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WILSHIRE BANCORP, INC.
Alex Ko, EVP & CFO, (213) 427-6560
Wilshire Bancorp Reports Net Income of $13.2 Million or
$0.17 per Share for First Quarter 2016
LOS ANGELES, April 18, 2016 - 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
The following information was filed by Wilshire Bancorp Inc (WIBC) on Tuesday, April 19, 2016 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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