Wilshire Bancorp in Los Angeles reported higher quarterly profit that was boosted by recent acquisitions.
The $3.9 billion-asset company said in a press release Monday that its third-quarter earnings rose 34% from a year earlier, to $15.1 million. Earnings per share of 19 cents were in line with the average estimate of analysts polled by Bloomberg.
Wilshire attributed the growth, in part, to a larger loan portfolio from its purchases of the $204 million-asset BankAsiana and the $592 million-asset Saehan Bank. Those transactions closed in the fourth quarter of 2013.
Net interest income rose 38%, to $36.8 million. Total loans jumped 44%, to $3.2 billion. The net interest margin widened by 18 basis points, to 4.26%.
Noninterest income increased 23%, to $9.6 million, mostly because of higher revenue from deposit-related service charges.
Revenue gains outweighed a rise in operating expenses, which increased 30%, to $23.2 million.