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My caution with bank stocks has always been due to the fact that if there is any business out there that knows how to hide the numbers in their books, it is banks.
With that said, I am a rather large shareholder in HBAN, and have also watched the ups and downs of the industry.
I know this is a tad offtopic here, but I'd love to hear your thoughts on HBAN and FITB as well.
Based on 56chevy's strong recommendation of your prowess, I will be taking a much closer look at this bank, and possibly a decent sized position in it.
Strong capital ratios today leads to enhanced results tomorrow.
Don't just follow banks, I work at them.
Me, worried about a this bank today? No. However, I was concerned for every bank in the world more than five years ago.
Never met a banker who did not make a bad loan. I have spent the past 7 1/2 years in mortgage. Even the best credit risks lose their jobs.
Once WIBC hits a new 52-week high, it blow by any resistance. Just like any other stock moving up. ;o)
Re: missed dividend payments to shareholders. Banks that recieved TARP money from the US Treasury were restricted from paying dividends. Since Wilshire Bancorp took $62.2 million in TARP funds in December 2008 the dividends had to stop.
Contractual or Regulatory Reasons
Some companies are forced to cease dividend payments due to lender or even government entanglements. Banks, for example, cannot pay dividends if they are losing money. A big lender may not loan a company money unless dividend payments are reduced or eliminated, as the lender wants to be sure the company can first pay back the loan. Under the Troubled Asset Relief Program, or TARP, for instance, such restrictions on dividend payments were imposed on banks that borrowed from the government.[/i]
http://www.ehow.com/about_7382649_would-not-declare-pay-dividends_.html
I would expect to see those dividends start again now that they paid the TARP money back...plus its a much healthier ($$) Bank now.
Wilshire Bancorp Announces Repurchase of TARP Warrant From United States Department of the Treasury
Wed Jun 20, 2012 5:17pm EDT
LOS ANGELES, June 20, 2012 (GLOBE NEWSWIRE) -- Wilshire Bancorp, Inc. (Nasdaq:WIBC), the holding company (the "Company") of Wilshire State Bank, announced today that it has repurchased the warrant (the "Warrant") to purchase 949,460 shares of common stock of the Company that was issued to the United States Department of the Treasury (the "Treasury") as part of the Troubled Asset Relief Program ("TARP") Capital Purchase Program. The Warrant was repurchased at a mutually agreed upon price of $760,000. Settlement of the repurchase of the Warrant occurred on June 20, 2012. Following the settlement of the TARP Warrant today, the Treasury has no remaining equity stake in Wilshire Bancorp.
"We are pleased to complete our exit from the TARP program," said Jae Whan (J.W.) Yoo, President and Chief Executive Officer of Wilshire Bancorp. "We believe our ability to retire the TARP preferred stock and Warrant reflects the strong capital and liquidity position we have built and our confidence in the health of the bank going forward."
http://www.reuters.com/article/2012/06/20/idUS210236+20-Jun-2012+GNW20120620
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=73845573
It doesn't concern you that the bank is HQ'd in southern California and probably holds quite a few loans they wish they didn't?
This does look decent on a chart, but it's hitting a long term resistance and it doesn't pay a dividend.
Industry PE is 10.38.
WIBC is now selling at 5.53.
Normally, I do not make predictions. My 12-month target would be $10 to $12 per share.
WIBC is now a "Buy" based on valuation.
I am not the only one with this view. Zacks made it a #1 Rank (Strong Buy) on September 29. The "forward P/E multiple of just 5.7 makes this regional bank stock an attractive value pick."
http://ih.advfn.com/p.php?pid=nmona&article=54458151
WIBC Reports Net Income of $38.5 Million or $0.54 Earnings Per Share for Third Quarter 2012 (10/22/12)
LOS ANGELES, Oct. 22, 2012 (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 $38.5 million, or $0.54 per diluted common share, for the quarter ended September 30, 2012. This compares to net income available to common shareholders of $10.2 million, or $0.14 per common share, for the same period of the prior year, and net income available to common shareholders of $22.1 million, or $0.31 per common share, for the second quarter of 2012. The increase in net income for the third quarter of 2012 is primarily attributable to a $12.0 million negative provision for losses on loans and a $12.6 million tax benefit that resulted from the reversal of the deferred tax asset valuation allowance.
Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, "Our third quarter results represent the highest level of net income and earnings per share in our history. We believe that the Company continues to exhibit positive trends, including solid loan growth, an improving deposit mix, an expanding net interest margin, and improved efficiencies. We also continue to see stable credit quality and a low level of credit losses, which drove a further reduction in our allowance for loan losses from the elevated levels we built last year.
"As we previously announced, both the Company's and the Bank's Memoranda of Understanding with their respective regulators have been terminated, and as a result, we anticipate more flexibility in terms of strategic planning," said Mr. Yoo.
Q3 2012 Summary:
•Net income available to common shareholders of $38.5 million or $0.54 per diluted share
•Net interest margin increased to 4.35% for Q3 2012 from 4.13% for Q2 2012 as cash and cash equivalents were shifted to higher yielding loans
•Deferred tax asset valuation allowance fully reversed in Q3 2012
•Strengthened capital ratios with tier 1 leverage ratio at 15.0%, total risk based ratio at 20.6%, and tangible common equity ratio at 12.3% in Q3 2012.
•Gross loans (including held-for-sale) totaled $2.09 billion at Q3 2012, an increase of 3.2% from $2.03 billion at Q2 2012
•Improved deposit mix with non-interest-bearing demand deposits increasing to 24.8% of total deposits at Q3 2012 from 23.6% at Q2 2012
•Non-accrual loans declined to $38.9 million, classified loan declined to $172.8 million, and gross charge-offs declined to $2.8 million in Q3 2012 compared to Q2 2012
•Improved credit quality and reduced gross charge-offs resulted in $12.0 million negative provision for losses on loans
•FDIC indemnification impairment of $2 million as a result of improved credit quality of covered loans
•Redemption of $10 million in junior subordinated debentures in Q3 2012 that had a rate of approximately 3.5% at redemption
STATEMENT OF OPERATIONS
Net Interest Income and Margin
Net interest income before credit for losses on loans totaled $25.6 million in the third quarter of 2012, slightly up from $25.5 million for the third quarter of 2011, and an increase of 5.6% from $24.2 million in the second quarter of 2012. The increase from the prior quarter was primarily due to an increase in average loans outstanding and a decrease in interest expense.
Net interest margin was 4.35% for the third quarter of 2012, compared to 4.23% in the third quarter of 2011, and 4.13% for the second quarter of 2012. The increase in net interest margin from the second quarter of 2012 was primarily due to a higher percentage of loans in the mix of interest-earning assets, as well as a reduction in the cost of overall deposits.
Loan yields increased to 5.73% for the third quarter of 2012 from 5.71% for the second quarter of 2012, due to an increase in prepayment penalty fees collected during the quarter. These prepayment penalty fees totaled $336 thousand for the third quarter of 2012, compared to $16 thousand for the second quarter of 2012. The total cost of interest-bearing deposits declined to 0.87% for the third quarter of 2012, down from 0.96% for the second quarter of 2012. Cost of total deposits was reduced to 0.66% for the third quarter of 2012 compared to 0.74% 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 $6.6 million for the third quarter of 2012, compared to $7.7 million for the third quarter of 2011, and $8.5 million for second quarter of 2012. The decrease in non-interest income from the prior quarter was primarily due to lower gains on sales of loans, as the Company decided to retain a larger portion of its SBA loan production during the third quarter of 2012. Total SBA loans held-for-sale at the end of the third quarter of 2012 totaled $51.6 million compared to $33.9 million at the end of the previous quarter. 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.
The $1.2 million in net gains on sales of loans recognized in the third quarter of 2012 included $1.1 million in gains from the sale of SBA loans and $86 thousand in gains from the sale of mortgage loans.
Non-Interest Expense
Total non-interest expense totaled $18.3 million for the third quarter of 2012, compared with $18.5 million for the third quarter of 2011, and $20.4 million for the second quarter of 2012. The decrease in total non-interest expense for the third quarter of 2012, compared to the second quarter of 2012 was primarily due to lower other non-interest expense. Other non-interest expense for the third quarter of 2012 totaled $4.4 million, a 51.5% decline compared with $9.0 million in the third quarter of 2011 and a 34.3% decline from $6.7 million for the second quarter of 2012. The decrease from the prior quarters was primarily attributable to lower professional fees, a decline in expenses related to other real estate owned ("OREO"), and lower regulatory assessment fees.
Total salaries and employee benefits expense was $9.4 million in the third quarter of 2012, compared with $6.8 million in the third quarter of 2011, and $9.0 million in the second quarter of 2012. The increase from the prior quarters was largely due an increase in staff, particularly in areas related to lending and loan underwriting.
During the third quarter of 2012, the Company recorded an impairment of the FDIC indemnification asset amounting to $2.0 million. The impairment reflected overall improved credit quality in the covered loan portfolio. As such the FDIC indemnification asset balance at September 30, 2012, net of the impairment charge of $2.0 million, was $9.9 million.
The Company's operating efficiency ratio was 57.0% for the third quarter of 2012, compared with 55.7% for the third quarter of 2011 and 62.2% for the second quarter of 2012.
Tax Provision
For the third quarter of 2012, the Company recorded a tax benefit of $12.6 million, primarily related to the full reversal of the remaining valuation allowance held against the Company's deferred tax asset. This compares to $215 thousand in tax provision for the second quarter of 2012 and $1.1 million tax provision for the third quarter of 2011.
The Company recorded a valuation allowance during the first quarter of 2011 against its entire net deferred tax asset, primarily due to accumulated taxable losses and the absence of clear and objective positive evidence that future taxable income would be sufficient enough to realize the tax benefits of its deferred tax assets. However, with 12 quarters (3 years) of cumulative positive income, 6 continuous quarters of earnings, strengthening capital, significantly improved asset quality, and removal of regulatory orders, management concluded that those deferred tax assets are now more likely than not to be realized and thus maintaining a valuation allowance was no longer required.
Going forward, the Company expects its effective tax rate to be comparable to its normalized historical tax rate, approximately 37%-38%.
BALANCE SHEET
Total gross loans were $2.09 billion at September 30, 2012, compared to $2.03 billion at June 30, 2012. The increase in total gross loans during the third quarter of 2012 was primarily due to increases in the commercial real estate and residential real estate portfolio, offset primarily by declines in construction loans.
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.
http://globenewswire.com/news-release/2012/10/22/498766/10009295/en/Wilshire-Bancorp-Reports-Net-Income-of-38-5-Million-or-0-54-Earnings-Per-Share-for-Third-Quarter-2012.html
WIBC Announces Termination of Memorandum of Understanding With Federal Reserve Bank of San Francisco (10/04/12)
LOS ANGELES, Oct. 4, 2012 (GLOBE NEWSWIRE) -- Wilshire Bancorp, Inc. (WIBC), the parent company of Wilshire State Bank, announced today that the Memorandum of Understanding (MOU), dated June 29, 2011, by and between the Company and the Federal Reserve Bank of San Francisco (FRB), has been terminated, effective as of September 26, 2012.
"We are pleased that the FRB has recognized the improvement in our overall condition and determined that the MOU is no longer warranted," said Jae Whan Yoo, President and Chief Executive Officer of Wilshire Bancorp and Wilshire State Bank. "I am very proud of the hard work that the entire company has put in to achieve this goal. With the termination of this MOU, we will now have the flexibility to consider additional opportunities for the utilization of our excess capital."
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. For more information, please go to www.wilshirebank.com.
FORWARD-LOOKING STATEMENTS
Statements concerning future performance, events, 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. Specific factors include, but are not limited to, loan production and sales, credit quality, the ability to expand net interest margin, the ability to continue to attract low-cost deposits, success of expansion efforts, competition in the marketplace and general economic conditions. Any financial information contained in this release should be read in conjunction with the consolidated financial statements and notes included in Wilshire Bancorp'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. The information in this press release speaks only as of the date of this release and Wilshire Bancorp specifically disclaims any duty to update the information in this press release. Additional information on these and other factors that could affect financial results are included in filings by Wilshire Bancorp with the Securities and Exchange Commission.
Contact:
Alex Ko, EVP & CFO - (213) 427-6560
www.wilshirebank.com
Regional banks just seem cheap based on their growth prospects and returns as they recover. ZION reported strong earnings too yesterday. I own some of their warrants.
http://seekingalpha.com/article/741501-zions-bancorp-management-discusses-q2-2012-results-earnings-call-transcript?source=yahoo
WIBC Reports Net Income of $22.1 Million or $0.31 Earnings per Share for Second Quarter 2012 (7/23/12)
LOS ANGELES, July 23, 2012 (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 $22.1 million, or $0.31 per diluted common share, for the quarter ended June 30, 2012. This compares to net income available to common shareholders of $2.1 million, or $0.04 per common share, for the same period of the prior year, and net income available to common shareholders of $17.9 million, or $0.25 per common share, for the first quarter of 2012. The increase in net income for the second quarter of 2012 is primarily attributable to a $10.0 million negative provision for losses on loans and commitments and higher non-interest income.
Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, "We delivered another strong quarter that was driven by low credit costs, increased loan production, and improved net interest margin. Our higher loan production helped generate 15% annualized growth in total gross loans during the second quarter. Importantly, we believe we are achieving very balanced growth with meaningful increases in our commercial real estate, commercial and industrial, residential real estate, and SBA loan production.
"We have also seen several consecutive quarters of positive trends in credit quality, which among other factors, contributes to our conclusion that it is the appropriate time for us to reduce our allowance for loan losses from the elevated level we built last year. This resulted in recording a negative provision for loan losses of $10 million during the second quarter. If credit quality remains at its current level or improves further, we may determine that a further reduction in our allowance for loan losses going forward is appropriate. We expect to continue generating a strong level of profitability over the remainder of 2012, driven by low credit costs and a continued low tax rate," said Mr. Yoo.
Q2 2012 Summary:
Net income available to common shareholders of $22.1 million or $0.31 per diluted share
Loan originations increased 93.0% to $245.2 million in Q2 2012 from $127.0 million during Q1 2012
Non-accrual loans declined by 18.6% to $41.5 million in Q2 2012 from $51.0 million in Q1 2012
Reduction in criticized and classified loans during Q2 2012
Improved deposit mix with non-interest-bearing demand deposits increasing to 23.6% of total deposits for Q2 2012 from 23.0% for Q1 2012
Net interest margin expanded to 4.13% in Q2 2012 from 4.07% in Q1 2012
Improved credit quality and continued low net charge-offs resulted in $10.0 million negative provision for losses on loans and loan commitments in Q2 2012
Annualized return on average assets of 3.45% and return on average equity of 32.1% for Q2 2012
FDIC indemnification impairment of $2 million in Q2 2012
Fully repurchased shares of TARP preferred stock in addition to TARP warrants in Q2 2012
STATEMENT OF OPERATIONS
Net Interest Income and Margin
Net interest income before credit for losses on loans and loan commitments totaled $24.2 million in the second quarter of 2012, a decrease of 11% from $27.3 million in the second quarter of 2011, and a decrease of 1% from $24.4 million in the first quarter of 2012. The decrease from the prior quarters is primarily due to a lower average balance of interest-earning assets and a reduction in overall loan yields in the second quarter of 2012.
Net interest margin was 4.13% for the second quarter of 2012, compared to 4.42% in the second quarter of 2011, and 4.07% for the first quarter of 2012. The increase in net interest margin from the first quarter of 2012 was primarily due to a higher percentage of loans in the mix of interest-earning assets, as well as a reduction in the cost of interest bearing deposits. The increase in average loans and decline in higher costing time deposits were funded by a decline in cash and lower yielding federal funds sold, which also contributed to the increase in net interest margin for the second quarter of 2012.
Loan yields declined to 5.71% for the second quarter of 2012 from 5.85% for the first quarter of 2012, primarily due to the addition of newly originated loans that have lower yields than the existing portfolio. The total cost of deposits continued to decrease and was 0.74% for the second quarter of 2012, down from 0.78% for the first quarter of 2012. The decrease was primarily due to lower rates paid on savings and time deposit accounts and an increase in demand deposit account balances.
Non-Interest Income
Total non-interest income was $8.5 million for the second quarter of 2012, compared to $1.7 million for the second quarter of 2011, and $6.4 million for first quarter of 2012. The increase in non-interest income from the prior quarters is primarily due to higher gains on sales of loans. The $3.3 million in net gains on sales of loans recognized in the second quarter of 2012 includes gains on sales of SBA loans totaling $2.5 million, net gains on sales of commercial real estate loans totaling $684 thousand, and gains on sales of residential mortgage loans of $129 thousand.
Non-Interest Expense
Total non-interest expense was $20.4 million for the second quarter of 2012, compared with $16.6 million for the second quarter of 2011, and $14.7 million for the first quarter of 2012. The increase in total non-interest expense for the second quarter of 2012, compared to the first quarter of 2012 and second quarter of 2011 was primarily due to higher salaries and employee benefits expense, FDIC indemnification impairment expense and higher other non-interest expense.
Total salaries and employee benefits expense was $9.0 million in the second quarter of 2012, compared with $6.8 million in the second quarter of 2011 and $8.2 million in the first quarter of 2012. The increase from the prior quarter is primarily due to the impact of annual salary increases given in the second quarter of 2012 and $271 thousand in stock-based compensation expense related to stock option grants made in the second quarter of 2012.
During the second quarter of 2012, the Company recorded an impairment of the FDIC indemnification assets amounting to $2.0 million. The impairment reflected overall improved credit quality in the covered loan portfolio.
Other non-interest expenses for the second quarter of 2012 totaled $6.7 million, compared with $7.0 million in the second quarter of 2011 and $3.9 million in the first quarter of 2012. The increase in other non-interest expenses from the prior quarter was primarily attributable to higher expenses related to other real estate owned ("OREO"), an increase in expenses related to low income housing tax credit investments, and an increase in legal fees.
The Company's operating efficiency ratio was 62.2% for the second quarter of 2012, compared with 57.2% for the second quarter of 2011 and 47.8% for the first quarter of 2012.
Tax Provision
For the second quarter of 2012, the Company recorded an income tax provision totaling $215 thousand on pretax income of $22.4 million, representing a tax rate of 1.0%, compared to income tax benefit of $354 thousand on pretax income of $16.1 million, representing an effective tax rate of -2.2% for the previous quarter. The second quarter of 2012 increase in the effective tax rate compared to the first quarter of 2012 was the result of non-recurring favorable State tax settlements in the first quarter offset by the effect of an increase in pretax income in the second quarter.
BALANCE SHEET
Total gross loans were $2.03 billion at June 30, 2012, compared to $1.95 billion at March 31, 2012. The increase in total gross loans during the second quarter of 2012 was primarily due to increases in the commercial real estate, commercial and industrial, and residential real estate portfolios.
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.
http://globenewswire.com/newsroom/news.html?d=263073
Many small banks still struggle to repay TARP (7/05/12)
Small banks still owe $11 billion of taxpayer money under TARP, and the government is threatening to unload its stakes in them at big discounts to new investors.
By E. Scott Reckard, Los Angeles Times
July 5, 2012, 7:57 p.m.
Nearly four years after Washington bailed out Wall Street, small banks have yet to repay $11 billion of taxpayer money.
Uncle Sam wants out and is threatening to unload its stakes in the banks at big discounts to new investors. Many of the 324 institutions, mostly tiny community banks and niche players, wonder whether they'll be able to stay in business.
Some stragglers would become financially unstable if they repaid their part of the $245 billion doled out during the financial crisis by the Treasury Department's Troubled Asset Relief Program.
Critics said the government, having moved so fast to bail out the big banks, should be nurturing the smaller ones.
"Many of these banks feel forced into a situation they can't control — a potential fire sale with new and perhaps unfriendly shareholders," said Jerry Comizio, a banking lawyer at Paul Hastings in Washington. "For some banks, though, given their small size and financial condition, they may not have any other viable option."
The biggest U.S. banks, four of which have more than $1 trillion in assets each, were able to repay TARP in short order. The fact that so many small banks — most with less than $1 billion in assets each — cannot do so illustrates how the struggling economy has crushed business strategies that often relied on housing-related loans and small-business mortgages.
The Treasury Department bought preferred stock in the banks on the condition that they compensate the government by paying a 5% dividend for five years, which then jumps to 9% late next year or in 2014. Counting the dividend payments, the government has turned a $19-billion profit overall on its bank bailouts.
Nonetheless, nearly half the 707 banks that received TARP funding have yet to repay their debt, including 164 that at last count had missed one or more dividend payments because regulators have restricted their operations.
Nowhere is the struggle more apparent than in California, where 28 banks still owe TARP funds, more than in any other state. They include rural Plumas Bank north of Lake Tahoe, Ojai Community Bank in an exclusive part of Ventura County and Saigon National Bank, which caters to Vietnamese immigrants in Orange County.
The Treasury Department is encouraging the banks to buy back their own stock, which some are planning to do. But most are required to clean up soured loan portfolios, strengthen management and raise new capital privately before regulators will allow them to buy their own stock or even to pay dividends.
Bankers in the state said they were struggling to find cash from friendly new investors at prices that wouldn't wipe out the existing shareholders, often people with deep ties to their communities. The government has signaled that it hopes to dump all its investments within 18 months.
"There's no capital out there for little banks, no capital for inner-city banks and no capital for banks with a lot of troubled assets," said Wayne Kent-Bradshaw, chief executive of Broadway Financial Corp.in Los Angeles.
The three-branch bank, founded in 1947 by African Americans to help blacks who had been shut out by mainstream banks, "is all of those," Bradshaw said.
In a bid to keep the company's Broadway Federal Bank in business, the Treasury Department has agreed to trade its dividend-paying stock for non-dividend shares at a 50% discount. But the deal is on only if Broadway raises $5 million in new capital and persuades other preferred stockholders to take a haircut.
Bradshaw said investors have pledged $3.5 million, and sale of the bank's Wilshire Boulevard headquarters yielded $1.5 million after taxes — a total of $5 million. But he said the Treasury Department may still insist that all new funding come from investors.
"We're negotiating with everyone, including Treasury, to get this worked out," he said.
Some small banks, such as ICB Financial in Ontario, have kept the funds by choice, biding time until the dividend rises. Others, including National Bank of California in Los Angeles and Beach Business Bank in Manhattan Beach, have agreed to takeovers by larger rivals in deals that repay the government.
Timothy Massad, the assistant Treasury secretary for financial stability, said deals such as the one with Broadway are struck only if they represent the best outcome for taxpayers.
"Some of those institutions were very close to failing," Massad said, which would wipe out the government's entire investment.
More common are the discounted sales. Over the last three months, the Treasury Department has sold its stake in 20 institutions, with recoveries ranging from 74% to 98% of its original investments. The next such auction will be held in late July.
The department also plans to unload its stock in about 200 smaller banks this fall by combining shares of various institutions in pools for sale. Bidders are likely to include hedge funds and other specialists in disposal of troubled assets.
Massad described the process as efficient for the government and beneficial for the banks.
"It helps them attract new, private capital to replace temporary government support, while ensuring that taxpayers get the best price," he said. "The government is able to exit its stake, while the bank can continue to keep the capital on its books, which helps them support lending to local families and businesses."
The banks can forestall the sales if they buy back their own stock for what the Treasury Department's consultants deem to be a reasonable minimum price.
But most of the banks are still so weak that regulators won't allow them to deplete their capital by buying back their shares, said Gary Findley, a small-bank consultant in Anaheim. He expects a consolidation trend to continue, with the department's actions encouraging more takeovers.
Some key observers fret over the prospect of investors aiming to break up or resell the banks at a quick profit.
"A key part of our recovery is getting community banks back on their feet," said Christy Romero, the government's special inspector general for TARP. She suggested that the Treasury Department consider extending its support to at least some small banks, perhaps by not raising the dividend after five years.
"These guys don't have Warren Buffett handing them tons of money," Romero said, a reference to the $5 billion that the Omaha billionaire invested inBank of America Corp. in August.
Exiting TARP has been profitable for some, such as Wilshire Bancorp in Los Angeles. The Koreatown bank was the winning bidder in March when the Treasury Department auctioned its $60 million in Wilshire shares, buying them back for $56.6 million, about 94 cents on the dollar.
"It was a very good opportunity for us," said Alex Ko, Wilshire's chief financial officer.
The deal raised eyebrows at nearby BBCN Bancorp, the largest bank in the Korean American niche, which repaid its $122-million debt to the government in full June 27.
"We got no discount," said Angie Yang, BBCN's senior vice president for investor relations. "There's just no rhyme or reason how they're picking these banks to be auctioned."
http://www.latimes.com/business/la-fi-banks-tarp-20120706,0,3567549.story
Charles Schwab has it rated: A
barchart.com has it rated: strong buy
WIBC Announces Repurchase of TARP Warrant From United States Department of the Treasury (6/20/12)
LOS ANGELES, June 20, 2012 (GLOBE NEWSWIRE) -- Wilshire Bancorp, Inc. (Nasdaq:WIBC), the holding company (the "Company") of Wilshire State Bank, announced today that it has repurchased the warrant (the "Warrant") to purchase 949,460 shares of common stock of the Company that was issued to the United States Department of the Treasury (the "Treasury") as part of the Troubled Asset Relief Program ("TARP") Capital Purchase Program. The Warrant was repurchased at a mutually agreed upon price of $760,000. Settlement of the repurchase of the Warrant occurred on June 20, 2012. Following the settlement of the TARP Warrant today, the Treasury has no remaining equity stake in Wilshire Bancorp.
"We are pleased to complete our exit from the TARP program," said Jae Whan (J.W.) Yoo, President and Chief Executive Officer of Wilshire Bancorp. "We believe our ability to retire the TARP preferred stock and Warrant reflects the strong capital and liquidity position we have built and our confidence in the health of the bank going forward."
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.
FORWARD-LOOKING STATEMENTS
Statements concerning future performance, events, 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. Specific factors include, but are not limited to, loan production and sales, credit quality, the ability to expand net interest margin, the ability to continue to attract low-cost deposits, success of expansion efforts, competition in the marketplace and general economic conditions. Any financial information contained in this release should be read in conjunction with the consolidated financial statements and notes included in Wilshire Bancorp'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. The information in this press release speaks only as of the date of this release and Wilshire Bancorp specifically disclaims any duty to update the information in this press release. Additional information on these and other factors that could affect financial results are included in filings by Wilshire Bancorp with the Securities and Exchange Commission.
CONTACT: Alex Ko, EVP & CFO - (213) 427-6560
www.wilshirebank.com
http://globenewswire.com/newsroom/news.html?d=259903
WIBC Announces Planned Redemption of Remaining TARP Preferred Stock (6/07/12)
LOS ANGELES, June 7, 2012 (GLOBE NEWSWIRE) -- Wilshire Bancorp, Inc. (Nasdaq:WIBC), the holding company ("the Company") of Wilshire State Bank, announced today that it intends to redeem the remaining 2,158 shares of its outstanding Fixed Rate Cumulative Perpetual Preferred Stock, Series A (TARP Preferred Stock) that were issued under the Troubled Asset Relief Program ("TARP") Capital Purchase Program. The effective date for the planned redemption will be July 6, 2012. The shares are being redeemed from third-parties that purchased the Preferred Stock from the United States Department of the Treasury in a modified Dutch auction earlier this year.
The purchase price for shares of the Company's TARP Preferred Stock in the redemption will be the stated liquidation value of $1,000.00 per share, plus any accrued or unpaid dividends that have been earned thereon up to, but not including, the date of redemption. The Company anticipates the total cost of redeeming the remaining shares of TARP Preferred Stock will be approximately $2.2 million. The Company has received all necessary regulatory approvals to complete the planned redemption.
The Company previously repurchased the other 60,000 shares of its TARP Preferred Shares from the United States Department of the Treasury in a modified Dutch auction at a price of $943.51 per share, for an aggregate purchase price of $56,610,600.00, plus accrued interest. This transaction closed on April 3, 2012. Following the planned redemption on July 6, 2012, no shares of the Company's TARP Preferred Stock will remain outstanding.
"We are pleased to be able to announce this redemption," said Jae Whan (J.W.) Yoo, President and Chief Executive Officer of Wilshire Bancorp. "Redeeming the TARP Preferred Stock is consistent with our plans to exit the TARP program as soon as possible. We believe the regulatory approval of this final redemption is further indication of the Company's financial strength. Our capital ratios following the redemption will continue to exceed the requirements of our regulators and the standards for well-capitalized banks. We are pleased with the work we have done to strengthen our regulatory relations, asset quality metrics, operating results, and profitability trends so that we can comfortably exit the TARP program."
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.
FORWARD-LOOKING STATEMENTS
Statements concerning future performance, events, 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. Specific factors include, but are not limited to, loan production and sales, credit quality, the ability to expand net interest margin, the ability to continue to attract low-cost deposits, success of expansion efforts, competition in the marketplace and general economic conditions. Any financial information contained in this release should be read in conjunction with the consolidated financial statements and notes included in Wilshire Bancorp'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. The information in this press release speaks only as of the date of this release and Wilshire Bancorp specifically disclaims any duty to update the information in this press release. Additional information on these and other factors that could affect financial results are included in filings by Wilshire Bancorp with the Securities and Exchange Commission.
CONTACT:
Wilshire Bancorp, Inc.
CONTACT INFORMATION:
Alex Ko, EVP & CFO - (213) 427-6560
www.wilshirebank.com
http://globenewswire.com/newsroom/news.html?d=258663
WIBC Announces Termination of Wilshire State Bank Memorandum of Understanding with FDIC and State Regulators (5/29/12)
LOS ANGELES, May 29, 2012 (GLOBE NEWSWIRE) -- Wilshire Bancorp, Inc. (Nasdaq:WIBC), the parent company of Wilshire State Bank, announced today that the Memorandum of Understanding (MOU), dated May 6, 2011, by and between the bank, the Federal Deposit of Insurance Corporation and the California Department of Financial Institutions, has been terminated, effective as of May 18, 2012.
"We believe the bank has made great progress over the past year, and we are gratified that the regulators have recognized this improvement and lifted the bank's MOU," said Jae Whan Yoo, President and Chief Executive Officer of Wilshire Bancorp and Wilshire State Bank. "The entire Wilshire State Bank team has been dedicated to achieving this goal. We believe the termination of the bank's MOU highlights the consistent improvement in the financial condition of the bank."
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.
FORWARD-LOOKING STATEMENTS
Statements concerning future performance, events, 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. Specific factors include, but are not limited to, loan production and sales, credit quality, the ability to expand net interest margin, the ability to continue to attract low-cost deposits, success of expansion efforts, competition in the marketplace and general economic conditions. Any financial information contained in this release should be read in conjunction with the consolidated financial statements and notes included in Wilshire Bancorp'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. The information in this press release speaks only as of the date of this release and Wilshire Bancorp specifically disclaims any duty to update the information in this press release. Additional information on these and other factors that could affect financial results are included in filings by Wilshire Bancorp with the Securities and Exchange Commission.
CONTACT: WILSHIRE BANCORP, INC.:
Alex Ko, EVP & CFO, (213) 427-6560
www.wilshirebank.com
http://globenewswire.com/newsroom/news.html?d=257529
<<< $WIBC Links! >>> ~ MAC's Quick DD Links without the charts.
Open these links (or the ones you desire) in background tabs
http://help.opera.com/Linux/9.52/en/keyboard.html
http://lifehacker.com/263940/force-links-to-open-in-the-background
PennyStockTweets ~ http://www.pennystocktweets.com/stocks/profile/WIBC
OTC Markets Company Info ~ http://www.otcmarkets.com/stock/WIBC/company-info
OTC Markets Charts ~ http://www.otcmarkets.com/stock/WIBC/chart
OTC Markets Quote ~ http://www.otcmarkets.com/stock/WIBC/quote
OTC Markets News ~ http://www.otcmarkets.com/stock/WIBC/news
OTC Markets Financials ~ http://www.otcmarkets.com/stock/WIBC/financials
OTC Markets Short Sales ~ http://www.otcmarkets.com/stock/WIBC/short-sales
OTC Markets Insider Disclosure ~ http://www.otcmarkets.com/stock/WIBC/insider-transactions
OTC Markets Research Reports ~ http://www.otcmarkets.com/stock/WIBC/research
Google Finance Summary ~ http://www.google.com/finance?q=WIBC
Google Finance News ~ http://www.google.com/finance/company_news?q=WIBC
Google Finance Option chain ~ http://www.google.com/finance/option_chain?q=WIBC
Google Finance Financials ~ http://www.google.com/finance?q=WIBC&fstype=ii#
Google Finance Historical prices Daily ~ http://www.google.com/finance/historical?q=WIBC
Google Finance Historical prices Weekly ~ http://www.google.com/finance/historical?q=WIBC&histperiod=weekly#
Y! < Company >
Y! Profile ~ http://finance.yahoo.com/q/pr?s=WIBC+Profile
Y! Key Stat's ~ http://finance.yahoo.com/q/ks?s=WIBC+Key+Statistics
Y! Headlines ~ http://finance.yahoo.com/q/h?s=WIBC+Headlines
Y! Summary ~ http://finance.yahoo.com/q?s=WIBC
Y! Historical Prices ~ http://finance.yahoo.com/q/hp?s=WIBC+Historical+Prices
Y! Order Book ~ http://finance.yahoo.com/q/ecn?s=WIBC+Order+Book
Y! Message Boards ~ http://messages.finance.yahoo.com/mb/WIBC
Y! Market Pulse ~ http://finance.yahoo.com/marketpulse/WIBC
Y! Technical Analysis ~ http://finance.yahoo.com/q/ta?s=WIBC+Basic+Tech.+Analysis
Y! < Analyst Coverage >
Y! Analyst Opinion ~ http://finance.yahoo.com/q/ao?s=WIBC+Analyst+Opinion
Y! Analyst Estimates ~ http://finance.yahoo.com/q/ae?s=WIBC+Analyst+Estimates
Y! Research Reports ~ http://finance.yahoo.com/q/rr?s=WIBC+Research+Reports
Y! Star Analysts ~ http://finance.yahoo.com/q/sa?s=WIBC+Star+Analysts
Y! < Ownership >
Y! Major Holders ~ http://finance.yahoo.com/q/mh?s=WIBC+Major+Holders
Y! Insider Transactions ~ http://finance.yahoo.com/q/it?s=WIBC+Insider+Transactions
Y! Insider Roster ~ http://finance.yahoo.com/q/ir?s=WIBC+Insider+Roster
Y! < Financials >
Y! Income Statement ~ http://finance.yahoo.com/q/is?s=WIBC+Income+Statement&annual
Y! Balance Sheet ~ http://finance.yahoo.com/q/bs?s=WIBC+Balance+Sheet&annual
Y! Cash Flow ~ http://finance.yahoo.com/q/cf?s=WIBC+Cash+Flow&annual
FINVIZ ~ http://finviz.com/quote.ashx?t=WIBC&ty=c&ta=0&p=d
Investorshub Trades ~ http://ih.advfn.com/p.php?pid=trades&symbol=WIBC
Investorshub Board Search ~ http://investorshub.advfn.com/boards/getboards.aspx?searchstr=WIBC
Investorshub PostStream ~ http://investorshub.advfn.com/boards/poststream.aspx?ticker=WIBC
Investorshub Messages ~ http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=WIBC
Investorshub Videos ~ http://ih.advfn.com/p.php?pid=ihvse&ihvqu=WIBC
Investorshub News ~ http://ih.advfn.com/p.php?pid=news&btn=s_ok&ctl00%24sb3%24tbq1=Get+Quote&as_values_IH=&ctl00%24sb3%24stb1=Search+iHub&symbol=WIBC&s_ok=OK&from_month=3&from_day=15&from_year=2012&order=desc&selsrc%5B%5D=prnca&selsrc%5B%5D=prnus&selsrc%5B%5D=zacks&selsrc%5B%5D=money2&selsrc%5B%5D=djn&selsrc%5B%5D=bw&selsrc%5B%5D=globe&selsrc%5B%5D=edgar&selsrc%5B%5D=mwus&force=1&last_ts=1331855999&p_n=1&p_count=&p_ts=1331794260
CandlestickChart ~ http://www.candlestickchart.com/cgi/chart.cgi?symbol=WIBC&exchange=US
Barchart Quote ~ http://barchart.com/quotes/stocks/WIBC?
Barchart Detailed Quote ~ http://barchart.com/detailedquote/stocks/WIBC
Barchart Options Quotes ~ http://barchart.com/options/stocks/WIBC
Barchart Technical Chart ~ http://barchart.com/charts/stocks/WIBC&style=technical
Barchart Interactive Chart ~ http://barchart.com/charts/stocks/WIBC&style=interactive
Barchart Technical Analysis ~ http://barchart.com/technicals/stocks/WIBC
Barchart Trader's Cheat Sheet ~ http://barchart.com/cheatsheet.php?sym=WIBC
Barchart Barchart Opinion ~ http://barchart.com/opinions/stocks/WIBC
Barchart Snapshot Opinion ~ http://barchart.com/snapopinion/stocks/WIBC
Barchart News Headlines ~ http://barchart.com/news/stocks/WIBC
Barchart Profile ~ http://barchart.com/profile//WIBC
Barchart Key Statistics ~ http://barchart.com/profile.php?sym=WIBC&view=key_statistics
OTC: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=WIBC&MarketTicker=OTC&TYP=S
NASDAQ: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=WIBC&MarketTicker=NASD&TYP=S
NYSE: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=WIBC&MarketTicker=NYSE&Typ=S
Marketwatch Profile ~ http://www.marketwatch.com/investing/stock/WIBC/profile
Marketwatch Analyst Estimates ~ http://www.marketwatch.com/investing/stock/WIBC/analystestimates
Marketwatch Historical Quotes ~ http://www.marketwatch.com/investing/stock/WIBC/historical
Marketwatch Financials ~ http://www.marketwatch.com/investing/stock/WIBC/financials
Marketwatch Overview ~ http://www.marketwatch.com/investing/stock/WIBC
Marketwatch SEC Filings ~ http://www.marketwatch.com/investing/stock/WIBC/secfilings
Marketwatch Picks ~ http://www.marketwatch.com/investing/stock/WIBC/picks
Marketwatch Hulbert ~ http://www.marketwatch.com/investing/stock/WIBC/hulbert
Marketwatch Insider Actions ~ http://www.marketwatch.com/investing/stock/WIBC/insideractions
Marketwatch Options ~ http://www.marketwatch.com/investing/stock/WIBC/options
Marketwatch Charts ~ http://www.marketwatch.com/investing/stock/WIBC/charts
Marketwatch News ~ http://bigcharts.marketwatch.com/news/symbolsearch/symbolnews.asp?news=markadv&symb=WIBC&sid=1795093&framed=False
The Lion ~ http://thelion.com/bin/aio_msg.cgi?cmd=search&msg=&si=1&tw=1&tt=1&rb=1&ih=1&fo=1&iv=1&yf=1&sa=1&fb=1&gg=1&symbol=WIBC
Search NYSE ~ http://www.nyse.com/about/listed/lcddata.html?ticker=WIBC
StockTA ~ http://www.stockta.com/cgi-bin/analysis.pl?symb=WIBC&num1=567&cobrand=&mode=stock
StockHouse ~ http://www.stockhouse.com/financialtools/sn_overview.aspx?qm_symbol=WIBC
StockHouse Delayed LII ~ http://www.stockhouse.com/financialtools/sn_level2.aspx?qm_page=46140&qm_symbol=WIBC
AlphaTrade ~ http://tools.alphatrade.com/index.php?t1=mc_quote_module&t2=mc_quote_module2&t3=historical&template=historical2html&sym=WIBC&client_id=2740&a_width=680&a_height=1000&language=english&showVol=1&chtype=8
Reuters ~ http://www.reuters.com/finance/stocks/companyOfficers?symbol=WIBC.PK&WTmodLOC=C4-Officers-5
StockWatch ~ http://www.stockwatch.com/Quote/Detail.aspx?symbol=WIBC®ion=U
Search NASDAQ ~ http://www.nasdaq.com/symbol/WIBC
NASDAQ Divy History ~ http://www.nasdaq.com/symbol/WIBC/dividend-history
NASDAQ Short Interest ~ http://www.nasdaq.com/symbol/WIBC/short-interest
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/WIBC/institutional-holdings
NASDAQ FlashQuotes ~ http://www.nasdaq.com/aspx/flashquotes.aspx?symbol=WIBC&selected=WIBC
NASDAQ InfoQuotes ~ http://www.nasdaq.com/aspx/infoquotes.aspx?symbol=WIBC&selected=WIBC
NASDAQ After Hours Quote ~ http://www.nasdaq.com/symbol/WIBC/after-hours
NASDAQ Pre-Market Quote ~ http://www.nasdaq.com/symbol/WIBC/premarket
NASDAQ Historical Quote ~ http://www.nasdaq.com/symbol/WIBC/historical
NASDAQ Option Chain ~ http://www.nasdaq.com/symbol/WIBC/option-chain
NASDAQ Company Headlines ~ http://www.nasdaq.com/symbol/WIBC/news-headlines
NASDAQ Press Releases ~ http://www.nasdaq.com/symbol/WIBC/news-headlines
NASDAQ Sentiment ~ http://www.nasdaq.com/symbol/WIBC/sentiment
NASDAQ Analyst Summary ~ http://www.nasdaq.com/symbol/WIBC/analyst-research
NASDAQ Guru Analysis~ http://www.nasdaq.com/symbol/WIBC/guru-analysis
NASDAQ Stock Report ~ http://www.nasdaq.com/symbol/WIBC/stock-report
NASDAQ Competitors ~ http://www.nasdaq.com/symbol/WIBC/competitors
NASDAQ Stock Consultant ~ http://www.nasdaq.com/symbol/WIBC/stock-consultant
NASDAQ Stock Comparison ~ http://www.nasdaq.com/symbol/WIBC/stock-comparison
NASDAQ Call Transcripts ~ http://www.nasdaq.com/symbol/WIBC/call-transcripts
NASDAQ Annual Reports ~ http://www.nasdaq.com/aspx/annualreport.aspx?symbol=WIBC&selected=WIBC
NASDAQ Financials ~ http://www.nasdaq.com/symbol/WIBC/financials
NASDAQ Revenue & Earnings Per Share (EPS) ~ http://www.nasdaq.com/symbol/WIBC/revenue-eps
NASDAQ SEC Filings ~ http://www.nasdaq.com/symbol/WIBC/sec-filings
NASDAQ Ownership Summary ~ http://www.nasdaq.com/symbol/WIBC/ownership-summary
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/WIBC/institutional-holdings
NASDAQ (SEC Form 4) ~
--------- All Trades ~ http://www.nasdaq.com/symbol/WIBC/insider-trades
--------- Buys ~ http://www.nasdaq.com/symbol/WIBC/insider-trades/buys
--------- Sells ~ http://www.nasdaq.com/symbol/WIBC/insider-trades/sells
The Motley Fool ~ http://caps.fool.com/Ticker/WIBC.aspx
The Motley Fool Earnings/Growth ~ http://caps.fool.com/Ticker/WIBC/EarningsGrowthRates.aspx?source=itxsittst0000001
The Motley Fool Ratios ~ http://caps.fool.com/Ticker/WIBC/Ratios.aspx?source=itxsittst0000001
The Motley Fool Stats ~ http://caps.fool.com/Ticker/WIBC/Stats.aspx?source=icasittab0000006
The Motley Fool Historical ~ http://caps.fool.com/Ticker/WIBC/Historical.aspx?source=icasittab0000004
The Motley Fool Scorecard ~ http://caps.fool.com/Ticker/WIBC/Scorecard.aspx?source=icasittab0000003
The Motley Fool Statements ~ http://caps.fool.com/Ticker/WIBC/Statements.aspx?source=icasittab0000009
MSN Money ~ http://investing.money.msn.com/investments/stock-ratings?symbol=WIBC
YCharts ~ http://ycharts.com/companies/WIBC
YCharts Performance ~ http://ycharts.com/companies/WIBC/performance
YCharts Dashboard ~ http://ycharts.com/companies/WIBC/dashboard
InsideStocks Opinion ~ http://www.insidestocks.com/texpert.asp?sym=WIBC&code=XDAILY
InsideStocks Profile ~ http://www.insidestocks.com/profile.asp?sym=WIBC&code=XDAILY
InsideStocks Quote ~ http://www.insidestocks.com/quote.asp?sym=WIBC&code=XDAILY
InsideStocks Projection ~ http://charts3.barchart.com/procal.asp?sym=WIBC
Zacks Quote ~ http://www.zacks.com/stock/quote/WIBC
Zacks Estimates ~ http://www.zacks.com/research/report.php?type=estimates&t=WIBC
Zacks Company Reports ~ http://www.zacks.com/research/report.php?type=report&t=WIBC
Knobias ~ http://knobias.10kwizard.com/files.php?sym=WIBC
StockScores ~ http://www.stockscores.com/quickreport.asp?ticker=WIBC
Trade-Ideas ~ http://www.trade-ideas.com/StockInfo/WIBC/HOT_TOPIC.html
Morningstar ~ http://performance.morningstar.com/stock/performance-return.action?region=USA&t=WIBC&culture=en-US
Morningstar Shareholders ~ http://investors.morningstar.com/ownership/shareholders-overview.html?t=WIBC®ion=USA&culture=en-us
Morningstar Transcripts~ http://www.morningstar.com/earnings/NoTranscript.aspx?t=WIBC®ion=USA
Morningstar Key Ratios ~ http://financials.morningstar.com/ratios/r.html?t=WIBC®ion=USA&culture=en-US
Morningstar Executive Compensation ~ http://insiders.morningstar.com/trading/executive-compensation.action?t=WIBC®ion=USA&culture=en-us
Morningstar Valuation ~ http://financials.morningstar.com/valuation/price-ratio.html?t=WIBC®ion=USA&culture=en-us
CCBN (Thompson Reuters) ~ http://ccbn.aol.com/company.asp?client=aol&ticker=WIBC
TradingMarkets ~ http://pr.tradingmarkets.com/?lid=leftPRbox&sym=WIBC
OTCBB ~ http://www.otcbb.com/asp/SiteSearch.asp?Criteria=WIBC&searcharea=e&image1.x=0&image1.y=0
Insidercow ~ http://www.insidercow.com/history/company.jsp?company=WIBC&B1=Search%21
Forbes News ~ http://search.forbes.com/search/find?tab=searchtabgeneraldark&MT=WIBC
Forbes Press Releases ~ http://search.forbes.com/search/find?&start=1&tab=searchtabgeneraldark&MT=WIBC&pub=businesswire,prnewswire&searchResults=pressRelease&tag=pr&premium=on
Forbes Web ~ http://search.forbes.com/search/web?MT=UNGS&start=1&max=10&searchResults=web&tag=web&sort=null
YouTube Symbol Search ~ http://www.youtube.com/results?search_query=WIBC
Buy-Ins ~ http://www.buyins.net/tools/symbol_stats.php?sym=WIBC
Quotemedia ~ http://www.quotemedia.com/results.php?qm_page=47556&qm_symbol=WIBC
Earnings Whispers ~ http://www.earningswhispers.com/stocks.asp?symbol=WIBC
Bloomberg Snapshot ~ http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=WIBC
Bloomberg People ~ http://investing.businessweek.com/research/stocks/people/people.asp?ticker=WIBC
Financial Times ~ http://markets.ft.com/Research/Markets/Tearsheets/Summary?s=WIBC
Investorpoint ~ http://www.investorpoint.com/ enter "WIBC" and click search.
Hotstocked ~ http://www.hotstocked.com/ enter "WIBC" and click search.
Raging Bull ~ http://ragingbull.quote.com/mboard/boards.cgi?board=WIBC
Hoovers ~ http://www.hoovers.com/search/company-search-results/100003765-1.html?type=company&term=WIBC
DD Machine ~ http://www.ddmachine.com/default.asp?m=stocktool_frame.asp?symbol=WIBC
SEC Form 4 ~ http://www.secform4.com/insider/showhistory.php?cik=WIBC
OTCBB Pulse ~ http://www.otcbbpulse.com/cgi-bin/pulsequote.cgi?symbol=WIBC
Failures To Deliver ~ http://failurestodeliver.com/default2.aspx enter "WIBC" and click search.
http://www.coordinatedlegal.com/SecretaryOfState.html
http://regsho.finra.org/regsho-Index.html
http://www.shortsqueeze.com/?symbol=WIBC&submit=Short+Quote%99
DTCC (PENSON/TDA) Check - (otc and pinks) - Note ~ I did not check for this chart blast. However, I try and help you to do so with the following links.
IHUB DTCC BOARD SEARCH #1 http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=WIBC
IHUB DTCC BOARD SEARCH #2: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=14482&srchyr=2011&SearchStr=WIBC
Check those searches for recent WIBC mentions. If WIBC is showing up on older posts and not on new posts found in link below, The DTCC issues may have been addressed and fixed. Always call the broker if your security turns up on any DTCC/PENSON list.
http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=Complete+list
For a complete list see the pinned threads at the top here ---> http://tinyurl.com/TWO-OLD-FARTS
MACDlinks
~ Monday! $WIBC ~ Q1 Earnings posted, pending or coming soon! In Charts and Links Below!
~ $WIBC ~ Earnings expected on Monday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=WIBC&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=WIBC&p=W&b=3&g=0&id=p54550695994
~ Google Finance: http://www.google.com/finance?q=WIBC
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=WIBC#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=WIBC+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=WIBC
Finviz: http://finviz.com/quote.ashx?t=WIBC
~ BusyStock: http://busystock.com/i.php?s=WIBC&v=2
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=WIBC >>>>>>
http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*If the earnings date is in error please ignore error. I do my best.
A TARP Auction Loss for Treasury (3/29/12)
By ANDREW ACKERMAN And JEFFREY SPARSHOTT
WASHINGTON—The Treasury Department on Thursday said it lost about $50 million in the public offering of its preferred stock in six smaller banks this week, though the department garnered a modest profit when counting dividends and interest paid on the investments over the past three years.
In the first auction of preferred stock purchased through the Troubled Asset Relief Program, the bailout vehicle launched during the financial crisis, the Treasury recouped about $362 million of the $410.8 million it invested in the six smaller banks, the Treasury said, a loss of about $50 million.
But the department said total income to taxpayers—counting dividends and interest along with auction proceeds—was $426.4 million, representing a net profit of about $15.6 million.
"Today's auction is part of our ongoing efforts to wind down TARP," said Assistant Treasury Secretary for Financial Stability Tim Massad, noting the program has turned a profit overall.
The inability of the Treasury to fully recoup its investment through the auction process suggests it will be more difficult to sell off stakes in other banks that are financially strapped; more than 150 have missed a quarterly dividend payment they are obligated to make under the terms of the rescue.
Despite some missed payments, the Treasury has turned a profit on the Capital Purchase Program, the main federal effort to help stabilize financial markets. It invested a little less than $205 billion in 707 banks, and as of mid-February had gotten about $211 billion back. More broadly, the department has recovered about $260 billion from the $245 billion invested through TARP's bank programs.
Still, the rescue is expected to cost taxpayers money. The Treasury last month estimated that TARP would end up costing $67.82 billion.
The Bush administration launched the financial bailout in the autumn of 2008 at the height of the financial crisis. At one point, the plan was estimated to cost as much as $700 billion. Ultimately, $431 billion was disbursed through a handful of programs and much of that has been recovered.
More than three years after the launch of TARP, the federal government still owns stakes in about 350 banks. While the biggest institutions have long since paid back their rescue funding, many smaller banks have been slow to shed government aid.
The divide in part reflects the difficulties faced by many Main Street banks, often saddled with poorly performing commercial real-estate loans and limited ability to raise new funds. Together with weak regional economies and a tough lending environment, the banks haven't been able to exit TARP.
Lou Crandall, chief economist of Wrightson ICAP, said that while TARP shouldn't be judged on individual transactions, the $50 million auction loss announced Thursday likely reflects the fact that banks that could exit the TARP program early did so, and the ones still in the program have generally had trouble coming up with a capital plan that would support an exit.
He said TARP succeeded in providing "blanket coverage for a financial system where you didn't know exactly where the deepest problems would be."
The Treasury sold its stakes in the six banks as it looks to recoup its investment. The six have kept up on dividend and interest payments to the Treasury, making them relatively healthy compared with institutions that have skipped payments in an effort to hold on to cash.
The six banks were: Banner Corp. BANR -2.13%of Walla Walla, Wash., First Financial Holdings Inc. FFCH -1.55%of Charleston, S.C.; MainSource Financial Group Inc. MSFG +1.10%of Greensburg, Ind.; Seacoast Banking Corp. of Florida SBCF -1.60%of Stuart, Fla.; Wilshire Bancorp Inc. of Los Angeles; and WSFS Financial Corp. WSFS +0.79%of Wilmington, Del.
The Treasury lost money overall at just one of the six banks, Seacoast, having garnered just $48.3 million out of its $50 million investment, the Treasury said.
In addition to hundreds of smaller banks, the government still owns majority stakes in American International Group Inc. AIG +0.81%and Ally Financial Inc., along with a minority stake in General Motors Co. GM +0.64%
Before this week's transactions, $16.42 billion was outstanding under TARP's Capital Purchase Program.
Treasury Secretary Timothy Geithner on Wednesday told a Senate panel that his department is focused on getting banks to exit TARP.
"We're working with those institutions and their regulations to encourage them to repay and make it possible for them to repay. Not everybody is going to be able to do it, there will be some banks that can't do it. But we're trying to … encourage those firms to replace those investments by the taxpayer with private investments as quickly as possible," Mr. Geithner said.
Write to Andrew Ackerman at andrew.ackerman@dowjones.com and Jeffrey Sparshott at jeffrey.sparshott@dowjones.com
http://online.wsj.com/article/SB10001424052702303404704577311323366221962.html?KEYWORDS=tarp
WIBC Announces Repurchase of Preferred Shares From UST (3/29/12)
LOS ANGELES, March 29, 2012 (GLOBE NEWSWIRE) -- Wilshire Bancorp, Inc. (Nasdaq:WIBC), the holding company for Wilshire State Bank, announced today that it has agreed to repurchase 60,000 shares of preferred stock from the U.S. Department of the Treasury at a price of $943.51 per share through a modified Dutch auction process. Wilshire Bancorp had previously sold 62,158 shares of preferred stock to the Treasury Department as part of the Capital Purchase Program under the Troubled Asset Relief Program (TARP). The remaining 2,158 preferred shares of Wilshire Bancorp held by the Treasury Department will be purchased by unrelated third-parties.
"The repurchase of virtually all of the preferred shares issued under the TARP program is a major milestone for Wilshire Bancorp that underscores the significant progress we have made over the past year," said Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp. "We are very pleased that our regulators granted us permission to bid for our preferred shares in this auction. Following the repurchase of these shares, we believe we will continue to have a strong capital position."
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.
FORWARD-LOOKING STATEMENTS
Statements concerning future performance, events, 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. Specific factors include, but are not limited to, loan production and sales, credit quality, the ability to expand net interest margin, the ability to continue to attract low-cost deposits, success of expansion efforts, competition in the marketplace and general economic conditions. Any financial information contained in this release should be read in conjunction with the consolidated financial statements and notes included in Wilshire Bancorp'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. The information in this press release speaks only as of the date of this release and Wilshire Bancorp specifically disclaims any duty to update the information in this press release. Additional information on these and other factors that could affect financial results are included in filings by Wilshire Bancorp with the Securities and Exchange Commission.
CONTACT:
Alex Ko, EVP & CFO
(213) 427-6560
www.wilshirebank.com
http://globenewswire.com/newsroom/news.html?d=250653
- Annual Report (10-K)
Date : 03/15/2012 @ 6:12AM
Source : Edgar (US Regulatory)
Stock : (WIBC)
Quote : 4.61 0.0 (0.00%) @ 8:00AM
http://ih.advfn.com/p.php?pid=nmona&article=51632506
Wilshire Bancorp Announces Dismissal of Class Action Lawsuit
Wilshire Bancorp, Inc. (Nasdaq:WIBC), the holding company for Wilshire State Bank, announced today that the securities class action lawsuit filed against Wilshire Bancorp and certain of its current and former executives in the United States District Court for the Central District of California has been dismissed and the plaintiffs have been denied the right to re-file the action.
Separately, Wilshire Bancorp announced that in the Annual Report on Form 10-K filed today with the Securities and Exchange Commission for the year ended December 31, 2011, the Company reported that it has remediated the previously disclosed material weakness in internal controls on loan underwriting, approval, and renewal processes for certain loan originations and asset sales.
"With the dismissal of the class action lawsuit and the remediation of the material weakness, we are very pleased to have resolved two issues that required significant attention from the management team and board of directors," said Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp. "Now that these issues are behind us, we can increase our focus on other initiatives that will more directly contribute to the profitable growth of the Company."
http://ih.advfn.com/p.php?pid=nmona&article=51632270
Broke thru $3.25 with ease!!!! Look out Above!!!!
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The dow is down big today but WIBC continued upward .... Very BULLISH. $$$$$
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Looks like $3.00 BUCKS is the new "Loading Zone" ....Get em while they're still this cheap!!!!
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Wilshire Bancorp reports Q3 EPS 14c vs. consensus 4c
WIBC LOS ANGELES, Oct. 25, 2011 (GLOBE NEWSWIRE) -- Wilshire Bancorp, Inc. (Nasdaq:WIBC - News),
Wilshire Bancorp reports Q3 EPS 14c vs. consensus 4c
Wilshire Bancorp Reports $0.14 Earnings Per Share for Third Quarter 2011
the holding company ("the Company") for Wilshire State Bank ("the Bank"), today reported net income available to common shareholders of $10.2 million, or $0.14 per diluted common share, for the quarter ended September 30, 2011. This compares to net income available to common shareholders of $4.1 million, or $0.14 per diluted common share, for the same period of the prior year, and net income available to common shareholders of $2.1 million, or $0.04 per diluted common share, in the second quarter of 2011.
Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, "We are very pleased with our third quarter results, which reflect significant improvement in our asset quality and the continued strong earnings power of our franchise. Our primary focus remains on credit quality and reducing problem loans, and we continue to make excellent progress in this area. During the third quarter of 2011, our non-performing loans, delinquent loans, impaired loans, and classified loans were all reduced from the previous quarter. This is the result of our aggressive efforts to dispose of our weakest credits, which has significantly improved the overall quality of our remaining loan portfolio.
Q3 2011 Summary:
Net income available to common shareholders of $10.2 million, or $0.14 per share
Substantial improvement in asset quality from Q2 2011 to Q3 2011 with a 76% decline in delinquent loans and a 28% decline in non-accrual loans
Overall reduction in inflows into all major credit categories
Annualized quarter to date return on average assets of 1.65%
Annualized quarter to date return on average equity of 14.89%
All capital ratios strengthened from prior quarter
http://finance.yahoo.com/news/Wilshire-Bancorp-reports-Q3-theflyonthewall-788309642.html?x=0&.v=1
GREAT QUARTER, GREAT NUMBERS ..... LOOK OUT ABOVE!!! $$$$$$
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BOOOYYYAAAHHHH!!!! THERE IT IS! $3.00 BREAK-OUT!!!!!
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NICE LITTLE HEAD FAKE.... AND NOW BOOM COULD BREAK THRU $3.00 BEFORE CLOSE. !!!!!
Inch by inch we climb closer to $3.00 then $5.00 BUCKS!!!
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$5.00 BUCKS by end of year???? .....Possibly!
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Been watching for a while and seems like this can move very high Very fast.... Moves on air!!
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$2.70 seemed like a good entry point for this one.
4:03PM Wilshire Bancorp commences an underwritten public offering of approximately $100 mln of its common stock (WIBC) 3.66 +0.06 : A substantial portion of the net proceeds from the offering will be contributed to co as additional capital and the remaining net proceeds will be used to satisfy cash needs of co and for other general corporate purposes. J.P. Morgan Securities LLC will serve as book-running manager and Macquarie Capital (USA) Inc. will serve as co-manager for this offering.
I set up message boards to discuss this bank and one other -- to basically do a neighborhood bank study. These banks are both in my neighborhood. They are both very different.
I wanted to track and see how they manage their business, and what happens to their stock, in the current deteriorating environment.
Are their stocks a good buy?
I have no idea. Wilshire was a trade for ame a long time ago, and I made a little money on it.
So I thought of them again as a drove by their Dallas branch the other day.
That's all. I don't currently own the stock, nor do I plan to at the moment.
All on topic discussion welcome.
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Wilshire Bancorp, Incorporated
3200 Wilshire Boulevard
Los Angeles, CA 90010
(213) 387-3200
Wilshire Bancorp, Inc. is a bank holding company offering a broad range of financial products and services primarily through our main subsidiary, Wilshire State Bank, a California state-chartered commercial bank. Our corporate headquarters and primary banking facilities are located at 3200 Wilshire Boulevard, Los Angeles, California 90010. In addition, the Bank has 24 full-service branch offices in Southern California, Texas, New Jersey, and the greater New York City metropolitan area. WIBC also has 8 loan production offices, or "LPOs", utilized primarily for the origination of loans under the Small Business Administration, or "SBA", lending program in California, Colorado, Georgia, Texas (2 offices), New Jersey, Washington, and Virginia. The LPO offices located in Newark, California, and Bellevue, Washington were established in 2011. It operates a community bank focused on the general commercial banking business, with our primary market encompassing the multi-ethnic populations of Southern California, Dallas-Fort Worth, New Jersey, and the New York metropolitan area. Our client base reflects the ethnic diversity of these communities.
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