Wilshire Bancorp Inc. (WIBC, Financial) filed Annual Report for the period ended 2010-12-31.
Wilshire Bancorp Inc. has a market cap of $177.2 million; its shares were traded at around $6.01 with and P/S ratio of 0.9.
December 31, 2010, we had approximately $3.0 billion in assets, $2.3 billion in total loans, and $2.5 billion in deposits.
In addition, the internal investigation concerning the improper activities of a former loan officer, lack of supervision and oversight by management, and the deficiencies in loan underwriting, approvals, renewals and asset sales resulted in a material adjustment of an increase in allowance for loan losses of $3.2 million and an $18.1 million increase in provision for loan losses which reduced net income of the Company by $10.3 million, net of tax within the 2010 annual consolidated financial statements following the Company's fourth quarter and year-end earnings release, dated January 24, 2011. The consolidated financial statements contained in this Annual Report on Form 10-K reflect such material adjustments.
At December 31, 2010, our authorized legal lending limit was $62.4 million for unsecured loans, plus an additional $41.6 million for specifically secured loans. Legal lending limits are calculated in conformance with California law, which prohibits a bank from lending to any one individual or entity or its related interests in an aggregate amount which exceeds 15% of shareholders' equity, plus the allowance for loan losses, and capital notes and debentures, on an unsecured basis, plus an additional 10% on a secured basis. The Bank's shareholders' equity plus allowance for loan losses, and capital notes and debentures at December 31, 2010 totaled $416.2 million.
Our total home mortgage loan portfolio outstanding at the end of 2010 and 2009 was $47.7 million and $41.3 million, respectively. Residential mortgage loans with unconventional terms such as interest only mortgages or option adjustable rate mortgages stood at $944,000 and $1.2 million, respectively, at December 31, 2010. These amounts include loans held temporarily for sale or refinancing. At December 31, 2009, these same loan categories were $1.9 million and $1.2 million, respectively.
Most of our revenue from the Trade Finance Department consists of fee income from providing facilities to support import/export customers and interest income from extensions of credit. Our Trade Finance Department's fee income was $985 thousand, $1.2 million, and $1.2 million in 2010, 2009, and 2008, respectively.
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Wilshire Bancorp Inc. has a market cap of $177.2 million; its shares were traded at around $6.01 with and P/S ratio of 0.9.
Highlight of Business Operations:
The aggregate market value of the voting common stock held by non-affiliates of the registrant as of June 30, 2010 was approximately $171.8 million (computed based on the closing sale price of the common stock at $8.75 per share as of such date). Shares of common stock held by each officer and director and each person owning more than ten percent of the outstanding common stock have been excluded in that such persons may be deemed to be affiliates. This determination of the affiliate status is not necessarily a conclusive determination for other purposes.December 31, 2010, we had approximately $3.0 billion in assets, $2.3 billion in total loans, and $2.5 billion in deposits.
In addition, the internal investigation concerning the improper activities of a former loan officer, lack of supervision and oversight by management, and the deficiencies in loan underwriting, approvals, renewals and asset sales resulted in a material adjustment of an increase in allowance for loan losses of $3.2 million and an $18.1 million increase in provision for loan losses which reduced net income of the Company by $10.3 million, net of tax within the 2010 annual consolidated financial statements following the Company's fourth quarter and year-end earnings release, dated January 24, 2011. The consolidated financial statements contained in this Annual Report on Form 10-K reflect such material adjustments.
At December 31, 2010, our authorized legal lending limit was $62.4 million for unsecured loans, plus an additional $41.6 million for specifically secured loans. Legal lending limits are calculated in conformance with California law, which prohibits a bank from lending to any one individual or entity or its related interests in an aggregate amount which exceeds 15% of shareholders' equity, plus the allowance for loan losses, and capital notes and debentures, on an unsecured basis, plus an additional 10% on a secured basis. The Bank's shareholders' equity plus allowance for loan losses, and capital notes and debentures at December 31, 2010 totaled $416.2 million.
Our total home mortgage loan portfolio outstanding at the end of 2010 and 2009 was $47.7 million and $41.3 million, respectively. Residential mortgage loans with unconventional terms such as interest only mortgages or option adjustable rate mortgages stood at $944,000 and $1.2 million, respectively, at December 31, 2010. These amounts include loans held temporarily for sale or refinancing. At December 31, 2009, these same loan categories were $1.9 million and $1.2 million, respectively.
Most of our revenue from the Trade Finance Department consists of fee income from providing facilities to support import/export customers and interest income from extensions of credit. Our Trade Finance Department's fee income was $985 thousand, $1.2 million, and $1.2 million in 2010, 2009, and 2008, respectively.
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