Wilshire Bancorp Inc. (WIBC, Financial) filed Quarterly Report for the period ended 2009-09-30.
Wilshire Bancorp Inc. is the holding company of Wilshire State Banka California state-chartered bank with a mission to serve an overlooked multi-ethnic small business community. Wilshire Bancorp Inc. has a market cap of $189.43 million; its shares were traded at around $6.44 with a P/E ratio of 33.89 and P/S ratio of 1.12. The dividend yield of Wilshire Bancorp Inc. stocks is 3.11%. Wilshire Bancorp Inc. had an annual average earning growth of 21% over the past 5 years.
Net interest income before provision for losses on loans and loan commitments increased by $8.0 million or 37.4% to $29.4 million in the third quarter of 2009 compared to $21.4 million in the third quarter of 2008. Net interest margin of 3.87% in the third quarter of 2009 was unchanged from the third quarter of 2008. The increase in net interest income was primarily due to a corresponding increase in interest income while interest expense decreased slightly.
Interest income increased by $7.5 million, or 20.0%, to $45.1 million in third quarter of 2009 compared to $37.6 million in the third quarter of 2008. The increase in interest income was primarily due to higher average balances in our loan portfolio and in our US government agency securities portfolio, and the accretion of discounted loans. Average loan balances increased by $414.1 million to $2.4 billion in the third quarter of 2009, compared to
$2.0 billion in the third quarter of 2008. This increase was primarily due to loans acquired from the Mirae on June 26, 2009. Average balances in our US government agency securities increased by $235.7 million to $450.1 million in the third quarter of 2009 compared to $214.4 million in the third quarter of 2008. Increases in the aforementioned average balances compensated for a 44 basis point decrease in average yield in our loan portfolio and a 95 basis point decrease in average yield in our US government agency securities portfolio. The decrease in the weighted average yields on our interest earning assets is consistent with the reduction of 175 basis points in the federal funds rate during the fourth quarter of 2008.
Interest expense decreased by $471,000, or 2.9%, to $15.7 million in the third quarter of 2009 compared to $16.2 million in the third quarter of 2008. The average balances of our interest bearing liabilities increased by $755.8 million to $2.6 billion in the third quarter of 2009 compared to $1.9 billion in the third quarter of 2008. This increase in average balances was offset by a 107 basis point reduction in the weighted average yield which is consistent with the reduction of 175 basis points in the federal funds rate during the fourth quarter of 2008.
Interest expense decreased by $7.1 million, or 13.9%, to $43.7 million in the first nine months of 2009 compared to $50
Read the The complete Report
Wilshire Bancorp Inc. is the holding company of Wilshire State Banka California state-chartered bank with a mission to serve an overlooked multi-ethnic small business community. Wilshire Bancorp Inc. has a market cap of $189.43 million; its shares were traded at around $6.44 with a P/E ratio of 33.89 and P/S ratio of 1.12. The dividend yield of Wilshire Bancorp Inc. stocks is 3.11%. Wilshire Bancorp Inc. had an annual average earning growth of 21% over the past 5 years.
Highlight of Business Operations:
On June 26, 2009, we acquired the banking operations of Mirae from the FDIC. We acquired approximately $395.6 million of assets and assumed $374.0 million of liabilities. We also entered into loss sharing agreements with the FDIC in connection with the Mirae acquisition. Under the loss sharing agreements, the FDIC will share in the losses on assets covered under the agreements, which generally include loans acquired from Mirae and foreclosed loan collateral existing at June 26, 2009. With respect to losses of up to $83.0 million on the covered assets, the FDIC has agreed to reimburse us for 80 percent of the losses. On losses exceeding $83.0 million, the FDIC has agreed to reimburse us for 95 percent of the losses. The loss sharing agreements are subject to our compliance with servicing procedures and satisfying certain other conditions specified in the agreements with the FDIC. The term for the FDICs loss sharing on single family loans is ten years, and the term for loss sharing on non-single family loans is five years for losses and eight years for loss recoveries.Net interest income before provision for losses on loans and loan commitments increased by $8.0 million or 37.4% to $29.4 million in the third quarter of 2009 compared to $21.4 million in the third quarter of 2008. Net interest margin of 3.87% in the third quarter of 2009 was unchanged from the third quarter of 2008. The increase in net interest income was primarily due to a corresponding increase in interest income while interest expense decreased slightly.
Interest income increased by $7.5 million, or 20.0%, to $45.1 million in third quarter of 2009 compared to $37.6 million in the third quarter of 2008. The increase in interest income was primarily due to higher average balances in our loan portfolio and in our US government agency securities portfolio, and the accretion of discounted loans. Average loan balances increased by $414.1 million to $2.4 billion in the third quarter of 2009, compared to
$2.0 billion in the third quarter of 2008. This increase was primarily due to loans acquired from the Mirae on June 26, 2009. Average balances in our US government agency securities increased by $235.7 million to $450.1 million in the third quarter of 2009 compared to $214.4 million in the third quarter of 2008. Increases in the aforementioned average balances compensated for a 44 basis point decrease in average yield in our loan portfolio and a 95 basis point decrease in average yield in our US government agency securities portfolio. The decrease in the weighted average yields on our interest earning assets is consistent with the reduction of 175 basis points in the federal funds rate during the fourth quarter of 2008.
Interest expense decreased by $471,000, or 2.9%, to $15.7 million in the third quarter of 2009 compared to $16.2 million in the third quarter of 2008. The average balances of our interest bearing liabilities increased by $755.8 million to $2.6 billion in the third quarter of 2009 compared to $1.9 billion in the third quarter of 2008. This increase in average balances was offset by a 107 basis point reduction in the weighted average yield which is consistent with the reduction of 175 basis points in the federal funds rate during the fourth quarter of 2008.
Interest expense decreased by $7.1 million, or 13.9%, to $43.7 million in the first nine months of 2009 compared to $50
Read the The complete Report
