Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Wilshire Bancorp has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Wilshire Bancorp's Piotroski F-Score or its related term are showing as below:
Wilshire Bancorp Piotroski F-Score Historical Data
The historical data trend for Wilshire Bancorp's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Mar16) TTM:
Last Year (Mar15) TTM:
Net Income was 15.553 + 13.285 + 13.948 + 13.19 = $56.0 Mil. Cash Flow from Operations was -6.519 + 19.755 + -2.729 + -44.41 = $-33.9 Mil. Revenue was 48.787 + 46.986 + 48.965 + 47.367 = $192.1 Mil.
Average Total Assets from the begining of this year (Mar15)
to the end of this year (Mar16) was
(4413.278 + 4591.097 + 4740.401 + 4713.468 + 4720.401) / 5 = $4635.729 Mil. Total Assets at the begining of this year (Mar15) was $4,413.3 Mil. Long-Term Debt & Capital Lease Obligation was $272.1 Mil. Total Assets was $4,720.4 Mil. Total Liabilities was $4,174.2 Mil.
Net Income was 14.664 + 15.129 + 16.103 + 18.619 = $64.5 Mil.
Revenue was 46.873 + 46.366 + 47.38 + 51.758 = $192.4 Mil.
Average Total Assets from the begining of last year (Mar14)
to the end of last year (Mar15) was
(3634.466 + 3681.261 + 3935.798 + 4155.469 + 4413.278) / 5 = $3964.0544 Mil. Total Assets at the begining of last year (Mar14) was $3,634.5 Mil. Long-Term Debt & Capital Lease Obligation was $221.8 Mil. Total Assets was $4,413.3 Mil. Total Liabilities was $3,907.7 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Wilshire Bancorp's current Net Income (TTM) was 56.0.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Wilshire Bancorp's return on assets of this year was 0.01268354. Wilshire Bancorp's return on assets of last year was 0.01775089.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Wilshire Bancorp's gearing of this year was 0.05869131. Wilshire Bancorp's gearing of last year was 0.05596215.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Wilshire Bancorp's current ratio of this year was 1.13086439. Wilshire Bancorp's current ratio of last year was 1.12938023.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Wilshire Bancorp's number of shares in issue this year was 78.974. Wilshire Bancorp's number of shares in issue last year was 78.655.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Wilshire Bancorp's net margin of this year was 0.29138232. Wilshire Bancorp's net margin of last year was 0.33535714.
==> Last year's net margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Wilshire Bancorp's asset turnover of this year was 0.04352887. Wilshire Bancorp's asset turnover of last year was 0.0529313.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
+
Que. 7
+
Que. 8
+
Que. 9
=
1
+
0
+
0
+
0
+
0
+
1
+
0
+
0
+
0
=
2
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Wilshire Bancorp has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Wilshire Bancorp Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of Wilshire Bancorp's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Wilshire Bancorp (Wilshire Bancorp) Business Description
Wilshire Bancorp Inc was incorporated under the laws of the State of California on May 20, 1980. It is a bank holding company offers a range of financial products and services through its main subsidiary, Wilshire Bank, a California state-chartered commercial bank. It operates in three business segments including Banking Operations, Trade Finance Services and Small Business Administration Lending Services. Banking Operations raises funds from deposits and borrowings for loans and investments and provides lending products including commercial, consumer and real estate loans to customers. Small Business Administration Lending Services provides loans through the SBA guaranteed lending program. Trade Finance Services assists its import/export customers with international transactions. Trade finance products include the issuance and collection of letters of credit, international collection and import/export financing. It is engaged in a complement of lending activities, including commercial real estate and home mortgage lending, commercial business lending & trade finance, SBA lending & consumer loans and construction lending. It offers commercial business loans to sole proprietorships, partnerships and corporations. These loans include business lines of credit and business term loans to finance operations, to provide working capital or for specific purposes, such as to finance the purchase of assets, equipment or inventory. It offers Internet banking, which allows its customers to access their deposit and loan accounts through the Internet. Customers are able to obtain transaction history and account information, transfer funds between accounts, make on-line bill payments, and open deposit accounts. It also offer ATM machines located at selected branch offices, customer access to an ATM network and armored carrier services. Its competitors include national banks, regional banks and other community banks as well as other types of financial institutions, including without limitation, savings and loan institutions, finance companies, brokerage firms, insurance companies, credit unions, mortgage banks and other financial intermediaries. The Company is subject to various regulatory capital requirements administered by the federal banking agencies.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
WIBC has been successfully added to your 