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Wilshire Bancorp Inc. has a market cap of $220.3 million; its shares were traded at around $7.44 with and P/S ratio of 1. Wilshire Bancorp Inc. had an annual average earning growth of 12.2% over the past 10 years.WIBC is in the portfolios of Murray Stahl of Horizon Asset Management.
Highlight of Business Operations: Net interest income before provision for losses on loans and loan commitments increased by $8.2 million or 39.4%, to $29.2 million in the second quarter of 2010, compared to $21.0 million in the second quarter of 2009. Net interest margin of 3.71% in the second quarter of 2010 was increased by 38 basis points from net interest margin of 3.36% in the previous year largely due to a decrease of 1.1% in total cost of deposits during the same period. The increase in net interest income was a result of an increase in net interest income in addition to a decrease in interest expense.
Interest income increased by $5.9 million, or 16.8%, to $41.1 million in second quarter of 2010 compared to $35.2 million in the second quarter of 2009. The increase in interest income was primarily due to higher average balances in our loan portfolio and in our U.S. government agency securities portfolio, and the accretion of discounted loans. Average loan balances increased by $307.5 million to $2.4 billion in the second quarter of 2010, compared to $2.1 billion in the second quarter of 2009. This increase was primarily due to loans acquired as a result of the acquisition of Mirae Bank on June 26, 2009. The average balances of investment securities not including fed funds sold increased from $324.3 million to $647.8 million from the second quarter of 2009 to 2010. Due to the lower rate environment coupled with a decrease in investment spreads to treasuries bonds, the overall tax equivalent yield on investments decreased from 3.94% at the quarter ending June 30, 2009 to 3.08% at June 30, 2010.
Interest expense decreased by $2.3 million, or 16.4%, to $11.9 million in the second quarter of 2010 compared to $14.2 million in the second quarter of 2009, although average balances of our interest bearing liabilities increased by $621.9 million to $2.7 billion in the second quarter of 2010 from $2.1 billion at the second quarter of 2009. The increase in interest bearing liabilities is attributable to an increase in deposits amounting to $804.5 million from the second quarter of 2009 to 2010, while the Federal Home Loan Bank (“FHLB”) and other borrowings decreased by $182.6 million during the same period. Total cost of interest bearing liabilities decreased from 2.69% at the end of the second quarter 2009 to 1.73% at the end of the second quarter of 2010, a decrease of 96 basis points. The decrease resulted from an improved deposits mix as core deposits to total deposits increased, and interest rate reductions on interest bearing deposits.
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