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WILSHIRE BANCORP, INC.
Wilshire Bancorp Reports Net Income of $18.6 Million or
$0.24 per Share for First Quarter 2015
LOS ANGELES, April 20, 2015 - Wilshire Bancorp, Inc. (NASDAQ: WIBC) (the Company), the holding company for Wilshire Bank (the Bank), today reported net income of $18.6 million, or $0.24 per diluted common share, for the quarter ended March 31, 2015. This compares to net income of $13.1 million, or $0.17 per diluted common share, for the same period of the prior year, and net income of $16.1 million, or $0.20 per diluted common share, for the fourth quarter of 2014.
Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, Our first quarter performance was driven by strong, well-diversified loan production, stable expense levels and solid credit quality. We had $398 million in loan originations in the quarter, with strong contributions coming from our commercial real estate, commercial, SBA, and warehouse lending businesses. We also had strong deposit inflows that resulted in non-interest bearing demand deposits increasing by $82 million during the quarter, with more than half of the increase coming from new deposit relationships.
During the first quarter, we made excellent progress on two key strategic initiatives: building our residential mortgage lending business with the origination platform we acquired from Bank of Manhattan and expanding our ability to develop commercial banking relationships in the Southeastern United States with the opening of a new branch in LaGrange, Georgia. We believe these initiatives will increase our production of residential mortgage and commercial and industrial loans, and help us build a stronger and more diversified franchise, said Mr. Yoo.
Q1 2015 Summary
· Net income totaled $18.6 million, or $0.24 per diluted common share, for the first quarter of 2015
· Total net revenue of $51.8 million for the first quarter of 2015, an increase of 12.3% from the first quarter of 2014
· Return on average assets of 1.75% and return on average equity of 14.89% for the first quarter of 2015
· Net interest margin of 3.69% for the first quarter of 2015, a decrease from 4.00% for the fourth quarter of 2014
· Loans receivable (net of deferred fees and costs) totaled $3.51 billion at March 31, 2015, an increase of 22% from $2.87 billion at March 31, 2014
· Demand deposits totaled $997.8 million at March 31, 2015, an increase of 9% from $915.4 million at December 31, 2014
· Total deposits were $3.64 billion at March 31, 2015, an increase of 24% from $2.92 billion at March 31, 2014
· Continued stability in asset quality resulted in no provision for losses on loans and loan commitments for the first quarter of 2015
· Acquired Bank of Manhattans Mortgage Lending Division during the first quarter of 2015
The following information was filed by Wilshire Bancorp Inc (WIBC) on Wednesday, April 22, 2015 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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