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Earnings at Wilshire Bancorp (WIBC) soared in the fourth quarter after the Los Angeles company opted not to set aside funds for problem loans.
January 24 -
Hanmi Financial announced Wednesday that it has hired an advisor to help it explore strategic alternatives. Observers say the recovered lender could be a hot ticket, fetching between $16 to $20 per share.
January 10 -
The Federal Reserve Bank of San Francisco has terminated a memorandum of understanding with Wilshire Bancorp (WIBC) in Los Angeles.
October 4
Wilshire Bancorp (WIBC) in Los Angeles reported lower quarterly earnings.
The company's first-quarter profit fell 35% from a year earlier, to $11.6 million, or roughly 16 cents a share. Analyst polled by Bloomberg had projected earnings of 15 cents a share at Wilshire, which operates the $2.8 billion-asset Wilshire State Bank.
The first quarter of 2012 included a tax benefit. Excluding that item, Wilshire's results were relatively unchanged from a year earlier.
Net interest income rose 5% from a year earlier, to $26 million. The net interest margin expanded by 2 basis points from the first quarter of 2012, to 4.09%. Noninterest income increased 36% from a year earlier, to $8.7 million, primarily because of gains on sales of loans.
Noninterest expense rose 18% from a year earlier, to $17.3 million, largely because of increased staffing and higher fees. The company's efficiency ratio at March 31 was 50.5%.
Total loans increased 10% from a year earlier, to $2.2 billion, because of a rise in commercial borrowing. The loan-loss allowance fell 41% from a year earlier, to $58.5 million.
"While overall loan growth remains challenging given the intense competition for quality loans, we are pleased with our continued progress in developing more commercial lending relationships," J.W. Yoo, Wilshire's chief executive, said in a press release. "We also continue to see steady improvement in asset quality, which has kept our credit costs low."
