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WILSHIRE BANCORP, INC.
Alex Ko, EVP & CFO, (213) 427-6560
Wilshire Bancorp Reports Net Income of $15.1 Million or
$0.19 per Share for Third Quarter 2014
LOS ANGELES, October 20, 2014 - Wilshire Bancorp, Inc. (NASDAQ: WIBC) (the Company), the holding company for Wilshire Bank (the Bank), today reported net income of $15.1 million, or $0.19 per diluted common share, for the quarter ended September 30, 2014. This compares to net income of $11.3 million, or $0.16 per diluted common share, for the same period of the prior year, and net income of $14.7 million, or $0.19 per diluted common share, for the second quarter of 2014.
Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, We had an outstanding quarter from a business development standpoint, generating almost $400 million in loan originations, which is a record level for the Company. It is important to note that we had contributions from all of our major lending areas including commercial real estate, commercial, SBA, and residential mortgages. As a result of our strong loan production, our total loan portfolio increased at an annualized rate of 27% during the third quarter. The performance is a testament to the highly productive marketing team we have developed at Wilshire, which has been strengthened by the addition of experienced business development officers from our BankAsiana and Saehan acquisitions. We are very pleased that we have been able to generate this growth in our loan portfolio, while continuing to see declining levels of problem assets, which underscores our commitment to maintaining a strong credit culture. We continue to have a healthy pipeline of attractive lending opportunities, which should enable us to continue our positive trends over the rest of 2014.
Q3 2014 Summary
· Net income totaled $15.1 million, or $0.19 per diluted common share, for the third quarter of 2014
· Total revenue of $46.4 million for the third quarter of 2014, an increase of 34% from the third quarter of 2013
· Return on average assets of 1.61% and return on average equity of 12.80% for the third quarter of 2014
· Net interest margin of 4.26%, for the third quarter of 2014, an increase from 4.08% for the third quarter of 2013
· Loans receivable (net of deferred fees and costs) totaled $3.16 billion at September 30, 2014, an increase of 44% from $2.20 billion at September 30, 2013
· Total deposits were $3.19 billion at September 30, 2014, an increase of 41% from $2.25 billion at September 30, 2013
· Continued low credit losses and improvement in asset quality resulted in no provision for losses on loans and loan commitments for the third quarter of 2014
The following information was filed by Wilshire Bancorp Inc (WIBC) on Tuesday, October 21, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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