Wilshire Bancorp, Inc (WIBC)

[56Chevy]

Wilshire Bancorp Reports Net Income of $13.1 Million or $0.17 per Share for First Quarter 2014

Date : 04/21/2014 @ 4:05PM
Source : GlobeNewswire Inc.
Stock : Wilshire Bancorp, Inc. (MM) (WIBC)
Quote : $10.66 0.1 (0.95%) @ 5:20PM

Wilshire Bancorp, Inc. (Nasdaq:WIBC) (the "Company"), the holding company for Wilshire Bank (the "Bank"), today reported net income available to common shareholders of $13.1 million, or $0.17 per diluted common share, for the quarter ended March 31, 2014. This compares to net income available to common shareholders of $11.6 million, or $0.16 per diluted common share, for the same period of the prior year, and net income available to common shareholders of $10.9 million, or $0.15 per diluted common share, for the fourth quarter of 2013. Financial results for the first quarter of 2014 include $3.4 million in merger-related expenses attributable to the acquisition and integration of BankAsiana and Saehan Bancorp.

Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, "We are seeing a strong increase in our core earnings power as a result of the acquisitions of BankAsiana and Saehan Bancorp late in 2013. Compared to the first quarter of 2013, our total revenue increased 34%, and our pre-tax, pre-provision income increased by 17%. We are also seeing an improvement in our deposit mix resulting from our focus on developing more core deposit relationships. Our non-interest bearing deposits now represent the largest component of our total deposits, which has resulted in a decline in our cost of funds. We are pleased that the increase in our core earnings power and strong financial position has enabled us to increase the amount of capital we can return to our shareholders, with a 67% increase in our quarterly dividend."

Q1 2014 Summary

•Net income available to common shareholders totaled $13.1 million, or $0.17 per diluted common share, for the first quarter of 2014
•Total revenue of $50.3 million, an increase of 34% from the first quarter of 2013
•Return on average assets of 1.44% and return on average equity of 11.73% for the first quarter of 2014
•Loans receivable (net of deferred fees and costs) totaled $2.87 billion at March 31, 2014, an increase of 40% from $2.05 billion at March 31, 2013
•Total deposits were $2.92 billion at March 31, 2014, an increase of 35% from $2.16 billion at March 31, 2013
•Continued low credit losses and stable trends in assets quality resulted in no provision for losses on loans and loan commitments for Q1 2014
•Quarterly cash dividend payable on April 15, 2014 increased to $0.05 per common share

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Book Value Per Common Share: $5.77

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Marker:
Wilshire Bancorp, In (WIBC)
$10.66 up 0.1 (0.95%)
Volume: 317,423