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Wilshire Bancorp is projecting cost savings of 60% for its deal with a Los Angeles rival, Saehan Bancorp. If it can pull that off, more intra-market deals among Korean-American banks could follow.
July 22 -
Wilshire Bancorp in Los Angeles has agreed to buy BankAsiana in Palisades Park, N.J.
June 10
Los Angeles-based Wilshire Bancorp (WIBC) said this week that it had a third-quarter profit of $11.3 million, largely due to steadily improving credit quality and net gains on loan sales.
Although that was a steep 71% drop from the same quarter in 2012, the difference was primarily caused by a $12 million credit for loan losses it received last year. At 16 cents per share, the company beat the estimates of analysts polled by Bloomberg by 1 cent.
The $2.8 billion-asset company's net interest income climbed 4% to $26.7 million thanks to increased income from loans put back on accrual status. Its net interest margin fell 18 basis points to 4.17%.
Wilshire's noninterest income rose 18% to $7.8 million, due mostly to net gains on loan sales. Noninterest expenses fell 3% to $17.8 million.
Stronger credit quality led Wilshire to record no loan-loss provisions while chargeoffs rose 3% to $3.2 million. The company attributed the increase to four assisted-living properties that had been listed as classified for some time before the company moved them to nonperforming status in the third quarter.
Wilshire completed its