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8-K - 8-K - WILSHIRE BANCORP INCa13-3727_18k.htm

Exhibit 99.1

 

 

 

WILSHIRE BANCORP, INC.

NEWS RELEASE

CONTACT:

Alex Ko, EVP & CFO, (213) 427-6560

www.wilshirebank.com

 

 

 

Wilshire Bancorp Reports Net Income of $15.2 Million or

$0.21 Earnings per Share for Fourth Quarter 2012

 

LOS ANGELES, January 23, 2013 - Wilshire Bancorp, Inc. (NASDAQ: WIBC) (the “Company”), the holding company for Wilshire State Bank (the “Bank”), today reported net income available to common shareholders of $15.2 million, or $0.21 per diluted common share, for the quarter ended December 31, 2012.  This compares to net income available to common shareholders of $5.8 million, or $0.08 per common share, for the same period of the prior year, and net income of $38.5 million, or $0.54 per common share, for the third quarter of 2012.  The increase in net income from the fourth quarter of 2011 is primarily attributable to a $12.0 million negative provision for losses on loans and loan commitments.  The decline in net income from the third quarter of 2012 is primarily attributable to the return to a normalized tax provision.

 

For the full year 2012, the Company reported net income available to common shareholders of $93.7 million, or $1.31 per diluted common share, compared with a net loss of $34.0 million, or ($0.61) per share, for the full year 2011.

 

Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, “We ended 2012 with another strong quarter, which contributed to the most profitable year in the history of the Company.  Our new business development efforts continue to gain momentum, as we had $264 million in loan originations during the fourth quarter, which represents our highest level of loan production in several years.  At the same time, our credit quality continues to show strong improvement with non-covered non-accrual loans declining by 32% from the end of the prior quarter.  This improvement reflects our effective management of problem assets, which is resulting in a steady migration of non-accrual loans back to accrual status and the continued pay-down of outstanding problem loans.

 

“As we begin 2013, we are optimistic that we will continue to generate solid profitability.  We expect to continue seeing good demand for CRE loans, and we believe the investments we have made to build our commercial, SBA, and residential real estate lending businesses will continue to generate strong loan production this year.  In addition, we continue to have a significant amount of excess capital that we can utilize to create additional value for shareholders going forward,” said Mr. Yoo.

 



 

Wilshire Bancorp Inc.4Q 2012 Results

January 23, 2013

Page 2

 

Q4 2012 Summary:

 

§           Net income available to common shareholders of $15.2 million or $0.21 per diluted share

§           Loans receivable totaled $2.01 billion at December 31, 2012, an increase of 3.0% from $1.95 billion at September 30, 2012

§           Loan originations for the fourth quarter of 2012 totaled $264.4 million, compared to total loan originations of $209.2 million for the third quarter of 2012

§           Improved deposit mix with non-interest-bearing demand deposits increasing to 27.0% of total deposits at December 31, 2012 from 24.8% at September 30, 2012

§           Non-covered non-accrual loans declined 31.7% and non-covered delinquencies declined  56.8% from end of prior quarter

§           Non-covered classified and criticized loans declined 4.7% and 12.6%, respectively, from Q3 2012 to Q4 2012

§           Improved credit quality and reduced gross charge-offs resulted in a $12.0 million negative provision for losses on loans and loan commitments for Q4 2012

 

STATEMENT OF OPERATIONS

 

Net Interest Income and Margin

 

Net interest income before credit for losses on loans and loan commitments totaled $25.6 million in the fourth quarter of 2012, an increase of 1.6% from $25.2 million for the fourth quarter of 2011, and unchanged from the third quarter of 2012.  The increase from the prior year was primarily due to a decline in interest expense on both deposits and borrowings.

 

Net interest margin was 4.33% for the fourth quarter of 2012, compared to 4.17% in the fourth quarter of 2011, and 4.35% for the third quarter of 2012. The decrease in net interest margin from the third quarter of 2012 was primarily due to lower yields on loans, partially offset by a reduction in the cost of deposits and a reduction in interest earning cash at the Federal Reserve Bank.

 

Loan yields decreased to 5.54% for the fourth quarter of 2012 from 5.73% for the third quarter of 2012 due to the large amount of loans that were originated at rates that were lower than that of the existing portfolio, due to the low interest rate environment and competitive landscape within the banking industry. The total cost of interest-bearing deposits declined to 0.79% for the fourth quarter of 2012, down from 0.87% for the third quarter of 2012.  Cost of total deposits was reduced to 0.59% for the fourth quarter of 2012, compared to 0.66% during the previous quarter.  The reduction in deposit rates was a result of declines in deposit costs across all categories combined with an increase in demand deposits as a percentage of total deposits.

 

Non-Interest Income

 

Total non-interest income was $6.7 million for the fourth quarter of 2012, compared to $5.8 million for the fourth quarter of 2011, and $6.6 million for third quarter of 2012.  The major categories of non-interest income in the fourth quarter of 2012 were relatively unchanged from the prior quarter.  Other non-interest income for the fourth quarter of 2012 slightly increased compared to prior quarters due to an increase in loan servicing income.

 

The $1.2 million in net gains on sales of loans recognized in the fourth quarter of 2012 represents $1.1 million in gains from the sale of SBA loans, and $84 thousand in gains from the sale of mortgage and other loans.

 

2



 

Wilshire Bancorp Inc.4Q 2012 Results

January 23, 2013

Page 3

 

 

Non-Interest Expense

 

Total non-interest expense was $20.7 million for the fourth quarter of 2012, compared with $16.2 million for the fourth quarter of 2011, and $18.3 million for the third quarter of 2012.  The increase in total non-interest expense for the fourth quarter of 2012 compared to prior quarters was primarily due to a higher impairment charge against the FDIC indemnification asset.

 

During the fourth quarter of 2012, the Company recorded an additional impairment of the FDIC indemnification asset amounting to $3.9 million.  The impairment reflected the continuing overall improved credit quality in the covered loan portfolio.  The FDIC indemnification asset balance at December 31, 2012, after reflecting the impairment charge of $3.9 million, was $5.4 million.

 

Total salaries and employee benefits expense was $7.9 million in the fourth quarter of 2012, compared with $7.1 million in the fourth quarter of 2011, and $9.4 million in the third quarter of 2012.  The decrease from the prior quarter was primarily due to a reduction in bonus accruals recorded during the fourth quarter of 2012.  Compared to the fourth quarter of 2011, salaries and benefits for the fourth quarter of 2012 increased primarily due to an increase in the number of employees.

 

Other non-interest expense for the fourth quarter of 2012 totaled $6.2 million, compared with $6.5 million in the fourth quarter of 2011, and $4.4 million for the third quarter of 2012.  The increase from the prior quarter was primarily attributable to increased professional fees and other loan expenses.

 

The Company’s operating efficiency ratio was 64.1% for the fourth quarter of 2012, compared with 52.4% for the fourth quarter of 2011 and 57.0% for the third quarter of 2012.  The increase in efficiency ratio for the fourth quarter of 2012 compared to prior quarters is largely due to the $3.9 million impairment charge on the FDIC indemnification asset and the increase in other non-interest expense.

 

Tax Provision

 

For the fourth quarter of 2012, the Company recorded a provision for income taxes totaling $8.4 million, reflecting an effective tax rate of 35.6%.  This reflects the Company’s return to a more normalized effective tax rate following several quarters of recording no tax provision or a tax benefit due to the reversal of the valuation allowance that had been established against the Company’s deferred tax asset.

 

BALANCE SHEET

 

Total gross loans, including loans held-for-sale, were $2.16 billion at December 31, 2012, compared to $2.09 billion at September 30, 2012.  The increase in total gross loans during the fourth quarter of 2012 was primarily due to the increase in loan originations during the quarter.

 

As previously disclosed, upon acquiring certain assets and liabilities of the former Mirae Bank, the Company entered into a loss sharing agreement with the FDIC whereby the FDIC has agreed to share in losses on assets covered under the agreement.  The assets covered by the loss sharing agreement include loans and foreclosed loan collateral existing on June 26, 2009 and acquired from Mirae Bank. As a result, loans acquired through the acquisition of Mirae Bank are identified as “covered” loans, and those that were originated at Wilshire are “non-covered” loans or “legacy Wilshire” loans.

 

3



 

Wilshire Bancorp Inc.4Q 2012 Results

January 23, 2013

Page 4

 

 

The following table shows “covered” and “non-covered” gross loans (excluding loan fees and allowance for loan losses) by loan type:

 

Loan Categories

 

(Dollars In Thousands)

 

Quarter Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Non-Covered Loans

 

Dec 31, 2012

 

Sep 30, 2012

 

Jun 30, 2012

 

Mar 31, 2012

 

Dec 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction

 

   $

20,928

 

   $

20,311

 

  $

27,030

 

   $

38,552

 

   $

61,832

 

Real Estate Secured

 

1,719,762

 

1,641,851

 

1,558,274

 

1,472,450

 

1,490,504

 

Commercial & Industrial

 

289,782

 

287,045

 

290,063

 

269,501

 

253,092

 

Consumer

 

13,665

 

14,139

 

13,530

 

16,362

 

15,001

 

Total Non-Covered Gross Loans

 

   $

2,044,137

 

   $

1,963,346

 

  $

1,888,897

 

   $

1,796,865

 

   $

1,820,429

 

Held-For-Sale Loans Included Above

 

   $

145,973

 

   $

140,109

 

  $

66,485

 

   $

43,334

 

   $

48,955

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Covered Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Secured

 

   $

99,534

 

   $

113,874

 

  $

119,985

 

   $

137,051

 

   $

137,144

 

Commercial & Industrial

 

13,486

 

15,875

 

18,756

 

20,824

 

28,267

 

Consumer

 

9

 

14

 

65

 

71

 

79

 

Total Covered Gross Loans

 

   $

113,029

 

   $

129,763

 

  $

138,806

 

   $

157,946

 

   $

165,490

 

Held-For-Sale Loans Included Above

 

   $

-

 

   $

-

 

  $

-

 

   $

4,794

 

   $

4,859

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Gross Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction

 

   $

20,928

 

   $

20,311

 

  $

27,030

 

   $

38,552

 

   $

61,832

 

Real Estate Secured

 

1,819,296

 

1,755,725

 

1,678,259

 

1,609,501

 

1,627,648

 

Commercial & Industrial

 

303,268

 

302,920

 

308,819

 

290,325

 

281,359

 

Consumer

 

13,674

 

14,153

 

13,595

 

16,433

 

15,080

 

Total Gross Loans

 

   $

2,157,166

 

   $

2,093,109

 

  $

2,027,703

 

   $

1,954,811

 

   $

1,985,919

 

Held-For-Sale Loans Included Above

 

   $

145,973

 

   $

140,109

 

  $

66,485

 

   $

48,128

 

   $

53,814

 

 

Loan originations for the fourth quarter of 2012 totaled $264.4 million, compared to total loan originations of $209.2 million for the third quarter of 2012.  The increase in total loan originations from the prior quarter was attributable to an increase in originations of commercial real estate loans and SBA loans.

 

The following table shows quarterly loan originations by loan type:

 

Loan Originations

 

 

 

Quarter Ended

(Dollars In Thousands)

 

December 31, 2012

 

September 30, 2012

 

June 30, 2012

 

March 31, 2012

 

December 31, 2011

Real Estate Secured

 

   $

157,901

 

60%

 

  $

80,700

 

39%

 

  $

81,782

 

33%

 

  $

46,029

 

36%

 

  $

22,608

 

21%

Commercial & Industrial

 

34,059

 

13%

 

40,683

 

19%

 

50,469

 

21%

 

27,223

 

22%

 

40,517

 

37%

Consumer

 

3,083

 

1%

 

1,805

 

1%

 

304

 

0%

 

100

 

0%

 

161

 

0%

SBA Loans

 

38,700

 

15%

 

27,457

 

13%

 

37,989

 

16%

 

33,043

 

26%

 

29,035

 

26%

Residential Mortgage Loans

 

30,624

 

11%

 

58,589

 

28%

 

74,673

 

30%

 

20,630

 

16%

 

17,292

 

16%

Total Loan Originations

 

   $

264,367

 

100%

 

  $

209,234

 

100%

 

  $

245,217

 

100%

 

  $

127,025

 

100%

 

  $

109,613

 

100%

 

Total SBA loans held-for-sale at the end of the fourth quarter of 2012 totaled $72.8 million compared to $51.6 million at the end of the previous quarter.  The remaining $73.2 million in loans held-for-sale at December 31, 2012 were comprised entirely of mortgage loans. The decision to retain or sell SBA loan production will be made on a quarter-to-quarter basis, dependent upon pricing in the secondary market and the Company’s liquidity needs. During the fourth quarter of 2012, the Company sold approximately $9.8 million in SBA loans.

 

4



 

Wilshire Bancorp Inc.4Q 2012 Results

January 23, 2013

Page 5

 

Total OREO was $2.1 million at December 31, 2012, compared with $2.3 million at September 30, 2012.  Outflow from OREO during the fourth quarter of 2012 consisted of 1 sold property totaling approximately $300 thousand.  Inflow into OREO during the fourth quarter of 2012 consisted of 1 property totaling approximately $100 thousand.

 

Total deposits were $2.17 billion at December 31, 2012, unchanged from $2.17 billion at September 30, 2012.  Increases in non-interest bearing demand deposits enabled the Company to run off higher costing deposits, resulting in an overall improved deposit mix.  Non-interest bearing deposits accounted for 27% of total deposits at December 31, 2012, an increase from 23% at the end of the prior year.

 

FHLB borrowings increased to $150.0 million at the end of the fourth quarter of 2012, compared to $60.0 million at the end of the fourth quarter of 2011.  There were no borrowings outstanding at the end of the third quarter of 2012.  The increase in FHLB borrowings was primarily to fund loan originations.

 

During the third quarter of 2012, $10.0 million in subordinated debentures issued by Wilshire State Bank was redeemed.  An additional $15.5 million in subordinated debentures issued by Wilshire Bancorp were redeemed during the fourth quarter of 2012. The interest rate of the junior subordinated debentures redeemed during the fourth quarter of 2012 was approximately 3.24% at the time of the redemption.  At December 31, 2012, $61.9 million in subordinated debentures remained outstanding, all previously issued by Wilshire Bancorp.

 

CREDIT QUALITY

 

The Company has experienced improving credit trends for over a year with declining trends in non-performing loans, classified loans, delinquencies, and charge-offs.  In light of the continued improvements in credit quality, the Company recorded a negative provision for losses on loans and loan commitments of $12.0 million in the fourth quarter of 2012.  The allowance for loan losses totaled $63.3 million, or 3.15% of gross loans (excluding loans held-for-sale), at December 31, 2012, compared to $74.4 million, or 3.81% of gross loans (excluding loans held-for-sale) at September 30, 2012.  The coverage ratio of the allowance for loan losses to non-performing assets was 210.7% at December 31, 2012, compared with 180.7% at September 30, 2012.  Allowance coverage of legacy Wilshire loans (excluding loans held-for-sale) was 3.33% at December 31, 2012, compared with 4.08% at September 30, 2012.

 

Non-Accrual Loans

 

At December 31, 2012, total non-covered non-accrual loans were $23.0 million, or 1.13% of gross non-covered loans, compared to $33.7 million, or 1.72% of gross non-covered loans, at September 30, 2012. Non-covered non-accrual loans experienced a 31.7% decline from the third to fourth quarter of 2012.

 

5


 


 

Wilshire Bancorp Inc.4Q 2012 Results

January 23, 2013

Page 6

 

The following table shows “covered” and “non-covered” non-accrual loans by loan type:

 

NON-ACCRUAL LOANS

(Dollars In Thousands, Net of SBA Guaranteed Portions)

 

 

 

Quarter Ended

Non-Covered Loans

 

Dec 31, 2012

 

Sep 30, 2012

 

Jun 30, 2012

 

Mar 31, 2012

 

Dec 31, 2011

 

 

 

 

 

 

 

 

 

 

 

Construction

 

    $

5,644

 

    $

7,678

 

   $

8,139

 

   $

8,139

 

   $

12,548

Real Estate Secured

 

16,203

 

25,124

 

25,762

 

26,082

 

15,696

Commercial & Industrial

 

1,172

 

892

 

1,095

 

1,261

 

1,573

Total Non-Covered Non-Accrual Loans

 

    $

23,019

 

    $

33,694

 

   $

34,996

 

   $

35,482

 

   $

29,817

 

 

 

 

 

 

 

 

 

 

 

Covered Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Secured

 

    $

4,804

 

    $

4,602

 

   $

6,396

 

   $

15,400

 

   $

13,392

Commercial & Industrial

 

130

 

586

 

93

 

109

 

623

Total Covered Non-Accrual Loans

 

    $

4,934

 

    $

5,188

 

   $

6,489

 

   $

15,509

 

   $

14,015

 

 

 

 

 

 

 

 

 

 

 

Total Non-Accrual Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction

 

    $

5,644

 

    $

7,678

 

   $

8,139

 

   $

8,139

 

   $

12,548

Real Estate Secured

 

21,007

 

29,726

 

32,158

 

41,482

 

29,088

Commercial & Industrial

 

1,302

 

1,478

 

1,188

 

1,370

 

2,196

Total Non-Accrual Loans

 

    $

27,953

 

    $

38,882

 

   $

41,485

 

   $

50,991

 

   $

43,832

 

The inflow into total (covered and non-covered) non-accrual loans was $4.5 million in the fourth quarter of 2012, compared with inflow of $5.3 million in the third quarter of 2012.  The fourth quarter of 2012 represented the lowest level of inflow to non-accrual status experienced by the Bank in the past several years. Total outflow from total non-accrual loans was $15.5 million during the fourth quarter of 2012, compared with $7.9 million for the third quarter of 2012.  The increase in outflow of non-accrual loans was largely due to $8.4 million in loans that were paid-off and $2.8 million in loans that migrated back to current status. The remaining $4.3 million in outflows were comprised of payments, amortizations, note sales, charge-offs, and outflow to OREO.

 

Troubled Debt Restructured Loans

 

At December 31, 2012, total non-covered troubled debt restructured loans or “TDR loans”, were $29.7 million, essentially unchanged from $29.8 million at September 30, 2012.

 

Total TDR loans by loan category are shown in the table below:

 

TROUBLED DEBT RESTRUCTURED LOANS

 

(Dollars In Thousands, Net of SBA Guaranteed Portions)

 

 

 

Quarter Ended

Non-Covered Loans

 

Dec 31, 2012

 

Sep 30, 2012

 

Jun 30, 2012

 

Mar 31, 2012

 

Dec 31, 2011

 

 

 

 

 

 

 

 

 

 

 

Real Estate Secured

 

   $

23,816

 

   $

24,136

 

   $

18,347

 

   $

12,648

 

   $

11,460

Commercial & Industrial

 

5,870

 

5,695

 

5,845

 

6,046

 

3,235

Total Non-Covered TDR Loans

 

   $

29,686

 

   $

29,831

 

   $

24,192

 

   $

18,694

 

   $

14,695

 

 

 

 

 

 

 

 

 

 

 

Covered Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Secured

 

   $

4,452

 

   $

4,388

 

   $

2,372

 

   $

7,964

 

   $

6,377

Commercial & Industrial

 

1,595

 

1,787

 

1,138

 

1,283

 

1,311

Total Covered TDR Loans

 

   $

6,047

 

   $

6,175

 

   $

3,510

 

   $

9,247

 

   $

7,688

 

 

 

 

 

 

 

 

 

 

 

Total TDRs Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Secured

 

   $

28,268

 

   $

28,524

 

   $

20,719

 

   $

20,612

 

   $

17,837

Commercial & Industrial

 

7,465

 

7,482

 

6,983

 

7,329

 

4,546

Total TDR Loans

 

   $

35,733

 

   $

36,006

 

   $

27,702

 

27,941

 

   $

22,383

 

6



 

Wilshire Bancorp Inc.4Q 2012 Results

January 23, 2013

Page 7

 

Of the total $35.7 million in TDR loans at December 31, 2012, $6.5 million were also classified as non-accrual, of which $4.0 million were non-covered. The remaining TDR loans were performing in accordance with their modified terms.  Inflow into TDR declined to $903 thousand for the fourth quarter of 2012 compared to $9.4 million during the previous quarter. Outflow from TDR increased slightly to $1.4 million during the fourth quarter 2012, compared to $1.1 million during the third quarter of 2012.

 

Loan Delinquencies (Excluding Non-Accrual Loans)

 

At December 31, 2012, total non-covered loan delinquencies were $3.6 million, compared with $8.4 million at September 30, 2012.  Non-covered delinquent loans declined by 56.8% from the third quarter of 2012, to the fourth quarter of 2012, and represented the lowest level of delinquencies in several years.

 

Delinquent loans by days past due are reflected in the table below:

 

DELINQUENT  LOANS -  By Days Past Due

 

(Dollars In Thousands, Net of SBA Guaranteed Portions)

 

 

 

Quarter Ended

Non-Covered Loans

 

Dec 31, 2012

 

Sep 30, 2012

 

Jun 30, 2012

 

Mar 31, 2012

 

Dec 31, 2011

 

 

 

 

 

 

 

 

 

 

 

30 - 59 Days Past Due

 

   $

2,663

 

   $

6,855

 

    $

8,461

 

    $

5,361

 

   $

4,890

60 - 89 Days Past Due

 

948

 

1,503

 

1,412

 

2,837

 

9,762

90 Days, and still accruing

 

-

 

-

 

923

 

933

 

-

Total Non-Covered Delinquent Loans

 

   $

3,611

 

   $

8,358

 

    $

10,796

 

    $

9,131

 

   $

14,652

 

 

 

 

 

 

 

 

 

 

 

Covered Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30 - 59 Days Past Due

 

   $

396

 

   $

652

 

    $

696

 

    $

987

 

   $

355

60 - 89 Days Past Due

 

226

 

1,491

 

-

 

240

 

513

90 Days, and still accruing

 

-

 

-

 

-

 

-

 

-

Total Covered Delinquent Loans

 

   $

622

 

   $

2,143

 

    $

696

 

    $

1,227

 

   $

868

 

 

 

 

 

 

 

 

 

 

 

Total Delinquent Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30 - 59 Days Past Due

 

   $

3,059

 

   $

7,507

 

    $

9,157

 

    $

6,348

 

   $

5,245

60 - 89 Days Past Due

 

1,174

 

2,994

 

1,412

 

3,077

 

10,275

90 Days, and still accruing

 

-

 

-

 

923

 

933

 

-

Total Delinquent Loans

 

   $

4,233

 

   $

10,501

 

    $

11,492

 

    $

10,358

 

   $

15,520

 

Total inflow into loan delinquencies was $2.5 million in the fourth quarter of 2012, compared with $8.6 million in the prior quarter.  Total outflow from loan delinquencies was $8.8 million in the fourth quarter of 2012 compared with $9.6 million in the prior quarter.  The $8.8 million in fourth quarter outflows consisted of $3.6 million in loans that migrated to current status, $1.9 million that were sold, and $1.8 million in delinquencies that migrated to non-accrual status, with the remainder either being paid-down or charged-off.

 

Of the total $4.2 million in delinquent loans at December 31, 2012, $2.7 million was comprised of delinquent real estate secured loans and $1.5 million consisted of delinquent commercial and industrial loans.  Over 70% of total delinquent loans at December 31, 2012 were past due less than 60 days.

 

Loan Classifications

 

At December 31, 2012, total non-covered classified loans (loans graded substandard, doubtful, and loss) totaled $138.4 million, compared with $145.2 million at September 30, 2012.  Non-covered criticized loans (loans graded special mention) were $78.3 million at December 31, 2012, compared with $89.5 million at September 30, 2012.

 

7



 

Wilshire Bancorp Inc.4Q 2012 Results

January 23, 2013

Page 8

 

Loan balances broken down by classification are reflected in the table below:

 

LOAN CLASSIFICATIONS

 

(Dollars In Thousands, Net of SBA Guaranteed Portions)

 

 

 

Quarter Ended

Non-Covered Loans

 

Dec 31, 2012

 

Sep 30, 2012

 

Jun 30, 2012

 

Mar 31, 2012

 

Dec 31, 2011

 

 

 

 

 

 

 

 

 

 

 

Special Mention

 

   $

78,251

 

   $

89,522

 

   $

75,219

 

   $

93,303

 

   $

119,434

Substandard

 

133,060

 

139,414

 

153,699

 

148,788

 

136,559

Doubtful

 

5,295

 

5,740

 

5,316

 

6,032

 

5,769

Total Non-Covered Gross Loans

 

   $

216,606

 

   $

234,676

 

   $

234,234

 

   $

248,123

 

   $

261,762

 

 

 

 

 

 

 

 

 

 

 

Covered Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special Mention

 

   $

4,024

 

   $

5,194

 

   $

9,126

 

   $

15,357

 

   $

17,438

Substandard

 

24,132

 

26,059

 

24,591

 

27,087

 

22,487

Doubtful

 

1,561

 

1,604

 

3,405

 

11,668

 

10,578

Total Covered Gross Loans

 

   $

29,717

 

   $

32,857

 

   $

37,122

 

   $

54,112

 

   $

50,503

 

 

 

 

 

 

 

 

 

 

 

Total Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special Mention

 

   $

82,275

 

   $

94,716

 

   $

84,345

 

   $

108,660

 

   $

136,872

Substandard

 

157,192

 

165,473

 

178,290

 

175,875

 

159,046

Doubtful

 

6,856

 

7,344

 

8,721

 

17,700

 

16,347

Total Gross Loans

 

   $

246,323

 

   $

267,533

 

   $

271,356

 

   $

302,235

 

   $

312,265

 

Gross Loan Charge-offs

 

Non-covered loan charge-offs for the fourth quarter of 2012 totaled $2.6 million, compared to $3.1 million in the third quarter of 2012.  The Company also had loan recoveries of $2.5 million in the fourth quarter of 2012. Net non-covered charge-offs totaled $143 thousand during the fourth quarter of 2012.

 

Charge-offs by loan type are reflected in the table below:

 

LOAN CHARGE-OFFS

 

(Dollars In Thousands)

 

 

 

Quarter Ended

Non-Covered Loans

 

Dec 31, 2012

 

Sep 30, 2012

 

Jun 30, 2012

 

Mar 31, 2012

 

Dec 31, 2011

 

 

 

 

 

 

 

 

 

 

 

Real Estate Secured

 

   $

1,768

 

   $

3,004

 

   $

2,734

 

   $

2,826

 

   $

829

Commercial & Industrial

 

840

 

70

 

502

 

1,299

 

2,543

Consumer

 

-

 

-

 

1

 

1

 

1

Total Non-Covered Charge-Offs Loans

 

   $

2,608

 

   $

3,074

 

   $

3,237

 

   $

4,126

 

   $

3,373

 

 

 

 

 

 

 

 

 

 

 

Covered Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Secured

 

   $

8

 

   $

11

 

   $

196

 

   $

102

 

   $

426

Commercial & Industrial

 

384

 

42

 

9

 

136

 

268

Total Covered Charge-Offs Loans

 

   $

392

 

   $

53

 

   $

205

 

   $

238

 

   $

694

 

 

 

 

 

 

 

 

 

 

 

Total Loan Charge-Offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Secured

 

1,776

 

3,015

 

2,930

 

2,928

 

1,255

Commercial & Industrial

 

1,224

 

112

 

511

 

1,435

 

2,811

Consumer

 

-

 

-

 

1

 

1

 

1

Total Charge-Offs Loans

 

   $

3,000

 

   $

3,127

 

   $

3,442

 

   $

4,364

 

   $

4,067

 

8



 

Wilshire Bancorp Inc.4Q 2012 Results

January 23, 2013

Page 9

 

 

CAPITAL RATIOS

 

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, 2012

 

Well Capitalized
Regulatory
Requirements

 

Total Excess Above
Well Capitalized
Requirements

 

 

 

 

 

 

 

Tier 1 Leverage Capital Ratio

 

14.87%

 

5.00%

 

$

 255,419

Tier 1 Risk-Based Capital Ratio

 

18.47%

 

6.00%

 

$

 259,835

Total Risk-Based Capital Ratio

 

19.74%

 

10.00%

 

$

 202,998

Tangible Common Equity To Tangible Assets

 

12.20%

 

N/A

 

N/A

Tangible Common Equity Per Common Share

 

$

4.69

 

N/A

 

N/A

 

The Company’s regulatory capital ratios declined from the third quarter of 2012 to the fourth quarter of 2012 due to the $15.5 million redemption of the junior subordinated debenture in December 2012.  The junior subordinated debenture was previously included in the Company’s calculation of tier 1 and total capital.  However, the reduction of regulatory capital was partially offset by the $14.9 million increase in capital that resulted from earnings for the three months ended December 31, 2012.

 

9



 

Wilshire Bancorp Inc.4Q 2012 Results

January 23, 2013

Page 10

 

 

CONFERENCE CALL

 

Management will host its quarterly conference call on January 24, 2013, at 10:00 a.m. PT (1:00 p.m. ET). Investment professionals are invited to participate in the call by dialing 800-260-8140 (domestic number) or 617-614-3672 (international number) and entering passcode #50622068.

 

COMPANY INFORMATION

 

Headquartered in Los Angeles, Wilshire State Bank operates 24 branch offices in California, Texas, New Jersey and New York, and eight loan production offices in Dallas and Houston, TX, Atlanta, GA, Aurora, CO, Annandale, VA, Fort Lee, NJ, Newark, CA, and Bellevue, WA, and is an SBA preferred lender nationwide. Wilshire State Bank is a community bank with a focus on commercial real estate lending and general commercial banking, with its primary market encompassing the multi-ethnic populations of the Los Angeles Metropolitan area. The Company’s strategic goals include increasing shareholder and franchise value by continuing to grow its multi-ethnic banking business and expanding its geographic reach to other similar markets with strong levels of small business activity.  Visit us at www.wilshirebank.com.

 

FORWARD-LOOKING STATEMENTS

 

This press release contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder.  Statements concerning future performance, events, financial condition, results of operations, plans or any other guidance on future periods constitute forward-looking statements that are subject to a number of risks and uncertainties that might cause actual results to differ materially from stated expectations. You should not place undue reliance on forward-looking statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K.  Specific factors that could cause future results to differ materially from historical performance and these forward-looking statements include, but are not limited to, (1) loan production and sales, (2) credit quality, (3) the ability to expand net interest margin, (4) the ability to continue to attract low-cost deposits, (5) success of expansion efforts, (6) competition in the marketplace, (7) political developments, war or other hostilities, (8) changes in the interest rate environment, (9) the ability of our borrowers to repay their loans, (10) the ability to maintain capital requirements and adequate sources of liquidity, (11) effects of or changes in accounting policies, (12) legislative or regulatory changes or actions, (13) the ability to attract and retain key personnel, (14) the ability to receive dividends from our subsidiaries, (15) the ability to secure confidential information through the use of computer systems and telecommunications networks, (16) weakening in the economy, specifically the real estate market, either nationally or in the states in which we do business, and (17) general economic conditions. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes included in the Company’s most recent reports on Form 10-K and Form 10-Q, as filed with the Securities and Exchange Commission, as they may be amended from time to time.  Results of operations for the most recent quarter are not necessarily indicative of operating results for any future periods. Any projections in this release are based on limited information currently available to management and are subject to change. Since management will only provide guidance at certain points during the year, the Company will not necessarily update the information. Such information speaks only as of the date of this release. Additional information on these and other factors that could affect financial results are included in filings by the Company with the Securities and Exchange Commission.

 

10


 


 

Wilshire Bancorp Inc.4Q 2012 Results

January 23, 2013

Page 11

 

CONSOLIDATED BALANCE SHEET

 

 

 

 

 

 

 

 

 

 

(Dollars In Thousands) (Unaudited)

 

December 31,

 

September 30,

 

Three Months

 

December 31,

 

Twelve Months

 

 

2012

 

2012

 

% Change

 

2011

 

% Change

ASSETS:

 

 

 

 

 

 

 

 

 

 

Cash and Due from Banks

 

  $

118,495

 

   $

113,258

 

5%

 

   $

155,245

 

-24%

Federal Funds Sold and Other Cash Equivalents

 

55,005

 

30,005

 

83%

 

170,005

 

-68%

Total Cash and Cash Equivalents

 

173,500

 

143,263

 

21%

 

325,250

 

-47%

 

 

 

 

 

 

 

 

 

 

 

Investment Securities Available For Sale

 

332,504

 

292,254

 

14%

 

320,064

 

4%

Investment Securities Held To Maturity

 

50

 

53

 

-6%

 

66

 

-24%

Total Investment Securities

 

332,554

 

292,307

 

14%

 

320,130

 

4%

 

 

 

 

 

 

 

 

 

 

 

Loans Held For Sale

 

145,973

 

140,109

 

4%

 

53,814

 

171%

 

 

 

 

 

 

 

 

 

 

 

Real Estate Construction

 

20,254

 

19,679

 

3%

 

61,213

 

-67%

Residential Real Estate

 

136,189

 

130,706

 

4%

 

98,262

 

39%

Commercial Real Estate

 

1,587,623

 

1,533,396

 

4%

 

1,478,254

 

7%

Commercial and Industrial

 

248,643

 

250,560

 

-1%

 

274,878

 

-10%

Consumer

 

13,658

 

14,138

 

-3%

 

15,065

 

-9%

Total Loans Receivable

 

2,006,367

 

1,948,479

 

3%

 

1,927,672

 

4%

Allowance For Loan Losses

 

(63,285)

 

(74,353)

 

-15%

 

(102,982)

 

-39%

Total Loans, Net of Allowance for Loan Losses

 

2,089,055

 

2,014,235

 

4%

 

1,878,504

 

11%

 

 

 

 

 

 

 

 

 

 

 

Accrued Interest Receivable

 

7,290

 

7,570

 

-4%

 

8,118

 

-10%

Due from Customers on Acceptances

 

54

 

388

 

-86%

 

414

 

-87%

Other Real Estate Owned

 

2,080

 

2,277

 

-9%

 

8,221

 

-75%

Premises and Equipment

 

11,630

 

12,010

 

-3%

 

12,612

 

-8%

Federal Home Loan Bank (FHLB) Stock, at Cost

 

12,090

 

13,327

 

-9%

 

15,523

 

-22%

Cash Surrender Value of Life Insurance

 

21,213

 

20,735

 

2%

 

19,888

 

7%

Investment in affordable housing partnerships

 

39,154

 

40,048

 

-2%

 

37,676

 

4%

Deferred Income Taxes

 

20,862

 

21,337

 

-2%

 

-

 

0%

Servicing Assets

 

9,610

 

9,645

 

0%

 

8,798

 

9%

Goodwill

 

6,675

 

6,675

 

0%

 

6,675

 

0%

FDIC Indemnification Asset

 

5,446

 

9,927

 

-45%

 

21,922

 

-75%

Other Assets

 

19,650

 

22,145

 

-11%

 

33,123

 

-41%

TOTAL ASSETS

 

  $

2,750,863

 

   $

2,615,889

 

5%

 

   $

2,696,854

 

2%

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

 

 

Non-interest Bearing Demand Deposits

 

  $

586,003

 

   $

538,291

 

9%

 

   $

511,467

 

15%

Savings and Interest Checking

 

125,595

 

124,397

 

1%

 

123,051

 

2%

Money Market Deposits

 

640,266

 

662,322

 

-3%

 

572,452

 

12%

Time Deposits in denomination of $100,000 or more

 

573,773

 

594,500

 

-3%

 

647,537

 

-11%

Other Time Deposits

 

241,172

 

255,342

 

-6%

 

347,802

 

-31%

Total Deposits

 

2,166,809

 

2,174,852

 

0%

 

2,202,309

 

-2%

 

 

 

 

 

 

 

 

 

 

 

FHLB Borrowings

 

150,000

 

-

 

0%

 

60,000

 

150%

Acceptance Outstanding

 

54

 

388

 

-86%

 

414

 

-87%

Junior Subordinated Debentures

 

61,857

 

77,321

 

-20%

 

87,321

 

-29%

Accrued Interest Payable

 

2,037

 

2,465

 

-17%

 

3,281

 

-38%

Other Liabilities

 

27,689

 

32,095

 

-14%

 

33,947

 

-18%

Total Liabilities

 

2,408,446

 

2,287,121

 

5%

 

2,387,272

 

1%

 

 

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

-

 

-

 

0%

 

61,000

 

-100%

Common Stock

 

164,790

 

164,649

 

0%

 

164,711

 

0%

Retained Earnings

 

170,816

 

155,606

 

10%

 

77,110

 

122%

Accumulated Other Comprehensive Income

 

6,811

 

8,513

 

-20%

 

6,761

 

1%

Total Shareholders’ Equity

 

342,417

 

328,768

 

4%

 

309,582

 

11%

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

  $

2,750,863

 

   $

2,615,889

 

5%

 

   $

2,696,854

 

2%

 

 

(continued)

 

11



 

Wilshire Bancorp Inc.4Q 2012 Results

January 23, 2013

Page 12

 

CONSOLIDATED STATEMENT OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

(Dollars In Thousands, Except Per Share Data) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Three Mths

 

Quarter Ended

 

Twelve Mths

 

 

December 31, 2012

 

September  30, 2012

 

% Change

 

December 31, 2011

 

% Change

 

 

 

 

 

 

 

 

 

 

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

Interest and Fees on Loans

 

    $

 27,472

 

    $

 27,966

 

-2%

 

    $

 28,512

 

-4%

Interest on Investment Securities

 

1,596

 

1,651

 

0%

 

1,387

 

19%

Interest on Federal Funds Sold

 

155

 

79

 

32%

 

486

 

-79%

Total Interest Income

 

29,223

 

29,696

 

-2%

 

30,385

 

-4%

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

Deposits

 

3,176

 

3,575

 

-11%

 

4,307

 

-26%

FHLB Advances and Other Borrowings

 

420

 

529

 

-21%

 

857

 

-51%

Total Interest Expense

 

3,596

 

4,104

 

-12%

 

5,164

 

-30%

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income Before (Credit) Provision for Losses on Loans and Loan Commitments

 

25,627

 

25,592

 

0%

 

25,221

 

2%

(Credit) Provision for Losses on Loans and Loan Commitments

 

(12,000)

 

(12,000)

 

0%

 

1,500

 

N/A

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income After (Credit) Provision for Losses on Loans and Loan Commitments

 

37,627

 

37,592

 

0%

 

23,721

 

59%

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

Service Charges on Deposits

 

3,051

 

3,157

 

-3%

 

3,152

 

-3%

Gain on Sales of Loans, Net

 

1,159

 

1,222

 

-5%

 

367

 

216%

Gain on Sale/Call of Investment Securities

 

-

 

-

 

0%

 

4

 

-100%

Other

 

2,529

 

2,231

 

13%

 

2,234

 

13%

Total Noninterest Income

 

6,739

 

6,610

 

2%

 

5,757

 

17%

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSES

 

 

 

 

 

 

 

 

 

 

Salaries and Employee Benefits

 

7,920

 

9,355

 

-15%

 

7,144

 

11%

FDIC Indemnification Impairment

 

3,900

 

2,000

 

95%

 

-

 

0%

Occupancy & Equipment

 

2,054

 

1,930

 

6%

 

1,894

 

8%

Data Processing

 

688

 

680

 

1%

 

697

 

-1%

Other

 

6,179

 

4,377

 

41%

 

6,504

 

-5%

Total Noninterest Expenses

 

20,741

 

18,342

 

13%

 

16,239

 

28%

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes

 

23,625

 

25,860

 

-9%

 

13,239

 

78%

Income Taxes Provision (Benefit)

 

8,415

 

(12,609)

 

N/A

 

6,503

 

29%

NET INCOME

 

    $

 15,210

 

    $

 38,469

 

-60%

 

    $

 6,736

 

126%

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock Cash Dividend

 

-

 

-

 

0%

 

(777)

 

-100%

Accretion of Preferred Stock Discount

 

-

 

-

 

0%

 

(141)

 

-100%

Total Preferred Stock Related Adjustment

 

-

 

-

 

0%

 

(918)

 

-100%

 

 

 

 

 

 

 

 

 

 

 

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS

 

    $

 15,210

 

    $

 38,469

 

-60%

 

    $

 5,818

 

161%

 

 

 

 

 

 

 

 

 

 

 

PER COMMON SHARE INFORMATION:

 

 

 

 

 

 

 

 

 

 

Basic Income Per Common Share

 

    $

 0.21

 

    $

 0.54

 

-60%

 

    $

 0.08

 

161%

Diluted Income Per Common Share

 

    $

 0.21

 

    $

 0.54

 

-60%

 

    $

 0.08

 

161%

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

Basic

 

71,294,573

 

71,290,881

 

 

 

71,291,416

 

 

Diluted

 

71,421,836

 

71,420,567

 

 

 

71,309,985

 

 

 

 

(continued)

 

12


 


 

Wilshire Bancorp Inc.4Q 2012 Results

January 23, 2013

Page 13

 

CONSOLIDATED STATEMENT OF OPERATIONS

(Dollars In Thousands, Except Per Share Data) (Unaudited)

 

 

 

Year Ended

 

Twelve Mths

 

 

 

December 31, 2012

 

December 31, 2011

 

% Change

 

 

 

 

 

 

 

 

 

INTEREST INCOME

 

 

 

 

 

 

 

Interest and Fees on Loans

 

$

109,367

 

$

121,707

 

-10%

 

Interest on Investment Securities

 

6,166

 

7,177

 

-11%

 

Interest on Federal Funds Sold

 

1,424

 

1,080

 

12%

 

Total Interest Income

 

116,957

 

129,964

 

-10%

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

 

 

Deposits

 

15,021

 

18,541

 

-19%

 

FHLB Advances and Other Borrowings

 

2,034

 

4,048

 

-50%

 

Total Interest Expense

 

17,055

 

22,589

 

-24%

 

 

 

 

 

 

 

 

 

Net Interest Income Before (Credit) Provision for Losses on Loans and Loan Commitments

 

99,902

 

107,375

 

-7%

 

(Credit) Provision for Losses on Loans and Loan Commitments

 

(34,000)

 

59,100

 

N/A

 

 

 

 

 

 

 

 

 

Net Interest Income After (Credit) Provision for Losses on Loans and Loan Commitments

 

133,902

 

48,275

 

177%

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME

 

 

 

 

 

 

 

Service Charges on Deposits

 

12,672

 

12,570

 

1%

 

Gain on Sales of Loans, Net

 

6,393

 

2,102

 

204%

 

Gain on Sale/Call of Investment Securities

 

3

 

99

 

-97%

 

Other

 

9,181

 

9,034

 

2%

 

Total Noninterest Income

 

28,249

 

23,805

 

19%

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSES

 

 

 

 

 

 

 

Salaries and Employee Benefits

 

34,475

 

28,540

 

21%

 

FDIC Indemnification Impairment

 

7,900

 

-

 

0%

 

Occupancy & Equipment

 

7,875

 

7,826

 

1%

 

Data Processing

 

2,817

 

2,892

 

-3%

 

Other

 

21,112

 

29,527

 

-28%

 

Total Noninterest Expenses

 

74,179

 

68,785

 

8%

 

 

 

 

 

 

 

 

 

Income Before Income Taxes

 

87,972

 

3,295

 

2570%

 

Income Taxes (Benefit) Provision

 

(4,333)

 

33,625

 

N/A

 

NET INCOME (LOSS)

 

$

92,305

 

$

(30,330)

 

N/A

 

 

 

 

 

 

 

 

 

Preferred Stock Cash Dividend

 

(830)

 

(3,108)

 

-73%

 

Accretion of Preferred Stock Discount

 

(1,158)

 

(550)

 

111%

 

One-time Adjustment From Repurchase of Preferred Stock

 

3,389

 

-

 

0%

 

Total Preferred Stock Related Adjustment

 

1,401

 

(3,658)

 

N/A

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS

 

$

93,706

 

$

(33,988)

 

N/A

 

 

 

 

 

 

 

 

 

PER COMMON SHARE INFORMATION:

 

 

 

 

 

 

 

Basic Income (Loss) Per Common Share

 

$

1.31

 

$

(0.61)

 

N/A

 

Diluted Income (Loss) Per Common Share

 

$

1.31

 

$

(0.61)

 

N/A

 

 

 

 

 

 

 

 

 

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:

 

 

 

 

 

 

 

Basic

 

71,288,484

 

55,710,377

 

 

 

Diluted

 

71,375,150

 

55,710,377

 

 

 

 

(continued)

 

13



 

Wilshire Bancorp Inc.4Q 2012 Results

January 23, 2013

Page 14

 

SUMMARY OF FINANCIAL DATA

(Dollars In Thousands, Except Per Share Data) (Unaudited)

 

 

 

Quarter Ended

 

 

 

AVERAGE BALANCES

 

December 31, 2012

 

 

 

September 30, 2012

 

 

 

December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Assets

 

$

2,609,509

 

 

 

$

2,579,203

 

 

 

$

2,678,357

 

 

 

Average Equity

 

334,380

 

 

 

297,725

 

 

 

308,948

 

 

 

Average Net Loans

 

1,984,434

 

 

 

1,951,126

 

 

 

1,868,385

 

 

 

Average Deposits

 

2,153,976

 

 

 

2,162,430

 

 

 

2,145,128

 

 

 

Average Time Deposits in denomination of $100,000 or more

 

585,134

 

 

 

600,204

 

 

 

655,022

 

 

 

Average FHLB & Other Borrowings

 

14,130

 

 

 

-

 

 

 

105,163

 

 

 

Average Interest Earning Assets

 

2,386,128

 

 

 

2,370,619

 

 

 

2,439,374

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

AVERAGE BALANCES

 

December 31, 2012

 

 

 

 

 

 

 

December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Assets

 

$

2,600,273

 

 

 

 

 

 

 

$

2,758,788

 

 

 

Average Equity

 

305,833

 

 

 

 

 

 

 

264,666

 

 

 

Average Net Loans

 

1,917,423

 

 

 

 

 

 

 

2,020,036

 

 

 

Average Deposits

 

2,166,303

 

 

 

 

 

 

 

2,202,445

 

 

 

Average Time Deposits in denomination of $100,000 or more

 

611,922

 

 

 

 

 

 

 

658,862

 

 

 

Average FHLB & Other Borrowings

 

8,806

 

 

 

 

 

 

 

163,227

 

 

 

Average Interest Earning Assets

 

2,386,037

 

 

 

 

 

 

 

2,498,025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

PROFITABILITY

 

December 31, 2012

 

 

 

September 30, 2012

 

 

 

December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized Return on Average Assets

 

2.33%

 

 

 

5.97%

 

 

 

1.01%

 

 

 

Annualized Return on Average Equity

 

18.19%

 

 

 

51.68%

 

 

 

8.72%

 

 

 

Efficiency Ratio

 

64.08%

 

 

 

56.96%

 

 

 

52.42%

 

 

 

Annualized Operating Expense/Average Assets

 

3.18%

 

 

 

2.84%

 

 

 

2.43%

 

 

 

Annualized Net Interest Margin

 

4.33%

 

 

 

4.35%

 

 

 

4.17%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

PROFITABILITY

 

December 31, 2012

 

 

 

 

 

 

 

December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized Return on Average Assets

 

3.55%

 

 

 

 

 

 

 

-1.10%

 

 

 

Annualized Return on Average Equity

 

30.18%

 

 

 

 

 

 

 

-11.46%

 

 

 

Efficiency Ratio

 

57.88%

 

 

 

 

 

 

 

52.44%

 

 

 

Annualized Operating Expense/Average Assets

 

2.85%

 

 

 

 

 

 

 

2.49%

 

 

 

Annualized Net Interest Margin

 

4.22%

 

 

 

 

 

 

 

4.34%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As Of

DEPOSIT COMPOSITION

 

December 31, 2012

 

 

Cost of
Funds

 

September 30, 2012

 

Cost of
Funds

 

December 31, 2011

 

Cost of
Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest Bearing Demand Deposits

 

27.0%

 

0.00%

 

24.8%

 

0.00%

 

23.2%

 

0.00%

 

Savings & Interest Checking

 

5.8%

 

1.66%

 

5.7%

 

1.78%

 

5.6%

 

2.24%

 

Money Market Deposits

 

29.5%

 

0.66%

 

30.5%

 

0.76%

 

26.0%

 

0.85%

 

Time Deposits of $100,000 or More

 

26.5%

 

0.72%

 

27.3%

 

0.78%

 

29.4%

 

0.93%

 

Other Time Deposits

 

11.1%

 

0.84%

 

11.7%

 

0.92%

 

15.8%

 

1.07%

 

Total Deposits

 

100.0%

 

0.59%

 

100.0%

 

0.66%

 

100.0%

 

0.80%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As Of

 

 

 

CAPITAL RATIOS

 

December 31, 2012

 

 

 

September 30, 2012

 

 

 

December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 Leverage Ratio

 

14.87%

 

 

 

14.96%

 

 

 

13.86%

 

 

 

Tier 1 Risk-Based Capital Ratio

 

18.47%

 

 

 

19.33%

 

 

 

19.59%

 

 

 

Total Risk-Based Capital Ratio

 

19.74%

 

 

 

20.61%

 

 

 

20.89%

 

 

 

Total Shareholders’ Equity

 

$

342,417

 

 

 

$

328,768

 

 

 

$

309,582

 

 

 

Book Value Per Common Share

 

$

4.80

 

 

 

$

4.61

 

 

 

$

3.49

 

 

 

Tangible Common Equity Per Common Share *

 

$

4.69

 

 

 

$

4.50

 

 

 

$

3.38

 

 

 

Tangible Common Equity to Tangible Assets **

 

12.20%

 

 

 

12.31%

 

 

 

8.95%

 

 

 

 

* Tangible common equity excludes goodwill, other intangible assets, and TARP preferred stock

** Tangible assets excludes goodwill and intangible assets

 

(continued)

 

14



 

Wilshire Bancorp Inc.4Q 2012 Results

January 23, 2013

Page 15

 

 

ALLOWANCE FOR LOAN LOSSES

 

 

 

 

 

 

 

 

 

(Dollars In Thousands) (Unaudited)

 

Quarter Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012

 

September 30, 2012

 

June 30, 2012

 

March 31, 2012

 

December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

 

$

74,353

 

$

89,134

 

$

99,826

 

$

102,982

 

$

105,306

 

(Credit) Provision for Losses on Loans

 

(10,600)

 

(12,000)

 

(9,000)

 

-

 

1,500

 

Recoveries on Loans Previously Charged-off

 

2,532

 

346

 

1,750

 

1,208

 

243

 

Less Charge-offs

 

(3,000)

 

(3,127)

 

(3,442)

 

(4,364)

 

(4,067)

 

Balance at End of Period

 

$

63,285

 

$

74,353

 

$

89,134

 

$

99,826

 

$

102,982

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loan Charge-offs/Average Total Loans

 

0.02%

 

0.14%

 

0.09%

 

0.17%

 

0.20%

 

Charge-offs/Average Total Loans

 

0.15%

 

0.16%

 

0.18%

 

0.24%

 

0.22%

 

Allowance for Loan Losses/Gross Loans *

 

3.15%

 

3.81%

 

4.54%

 

5.24%

 

5.33%

 

Allowance for Loan Losses/Legacy Wilshire Loans *

 

3.33%

 

4.08%

 

4.89%

 

5.69%

 

5.81%

 

Allowance for Loan Losses/Non-accrual Loans

 

226.40%

 

191.23%

 

214.86%

 

195.77%

 

234.95%

 

Allowance for Loan Losses/Legacy Non-accrual Loans

 

274.93%

 

220.67%

 

254.70%

 

281.34%

 

345.38%

 

Allowance for Loan Losses/Non-performing Loans

 

226.40%

 

191.23%

 

210.18%

 

192.25%

 

234.95%

 

Allowance for Loan Losses/Legacy Non-performing Loans

 

274.93%

 

220.67%

 

248.15%

 

274.13%

 

345.38%

 

Allowance for Loan Losses/Non-performing Assets

 

210.73%

 

180.65%

 

190.62%

 

184.20%

 

197.84%

 

Allowance for Loan Losses/Legacy Non-performing Assets

 

265.38%

 

214.15%

 

238.90%

 

258.04%

 

285.36%

 

 

 

 

 

 

 

 

 

 

 

 

 

* Excluding held-for-sale loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-PERFORMING ASSETS

 

 

 

 

 

 

 

 

 

 

 

(Dollars In Thousands, Net of SBA Guaranteed Portions)

 

Quarter Ended

(Unaudited)

 

December 31, 2012

 

September 30, 2012

 

June 30, 2012

 

March 31, 2012

 

December 31, 2011

 

Non-accrual Loans:

 

 

 

 

 

 

 

 

 

 

 

Non-covered

 

$

23,019

 

$

33,694

 

$

34,996

 

$

35,482

 

$

29,817

 

Covered

 

4,934

 

5,188

 

6,489

 

15,509

 

14,015

 

Total

 

27,953

 

38,882

 

41,485

 

50,991

 

43,832

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans 90 days or more past due and still accruing:

 

 

 

 

 

 

 

 

 

 

 

Non-covered

 

-

 

-

 

923

 

933

 

-

 

Covered

 

-

 

-

 

-

 

-

 

-

 

Total

 

-

 

-

 

923

 

933

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-performing Loans:

 

 

 

 

 

 

 

 

 

 

 

Non-covered

 

23,019

 

33,694

 

35,919

 

36,415

 

29,817

 

Covered

 

4,934

 

5,188

 

6,489

 

15,509

 

14,015

 

Total

 

27,953

 

38,882

 

42,408

 

51,924

 

43,832

 

 

 

 

 

 

 

 

 

 

 

 

 

OREO and Repossessed Vehicles:

 

 

 

 

 

 

 

 

 

 

 

Non-covered

 

828

 

1,026

 

1,391

 

2,271

 

6,271

 

Covered

 

1,251

 

1,251

 

2,960

 

-

 

1,950

 

Total

 

2,079

 

2,277

 

4,351

 

2,271

 

8,221

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-performing Assets:

 

 

 

 

 

 

 

 

 

 

 

Non-covered

 

23,847

 

34,720

 

37,310

 

38,686

 

36,088

 

Covered

 

6,185

 

6,439

 

9,449

 

15,509

 

15,965

 

Total

 

$

30,032

 

$

41,159

 

$

46,759

 

$

54,195

 

$

52,053

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-performing Loans/Gross Loans

 

1.30%

 

1.86%

 

2.09%

 

2.66%

 

2.21%

 

Total Legacy Non-performing Loans/Legacy Gross Loans

 

1.13%

 

1.72%

 

1.90%

 

2.03%

 

1.64%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-performing Assets/Total Assets

 

1.09%

 

1.57%

 

1.80%

 

2.04%

 

1.93%

 

Total Legacy Non-performing Assets/Total Assets

 

0.87%

 

1.33%

 

1.44%

 

1.45%

 

1.34%

 

 

(continued)

 

15



 

Wilshire Bancorp Inc.4Q 2012 Results

January 23, 2013

Page 16

 

 

ALLOWANCE FOR OFF-BALANCE SHEET ITEMS

 

 

Quarter Ended

 

 

 

 

 

(Dollars In Thousands) (Unaudited)

 

December 31, 2012

 

September 30, 2012

 

June 30, 2012

 

March 31, 2012

 

December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$                 2,423 

 

$                    2,423 

 

$               3,423 

 

$               3,423 

 

$                   3,423

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit for losses on off-balance sheet items

 

(1,400)

 

 

(1,000)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at end of period

 

$                 1,023 

 

$                    2,423 

 

$               2,423 

 

$               3,423 

 

$                   3,423

 

 

 

 

Year Ended

 

 

 

 

 

 

 

 

 

 

December 31, 2012

 

 

 

December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$                   3,423 

 

$                   3,926 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit for losses on off-balance sheet items

 

(2,400)

 

(503)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at end of period

 

$                   1,023 

 

$                   3,423 

 

 

 

 

 

 

 

 

 

 

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, 2012 

 

September 30, 2012

 

December 31, 2011

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

$

342,417 

 

$

328,768 

 

$

309,582

 

Preferred stock, net of discount

 

 

 

(61,000

)

Goodwill and other intangible assets, net

 

(7,712)

 

(7,783)

 

(7,995

)

Tangible common equity

 

$

334,705 

 

$

320,985 

 

$

240,587

 

 

 

 

 

 

 

 

 

Total assets

 

$

2,750,863 

 

$

2,615,889 

 

$

2,696,854

 

Goodwill and other intangible assets, net

 

(7,712)

 

(7,783)

 

(7,995

)

Tangible assets

 

$

2,743,151 

 

$

2,608,106 

 

$

2,688,859

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

71,295,144 

 

71,293,394 

 

71,282,518

 

 

 

(continued)

 

16



 

Wilshire Bancorp Inc.4Q 2012 Results

January 23, 2013

Page 17

 

WILSHIRE BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCES, AVERAGE YIELDS EARNED AND AVERAGE RATES PAID

 

(Dollars In Thousands) (Unaudited)

 

 

 

 For the Quarter Ended

 

 

 

December 31, 2012

 

September  30, 2012

 

December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

Interest

 

Average

 

Average

 

Interest

 

Average

 

Average

 

Interest

 

Average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance

 

Income/

 

Yield/

 

Balance

 

Income/

 

Yield/

 

Balance

 

Income/

 

Yield/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EARNING ASSETS

 

 

 

Expense

 

Rate

 

 

 

Expense

 

Rate

 

 

 

Expense

 

Rate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOANS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Loans

 

$ 1,749,807

 

$  22,753

 

5.20%

 

$ 1,727,223

 

$ 23,530

 

5.45%

 

$ 1,691,650

 

$ 24,012

 

5.68%

 

Commercial Loans

 

300,138

 

3,703

 

4.94%

 

303,338

 

3,572

 

4.71%

 

270,425

 

3,446

 

5.10%

 

Consumer Loans

 

13,708

 

89

 

2.60%

 

13,899

 

87

 

2.50%

 

15,406

 

115

 

2.99%

 

Total Gross Loans

 

2,063,653

 

26,545

 

5.15%

 

2,044,460

 

27,189

 

5.32%

 

1,977,481

 

27,573

 

5.58%

 

Loan Fees toward Yield

 

 

 

927

 

 

 

 

 

777

 

 

 

 

 

939

 

 

 

Allowance for Loan Losses & Unearned Income

 

(79,219)

 

 

 

 

 

(93,334)

 

 

 

 

 

(109,096)

 

 

 

 

 

Net Loans

 

1,984,434

 

27,472

 

5.54%

 

1,951,126

 

27,966

 

5.73%

 

1,868,385

 

28,512

 

6.10%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTMENT SECURITIES AND OTHER INTEREST-EARNING ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Securities*

 

297,205

 

1,596

 

2.42%

 

294,535

 

1,651

 

2.51%

 

339,302

 

1,387

 

1.90%

 

Federal Funds Sold

 

104,489

 

155

 

0.59%

 

124,958

 

79

 

0.25%

 

231,687

 

486

 

0.84%

 

Total Investment Securities and Other Earning Assets

 

401,694

 

1,751

 

1.94%

 

419,493

 

1,730

 

1.84%

 

570,989

 

1,873

 

1.47%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INTEREST-EARNING ASSETS

 

$ 2,386,128

 

$  29,223

 

4.93%

 

$ 2,370,619

 

$ 29,696

 

5.04%

 

$ 2,439,374

 

$ 30,385

 

5.02%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Earning Assets

 

223,381

 

 

 

 

 

208,584

 

 

 

 

 

238,983

 

 

 

 

 

TOTAL ASSETS

 

$ 2,609,509

 

 

 

 

 

$ 2,579,203

 

 

 

 

 

$ 2,678,357

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST BEARING LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST-BEARING DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market

 

$ 653,020

 

$   1,072

 

0.66%

 

$ 637,082

 

$  1,206

 

0.76%

 

$   546,972

 

$  1,163

 

0.85%

 

NOW

 

27,317

 

14

 

0.21%

 

27,310

 

16

 

0.23%

 

24,365

 

20

 

0.33%

 

Savings

 

99,371

 

511

 

2.06%

 

100,299

 

551

 

2.20%

 

94,910

 

649

 

2.74%

 

Time Deposits of $100,000 or More

 

585,134

 

1,059

 

0.72%

 

600,204

 

1,169

 

0.78%

 

655,022

 

1,528

 

0.93%

 

Other Time Deposits

 

248,237

 

520

 

0.84%

 

274,366

 

633

 

0.92%

 

355,587

 

947

 

1.07%

 

Total Interest Bearing Deposits

 

1,613,079

 

3,176

 

0.79%

 

1,639,261

 

3,575

 

0.87%

 

1,676,856

 

4,307

 

1.03%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BORROWINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FHLB Advances and Other Borrowings

 

14,130

 

10

 

0.28%

 

-

 

-

 

0.00%

 

105,163

 

340

 

1.29%

 

Junior Subordinated Debentures

 

74,295

 

410

 

2.21%

 

86,669

 

529

 

2.44%

 

87,321

 

517

 

2.37%

 

Total Borrowings

 

88,425

 

420

 

1.90%

 

86,669

 

529

 

2.44%

 

192,484

 

857

 

1.78%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INTEREST BEARING LIABILITIES

 

$ 1,701,504

 

$   3,596

 

0.85%

 

$ 1,725,930

 

$   4,104

 

0.95%

 

$ 1,869,340

 

$  5,164

 

1.11%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Bearing Deposits

 

540,897

 

 

 

 

 

523,169

 

 

 

 

 

468,272

 

 

 

 

 

Other Liabilities

 

32,728

 

 

 

 

 

32,379

 

 

 

 

 

31,797

 

 

 

 

 

Shareholders’ Equity

 

334,380

 

 

 

 

 

297,725

 

 

 

 

 

308,948

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

 

$ 2,609,509

 

 

 

 

 

$ 2,579,203

 

 

 

 

 

$ 2,678,357

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME

 

 

 

$  25,627

 

 

 

 

 

$ 25,592

 

 

 

 

 

$ 25,221

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST SPREAD

 

 

 

 

 

4.09%

 

 

 

 

 

4.09%

 

 

 

 

 

3.91%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST MARGIN

 

 

 

 

 

4.33%

 

 

 

 

 

4.35%

 

 

 

 

 

4.17%

 

 

  * Tax equivalent ratios for investment securities

 

(continued)     

 

17


 

 


 

Wilshire Bancorp Inc.4Q 2012 Results

January 23, 2013

Page 18

 

WILSHIRE BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCES, AVERAGE YIELDS EARNED AND AVERAGE RATES PAID

 

(Dollars In Thousands) (Unaudited)

 

 

 

For the Year Ended

 

 

 

December 31, 2012

 

December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

Interest

 

Average 

 

Average

 

Interest

 

Average

 

 

 

Balance

 

Income/

 

Yield/ 

 

Balance

 

Income/

 

Yield/

 

INTEREST EARNING ASSETS

 

 

 

Expense

 

Rate 

 

 

 

Expense

 

Rate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOANS:

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Loans

 

$ 1,703,516

 

$   91,854

 

5.39%

 

$ 1,826,421

 

$ 102,175

 

5.59%

 

Commercial Loans

 

295,252

 

14,329

 

4.85%

 

295,932

 

15,683

 

5.30%

 

Consumer Loans

 

14,653

 

381

 

2.60%

 

15,289

 

442

 

2.89%

 

Total Gross Loans

 

2,013,421

 

106,564

 

5.29%

 

2,137,642

 

118,300

 

5.53%

 

Loan Fees toward Yield

 

 

 

2,803

 

 

 

 

 

3,407

 

 

 

Allowance for Loan Losses & Unearned Income

 

(95,998)

 

 

 

 

 

(117,606)

 

 

 

 

 

Net Loans

 

1,917,423

 

109,367

 

5.70%

 

2,020,036

 

121,707

 

6.03%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTMENT SECURITIES AND OTHER INTEREST-EARNING ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Securities*

 

297,860

 

6,166

 

2.35%

 

328,280

 

7,177

 

2.47%

 

Federal Funds Sold

 

170,754

 

1,424

 

0.83%

 

149,709

 

1,080

 

0.72%

 

Total Investment Securities and Other Earning Assets

 

468,614

 

7,590

 

1.80%

 

477,989

 

8,257

 

1.92%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INTEREST-EARNING ASSETS

 

$ 2,386,037

 

$ 116,957

 

4.94%

 

$ 2,498,025

 

$ 129,964

 

5.24%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Earnings Assets

 

214,236

 

 

 

 

 

260,763

 

 

 

 

 

TOTAL ASSETS

 

$ 2,600,273

 

 

 

 

 

$ 2,758,788

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST BEARING LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST-BEARING DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market

 

$    621,638

 

$     4,768

 

0.77%

 

$    590,198

 

$     5,291

 

0.90%

 

NOW

 

26,154

 

71

 

0.27%

 

23,869

 

84

 

0.35%

 

Savings

 

100,740

 

2,371

 

2.35%

 

89,582

 

2,487

 

2.78%

 

Time Deposits of $100,000 or More

 

611,922

 

4,968

 

0.81%

 

658,862

 

6,345

 

0.96%

 

Other Time Deposits

 

295,305

 

2,843

 

0.96%

 

377,491

 

4,334

 

1.15%

 

Total Interest Bearing Deposits

 

1,655,759

 

15,021

 

0.91%

 

1,740,002

 

18,541

 

1.07%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BORROWINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

FHLB Advances and Other Borrowings

 

8,806

 

16

 

0.18%

 

163,227

 

2,057

 

1.26%

 

Junior Subordinated Debentures

 

83,883

 

2,018

 

2.41%

 

87,321

 

1,991

 

2.28%

 

Total Borrowings

 

92,689

 

2,034

 

2.19%

 

250,548

 

4,048

 

1.62%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INTEREST BEARING LIABILITIES

 

$ 1,748,448

 

$   17,055

 

0.98%

 

$ 1,990,550

 

$   22,589

 

1.14%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Bearing Deposits

 

510,544

 

 

 

 

 

462,443

 

 

 

 

 

Other Liabilities

 

35,448

 

 

 

 

 

41,129

 

 

 

 

 

Shareholders’ Equity

 

305,833

 

 

 

 

 

264,666

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

 

$ 2,600,273

 

 

 

 

 

$ 2,758,788

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME

 

 

 

$   99,902

 

 

 

 

 

$ 107,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST SPREAD

 

 

 

 

 

3.96%

 

 

 

 

 

4.10%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST MARGIN

 

 

 

 

 

4.22%

 

 

 

 

 

4.34%

 

 

* Tax equivalent ratios for investment securities

(concluded)

 

18