LOS ANGELES, April 23, 2012 (GLOBE NEWSWIRE) -- Wilshire Bancorp, Inc. (Nasdaq:WIBC), the holding company ("the Company") for Wilshire State Bank ("the Bank"), today reported net income available to common shareholders of $17.9 million, or $0.25 per diluted common share, for the quarter ended March 31, 2012. This compares to a net loss available to common shareholders of $52.1 million, or ($1.77) per common share, for the same period of the prior year, and net income available to common shareholders of $5.8 million, or $0.08 per diluted common share, for the fourth quarter of 2011. The increase in net income available to common shareholders for the first quarter of 2012 is attributable to lower provision for loan losses, lower non-interest expense, a lower overall effective tax rate, and a one-time adjustment from the repurchase of TARP preferred stock.
Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, "We are pleased with our performance in the first quarter, as we delivered the highest recorded quarterly net income in the history of Wilshire Bancorp. I am proud of the hard work that our entire organization has put in to restore the earnings power of our franchise. Beyond the improvement in our financial results, we also continue to strengthen Wilshire Bancorp by resolving many key issues that emerged over the past few years, including the dismissal of a class action lawsuit, the remediation of internal controls issues related to a former loan officer, and the repurchase of most of our TARP preferred stock. With these issues now behind us, we can devote even more attention to profitably growing our franchise once again.
"We expect to continue generating a strong level of profitability over the remainder of 2012, driven by our increasing core earnings power, low credit costs, and a continued low tax rate," said Mr. Yoo.
During the first quarter of 2012, Wilshire Bancorp repurchased 60,000 shares of preferred stock from the U.S. Department of the Treasury at a cost of $56.6 million. This transaction resulted in a one-time adjustment to capital of $3.4 million. The remaining 2,158 shares of preferred stock were purchased by third parties.
Q1 2012 Summary:
- Net income available to common shareholders of $17.9 million or $0.25 per basic and diluted share
- No provision for loan losses recorded in the first quarter of 2012 compared to $1.5 million in Q4 2011, and $44.8 million in Q1 2011
- Repurchase of 60,000 shares of TARP preferred stock at a discount of $3.4 million, or 5.6%
- OREO decreased to $2.3 million from $8.2 million at Q4 2011
- Operating efficiency ratio improved to 47.8% from 52.4% in Q4 2011
- Improved deposit mix with an overall increase in core deposits led by a 10% increase in savings and interest checking balances
- Annualized return on average assets of 2.5% and return on average equity of 20.8%
- Slight compression in net interest margin to 4.07% compared to 4.17% in Q4 2011
- Loan originations increased 15.9% to $127.0 million from $109.6 million during Q4 2011
STATEMENT OF OPERATIONS
Net Interest Income and Margin
Net interest income before provision for loan losses totaled $24.4 million in the first quarter of 2012, a decrease of 17% from $29.3 million in the first quarter of 2011, and a decrease of 3% from $25.2 million in the fourth quarter of 2011. The decrease is largely attributable to the decline in loans during the first quarter of 2012.
Net interest margin was 4.07% in the first quarter of 2012, compared to 4.53% in the first quarter of 2011 and 4.17% in the fourth quarter of 2011. The decrease in net interest margin for the first quarter of 2012 compared to the fourth quarter of 2011 was due to a reduction in overall loan yields.
Loan yields declined to 5.38% for the first quarter of 2012 from 5.58% for the fourth quarter of 2011 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 0.78% for the first quarter of 2012, down from 0.80% for the fourth quarter of 2011. The decrease was primarily due to lower rates paid on time deposit accounts.
Non-Interest Income
Total non-interest income was $6.4 million for the quarter ended March 31, 2012, compared to $5.8 million for the previous quarter and $8.7 million for the quarter ended March 31, 2011. The increase in non-interest income from the prior quarter is primarily due to higher gains on sales of loans. The $758 thousand in net gains on sales of loans recognized in the first quarter of 2012 includes gains on sales of SBA loans totaling $1.1 million, gains on sales of commercial real estate loans totaling $316 thousand, and gains on sales of residential mortgage loans of $61 thousand, partially offset by a valuation allowance on held-for-sale loans totaling ($690) thousand. The decrease in non-interest income from the first quarter of 2011 was due to the decline in gains on sales of loans compared to that period.
Non-Interest Expense
Total non-interest expense was $14.7 million for the first quarter of 2012, compared with $16.2 million for the prior quarter, and $17.5 million for the first quarter of 2011. The decrease in total non-interest expense compared to both prior periods was primarily due to lower other expenses, partially offset by higher salaries and employee benefits expense, as discussed below.
Total salaries and employee benefits were $8.2 million in the first quarter of 2012, compared with $7.1 million in the prior quarter and $7.8 million in the first quarter of 2011. The increase from the prior quarter is primarily due to higher bonus accruals due to improved financial performance in addition to higher taxes related to payroll.
Other non-interest expenses for the first quarter of 2012 totaled $3.9 million, compared with $6.5 million in the fourth quarter of 2011 and $7.0 million in the first quarter of 2011. The decrease in other non-interest expenses from the prior quarter was primarily attributable to lower expenses related to other real estate owned ("OREO") and lower professional fees which include legal, accounting, and auditing expenses.
The Company's operating efficiency ratio was 47.8% for the quarter ended March 31, 2012, compared with 52.4% for the quarter ended December 31, 2011 and 46.0% for the quarter ended March 31, 2011.
Tax Provision
For the first quarter of 2012, the Company recorded income tax benefits totaling $354 thousand on pretax income of $16.1 million, representing a tax rate of -2.2%, compared to income tax provision of $6.5 million on pretax income of $13.2 million, representing an effective tax rate of 49.1% for the previous quarter. The effective tax rate for the first quarter of 2012 was favorably impacted by a decrease in the valuation allowance against the Company's deferred tax assets, and the reversal of an uncertain tax position liability resulting from the settlement of prior year's state income tax examinations.
BALANCE SHEET
Gross loans were $1.95 billion at March 31, 2012, compared to $1.99 billion at December 31, 2011. The $31.1 million decline in gross loans during the first quarter of 2012 was mostly due to a decline in real estate construction loans, partially offset by an increase in residential real estate 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.
The following table shows "covered" and "non-covered" gross loans by loan type:
Loan Categories
| (Dollars In Thousands) | Quarter Ended | ||||
| Gross Non-Covered Loans | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 |
| Construction | $ 38,552 | $ 61,832 | $ 58,988 | $ 70,304 | $ 74,538 |
| Real Estate Secured | 1,472,450 | 1,490,504 | 1,501,297 | 1,548,559 | 1,725,298 |
| Commercial & Industrial | 269,501 | 253,092 | 244,248 | 260,990 | 274,392 |
| Consumer | 16,362 | 15,001 | 16,013 | 15,350 | 14,587 |
| Total Non-Covered Gross Loans | $ 1,796,865 | $ 1,820,429 | $ 1,820,546 | $ 1,895,203 | $ 2,088,815 |
| Gross Covered Loans | |||||
| Real Estate Secured | $ 137,051 | $ 137,144 | $ 143,719 | $ 154,020 | $ 154,655 |
| Commercial & Industrial | 20,824 | 28,267 | 33,103 | 38,170 | 45,024 |
| Consumer | 71 | 79 | 86 | 96 | 104 |
| Total Covered Gross Loans | $ 157,946 | $ 165,490 | $ 176,908 | $ 192,286 | $ 199,783 |
| Total Gross Loans | |||||
| Construction | $ 38,552 | $ 61,832 | $ 58,988 | $ 70,304 | $ 74,538 |
| Real Estate Secured | 1,609,501 | 1,627,648 | 1,645,016 | 1,702,579 | 1,879,953 |
| Commercial & Industrial | 290,325 | 281,359 | 277,351 | 299,160 | 319,416 |
| Consumer | 16,433 | 15,080 | 16,099 | 15,446 | 14,691 |
| Total Gross Loans | $ 1,954,811 | $ 1,985,919 | $ 1,997,454 | $ 2,087,489 | $ 2,288,598 |
Loan originations for the first quarter of 2012 totaled $127.0 million. This compares to total loan originations of $109.6 million for the fourth quarter of 2011 and $120.0 million for the first quarter of 2011. The increase in total loan originations from the prior quarter was attributable to an increase in CRE, SBA, and home loans.
The following table shows quarterly loan originations by loan type:
| Quarter Ended | ||||||
| LOAN ORIGINATIONS (Dollars In Thousands) | Mar 31, 2012 | Dec 31, 2011 | Mar 31, 2011 | |||
| Real Estate Secured | $ 46,029 | 36% | $ 22,608 | 21% | 50,385 | 42% |
| Commercial & Industrial | 27,222 | 22% | 40,517 | 37% | 18,689 | 16% |
| Consumer | 100 | 0% | 162 | 0% | -- | 0% |
| SBA Loans | 33,043 | 26% | 29,034 | 26% | 48,459 | 40% |
| Home Mortgage Loans | 20,630 | 16% | 17,292 | 16% | 2,504 | 2% |
| Total Loan Originations | $ 127,024 | 100% | $ 109,613 | 100% | 120,037 | 100% |
Total OREO was $2.3 million at March 31, 2012, compared with $8.2 million at December 31, 2011. Outflow from OREO in the first quarter of 2012 consisted of 13 sold properties totaling approximately $7.8 million. Inflow to OREO in the first quarter of 2012 consisted of 4 properties totaling approximately $1.9 million.
Total deposits were $2.21 billion at March 31, 2012, up slightly from $2.20 billion at December 31, 2011. Increases in savings and interest checking accounts and money market deposits were partially offset by declines in time deposits during the first quarter of 2012.
CREDIT QUALITY
Due to the continuation of low net charge-offs and a high level of allowance for loan losses, the Company did not record a provision for loan losses in the first quarter of 2012. The allowance for loan losses totaled $99.8 million, or 5.11% of gross loans at March 31, 2012, compared to $103.0 million, or 5.19% of gross loans at December 31, 2011. The coverage ratio of the allowance for loan losses to non-performing assets was 184.2% at March 31, 2012, compared with 197.8% at December 31, 2011. Allowance coverage of legacy Wilshire loans was 5.56% at March 31, 2012, compared with 5.66% at December 31, 2011.
Non-Accrual Loans
At March 31, 2012, total non-covered non-accrual loans was $35.5 million, or 1.97% of gross non-covered loans, compared to $29.8 million, or 1.63% of gross non-covered loans, at December 31, 2011, and $62.1 million, or 2.97% of gross non-covered loans, at March 31, 2011.
The following table shows "covered" and "non-covered" non-accrual loans by loan type:
| NON-ACCRUAL LOANS (Dollars In Thousands) | |||||
| (Net of SBA Guaranteed Portions) | Quarter Ended | ||||
| Non-Covered Loans | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 |
| Construction | $ 8,139 | $ 12,548 | $ 316 | $ 12,000 | $ -- |
| Real Estate Secured | 26,082 | 15,696 | 37,454 | 46,447 | 60,363 |
| Commercial & Industrial | 1,261 | 1,573 | 1,764 | 808 | 1,695 |
| Consumer | -- | -- | -- | 144 | 11 |
| Total Non-Covered Non-Accrual Loans | $ 35,482 | $ 29,817 | $ 39,534 | $ 59,399 | $ 62,069 |
| Covered Loans | |||||
| Real Estate Secured | $ 15,400 | $ 13,392 | $ 15,322 | $ 16,392 | $ 16,269 |
| Commercial & Industrial | 109 | 623 | 1,609 | 2,151 | 1,795 |
| Total Covered Non-Accrual Loans | $ 15,509 | $ 14,015 | $ 16,931 | $ 18,543 | $ 18,064 |
| Total Non-Accrual Loans | |||||
| Construction | $ 8,139 | $ 12,548 | $ 316 | $ 12,000 | $ -- |
| Real Estate Secured | 41,482 | 29,088 | 52,776 | 62,839 | 76,632 |
| Commercial & Industrial | 1,370 | 2,196 | 3,373 | 2,959 | 3,490 |
| Consumer | -- | -- | -- | 144 | 11 |
| Total Non-Accrual Loans | $ 50,991 | $ 43,832 | $ 56,465 | $ 77,942 | $ 80,133 |
The increase in non-accrual loans is primarily attributable to one CRE participation loan totaling $8.1 million that was listed as a delinquent loan at the end of the prior quarter.
The inflow into total (covered and non-covered) non-accrual loans was $14.4 million in the first quarter of 2012, compared with inflow of $17.9 million in the fourth quarter of 2011. Total outflow from total non-accrual loans was $7.2 million in the first quarter of 2012, compared with $30.5 million in the fourth quarter of 2011. The reduction in outflow of non-accrual loans reflects the Company's decision not to sell any non-accrual loans during the quarter.
Impaired Loans
Loans are classified as impaired when based on current information, it is probable that the Company will not be able to collect all principal and interest payments due in accordance with the terms of the loan. Non-covered impaired loans at March 31, 2012 totaled $57.9 million, compared with $54.7 million at December 31, 2011, and $154.9 million at March 31, 2011. Total inflows into impaired loans were $19.0 million in the first quarter of 2012, compared to $19.2 million in the fourth quarter of 2011.
Total impaired loans by loan category are shown in the table below:
| IMPAIRED LOANS (Dollars In Thousands) | |||||
| (Net of SBA Guaranteed Portions) | Quarter Ended | ||||
| Non-Covered Loans | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 |
| Construction | $ 8,139 | $ 12,548 | $ 316 | $ 12,000 | $ -- |
| Real Estate Secured | 42,518 | 37,424 | 60,365 | 74,845 | 149,402 |
| Commercial & Industrial | 7,232 | 4,754 | 4,978 | 4,216 | 5,456 |
| Consumer | -- | -- | -- | 136 | -- |
| Total Non-Covered Impaired Loans | $ 57,889 | $ 54,726 | $ 65,659 | $ 91,197 | $ 154,858 |
| Covered Loans | |||||
| Real Estate Secured | $ 16,179 | $ 14,175 | $ 16,169 | $ 19,236 | $ 18,256 |
| Commercial & Industrial | 1,368 | 1,718 | 2,380 | 2,922 | 3,332 |
| Total Covered Impaired Loans | $ 17,547 | $ 15,893 | $ 18,549 | $ 22,158 | $ 21,588 |
| Total Impaired Loans | |||||
| Construction | $ 8,139 | $ 12,548 | $ 316 | $ 12,000 | $ -- |
| Real Estate Secured | 58,697 | 51,599 | 76,534 | 94,081 | 167,658 |
| Commercial & Industrial | 8,600 | 6,472 | 7,358 | 7,138 | 8,788 |
| Consumer | -- | -- | -- | 136 | -- |
| Total Impaired Loans | $ 75,436 | $ 70,619 | $ 84,208 | $ 113,355 | $ 176,446 |
Troubled Debt Restructured Loans
At March 31, 2012, total non-covered troubled debt restructured loans or "TDR loans", were $18.7 million, compared to $14.7 million at December 31, 2011, and $35.7 million at March 31, 2011.
Total TDR loans by loan category are shown in the table below:
| TROUBLED DEBT RESTRUCTURED LOANS (Dollars In Thousands) | |||||
| (net of SBA guaranteed portions) | |||||
| Quarter Ended | |||||
| Non-Covered Loans | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 |
| Real Estate Secured | $ 12,648 | $ 11,460 | $ 10,568 | $ 18,733 | $ 31,540 |
| Commercial & Industrial | 6,046 | 3,235 | 2,538 | 3,529 | 4,117 |
| Total Non-Covered TDR Loans | $ 18,694 | $ 14,695 | $ 13,106 | $ 22,262 | $ 35,657 |
| Covered Loans | |||||
| Real Estate Secured | $ 7,964 | $ 6,377 | $ 6,493 | $ 8,518 | $ 7,676 |
| Commercial & Industrial | 1,283 | 1,311 | 1,429 | 1,473 | 1,844 |
| Total Covered TDR Loans | $ 9,247 | $ 7,688 | $ 7,922 | $ 9,991 | $ 9,520 |
| Total TDRs Loans | |||||
| Real Estate Secured | $ 20,612 | $ 17,837 | $ 17,061 | $ 27,251 | $ 39,216 |
| Commercial & Industrial | 7,329 | 4,546 | 3,967 | 5,002 | 5,961 |
| Total TDR Loans | 27,941 | $ 22,383 | $ 21,028 | $ 32,253 | $ 45,177 |
Of the total $27.9 million in TDR loans at March 31, 2012, $8.8 million in TDR loans were also classified as non-accrual, of which $1.6 million was non-covered. The remaining TDR loans were performing in accordance with their modified terms.
Loan Delinquencies (Excluding Non-Accrual Loans)
At March 31, 2012, total non-covered loan delinquencies were $9.1 million, compared with $14.7 million at December 31, 2011, and $35.1 million at March 31, 2011. Total inflow into loan delinquencies was $7.5 million in the first quarter of 2012, compared with $13.7 million in the prior quarter. Total outflow from loan delinquencies was $12.7 million in the first quarter of 2012, compared with $6.2 million in the prior quarter.
Delinquent loans by days past due are reflected in the table below:
| DELINQUENT LOANS -- By Days Past Due(Dollars In Thousands) | |||||
| (Net of SBA Guaranteed Portions) | Quarter Ended | ||||
| Non-Covered Loans | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 |
| 30 - 59 Days Past Due | $ 5,361 | $ 4,890 | $ 4,146 | $ 11,782 | $ 8,680 |
| 60 - 89 Days Past Due | 2,837 | 9,762 | 2,963 | 16,594 | 26,389 |
| 90 Days, and still accruing | 933 | -- | 190 | -- | -- |
| Total Non-Covered Delinquent Loans | $ 9,131 | $ 14,652 | $ 7,299 | $ 28,376 | $ 35,069 |
| Covered Loans | |||||
| 30 - 59 Days Past Due | $ 987 | $ 355 | $ 572 | $ 3,303 | $ 5,166 |
| 60 - 89 Days Past Due | 240 | 513 | 186 | 1,227 | 968 |
| 90 Days, and still accruing | -- | -- | -- | -- | -- |
| Total Covered Delinquent Loans | $ 1,227 | $ 868 | $ 758 | $ 4,530 | $ 6,134 |
| Total Delinquent Loans | |||||
| 30 - 59 Days Past Due | $ 6,348 | $ 5,245 | $ 4,718 | $ 15,085 | $ 13,846 |
| 60 - 89 Days Past Due | 3,077 | 10,275 | 3,149 | 17,821 | 27,357 |
| 90 Days, and still accruing | 933 | -- | 190 | -- | -- |
| Total Delinquent Loans | $ 10,358 | $ 15,520 | $ 8,057 | $ 32,906 | $ 41,203 |
Of the total $10.4 million in delinquent loans at March 31, 2012, $7.6 million was made up of delinquent real estate secured loans and $2.8 million consisted of delinquent commercial and industrial loans.
Loan Classifications
At March 31, 2012, total non-covered classified loans (loans graded substandard, doubtful, and loss) were $154.8 million, compared with $142.3 million at December 31, 2011, and $217.7 million at March 31, 2011. Non-covered criticized loans (loans graded special mention) were $93.3 million at March 31, 2012, compared with $119.4 million at December 31, 2011 and $180.7 million at March 31, 2011.
The increase in non-covered classified loans was primarily due to the downgrading of several loans from special mention to substandard during the first quarter of 2012. The downgrades were primarily due to decreases in cash flows at the underlying businesses.
The Company's ratio of legacy classified assets to Tier 1 capital plus reserves was 37.6% at March 31, 2012. The requirement for the legacy classified assets to Tier 1 capital plus reserves ratio for the Bank stated in the memorandum of understanding ("MOU") with its regulators is a maximum of 50.0%, with which the Bank is in compliance as of March 31, 2012.
Loan balances broken down by classification are reflected in the table below:
| LOAN CLASSIFICATIONS (Dollars In Thousands) | |||||
| Quarter Ended | |||||
| Non-Covered Loans | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 |
| Special Mention | $ 93,303 | $ 119,434 | $ 159,248 | $ 156,249 | $ 180,656 |
| Substandard | 148,788 | 136,559 | 108,616 | 140,645 | 207,422 |
| Doubtful | 6,032 | 5,769 | 14,911 | 17,367 | 10,231 |
| Total Non-Covered Gross Loans | $ 248,123 | $ 261,762 | $ 282,775 | $ 314,261 | $ 398,309 |
| Covered Loans | |||||
| Special Mention | $ 15,357 | $ 17,438 | $ 14,342 | $ 12,639 | $ 20,554 |
| Substandard | 27,087 | 22,487 | 25,180 | 35,006 | 31,755 |
| Doubtful | 11,668 | 10,578 | 8,511 | 5,806 | 2,112 |
| Total Covered Gross Loans | $ 54,112 | $ 50,503 | $ 48,033 | $ 53,451 | $ 54,421 |
| Total Loans | |||||
| Special Mention | $ 108,660 | $ 136,872 | $ 173,590 | $ 168,888 | $ 201,210 |
| Substandard | 175,875 | 159,046 | 133,796 | 175,651 | 239,177 |
| Doubtful | 17,700 | 16,347 | 23,422 | 23,173 | 12,343 |
| Total Gross Loans | $ 302,235 | $ 312,265 | $ 330,808 | $ 367,712 | $ 452,730 |
Loan Charge-offs
Non-covered loan charge-offs for the first quarter of 2012 totaled $4.1 million, compared to $3.4 million in the fourth quarter of 2011, and $41.0 million in the first quarter of 2011.
Charge-offs by loan type is reflected in the table below:
| LOAN CHARGE-OFFS (Dollars In Thousands) | |||||
| Quarter Ended | |||||
| Non-Covered Loans | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 |
| Construction | $ -- | $ -- | $ -- | $ 3,000 | $ 805 |
| Real Estate Secured | 2,826 | 829 | 8,507 | 9,012 | 39,062 |
| Commercial & Industrial | 1,299 | 2,543 | 2,973 | 2,185 | 1,151 |
| Consumer | 1 | 1 | 217 | 9 | 19 |
| Total Non-Covered Charge-Offs Loans | $ 4,126 | $ 3,373 | $ 11,697 | $ 14,206 | $ 41,037 |
| Covered Loans | |||||
| Real Estate Secured | $ 102 | $ 426 | $ 436 | $ 16 | $ 171 |
| Commercial & Industrial | 136 | 268 | 384 | (48) | 489 |
| Total Covered Charge-Offs Loans | $ 238 | $ 694 | $ 820 | $ (32) | $ 660 |
| Total Loan Charge-Offs | |||||
| Construction | $ -- | $ -- | $ -- | $ 3,000 | $ 805 |
| Real Estate Secured | 2,928 | 1,255 | 8,943 | 9,028 | 39,233 |
| Commercial & Industrial | 1,435 | 2,811 | 3,357 | 2,137 | 1,640 |
| Consumer | 1 | 1 | 217 | 9 | 19 |
| Total Charge-Offs Loans | $ 4,364 | $ 4,067 | $ 12,517 | $ 14,174 | $ 41,697 |
CAPITAL RATIOS
As of March 31, 2012, the Company's Tier 1 Leverage ratio was 12.5%. The minimum required Tier 1 capital ratio for the Bank stated in the MOU is 10%, with which the Bank is in compliance at March 31, 2012.
In addition, all of the Company's capital ratios remain in excess of "well capitalized" regulatory requirements as shown in the following table:
| (Dollars In thousands, except per share info) |
March 31, 2012 |
Well Capitalized Regulatory Requirements |
Total Excess Above Well Capitalized Requirements |
| Tier 1 Leverage Capital Ratio | 12.49% | 5.00% | 196,687 |
| Tier 1 Risk-Based Capital Ratio | 18.00% | 6.00% | 218,629 |
| Total Risk-Based Capital Ratio | 19.31% | 10.00% | 169,539 |
| Tangible Common Equity To Tangible Assets | 9.79% | N/A | N/A |
| Tangible Common Equity Per Common Share | $ 3.65 | N/A | N/A |
As previously announced, Wilshire Bancorp repurchased 60,000 shares of preferred stock from the U.S. Department of the Treasury which was issued in connection with the Company's participation in the TARP Capital Purchase Program. The repurchase of $60 million in stated value of preferred shares at a discount of 5.6% resulted in a one-time adjustment reflected in capital totaling $3.4 million offset by the accretion of $1.1 million in preferred stock discount. The result is a net increase in capital of approximately $2.3 million.
CONFERENCE CALL
Management will host its quarterly conference call on April 24, 2012, at 11:00 a.m. PT (2:00 p.m. ET). Investment professionals are invited to participate in the call by dialing 800-688-0836 (domestic number) or 617-614-4072 (international number) and entering passcode #31020500.
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. The Company's strategic goals include increasing shareholder and franchise value by continuing to grow its multi-ethnic banking business and expanding its geographic reach to other similar markets with strong levels of small business activity. Visit us at 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. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes included in the Company'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. Since management will only provide guidance at certain points during the year, the Company's will not necessarily update the information. Such information speaks only as of the date of this release. Additional information on these and other factors that could affect financial results are included in filings by the Company's with the Securities and Exchange Commission.
| CONSOLIDATED BALANCE SHEET | |||||
| (dollars in thousands) (unaudited) | March 31, | December 31, | Three Months | March 31, | Twelve Months |
| 2012 | 2011 | % Change | 2011 | % Change | |
| ASSETS: | |||||
| Cash and Due from Banks | $ 200,581 | $ 155,245 | 29% | $ 68,827 | 191% |
| Federal Funds Sold and Other Cash Equivalents | 170,007 | 170,005 | 0% | 5 | 3400040% |
| Total Cash and Cash Equivalents | 370,588 | 325,250 | 14% | 68,832 | 438% |
| Investment Securities Available For Sale | 292,305 | 320,064 | -9% | 340,812 | -14% |
| Investment Securities Held To Maturity | 62 | 66 | -6% | 80 | -23% |
| Total Investment Securities | 292,367 | 320,130 | -9% | 340,892 | -14% |
| Loans: | |||||
| Loans Held For Sale | 48,128 | 53,814 | -11% | 136,769 | -65% |
| Real Estate Construction | 37,971 | 61,213 | -38% | 73,879 | -49% |
| Residential Real Estate | 106,361 | 98,262 | 8% | 91,842 | 16% |
| Commercial Real Estate | 1,462,111 | 1,478,254 | -1% | 1,656,495 | -12% |
| Commercial and Industrial | 279,665 | 274,878 | 2% | 310,225 | -10% |
| Consumer | 16,419 | 15,065 | 9% | 14,675 | 12% |
| Total Loans Receivable | 1,902,527 | 1,927,672 | -1% | 2,147,116 | -11% |
| Allowance For Loan Losses | (99,826) | (102,982) | -3% | (114,842) | -13% |
| Total Loans, Net of Allowance for Loan Losses | 1,850,829 | 1,878,504 | -1% | 2,169,043 | -15% |
| Accrued Interest Receivable | 8,385 | 8,118 | 3% | 9,829 | -15% |
| Due from Customers on Acceptances | 174 | 414 | -58% | 169 | 3% |
| Other Real Estate Owned | 2,271 | 8,221 | -72% | 8,512 | -73% |
| Premises and Equipment | 12,168 | 12,612 | -4% | 13,555 | -10% |
| Federal Home Loan Bank (FHLB) Stock, at Cost | 14,781 | 15,523 | -5% | 17,796 | -17% |
| Cash Surrender Value of Life Insurance | 20,036 | 19,888 | 1% | 18,812 | 7% |
| Investment in affordable housing partnerships | 37,020 | 37,676 | -2% | 34,781 | 6% |
| Deferred Income Taxes | 2,384 | -- | 0% | 19,112 | -88% |
| Servicing Assets | 9,013 | 8,798 | 2% | 7,664 | 18% |
| Goodwill | 6,675 | 6,675 | 0% | 6,675 | 0% |
| FDIC Indemnification | 18,901 | 21,922 | -14% | 26,673 | -29% |
| Other Assets | 16,910 | 33,123 | -49% | 46,756 | -64% |
| TOTAL ASSETS | $ 2,662,502 | $ 2,696,854 | -1% | $ 2,789,101 | -5% |
| LIABILITIES AND STOCKHOLDERS' EQUITY: | |||||
| LIABILITIES: | |||||
| Non-interest Bearing Demand Deposits | $ 508,292 | $ 511,467 | -1% | $ 484,402 | 5% |
| Savings and Interest Checking | 135,622 | 123,051 | 10% | 109,399 | 24% |
| Money Market Deposits | 602,169 | 572,452 | 5% | 622,078 | -3% |
| Time Deposits in denomination of $100,000 or more | 634,039 | 647,537 | -2% | 670,686 | -5% |
| Other Time Deposits | 330,151 | 347,802 | -5% | 383,462 | -14% |
| Total Deposits | 2,210,273 | 2,202,309 | 0% | 2,270,027 | -3% |
| FHLB borrowings and Federal Funds Purchased | -- | 60,000 | -100% | 215,000 | -100% |
| Acceptance Outstanding | 174 | 414 | -58% | 169 | 3% |
| Junior Subordinated Debentures | 87,321 | 87,321 | 0% | 87,321 | 0% |
| Accrued Interest Payable | 3,429 | 3,281 | 5% | 4,049 | -15% |
| Other Liabilities | 91,409 | 33,947 | 169% | 34,783 | 163% |
| Total Liabilities | 2,392,606 | 2,387,272 | 0% | 2,611,349 | -8% |
| STOCKHOLDERS' EQUITY: | |||||
| Preferred Stock | 2,123 | 61,000 | -97% | 60,584 | -96% |
| Common Stock | 164,876 | 164,711 | 0% | 55,655 | 196% |
| Retained Earnings | 95,026 | 77,110 | 23% | 58,994 | 61% |
| Accumulated Other Comprehensive Income | 7,871 | 6,761 | 16% | 2,519 | 212% |
| Total Stockholders' Equity | 269,896 | 309,582 | -13% | 177,752 | 52% |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,662,502 | $ 2,696,854 | -1% | $ 2,789,101 | -5% |
| CONSOLIDATED STATEMENT OF OPERATIONS | |||||
| (dollars in thousands, except per share data) (unaudited) | |||||
| Quarter Ended | Quarter Ended | ||||
| March 31, 2012 | December 31, 2011 | % Change | March 31, 2011 | % Change | |
| INTEREST INCOME | |||||
| Interest and Fees on Loans | $ 27,121 | $ 28,512 | -5% | $ 33,462 | -19% |
| Interest on Investment Securities | 1,525 | 1,387 | 10% | 1,983 | -23% |
| Interest on Federal Funds Sold | 601 | 486 | 24% | 179 | 236% |
| Total Interest Income | 29,247 | 30,385 | -4% | 35,624 | -18% |
| INTEREST EXPENSE | |||||
| Deposits | 4,255 | 4,307 | -1% | 5,110 | -17% |
| FHLB Advances and Other Borrowings | 553 | 857 | -35% | 1,219 | -55% |
| Total Interest Expense | 4,808 | 5,164 | -7% | 6,329 | -24% |
| Net Interest Income Before Provision for Losses on Loans and Loan Commitments | 24,439 | 25,221 | -3% | 29,295 | -17% |
| Provision for Losses on Loans and Loan Commitments | -- | 1,500 | -100% | 44,800 | -100% |
| Net Interest Income (Loss) After Provision for Losses on Loans and Loan Commitments | 24,439 | 23,721 | 3% | (15,505) | -258% |
| NONINTEREST INCOME | |||||
| Service Charges on Deposits | 3,226 | 3,152 | 2% | 3,080 | 5% |
| Gain on Sales of Loans, Net | 758 | 367 | 107% | 3,592 | -79% |
| Gain on Sale of Investment Securities | 3 | 4 | -25% | 36 | -92% |
| Other | 2,399 | 2,234 | 7% | 1,968 | 22% |
| Total Noninterest Income | 6,386 | 5,757 | 11% | 8,676 | -26% |
| NONINTEREST EXPENSES | |||||
| Salaries and Employee Benefits | 8,162 | 7,144 | 14% | 7,817 | 4% |
| Occupancy & Equipment | 1,942 | 1,894 | 3% | 1,980 | -2% |
| Data Processing | 732 | 697 | 5% | 712 | 3% |
| Other | 3,891 | 6,504 | -40% | 6,967 | -44% |
| Total Noninterest Expenses | 14,727 | 16,239 | -9% | 17,476 | -16% |
| Income (Loss) Before Income Taxes | 16,098 | 13,239 | 22% | (24,305) | -166% |
| Income Taxes (Benefit) Provision | (354) | 6,503 | -105% | 26,888 | -101% |
| NET INCOME (LOSS) | $ 16,452 | $ 6,736 | 144% | $ (51,193) | -132% |
| Preferred Stock Cash Dividend | (802) | (777) | 3% | (777) | 3% |
| Accretion of Preferred Stock Discount | (1,123) | (141) | 696% | (135) | 732% |
| One-time Adjustment From Repurchase of Preferred Stock | 3,389 | -- | 0% | -- | 0% |
| Total Preferred Stock Related Adjustment | 1,464 | (918) | -259% | (912) | -261% |
| NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ 17,916 | $ 5,818 | 208% | $ (52,105) | -134% |
| PER COMMON SHARE INFORMATION: | |||||
| Basic Income (Loss) Per Common Share | $ 0.25 | $ 0.08 | 208% | $ (1.77) | -114% |
| Diluted Income (Loss) Per Common Share | $ 0.25 | $ 0.08 | 208% | $ (1.77) | -114% |
| WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: | |||||
| Basic | 71,282,518 | 71,291,416 | 29,476,288 | ||
| Diluted | 71,311,209 | 71,309,985 | 29,476,288 | ||
| SUMMARY OF FINANCIAL DATA | ||||||
| (dollars in thousands, except per share data) (unaudited) | ||||||
| Quarter Ended | ||||||
| AVERAGE BALANCES | March 31, 2012 | December 31, 2011 | March 31, 2011 | |||
| Average Assets | $ 2,641,982 | $ 2,678,357 | $ 2,921,915 | |||
| Average Equity | 314,980 | 308,948 | 231,622 | |||
| Average Net Loans | 1,855,310 | 1,868,385 | 2,218,079 | |||
| Average Deposits | 2,179,151 | 2,145,128 | 2,314,733 | |||
| Average Time Deposits of $100,000 or more | 646,162 | 655,022 | 670,542 | |||
| Average Interest Earning Assets | 2,422,351 | 2,439,374 | 2,610,600 | |||
| Quarter Ended | ||||||
| PROFITABILITY | March 31, 2012 | December 31, 2011 | March 31, 2011 | |||
| Annualized Return on Average Assets | 2.49% | 1.01% | -7.01% | |||
| Annualized Return on Average Equity | 20.89% | 8.72% | -88.41% | |||
| Efficiency Ratio | 47.78% | 52.42% | 46.02% | |||
| Annualized Operating Expense/Average Assets | 2.23% | 2.43% | 2.39% | |||
| Annualized Net Interest Margin | 4.07% | 4.17% | 4.53% | |||
| As Of | ||||||
| DEPOSIT COMPOSITION |
March 31, 2012 |
Cost Of Fund |
December 31, 2011 |
Cost Of Fund |
March 31, 2011 |
Cost Of Fund |
| Noninterest Bearing Demand Deposits | 23.0% | 0.00% | 23.2% | 0.00% | 21.3% | 0.00% |
| Savings & Interest Checking | 6.2% | 2.22% | 5.6% | 2.24% | 4.8% | 2.26% |
| Money Market Deposits | 27.2% | 0.84% | 26.0% | 0.85% | 27.4% | 0.87% |
| Time Deposits of $100,000 or More | 28.7% | 0.90% | 29.4% | 0.93% | 29.6% | 1.01% |
| Other Time Deposits | 14.9% | 1.04% | 15.8% | 1.07% | 16.9% | 1.30% |
| Total Deposits | 100.0% | 0.78% | 100.0% | 0.80% | 100.0% | 0.88% |
| As Of | ||||||
| CAPITAL RATIOS | March 31, 2012 | December 31, 2011 | March 31, 2011 | |||
| Tier 1 Leverage Ratio | 12.49% | 13.86% | 7.64% | |||
| Tier 1 Risk-Based Capital Ratio | 18.00% | 19.59% | 10.30% | |||
| Total Risk-Based Capital Ratio | 19.31% | 20.89% | 12.57% | |||
| Total Shareholders' Equity | $ 269,896 | $ 309,582 | $ 177,752 | |||
| Book Value Per Common Share | $ 3.76 | $ 3.49 | $ 3.98 | |||
| Tangible Common Equity Per Common Share * | $ 3.65 | $ 3.38 | $ 3.70 | |||
| Tangible Common Equity to Tangible Assets ** | 9.79% | 8.95% | 3.92% | |||
| * Tangible common equity excludes goodwill, other intangible assets, and TARP preferred stock | ||||||
| ** Tangible assets excludes goodwill and intangible assets | ||||||
| ALLOWANCE FOR LOAN LOSSES | |||||
| (dollars in thousands) (unaudited) | Quarter Ended | ||||
| March 31, 2012 | December 31, 2011 | September 30, 2011 | June 30, 2011 | March 31, 2011 | |
| Balance at Beginning of Period | $ 102,982 | $ 105,306 | $ 110,995 | $ 114,842 | $ 110,953 |
| Provision for Losses on Loans | -- | 1,500 | 3,180 | 10,123 | 44,800 |
| Recoveries on loans previously charged-off | 1,208 | 243 | 3,648 | 204 | 786 |
| Less Charge-offs | (4,364) | (4,067) | (12,517) | (14,174) | (41,697) |
| Balance at End of Period | $ 99,826 | $ 102,982 | $ 105,306 | $ 110,995 | $ 114,842 |
| Net Loan Charge-offs/Average Total Loans | 0.17% | 0.20% | 0.46% | 0.67% | 1.84% |
| Charge-offs/Average Total Loans | 0.24% | 0.22% | 0.65% | 0.68% | 1.88% |
| Allowance for Loan Losses/Gross Loans | 5.11% | 5.19% | 5.27% | 5.32% | 5.02% |
| Allowance for Loan Losses/Legacy Wilshire Loans | 5.56% | 5.66% | 5.78% | 5.86% | 5.50% |
| Allowance for Loan Losses/Non-accrual Loans | 195.77% | 234.95% | 186.50% | 142.41% | 143.31% |
| Allowance for Loan Losses/Legacy Non-accrual Loans | 281.34% | 345.38% | 266.36% | 186.86% | 185.02% |
| Allowance for Loan Losses/Non-performing Loans | 192.25% | 234.95% | 185.87% | 142.41% | 143.31% |
| Allowance for Loan Losses/Legacy Non-performing Loans | 274.13% | 345.38% | 265.09% | 186.86% | 185.02% |
| Allowance for Loan Losses/Non-performing Assets | 184.20% | 197.84% | 159.70% | 128.41% | 129.55% |
| Allowance for Loan Losses/Legacy Non-performing Assets | 258.04% | 285.36% | 217.82% | 167.16% | 164.68% |
| NON-PERFORMING ASSETS | |||||
| (net of SBA guaranteed portions) | Quarter Ended | ||||
| March 31, 2012 | December 31, 2011 | September 30, 2011 | June 30, 2011 | March 31, 2011 | |
| Nonaccrual Loans: | |||||
| Non-covered | $ 35,482 | $ 29,817 | $ 39,535 | $ 59,399 | $ 62,069 |
| Covered | 15,509 | 14,015 | 16,930 | 18,543 | 18,064 |
| Total | 50,991 | 43,832 | 56,465 | 77,942 | 80,133 |
| Loans 90 days or more past due and still accruing: | |||||
| Non-covered | 933 | -- | 190 | -- | -- |
| Covered | -- | -- | -- | -- | -- |
| Total | 933 | -- | 190 | -- | -- |
| Total Nonperforming Loans: | |||||
| Non-covered | 36,415 | 29,817 | 39,725 | 59,399 | 62,069 |
| Covered | 15,509 | 14,015 | 16,930 | 18,543 | 18,064 |
| Total | 51,924 | 43,832 | 56,655 | 77,942 | 80,133 |
| OREO and Repossessed Vehicles: | |||||
| Non-covered | 2,271 | 6,271 | 8,620 | 7,001 | 7,668 |
| Covered | -- | 1,950 | 664 | 1,498 | 844 |
| Total | 2,271 | 8,221 | 9,284 | 8,499 | 8,512 |
| Total Nonperforming Assets: | |||||
| Non-covered | 38,686 | 36,088 | 48,345 | 66,400 | 69,737 |
| Covered | 15,509 | 15,965 | 17,594 | 20,041 | 18,908 |
| Total | $ 54,195 | $ 52,053 | $ 65,939 | $ 86,441 | $ 88,645 |
| Total Nonperforming Loans/Gross Loans | 2.66% | 2.21% | 2.84% | 3.73% | 3.50% |
| Total Legacy Nonperforming Loans/Legacy Gross Loans | 2.03% | 1.64% | 2.18% | 3.13% | 2.97% |
| Total Nonperforming Assets/Total Assets | 2.04% | 1.93% | 2.46% | 3.22% | 3.18% |
| Total Legacy Nonperforming Assets/Total Assets | 1.45% | 1.34% | 1.80% | 2.48% | 2.50% |
| ALLOWANCE FOR OFF-BALANCE SHEET ITEMS | Quarter Ended | ||||
| (Dollars In Thousands) | March 31, 2012 | December 31, 2011 | September 30, 2011 | June 30, 2011 | March 30, 2011 |
| Balance at beginning of period | $ 3,423 | $ 3,423 | $ 4,103 | $ 3,926 | $ 3,926 |
| (Recapture) provision for losses on off-balance sheet items | -- | -- | (680) | 177 | -- |
| Balance at end of period | $ 3,423 | $ 3,423 | $ 3,423 | $ 4,103 | $ 3,926 |
| Reconciliation of GAAP financial measures to non-GAAP financial measures: | |||
| Tangible Common Equity and Tangible Assets (dollars in thousands, except per share data) (unaudited) | |||
| Quarter Ended | |||
| March 31, 2012 | December 31, 2011 | March 31, 2011 | |
| Total stockholders' equity | $ 269,896 | $ 309,582 | $ 177,752 |
| Preferred stock, net of discount | (2,123) | (61,000) | (60,584) |
| Goodwill and other intangible assets, net | (7,925) | (7,995) | (8,239) |
| Tangible common equity | $ 259,848 | $ 240,587 | $ 108,929 |
| Total assets | $ 2,662,502 | $ 2,696,854 | $ 2,789,101 |
| Goodwill and other intangible assets, net | (7,925) | (7,995) | (8,239) |
| Tangible assets | $ 2,654,577 | $ 2,688,859 | $ 2,780,862 |
| Common shares outstanding | 71,282,518 | 71,282,518 | 29,471,714 |
| WILSHIRE BANCORP, INC. AND SUBSIDIARIES | |||||||||
| AVERAGE BALANCES, AVERAGE YIELDS EARNED AND AVERAGE RATES PAID | |||||||||
| (dollars in thousands) (unaudited) | |||||||||
| For the Quarter Ended | |||||||||
| March 31, 2012 | December 31, 2011 | March 31, 2011 | |||||||
| Average | Interest | Average | Average | Interest | Average | Average | Interest | Average | |
| Balance | Income/ | Yield/ | Balance | Income/ | Yield/ | Balance | Income/ | Yield/ | |
| Expense | Rate | Expense | Rate | Expense | Rate | ||||
| INTEREST EARNING ASSETS | |||||||||
| LOANS: | |||||||||
| Real Estate Loans | $1,665,217 | $22,914 | 5.50% | $1,691,650 | $24,012 | 5.68% | $1,995,191 | $27,656 | 5.54% |
| Commercial Loans | 281,761 | 3,397 | 4.82% | 270,425 | 3,446 | 5.10% | 327,887 | 4,592 | 5.60% |
| Consumer Loans | 15,740 | 105 | 2.67% | 15,406 | 115 | 2.99% | 15,157 | 121 | 3.18% |
| Total Gross Loans | 1,962,718 | 26,416 | 5.38% | 1,977,481 | 27,573 | 5.58% | 2,338,235 | 32,369 | 5.54% |
| Loan Fees toward Yield | 705 | 939 | 1,093 | ||||||
| Allowance for Loan Losses & Unearned Income | (107,408) | (109,096) | (120,156) | ||||||
| Net Loans | 1,855,310 | 27,121 | 5.85% | 1,868,385 | 28,512 | 6.10% | 2,218,079 | 33,462 | 6.03% |
| INVESTMENT SECURITIES AND | |||||||||
| OTHER INTEREST-EARNING ASSETS: | |||||||||
| Investment Securities* | 308,486 | 1,525 | 2.27% | 339,302 | 1,387 | 1.90% | 334,694 | 1,983 | 2.66% |
| Federal Funds Sold | 258,555 | 601 | 0.93% | 231,687 | 486 | 0.84% | 57,827 | 179 | 1.24% |
| Total Investment Securities and | |||||||||
| Other Earning Assets | 567,041 | 2,126 | 1.66% | 570,989 | 1,873 | 1.47% | 392,521 | 2,162 | 2.45% |
| TOTAL INTEREST-EARNING ASSETS | $2,422,351 | $29,247 | 4.87% | $2,439,374 | $30,385 | 5.02% | $2,610,600 | $35,624 | 5.49% |
| INTEREST BEARING LIABILITIES | |||||||||
| INTEREST-BEARING DEPOSITS: | |||||||||
| Money Market | $583,711 | $1,223 | 0.84% | $546,972 | $1,162 | 0.85% | $644,249 | $1,408 | 0.87% |
| NOW | 24,215 | 20 | 0.33% | 24,365 | 20 | 0.33% | 24,738 | 23 | 0.38% |
| Savings | 100,964 | 675 | 2.67% | 94,910 | 649 | 2.74% | 85,287 | 598 | 2.81% |
| Time Deposits of $100,000 or More | 646,162 | 1,447 | 0.90% | 655,022 | 1,529 | 0.93% | 670,542 | 1,687 | 1.01% |
| Other Time Deposits | 340,965 | 890 | 1.04% | 355,587 | 947 | 1.07% | 428,815 | 1,394 | 1.30% |
| Total Interest Bearing Deposits | 1,696,017 | 4,255 | 1.00% | 1,676,856 | 4,307 | 1.03% | 1,853,631 | 5,110 | 1.10% |
| BORROWINGS: | |||||||||
| FHLB Advances and Other Borrowings | 21,132 | 6 | 0.11% | 105,163 | 340 | 1.29% | 250,964 | 730 | 1.16% |
| Junior Subordinated Debentures | 87,321 | 547 | 2.51% | 87,321 | 517 | 2.37% | 87,321 | 489 | 2.24% |
| Total Borrowings | 108,453 | 553 | 2.04% | 192,484 | 857 | 1.78% | 338,285 | 1,219 | 1.44% |
| TOTAL INTEREST BEARING LIABILITIES | $1,804,470 | $4,808 | 1.07% | $1,869,340 | $5,164 | 1.10% | $2,191,916 | $6,329 | 1.15% |
| NET INTEREST INCOME | $24,439 | $25,221 | $29,295 | ||||||
| NET INTEREST SPREAD | 3.80% | 3.93% | 4.34% | ||||||
| NET INTEREST MARGIN | 4.07% | 4.17% | 4.53% | ||||||
| * Tax equivalent ratios for investment securities | |||||||||