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Wilshire Bancorp Reports Net Income of $15.2 Million or $0.21 Earnings per Share for Fourth Quarter 2012

LOS ANGELES, Jan. 23, 2013 (GLOBE NEWSWIRE) -- 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.

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.

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.

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.

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.

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

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 $78.3million at December 31, 2012, compared with $89.5 million at September 30, 2012.

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

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.

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.

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%
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
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
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
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%
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
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
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

CONTACT: Alex Ko, EVP & CFO, (213) 427-6560 www.wilshirebank.comSource:Wilshire Bancorp, Inc.