at December 31, 2015, due to an increase
in both residential mortgage and SBA loans held-for-sale.
The following table shows total loans
receivable, loans held-for-sale, and total loans by loan type:
|
|
Quarter Ended |
(Dollars In Thousands) (Unaudited) |
|
March 31, 2016 |
|
December 31,
2015 |
|
September 30,
2015 |
|
June 30, 2015 |
|
March 31,
2015 |
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
$ |
36,181 |
|
|
$ |
19,541 |
|
|
$ |
18,146 |
|
|
$ |
16,050 |
|
|
$ |
26,117 |
|
Real Estate Secured |
|
|
2,962,964 |
|
|
|
2,992,824 |
|
|
|
2,810,420 |
|
|
|
2,723,458 |
|
|
|
2,701,800 |
|
Commercial & Industrial |
|
|
783,487 |
|
|
|
792,243 |
|
|
|
789,422 |
|
|
|
765,655 |
|
|
|
769,438 |
|
Consumer |
|
|
12,304 |
|
|
|
15,096 |
|
|
|
13,284 |
|
|
|
14,622 |
|
|
|
15,465 |
|
Total Loans Receivable * |
|
|
3,794,936 |
|
|
|
3,819,704 |
|
|
|
3,631,272 |
|
|
|
3,519,785 |
|
|
|
3,512,820 |
|
Loans Held-For-Sale |
|
|
90,392 |
|
|
|
25,223 |
|
|
|
13,316 |
|
|
|
25,269 |
|
|
|
10,204 |
|
Total Loans * |
|
$ |
3,885,328 |
|
|
$ |
3,844,927 |
|
|
$ |
3,644,588 |
|
|
$ |
3,545,054 |
|
|
$ |
3,523,024 |
|
|
|
|
|
|
|
|
|
|
|
|
* 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) |
|
March 31, 2016 |
|
December 31,
2015 |
|
September 30,
2015 |
|
June 30, 2015 |
|
March 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Secured |
|
$ |
127,145 |
|
|
|
46 |
% |
|
$ |
273,613 |
|
|
|
54 |
% |
|
$ |
176,605 |
|
|
|
43 |
% |
|
$ |
121,066 |
|
|
|
41 |
% |
|
$ |
138,145 |
|
|
|
35 |
% |
|
Commercial & Industrial |
|
|
34,268 |
|
|
|
12 |
% |
|
|
94,128 |
|
|
|
19 |
% |
|
|
107,952 |
|
|
|
26 |
% |
|
|
46,438 |
|
|
|
16 |
% |
|
|
59,837 |
|
|
|
15 |
% |
|
Consumer |
|
|
– |
|
|
|
0 |
% |
|
|
55 |
|
|
|
0 |
% |
|
|
360 |
|
|
|
0 |
% |
|
|
124 |
|
|
|
0 |
% |
|
|
1,640 |
|
|
|
0 |
% |
|
SBA |
|
|
26,801 |
|
|
|
10 |
% |
|
|
37,897 |
|
|
|
8 |
% |
|
|
21,871 |
|
|
|
5 |
% |
|
|
25,648 |
|
|
|
9 |
% |
|
|
31,718 |
|
|
|
8 |
% |
|
Residential Mortgage |
|
|
87,866 |
|
|
|
32 |
% |
|
|
95,159 |
|
|
|
19 |
% |
|
|
102,383 |
|
|
|
25 |
% |
|
|
89,652 |
|
|
|
31 |
% |
|
|
11,357 |
|
|
|
3 |
% |
|
Warehouse Lines of Credit* |
|
|
– |
|
|
|
0 |
% |
|
|
2,000 |
|
|
|
0 |
% |
|
|
7,000 |
|
|
|
1 |
% |
|
|
10,000 |
|
|
|
3 |
% |
|
|
155,000 |
|
|
|
39 |
% |
|
Total Loan Originations |
|
$ |
276,080 |
|
|
|
100 |
% |
|
$ |
502,852 |
|
|
|
100 |
% |
|
$ |
416,171 |
|
|
|
100 |
% |
|
$ |
292,928 |
|
|
|
100 |
% |
|
$ |
397,697 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Warehouse lines of
credit are reported as commercial and industrial loans on the
consolidated balance sheet. |
|
Originations for the first quarter of 2016
totaled $276.1 million, compared to $502.9 million for the fourth
quarter of 2015, and $397.7 million for the first quarter of 2015.
The decrease in loan originations for the three months ended March
31, 2016, compared to the previous quarter, was due to weaker loan
demand experienced during the first quarter of 2016 due to
seasonality and other market factors.
Total SBA loans held-for-sale at the end of the
first quarter of 2016 were $11.6 million, compared to $5.5 million
at the end of the previous quarter. Residential mortgage loans
held-for-sale at the end of the first quarter of 2016 were $78.0
million, compared to $19.7 million at the end of the previous
quarter.
Total deposits were $3.85 billion at March 31,
2016, compared with $3.84 billion at December 31, 2015, with
increases in lower-cost deposit categories offsetting declines in
time deposits.
CREDIT QUALITY
During the first quarter of 2016 the Company set
aside $300,000 in provision for losses on loans and loan
commitments.
The allowance for loan losses totaled $52.7
million, or 1.38% of gross loans (excluding loans held-for-sale),
at March 31, 2016, compared to $52.4 million, or 1.37% of gross
loans (excluding loans held-for-sale), at December 31, 2015. The
coverage ratio of the allowance for loan losses to non-performing
assets was 149.08% at March 31, 2016, compared with 169.74% at
December 31, 2015.
Special mention loans, or criticized loans
totaled $161.1 million at March 31, 2016, compared to $120.0
million at December 31, 2015. The increase in criticized loans at
March 31, 2016 compared to December 31, 2015 was primarily due to
one borrower with two commercial loans totaling $26.0 million. The
commercial loans were transferred to the criticized category in the
first quarter of 2016 due to temporary deterioration in the
borrower’s financial performance, but the Company does not expect
any losses to be incurred on these commercial loans at this time.
Total classified loans at March 31, 2016 was $85.2 million,
compared to $80.4 million at December 31, 2015.
Non-Performing
Loans
At March 31, 2016, total non-performing loans
were $25.2 million, or 0.65% of total gross loans, compared to
$21.7 million, or 0.56% of total gross loans, at December 31,
2015.
The following table shows total non-performing
loans by loan type:
NON-PERFORMING
LOANS |
|
Quarter Ended |
(Dollars In Thousands) (Unaudited) |
|
Mar 31, 2016 |
|
Dec 31, 2015 |
|
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Mar 31, 2015 |
(Net of SBA Guaranty Portions) |
|
|
|
|
|
|
|
|
|
|
Real Estate Secured |
|
$ |
20,007 |
|
|
$ |
15,422 |
|
|
$ |
20,123 |
|
|
$ |
23,235 |
|
|
$ |
25,329 |
|
Commercial & Industrial |
|
|
5,194 |
|
|
|
6,272 |
|
|
|
7,058 |
|
|
|
7,617 |
|
|
|
7,193 |
|
Total Non-Performing Loans |
|
$ |
25,201 |
|
|
$ |
21,694 |
|
|
$ |
27,181 |
|
|
$ |
30,852 |
|
|
$ |
32,522 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Charge-offs/Recoveries
During the first quarter of 2016, the Company
had total gross charge-offs of $598,000, and recoveries of
$361,000, which resulted in net charge-offs of $237,000, compared
to net recoveries of $2.3 million for the fourth 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) |
|
Mar 31, 2016 |
|
Dec 31, 2015 |
|
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Mar 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
Real Estate Secured |
|
$ |
219 |
|
|
$ |
13 |
|
|
$ |
605 |
|
|
$ |
249 |
|
|
$ |
325 |
|
Commercial & Industrial |
|
|
379 |
|
|
|
1,392 |
|
|
|
1,270 |
|
|
|
310 |
|
|
|
999 |
|
Total Loan Charge-Offs |
|
$ |
598 |
|
|
$ |
1,405 |
|
|
$ |
1,875 |
|
|
$ |
559 |
|
|
$ |
1,324 |
|
|
|
|
|
|
|
|
|
|
|
|
LOAN
RECOVERIES |
|
Quarter Ended |
|
(Dollars In Thousands) (Unaudited) |
|
Mar 31, 2016 |
|
Dec 31, 2015 |
|
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Mar 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
Real Estate Secured |
|
$ |
46 |
|
|
$ |
3,242 |
|
|
$ |
1,867 |
|
|
$ |
970 |
|
|
$ |
193 |
|
Commercial & Industrial |
|
|
315 |
|
|
|
452 |
|
|
|
803 |
|
|
|
240 |
|
|
|
667 |
|
Consumer |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
10 |
|
Total Loan Recoveries |
|
$ |
361 |
|
|
$ |
3,694 |
|
|
$ |
2,670 |
|
|
$ |
1,210 |
|
|
$ |
870 |
|
|
|
|
|
|
|
|
|
|
|
|
Other measures of credit quality are shown in the following
tables:
DELINQUENT LOANS - By Days Past
Due |
|
Quarter Ended |
(Dollars In Thousands) (Unaudited) |
|
Mar 31, 2016 |
|
Dec 31, 2015 |
|
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Mar 31, 2015 |
(Net of SBA Guaranty Portions) |
|
|
|
|
|
|
|
|
|
|
30 - 59 Days Past Due |
|
$ |
3,608 |
|
|
$ |
4,315 |
|
|
$ |
4,911 |
|
|
$ |
3,615 |
|
|
$ |
7,375 |
|
60 - 89 Days Past Due |
|
|
1,491 |
|
|
|
1,643 |
|
|
|
1,143 |
|
|
|
7,576 |
|
|
|
421 |
|
90 Days, and still accruing |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
Total Delinquent Loans |
|
$ |
5,099 |
|
|
$ |
5,958 |
|
|
$ |
6,054 |
|
|
$ |
11,191 |
|
|
$ |
7,796 |
|
|
|
|
|
|
|
|
|
|
|
|
TROUBLED DEBT
RESTRUCTURED LOANS (“TDR”) |
|
Quarter Ended |
(Dollars In Thousands) (Unaudited) |
|
Mar 31, 2016 |
|
Dec 31, 2015 |
|
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Mar 31, 2015 |
(Net of SBA Guaranty Portions) |
|
|
|
|
|
|
|
|
|
|
Real Estate Secured |
|
$ |
23,376 |
|
|
$ |
22,311 |
|
|
$ |
24,188 |
|
|
$ |
29,424 |
|
|
$ |
28,612 |
|
Commercial & Industrial |
|
|
15,015 |
|
|
|
15,681 |
|
|
|
16,578 |
|
|
|
13,469 |
|
|
|
11,682 |
|
Total TDR Loans |
|
$ |
38,391 |
|
|
$ |
37,992 |
|
|
$ |
40,766 |
|
|
$ |
42,893 |
|
|
$ |
40,294 |
|
|
|
|
|
|
|
|
|
|
|
|
LOAN
CLASSIFICATIONS |
|
Quarter Ended |
(Dollars In Thousands) (Unaudited) |
|
Mar 31, 2016 |
|
Dec 31, 2015 |
|
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Mar 31, 2015 |
(Net of SBA Guaranty Portions) |
|
|
|
|
|
|
|
|
|
|
Special Mention |
|
$ |
161,119 |
|
|
$ |
120,019 |
|
|
$ |
118,290 |
|
|
$ |
86,118 |
|
|
$ |
81,049 |
|
Substandard |
|
|
85,193 |
|
|
|
80,310 |
|
|
|
82,000 |
|
|
|
96,666 |
|
|
|
89,402 |
|
Doubtful |
|
|
41 |
|
|
|
41 |
|
|
|
2,182 |
|
|
|
5,301 |
|
|
|
9,822 |
|
Total Criticized and Classified
Loans |
|
$ |
246,353 |
|
|
$ |
200,370 |
|
|
$ |
202,472 |
|
|
$ |
188,085 |
|
|
$ |
180,273 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Classified Loans |
|
$ |
85,234 |
|
|
$ |
80,351 |
|
|
$ |
84,182 |
|
|
$ |
101,967 |
|
|
$ |
99,224 |
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS
As of March 31, 2016, 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) |
|
March 31,
2016 |
|
Well Capitalized
Regulatory Requirements |
|
Total Excess Above Well Capitalized
Requirements |
Tier 1 Leverage Capital
Ratio |
|
|
11.67 |
% |
|
5.00 |
% |
|
308,094 |
Tier 1 Common Equity
Risk-Based Capital Ratio |
|
|
11.47 |
% |
|
6.50 |
% |
|
203,480 |
Tier 1 Risk-Based
Capital Ratio |
|
|
13.17 |
% |
|
8.00 |
% |
|
211,646 |
Total Risk-Based
Capital Ratio |
|
|
14.42 |
% |
|
10.00 |
% |
|
180,972 |
Tangible Common Equity
To Tangible Assets * |
|
|
10.23 |
% |
|
N/A |
|
|
N/A |
Tangible Common Equity
Per Common Share * |
|
$ |
6.03 |
|
|
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 April 19, 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 83078775.
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 five loan production offices
of which four are utilized primarily for the origination of loans
under the Small Business Administration lending program located in
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 has
filed with the SEC a preliminary Registration Statement on Form S-4
that includes a Joint Proxy Statement/Prospectus of Wilshire and
BBCN, as well as other relevant documents concerning the proposed
transaction. Shareholders are urged to read the preliminary
Registration Statement and the Joint Proxy Statement/Prospectus
regarding the merger and any other relevant documents filed with
the SEC, as well as any amendments or supplements to those
documents, because they 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 BBCN and Wilshire in the solicitation
of proxies in respect of the merger is included in the preliminary
Registration Statement and Joint Proxy Statement/Prospectus 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, 2015, and BBCN Bancorp’s Form 10-K for
the year ended December 31, 2015, 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) |
|
March 31, |
|
December 31, |
|
Three Months |
|
March 31, |
|
Twelve Months |
|
|
2016 |
|
2015 |
|
% Change |
|
2015 |
|
% Change |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
115,444 |
|
|
$ |
118,089 |
|
|
|
-2 |
% |
|
$ |
353,438 |
|
|
|
-67 |
% |
Federal funds sold and other cash
equivalents |
|
|
133 |
|
|
|
104 |
|
|
|
28 |
% |
|
|
164 |
|
|
|
-19 |
% |
Total Cash and
Cash Equivalents |
|
|
115,577 |
|
|
|
118,193 |
|
|
|
-2 |
% |
|
|
353,602 |
|
|
|
-67 |
% |
|
|
|
|
|
|
|
|
|
|
|
Deposits held
in other financial institutions |
|
|
– |
|
|
|
– |
|
|
|
0 |
% |
|
|
8,000 |
|
|
|
-100 |
% |
|
|
|
|
|
|
|
|
|
|
|
Investment securities available for
sale |
|
|
512,257 |
|
|
|
535,524 |
|
|
|
-4 |
% |
|
|
329,343 |
|
|
|
56 |
% |
Investment securities held to
maturity |
|
|
19 |
|
|
|
21 |
|
|
|
-10 |
% |
|
|
25 |
|
|
|
-24 |
% |
Total
Investment Securities |
|
|
512,276 |
|
|
|
535,545 |
|
|
|
-4 |
% |
|
|
329,368 |
|
|
|
56 |
% |
|
|
|
|
|
|
|
|
|
|
|
Total Loans
Held-For-Sale |
|
|
90,392 |
|
|
|
25,223 |
|
|
|
258 |
% |
|
|
10,204 |
|
|
|
786 |
% |
|
|
|
|
|
|
|
|
|
|
|
Real estate construction |
|
|
36,181 |
|
|
|
19,541 |
|
|
|
85 |
% |
|
|
26,117 |
|
|
|
39 |
% |
Residential real estate |
|
|
226,960 |
|
|
|
269,117 |
|
|
|
-16 |
% |
|
|
171,117 |
|
|
|
33 |
% |
Commercial real estate |
|
|
2,736,004 |
|
|
|
2,723,707 |
|
|
|
0 |
% |
|
|
2,530,683 |
|
|
|
8 |
% |
Commercial and industrial |
|
|
783,487 |
|
|
|
792,243 |
|
|
|
-1 |
% |
|
|
769,438 |
|
|
|
2 |
% |
Consumer |
|
|
12,304 |
|
|
|
15,096 |
|
|
|
-18 |
% |
|
|
15,465 |
|
|
|
-20 |
% |
Total loans receivable,
net of deferred fees and costs |
|
|
3,794,936 |
|
|
|
3,819,704 |
|
|
|
-1 |
% |
|
|
3,512,820 |
|
|
|
8 |
% |
Allowance for loan
losses |
|
|
(52,668 |
) |
|
|
(52,405 |
) |
|
|
1 |
% |
|
|
(48,170 |
) |
|
|
9 |
% |
Loans
Receivable, Net of Allowance for Loan Losses |
|
|
3,742,268 |
|
|
|
3,767,299 |
|
|
|
-1 |
% |
|
|
3,464,650 |
|
|
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Accrued interest receivable |
|
|
9,171 |
|
|
|
9,226 |
|
|
|
-1 |
% |
|
|
8,581 |
|
|
|
7 |
% |
Due from customers on
acceptances |
|
|
8,900 |
|
|
|
7,250 |
|
|
|
23 |
% |
|
|
6,472 |
|
|
|
38 |
% |
Other real estate owned |
|
|
10,128 |
|
|
|
9,179 |
|
|
|
10 |
% |
|
|
7,411 |
|
|
|
37 |
% |
Premises and equipment |
|
|
15,718 |
|
|
|
16,096 |
|
|
|
-2 |
% |
|
|
14,058 |
|
|
|
12 |
% |
Federal home loan bank (FHLB)
stock, at cost |
|
|
16,539 |
|
|
|
16,539 |
|
|
|
0 |
% |
|
|
16,539 |
|
|
|
0 |
% |
Cash surrender value of life
insurance |
|
|
25,174 |
|
|
|
25,028 |
|
|
|
1 |
% |
|
|
23,470 |
|
|
|
7 |
% |
Investment in affordable housing
partnerships |
|
|
47,257 |
|
|
|
48,867 |
|
|
|
-3 |
% |
|
|
43,134 |
|
|
|
10 |
% |
Deferred income taxes |
|
|
17,897 |
|
|
|
21,489 |
|
|
|
-17 |
% |
|
|
16,646 |
|
|
|
8 |
% |
Servicing assets |
|
|
19,324 |
|
|
|
19,894 |
|
|
|
-3 |
% |
|
|
19,813 |
|
|
|
-2 |
% |
Goodwill |
|
|
67,473 |
|
|
|
67,473 |
|
|
|
0 |
% |
|
|
67,473 |
|
|
|
0 |
% |
Other assets |
|
|
22,307 |
|
|
|
26,167 |
|
|
|
-15 |
% |
|
|
23,857 |
|
|
|
-6 |
% |
TOTAL
ASSETS |
|
$ |
4,720,401 |
|
|
$ |
4,713,468 |
|
|
|
0 |
% |
|
$ |
4,413,278 |
|
|
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand
deposits |
|
$ |
1,106,805 |
|
|
$ |
1,088,436 |
|
|
|
2 |
% |
|
$ |
997,803 |
|
|
|
11 |
% |
Savings and interest checking |
|
|
173,557 |
|
|
|
172,038 |
|
|
|
1 |
% |
|
|
161,234 |
|
|
|
8 |
% |
Money market deposits |
|
|
993,733 |
|
|
|
977,697 |
|
|
|
2 |
% |
|
|
886,092 |
|
|
|
12 |
% |
Time deposits in denomination of
$100,000 or more |
|
|
1,336,311 |
|
|
|
1,349,440 |
|
|
|
-1 |
% |
|
|
1,322,743 |
|
|
|
1 |
% |
Other time deposits |
|
|
243,166 |
|
|
|
252,265 |
|
|
|
-4 |
% |
|
|
267,294 |
|
|
|
-9 |
% |
Total
Deposits |
|
|
3,853,572 |
|
|
|
3,839,876 |
|
|
|
0 |
% |
|
|
3,635,166 |
|
|
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
FHLB borrowings |
|
|
200,000 |
|
|
|
220,000 |
|
|
|
-9 |
% |
|
|
150,000 |
|
|
|
33 |
% |
Acceptance outstanding |
|
|
8,900 |
|
|
|
7,250 |
|
|
|
23 |
% |
|
|
6,472 |
|
|
|
38 |
% |
Junior subordinated debentures |
|
|
72,077 |
|
|
|
72,016 |
|
|
|
0 |
% |
|
|
71,837 |
|
|
|
0 |
% |
Accrued interest payable |
|
|
2,400 |
|
|
|
2,105 |
|
|
|
14 |
% |
|
|
2,406 |
|
|
|
0 |
% |
Other liabilities |
|
|
37,204 |
|
|
|
39,291 |
|
|
|
-5 |
% |
|
|
41,818 |
|
|
|
-11 |
% |
Total
Liabilities |
|
|
4,174,153 |
|
|
|
4,180,538 |
|
|
|
0 |
% |
|
|
3,907,699 |
|
|
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
234,386 |
|
|
|
233,341 |
|
|
|
0 |
% |
|
|
232,207 |
|
|
|
1 |
% |
Retained earnings |
|
|
304,763 |
|
|
|
296,303 |
|
|
|
3 |
% |
|
|
267,660 |
|
|
|
14 |
% |
Accumulated other comprehensive
income |
|
|
7,099 |
|
|
|
3,286 |
|
|
|
116 |
% |
|
|
5,712 |
|
|
|
24 |
% |
Total
Shareholders’ Equity |
|
|
546,248 |
|
|
|
532,930 |
|
|
|
2 |
% |
|
|
505,579 |
|
|
|
8 |
% |
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
4,720,401 |
|
|
$ |
4,713,468 |
|
|
|
0 |
% |
|
$ |
4,413,278 |
|
|
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF
OPERATIONS |
|
|
|
|
|
|
|
|
(Dollars In Thousands,
Except Per Share Data) (Unaudited) |
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Three Mths |
|
Quarter Ended |
|
Twelve Mths |
|
|
March 31, 2016 |
|
December 31,
2015 |
|
% Change |
|
March 31, 2015 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
43,665 |
|
$ |
43,797 |
|
0 |
% |
|
$ |
40,088 |
|
9 |
% |
Interest on investment
securities |
|
|
2,460 |
|
|
2,626 |
|
-6 |
% |
|
|
1,968 |
|
25 |
% |
Interest on federal funds sold and
others |
|
|
124 |
|
|
228 |
|
-46 |
% |
|
|
192 |
|
-35 |
% |
Total Interest
Income |
|
|
46,249 |
|
|
46,651 |
|
-1 |
% |
|
|
42,248 |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
5,932 |
|
|
5,945 |
|
0 |
% |
|
|
5,097 |
|
16 |
% |
FHLB advances and other
borrowings |
|
|
1,408 |
|
|
1,287 |
|
9 |
% |
|
|
660 |
|
113 |
% |
Total Interest
Expense |
|
|
7,340 |
|
|
7,232 |
|
1 |
% |
|
|
5,757 |
|
27 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net interest income before
provision for losses on loans and loan commitments |
|
|
38,909 |
|
|
39,419 |
|
-1 |
% |
|
|
36,491 |
|
7 |
% |
Provision for losses on loans and
loan commitments |
|
|
300 |
|
|
– |
|
0 |
% |
|
|
– |
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision
for losses on loans and loan commitments |
|
|
38,609 |
|
|
39,419 |
|
-2 |
% |
|
|
36,491 |
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Service charges on deposits |
|
|
2,851 |
|
|
2,903 |
|
-2 |
% |
|
|
3,107 |
|
-8 |
% |
Gain on sale of SBA loans |
|
|
1,297 |
|
|
1,958 |
|
-34 |
% |
|
|
2,245 |
|
-42 |
% |
Gain on sale of residential
loans |
|
|
830 |
|
|
898 |
|
-8 |
% |
|
|
261 |
|
218 |
% |
Gain on sale of other loans |
|
|
545 |
|
|
62 |
|
779 |
% |
|
|
4,300 |
|
-87 |
% |
Other |
|
|
2,935 |
|
|
3,725 |
|
-21 |
% |
|
|
5,354 |
|
-45 |
% |
Total Noninterest
Income |
|
|
8,458 |
|
|
9,546 |
|
-11 |
% |
|
|
15,267 |
|
-45 |
% |
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSES |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
14,783 |
|
|
13,676 |
|
8 |
% |
|
|
12,665 |
|
17 |
% |
Occupancy and equipment |
|
|
3,276 |
|
|
3,390 |
|
-3 |
% |
|
|
3,373 |
|
-3 |
% |
Data processing |
|
|
1,204 |
|
|
1,156 |
|
4 |
% |
|
|
1,042 |
|
16 |
% |
Merger-related costs |
|
|
458 |
|
|
994 |
|
-54 |
% |
|
|
– |
|
0 |
% |
Other |
|
|
6,932 |
|
|
7,348 |
|
-6 |
% |
|
|
5,829 |
|
19 |
% |
Total
Noninterest Expenses |
|
|
26,653 |
|
|
26,564 |
|
0 |
% |
|
|
22,909 |
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
20,414 |
|
|
22,401 |
|
-9 |
% |
|
|
28,849 |
|
-29 |
% |
Income taxes provision |
|
|
7,224 |
|
|
8,453 |
|
-15 |
% |
|
|
10,230 |
|
-29 |
% |
NET
INCOME |
|
$ |
13,190 |
|
$ |
13,948 |
|
-5 |
% |
|
$ |
18,619 |
|
-29 |
% |
|
|
|
|
|
|
|
|
|
|
|
PER COMMON
SHARE INFORMATION: |
|
|
|
|
|
|
|
|
|
|
Basic income per common share |
|
$ |
0.17 |
|
$ |
0.18 |
|
-6 |
% |
|
$ |
0.24 |
|
-29 |
% |
Diluted income per common
share |
|
$ |
0.17 |
|
$ |
0.18 |
|
-5 |
% |
|
$ |
0.24 |
|
-29 |
% |
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
78,674,604 |
|
|
78,601,082 |
|
|
|
|
78,326,505 |
|
|
Diluted |
|
|
78,974,448 |
|
|
78,942,078 |
|
|
|
|
78,655,365 |
|
|
SUMMARY
OF FINANCIAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars In
Thousands, Except Per Share Data) (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
AVERAGE
BALANCES |
|
March 31, 2016 |
|
|
|
December 31,
2015 |
|
|
|
March 31, 2015 |
|
|
Average Assets |
|
$ |
4,698,333 |
|
|
|
|
$ |
4,728,510 |
|
|
|
|
$ |
4,255,625 |
|
|
|
Average Equity |
|
|
544,527 |
|
|
|
|
|
534,938 |
|
|
|
|
|
500,097 |
|
|
|
Average Net Loans |
|
|
3,789,591 |
|
|
|
|
|
3,650,672 |
|
|
|
|
|
3,352,433 |
|
|
|
Average Deposits |
|
|
3,833,838 |
|
|
|
|
|
3,922,849 |
|
|
|
|
|
3,490,282 |
|
|
|
Average Time Deposits of $100,000
or more |
|
|
1,342,858 |
|
|
|
|
|
1,407,298 |
|
|
|
|
|
1,297,961 |
|
|
|
Average FHLB & Other
Borrowings |
|
|
201,209 |
|
|
|
|
|
151,848 |
|
|
|
|
|
150,655 |
|
|
|
Average Interest Earning
Assets |
|
|
4,417,456 |
|
|
|
|
|
4,445,026 |
|
|
|
|
|
3,976,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
PROFITABILITY |
|
March 31, 2016 |
|
|
|
December 31,
2015 |
|
|
|
March 31, 2015 |
|
|
Annualized Return on Average
Assets |
|
|
1.12 |
% |
|
|
|
|
1.18 |
% |
|
|
|
|
1.75 |
% |
|
|
Annualized Return on Average
Equity |
|
|
9.69 |
% |
|
|
|
|
10.43 |
% |
|
|
|
|
14.89 |
% |
|
|
Efficiency Ratio |
|
|
56.27 |
% |
|
|
|
|
54.25 |
% |
|
|
|
|
44.26 |
% |
|
|
Annualized Operating
Expense/Average Assets |
|
|
2.27 |
% |
|
|
|
|
2.25 |
% |
|
|
|
|
2.15 |
% |
|
|
Annualized Net Interest Margin |
|
|
3.54 |
% |
|
|
|
|
3.56 |
% |
|
|
|
|
3.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Of |
DEPOSIT
COMPOSITION |
|
March 31, 2016 |
|
Cost of Funds |
|
December 31,
2015 |
|
Cost of Funds |
|
March 31, 2015 |
|
Cost of Funds |
Noninterest Bearing Demand
Deposits |
|
|
28.7 |
% |
|
|
0.00 |
% |
|
|
28.3 |
% |
|
|
0.00 |
% |
|
|
27.4 |
% |
|
|
0.00 |
% |
Savings & Interest
Checking |
|
|
4.5 |
% |
|
|
1.25 |
% |
|
|
4.5 |
% |
|
|
1.26 |
% |
|
|
4.4 |
% |
|
|
1.31 |
% |
Money Market Deposits |
|
|
25.8 |
% |
|
|
0.71 |
% |
|
|
25.5 |
% |
|
|
0.69 |
% |
|
|
24.4 |
% |
|
|
0.67 |
% |
Time Deposits of $100,000 or
More |
|
|
34.7 |
% |
|
|
0.91 |
% |
|
|
35.1 |
% |
|
|
0.89 |
% |
|
|
36.4 |
% |
|
|
0.80 |
% |
Other Time Deposits |
|
|
6.3 |
% |
|
|
0.92 |
% |
|
|
6.6 |
% |
|
|
0.91 |
% |
|
|
7.4 |
% |
|
|
0.86 |
% |
Total Deposits |
|
|
100.0 |
% |
|
|
0.62 |
% |
|
|
100.0 |
% |
|
|
0.61 |
% |
|
|
100.0 |
% |
|
|
0.58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Of |
|
|
CAPITAL
RATIOS |
|
March 31, 2016 |
|
|
|
December 31,
2015 |
|
|
|
March 31, 2015 |
|
|
Tier 1 Leverage Ratio |
|
|
11.67 |
% |
|
|
|
|
11.30 |
% |
|
|
|
|
11.86 |
% |
|
|
Tier 1 Common Equity Risk-Based
Capital Ratio |
|
|
11.47 |
% |
|
|
|
|
11.23 |
% |
|
|
|
|
11.58 |
% |
|
|
Tier 1 Risk-Based Capital
Ratio |
|
|
13.17 |
% |
|
|
|
|
12.86 |
% |
|
|
|
|
13.38 |
% |
|
|
Total Risk-Based Capital Ratio |
|
|
14.42 |
% |
|
|
|
|
14.11 |
% |
|
|
|
|
14.64 |
% |
|
|
Total Shareholders' Equity |
|
$ |
546,248 |
|
|
|
|
$ |
532,930 |
|
|
|
|
$ |
505,579 |
|
|
|
Book Value Per Common Share |
|
$ |
6.93 |
|
|
|
|
$ |
6.78 |
|
|
|
|
$ |
6.45 |
|
|
|
Tangible Common Equity Per Common
Share * |
|
$ |
6.03 |
|
|
|
|
$ |
5.88 |
|
|
|
|
$ |
5.54 |
|
|
|
Tangible Common Equity to Tangible
Assets * |
|
|
10.23 |
% |
|
|
|
|
9.96 |
% |
|
|
|
|
10.00 |
% |
|
|
* Excludes goodwill
and other intangible assets |
|
ALLOWANCE FOR LOAN LOSSES |
(Dollars In Thousands)
(Unaudited) |
|
|
|
|
|
Quarter Ended |
|
|
March 31, 2016 |
|
December 31,
2015 |
|
September 30,
2015 |
|
June 30, 2015 |
|
March 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of
period |
|
$ |
52,405 |
|
|
$ |
50,116 |
|
|
$ |
48,821 |
|
|
$ |
48,170 |
|
|
$ |
48,624 |
|
Provision for losses on
loans |
|
|
500 |
|
|
|
– |
|
|
|
500 |
|
|
|
– |
|
|
|
|
– |
|
Recoveries on loans
previously charged-off |
|
|
361 |
|
|
|
3,694 |
|
|
|
2,670 |
|
|
|
1,210 |
|
|
|
870 |
|
Gross loan
charge-offs |
|
|
(598 |
) |
|
|
(1,405 |
) |
|
|
(1,875 |
) |
|
|
(559 |
) |
|
|
(1,324 |
) |
Balance at end of
period |
|
$ |
52,668 |
|
|
$ |
52,405 |
|
|
$ |
50,116 |
|
|
$ |
48,821 |
|
|
$ |
48,170 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Loan Charge-offs /
Average Net Loans |
|
|
0.01 |
% |
|
|
-0.06 |
% |
|
|
-0.02 |
% |
|
|
-0.02 |
% |
|
|
0.01 |
% |
Charge-offs / Average
Total Loans |
|
|
0.02 |
% |
|
|
0.04 |
% |
|
|
0.05 |
% |
|
|
0.02 |
% |
|
|
0.04 |
% |
Allowance for Loan
Losses / Gross Loans* |
|
|
1.38 |
% |
|
|
1.37 |
% |
|
|
1.38 |
% |
|
|
1.38 |
% |
|
|
1.37 |
% |
Allowance for Loan
Losses / Non-accrual Loans |
|
|
208.99 |
% |
|
|
241.56 |
% |
|
|
184.38 |
% |
|
|
158.24 |
% |
|
|
148.12 |
% |
Allowance for Loan
Losses / Non-performing Loans |
|
|
208.99 |
% |
|
|
241.56 |
% |
|
|
184.38 |
% |
|
|
158.24 |
% |
|
|
148.12 |
% |
Allowance for Loan
Losses / Non-performing Assets |
|
|
149.08 |
% |
|
|
169.74 |
% |
|
|
130.23 |
% |
|
|
130.50 |
% |
|
|
120,63 |
% |
Allowance for Loan
Losses / Classified Loans |
|
|
61.79 |
% |
|
|
65.22 |
% |
|
|
59.53 |
% |
|
|
47.88 |
% |
|
|
48.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
* Excludes
held-for-sale loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING ASSETS |
(Dollars In Thousands,
Net of SBA Guaranty) |
|
Quarter Ended |
|
(Unaudited) |
|
March 31, 2016 |
|
December 31,
2015 |
|
September 30,
2015 |
|
June 30, 2015 |
|
March 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans |
|
$ |
25,201 |
|
|
$ |
21,694 |
|
|
$ |
27,181 |
|
|
$ |
30,852 |
|
|
$ |
32,522 |
|
Loans 90 days or more
past due and still accruing |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
|
– |
|
Total Non-performing
Loans |
|
|
25,201 |
|
|
|
21,694 |
|
|
|
27,181 |
|
|
|
30,852 |
|
|
|
32,522 |
|
|
|
|
|
|
|
|
|
|
|
|
Total OREO |
|
|
10,128 |
|
|
|
9,179 |
|
|
|
11,302 |
|
|
|
6,559 |
|
|
|
7,411 |
|
Total Non-performing
Assets |
|
$ |
35,329 |
|
|
$ |
30,873 |
|
|
$ |
38,483 |
|
|
$ |
37,411 |
|
|
$ |
39,933 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Loans/Gross Loans |
|
|
0.65 |
% |
|
|
0.56 |
% |
|
|
0.74 |
% |
|
|
0.87 |
% |
|
|
0.92 |
% |
Total Non-performing
Assets/Total Assets |
|
|
0.75 |
% |
|
|
0.65 |
% |
|
|
0.81 |
% |
|
|
0.81 |
% |
|
|
0.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR OFF-BALANCE SHEET ITEMS |
(Dollars In Thousands)
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
|
March 31, 2016 |
|
December 31,
2015 |
|
March 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of
period |
|
$ |
1,261 |
|
|
$ |
1,261 |
|
|
$ |
1,061 |
|
|
|
|
|
Provision for losses on
loan commitments |
|
|
(200 |
) |
|
|
– |
|
|
|
– |
|
|
|
|
|
Balance at end of
period |
|
$ |
1,061 |
|
|
$ |
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 |
|
|
March 31,
2016 |
|
December
31, 2015 |
|
March 31,
2015 |
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
3,050,251 |
|
$ |
35,025 |
|
|
|
4.59 |
% |
|
$ |
2,904,530 |
|
$ |
34,851 |
|
|
|
4.80 |
% |
|
$ |
2,732,436 |
|
$ |
32,565 |
|
|
|
4.77 |
% |
Commercial Loans |
|
|
737,336 |
|
|
7,486 |
|
|
|
4.06 |
% |
|
|
743,686 |
|
|
7,662 |
|
|
|
4.12 |
% |
|
|
616,848 |
|
|
6,282 |
|
|
|
4.07 |
% |
Consumer Loans |
|
|
12,522 |
|
|
86 |
|
|
|
2.75 |
% |
|
|
12,650 |
|
|
96 |
|
|
|
3.04 |
% |
|
|
13,141 |
|
|
116 |
|
|
|
3.53 |
% |
Total Gross Loans |
|
|
3,800,109 |
|
|
42,597 |
|
|
|
4.48 |
% |
|
|
3,660,866 |
|
|
42,609 |
|
|
|
4.66 |
% |
|
|
3,362,425 |
|
|
38,963 |
|
|
|
4.64 |
% |
Deferred Fees and Costs Loan
Fees |
|
|
(10,518 |
) |
|
1,068 |
|
|
|
|
|
(10,194 |
) |
|
1,188 |
|
|
|
|
|
(9,992 |
) |
|
1,125 |
|
|
|
Total Loans * |
|
|
3,789,591 |
|
|
43,665 |
|
|
|
4.61 |
% |
|
|
3,650,672 |
|
|
43,797 |
|
|
|
4.80 |
% |
|
|
3,352,433 |
|
|
40,088 |
|
|
|
4.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
SECURITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INTEREST-EARNING ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities** |
|
|
529,552 |
|
|
2,460 |
|
|
|
1.97 |
% |
|
|
496,571 |
|
|
2,626 |
|
|
|
2.24 |
% |
|
|
359,302 |
|
|
1,968 |
|
|
|
2.38 |
% |
Deposits Held In Other
Institutions |
|
|
– |
|
|
– |
|
|
|
0.00 |
% |
|
|
4,223 |
|
|
22 |
|
|
|
2.08 |
% |
|
|
8,000 |
|
|
32 |
|
|
|
1.60 |
% |
Federal Funds Sold &
Others |
|
|
98,313 |
|
|
124 |
|
|
|
0.50 |
% |
|
|
293,560 |
|
|
206 |
|
|
|
0.28 |
% |
|
|
256,700 |
|
|
160 |
|
|
|
0.25 |
% |
Total Investment Securities
and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Earning
Assets |
|
|
627,865 |
|
|
2,584 |
|
|
|
1.74 |
% |
|
|
794,354 |
|
|
2,854 |
|
|
|
1.51 |
% |
|
|
624,002 |
|
|
2,160 |
|
|
|
1.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST-EARNING ASSETS |
|
$ |
4,417,456 |
|
$ |
46,249 |
|
|
|
4.20 |
% |
|
$ |
4,445,026 |
|
$ |
46,651 |
|
|
|
4.21 |
% |
|
$ |
3,976,435 |
|
$ |
42,248 |
|
|
|
4.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-Interest Earning
Assets |
|
|
280,877 |
|
|
|
|
|
|
283,484 |
|
|
|
|
|
|
279,190 |
|
|
|
|
TOTAL
ASSETS |
|
$ |
4,698,333 |
|
|
|
|
|
$ |
4,728,510 |
|
|
|
|
|
$ |
4,255,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST-BEARING DEPOSITS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market |
|
$ |
1,008,081 |
|
$ |
1,787 |
|
|
|
0.71 |
% |
|
$ |
982,301 |
|
$ |
1,684 |
|
|
|
0.69 |
% |
|
$ |
844,576 |
|
$ |
1,406 |
|
|
|
0.67 |
% |
NOW |
|
|
37,936 |
|
|
25 |
|
|
|
0.26 |
% |
|
|
34,586 |
|
|
23 |
|
|
|
0.27 |
% |
|
|
29,230 |
|
|
17 |
|
|
|
0.23 |
% |
Savings |
|
|
134,064 |
|
|
511 |
|
|
|
1.53 |
% |
|
|
132,186 |
|
|
504 |
|
|
|
1.53 |
% |
|
|
129,239 |
|
|
502 |
|
|
|
1.55 |
% |
Time Deposits of $100,000 or
More |
|
|
1,342,858 |
|
|
3,044 |
|
|
|
0.91 |
% |
|
|
1,407,298 |
|
|
3,132 |
|
|
|
0.89 |
% |
|
|
1,297,961 |
|
|
2,603 |
|
|
|
0.80 |
% |
Other Time Deposits |
|
|
246,197 |
|
|
565 |
|
|
|
0.92 |
% |
|
|
263,322 |
|
|
602 |
|
|
|
0.91 |
% |
|
|
265,626 |
|
|
569 |
|
|
|
0.86 |
% |
Total Interest Bearing
Deposits |
|
|
2,769,136 |
|
|
5,932 |
|
|
|
0.86 |
% |
|
|
2,819,693 |
|
|
5,945 |
|
|
|
0.84 |
% |
|
|
2,566,632 |
|
|
5,097 |
|
|
|
0.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BORROWINGS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB Advances and Other
Borrowings |
|
|
201,209 |
|
|
905 |
|
|
|
1.80 |
% |
|
|
151,848 |
|
|
828 |
|
|
|
2.18 |
% |
|
|
150,655 |
|
|
232 |
|
|
|
0.62 |
% |
Junior Subordinated Debentures |
|
|
72,037 |
|
|
503 |
|
|
|
2.79 |
% |
|
|
71,976 |
|
|
459 |
|
|
|
2.55 |
% |
|
|
71,799 |
|
|
428 |
|
|
|
2.38 |
% |
Total
Borrowings |
|
|
273,246 |
|
|
1,408 |
|
|
|
2.06 |
% |
|
|
223,824 |
|
|
1,287 |
|
|
|
2.30 |
% |
|
|
222,454 |
|
|
660 |
|
|
|
1.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INTEREST
BEARING LIABILITIES |
|
$ |
3,042,382 |
|
$ |
7,340 |
|
|
|
0.97 |
% |
|
$ |
3,043,517 |
|
$ |
7,232 |
|
|
|
0.95 |
% |
|
$ |
2,789,086 |
|
$ |
5,757 |
|
|
|
0.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Bearing Deposits |
|
|
1,064,702 |
|
|
|
|
|
|
1,103,156 |
|
|
|
|
|
|
923,650 |
|
|
|
|
Other Liabilities |
|
|
46,722 |
|
|
|
|
|
|
46,899 |
|
|
|
|
|
|
42,792 |
|
|
|
|
Shareholders’ Equity |
|
|
544,527 |
|
|
|
|
|
|
534,938 |
|
|
|
|
|
|
500,097 |
|
|
|
|
TOTAL
LIABILITIES AND EQUITY |
|
$ |
4,698,333 |
|
|
|
|
|
$ |
4,728,510 |
|
|
|
|
|
$ |
4,255,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME |
|
|
$ |
38,909 |
|
|
|
|
|
$ |
39,419 |
|
|
|
|
|
$ |
36,491 |
|
|
|
. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
SPREAD |
|
|
|
|
|
3.24 |
% |
|
|
|
|
|
3.26 |
% |
|
|
|
|
|
3.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
MARGIN |
|
|
|
|
|
3.54 |
% |
|
|
|
|
|
3.56 |
% |
|
|
|
|
|
3.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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 |
|
March 31, 2016 |
|
December 31,
2015 |
|
March 31, 2015 |
|
|
|
|
|
|
Total shareholders’
equity |
$ |
546,248 |
|
|
$ |
532,930 |
|
|
$ |
505,579 |
|
Goodwill and other intangible
assets, net |
|
(70,458 |
) |
|
|
(70,658 |
) |
|
|
(71,385 |
) |
Tangible common
equity |
$ |
475,790 |
|
|
$ |
462,272 |
|
|
$ |
434,194 |
|
|
|
|
|
|
|
Total assets |
$ |
4,720,401 |
|
|
$ |
4,713,468 |
|
|
$ |
4,413,278 |
|
Goodwill and other intangible
assets, net |
|
(70,458 |
) |
|
|
(70,658 |
) |
|
|
(71,385 |
) |
Tangible assets |
$ |
4,649,943 |
|
|
$ |
4,642,810 |
|
|
$ |
4,341,893 |
|
|
|
|
|
|
|
Common shares
outstanding |
|
78,845,873 |
|
|
|
78,608,717 |
|
|
|
78,329,458 |
|
|
|
|
|
|
|
|
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. |
|
WILSHIRE BANCORP, INC.
Alex Ko, EVP & CFO, (213) 427-6560
www.wilshirebank.com
Wilshire Bancorp, Inc. (MM) (NASDAQ:WIBC)
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