Exhibit 99.1
WILSHIRE BANCORP, INC.
CONTACT:
Joanne Kim, President & CEO, 213-639-1843
Alex Ko, SVP & CFO, 213-427-6560
www.wilshirebank.com | 
| 
NEWS RELEASE |
Wilshire Bancorp Earns $6.9 Million, or $0.23 per Diluted Share in Third Quarter,
Credit Metrics Remain Strong and Interest Margins Expand
LOS ANGELES, CA – October 21, 2008 – Wilshire Bancorp, Inc. (NASDAQ: WIBC), the holding company for Wilshire State Bank, today reported that net income increased 3% to $6.9 million, or $0.23 per diluted share, in the third quarter of 2008 compared with $6.6 million, or $0.23 per diluted share, in the third quarter a year ago. Net interest margin increased 8 basis points to 3.86% at September 30, 2008 from 3.78% at June 30, 2008. Allowance for loan losses to gross loans ratio increased to 1.28% at September 30, 2008, as compared with 1.18% at June 30, 2008 and 1.21% at September 30, 2007.
“Wilshire had another successful quarter with steady loan growth and an expansion of net interest margin. We also improved certain credit quality metrics, with both nonperforming and delinquent loans decreasing, and allowance coverage increasing, compared with the prior quarter,” stated Ms. Joanne Kim, President and CEO. “Part of the reason we have been successful is that we have been able to maintain a strong capital position, allowing us to take advantage of sound lending opportunities and grow our loan portfolio, while being more selective as to whom we lend to and on the lending terms. This has enabled us to better manage our loan pricing, as loan pricing is now based more on risk and not based on competition in the market. With fewer lenders competing in our market, we have been able to effectively manage loan pricing. While we are still affected by weaker economic conditions, we are confident that we are well positioned for growth during this challenging economic environment.”
THIRD QUARTER 2008 FINANCIAL HIGHLIGHTS:
Compared with third quarter 2007
· Net income increased 3% to $6.9 million, compared with $6.6 million in the third quarter a year ago.
· Gross loan charge offs decreased 39% to $1.5 million.
· Service charges on deposit increased 30% to $3.1 million, compared with $2.4 million in 3Q07.
· Average size of the net loan portfolio increased 19% to $1.98 billion, compared with $1.67 billion a year ago.
· Average interest-earning assets increased 15% to $2.22 billion, compared with $1.93 billion a year ago.
· Capital position remained strong with total risk based capital ratio at 14.0%.
Compared with second quarter 2008
· Total nonperforming loans decreased 17% to $13.7 million, net of SBA guarantee, or 0.67% of total loans compared with $16.5 million, or 0.83% of total loans, at June 30, 2008.
· Total nonperforming assets decreased to $15.2 million, net of SBA guarantee, or 0.64% of total assets, compared with $17.0 million, or 0.72% of total assets at June 30, 2008.
· Gross loan charge offs decreased 20% to $1.5 million.
· Net interest margin improved eight basis points to 3.86% from 3.78% in 2Q08.
· Efficiency ratio improved to 46.0% from 48.4% in 2Q08.
CREDIT QUALITY
“Credit quality continues to be our top priority,” Ms. Kim said. “Even though our asset quality metrics have been impacted in recent quarters by weaker economic conditions, our credit matrix remained strong. This is a result of our strong commitment to sound underwriting standards, effective servicing, and diligent collection efforts. We believe that our strong credit culture will continue to serve us well.”
Non-performing loans were reduced to $13.7 million, or 0.67% of gross loans at September 30, 2008, compared with $16.5 million, or 0.83% of gross loans, at June 30, 2008 and $8.3 million, or 0.48% of gross loans, at September 30, 2007.
“The decrease in non-performing loans during the quarter is primarily due to our deliberate effort to aggressively identify and manage problem credits,” Ms. Kim said.
Gross loan charge offs decreased to $1.5 million during the quarter, compared with $1.9 million in the second quarter of 2008 and $2.5 million in the same quarter 2007.
The provision for losses for loans and loan commitments was $3.4 million during the third quarter of 2008, compared with $1.4 million during the second quarter of 2008 and $4.1 million during the third quarter a year ago. For the first nine months of 2008 the provision for losses on loans and loan commitments was $6.2 million, compared with $10.2 million in the same period a year ago. The allowance for loan losses totaled $26.0 million at the quarter end of September 30, 2008, representing 1.28% of gross loans and 189.01% of nonperforming loans, compared with $23.5 million, representing 1.18% of gross loans and 142.64% of nonperforming loans, at June 30, 2008, and $20.9 million, representing 1.21% of gross loans and 251.48% of nonperforming loans at the end of September 2007.
“The primary reason for the increase in the provision for loan losses for the quarter over the immediately preceding quarter is due to our continued loan growth, as well as the increase in our classified loans,” said Ms. Kim. “During the third quarter, we proactively identified several real estate loans as potential weak credits, and we have downgraded them as Substandard, even though they are performing, well collateralized and in current status. This is an example of what we believe to be a conservative and prudent approach in loan portfolio management.”
CAPITAL POSITION
Wilshire’s capital ratios remained strong and continued to exceed the “Well Capitalized” guidelines established by regulatory agencies. The leverage ratio was 10.19% at September 30, 2008, compared with 10.21% at June 30, 2008, and 10.41% at September 30, 2007. The total risk-based capital ratio was 14.01% at September 30, 2008, compared with 13.99% at June 30, 2008, and 15.06% at the end of September 30, 2007.
BALANCE SHEET
Total assets increased 14% to $2.39 billion at September 30, 2008, compared with $2.10 billion a year ago, and increased 9%, compared with $2.20 billion at December 31, 2007. The loan portfolio increased 18% to $2.03 billion at September 30, 2008, compared with $1.72 billion a year ago, and increased 12%, compared with $1.81 billion at December 31, 2007.
At September 30, 2008, commercial real estate loans comprised 73% of the loan portfolio. “Nearly 30% of our commercial real estate loans are owner occupied. These properties are used to operate a customer’s own business and are supported by the cash flows from those businesses,” added Ms. Kim. Wilshire continues to reduce its exposure to construction loans, which accounted for only 2% of its loan portfolio at September 30, 2008, compared with 4% a year ago. Commercial and industrial loans accounted for 20% of total loans and consumer loans make up just 1% of total loans. Additionally, Wilshire does not have any land development loans in its loan portfolio.
Wilshire has not engaged in any subprime lending and the loan portfolio does not contain any such loans. For the purpose of making this determination, Wilshire considers “subprime loans” to be loans made to a borrower with a diminished or impaired credit rating or with a limited credit history.
Total deposits increased 3% compared with the end of the previous quarter and 2% compared with a year ago. Total deposits were $1.79 billion at September 30, 2008 compared with $1.74 billion at June 30, 2008 and $1.75 billion a year ago. Core deposits were at $1.02 billion at September 30, 2008, representing a 6% increase compared with the preceding quarter end, and a 3% increase compared with a year ago. The growth in core deposits came primarily from time deposits under $100,000, which increased 23% from the preceding quarter end and 55% from a year ago. A majority of the loan growth during the third quarter of 2008 was funded by core deposits growth, which resulted in a decrease in FHLB borrowing from the previous quarter. FHLB borrowings were $300 million at September 30, 2008, compared with $320 million at the end of June 2008.
At the end of the third quarter of 2008, the investment portfolio allocation was 94% United States Government agency securities, 3% corporate securities, and 3% municipal securities. 95% of the portfolio carries the top rating of “Aaa/AAA” while the remaining 5% of the portfolio carries a high “Investment Grade” rating of at least “A” or above. The investment portfolio does not contain any government sponsored enterprises (GSE) preferred securities or any distressed corporate securities that have required other-than-temporary-impairment charges during the third quarter of 2008.
NET INTEREST MARGIN
“Continued loan growth and higher loan pricing, combined with a substantial decrease on deposit yields, contributed to our net interest margin expanding eight basis points compared with the previous quarter,” said Mr. Alex Ko, CFO. The net interest margin was 3.86% in the third quarter of 2008, compared with 3.78% in the previous quarter and 4.35% in the third quarter a year ago. For the first nine months of 2008 the net interest margin was 3.82% compared with 4.32% for the first nine months of 2007.
(more)
2
In the third quarter of 2008, the weighted average yield of the loan portfolio decreased nine basis points to 7.02% from 7.11% in the preceding quarter. Deposit cost during the quarter also decreased, with the average cost on total interest bearing deposits decreasing 23 basis points to 3.39%, compared with 3.62% during the previous quarter, with other time deposit cost decreasing 39 basis points to 3.69% during the third quarter compared with 4.08% in the previous quarter.
As a result of disciplined deposit pricing during the third quarter of 2008, the net interest spread has increased to 3.31%, compared with 3.17% at June 30, 2008. The weighted average cost of interest-bearing liabilities for the third quarter decreased 19 basis points to 3.46% from 3.65% for the preceding quarter. The decrease was due to core deposit growth, combined with disciplined pricing during the quarter. In addition, our non-time deposits have increased $15.4 million, or 2% to $807.4 million at September 30, 2008, while FLHB borrowings has decreased $20.0 million, or 6% to $300 million at September 30, 2008 from the previous quarter end. “While we continue to use FHLB advances as a cost effective alternative to our funding needs, our primary goal is to continue to fund loan growth with low-cost core deposits,” said Mr. Ko.
INCOME STATEMENT AND PERFORMANCE METRICS
In the third quarter of 2008, interest income was down 7% while interest expense was down 17% compared with the third quarter of 2007. Net interest income increased 2% to $21.4 million, from $20.9 million in the third quarter of 2007, while it was up 5% compared with the second quarter of 2008. Service charges on deposits grew by 30% to $3.1 million, compared with $2.4 million in the third quarter a year ago largely due to effective deposit service fee management and increased number of checking accounts over the prior year. Total noninterest income increased 2% to $5.3 million, compared with $5.2 million in the third quarter a year ago, despite the decrease in SBA loan sales during the third quarter of 2008.
For the first nine months of 2008 interest income was down 5% while interest expense was down 11% compared with the first nine months of 2007. Net interest income increased 1% to $61.5 million, from $60.9 million in the first nine months of 2007. Due to the decrease in SBA loan sales, our gain on loan sales in the first nine months of 2008 decreased 62%, compared with the same period of 2007. Nonetheless, such decrease was largely offset by 24% increase in service charges on deposits, which resulted in fairly comparable total noninterest income between the two periods. Total noninterest income was $16.1 million for the first nine months in 2008, compared with $16.7 million for the first nine months of 2007.
SBA loan production levels decreased 74% to $10.2 million in the third quarter of 2008 compared with $39.7 million in the third quarter a year ago, reflecting the overall weaker economic environment and tougher underwriting standards. The average sales premium of SBA 7(a) guaranteed loans was lower in the third quarter of 2008 compared with the third quarter a year ago. The lowered sales volume and premium of SBA 7(a) guaranteed loans resulted in a 74% decline in gain on sale of loans to $410,000 in the third quarter of 2008, compared with $1.6 million in the third quarter of 2007, and a 62% decline in gain on sale of loans to $2.2 million in the first nine months of the year, compared with $5.7 million in the same period a year ago. However, as stated earlier, the healthy increase in service charges on deposits and other operating income offset the decrease in SBA gain on sale income, resulting in constant non-interest income year over year.
Total noninterest expense was $12.3 million in the third quarter of 2008, compared with $12.6 million in the previous quarter and $11.0 million in the third quarter a year ago. Year-to-date, total noninterest expense was $37.1 million compared with $32.2 million in the same period a year ago. The year-to-date increase in salary and employee benefits is primarily due to increase in stock option expenses for new stock options granted in June 2008 and various expenses related to the new Los Angeles branch that opened in the third quarter of 2008.
“During the third quarter we have successfully opened a new branch in Los Angeles. Further, we decided to close a small market branch in Rancho Cucamonga, and we plan to consolidate it into our neighboring branch in the same city during December of 2008,” said Ms. Kim. Additionally, our fourth branch in East Coast, at Flushing New York, is scheduled to open during the first quarter of 2009, and we continue to explore branch expansion opportunities in our primary markets.”
The efficiency ratio was 46.0% in the third quarter of 2008, compared with 48.4% in the immediately preceding quarter and 42.2% in the third quarter a year ago. For the first nine months of the year the efficiency ratio was 47.8% compared with 41.5% for the same period a year earlier.
Wilshire’s return on equity (ROE) in the third quarter of 2008 was 14.74% compared with 15.91% in the third quarter a year ago and return on assets (ROA) was 1.15%, compared with 1.28% in the third quarter a year ago. For the first nine months of 2008, ROE was 15.71% and ROA was 1.24%, compared with 17.61% and 1.41%, respectively, in the first nine months of 2007.
“We believe our financial performance has been strong and it has continued to remain stable even in the current weakened economic environment. We continue to have sufficient capital, allowing us to lend to customers who meet our credit standards” said Mr. Ko.
3
CONFERENCE CALL
Management will host its quarterly conference call on October 21, at 11:00 a.m. PT (2:00 p.m. ET). Investment professionals are invited to participate in the call by dialing 1-888-680-0865 using passcode 36292618.
COMPANY INFORMATION
Headquartered in Los Angeles, Wilshire State Bank operates 21 branch offices in California, Texas, New Jersey and New York, and six loan production offices in Seattle, Dallas, Houston, Atlanta, Denver, and Annandale, VA 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. Wilshire Bancorp’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.
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 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. Since management will only provide guidance at certain points during the year, Wilshire Bancorp 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 Wilshire Bancorp with the Securities and Exchange Commission.
4
CONSOLIDATED STATEMENT OF OPERATIONS
(dollars in thousands, except per share data) (unaudited)
| | Quarter Ended | | Quarter Ended | | Three Month | | Quarter Ended | | One Year | |
| | September 30, 2008 | | June 30, 2008 | | % Change | | September 30, 2007 | | % Change | |
| | | | | | | | | | | |
INTEREST INCOME | | | | | | | | | | | |
Interest and Fees on Loans | | $ | 34,719 | | $ | 33,978 | | 2 | % | $ | 37,093 | | -6 | % |
Interest on Securities | | 2,798 | | 2,638 | | 6 | % | 2,698 | | 4 | % |
Interest on Federal Funds Sold | | 63 | | 49 | | 29 | % | 678 | | -91 | % |
Total Interest Income | | 37,580 | | 36,665 | | 2 | % | 40,469 | | -7 | % |
| | | | | | | | | | | |
INTEREST EXPENSE | | | | | | | | | | | |
Deposits | | 12,469 | | 12,864 | | -3 | % | 17,763 | | -30 | % |
FHLB and Other Borrowings | | 3,697 | | 3,468 | | 7 | % | 1,768 | | 109 | % |
Total Interest Expense | | 16,166 | | 16,332 | | -1 | % | 19,531 | | -17 | % |
| | | | | | | | | | | |
Net Interest Income | | 21,414 | | 20,333 | | 5 | % | 20,938 | | 2 | % |
Provision for Losses on Loans and Loan Commitments | | 3,400 | | 1,400 | | 143 | % | 4,100 | | -17 | % |
Net Interest Income after Provision for Losses on Loan and Loan Commitments | | 18,014 | | 18,933 | | -5 | % | 16,838 | | 7 | % |
| | | | | | | | | | | |
NONINTEREST INCOME | | | | | | | | | | | |
Service Charges on Deposits | | 3,125 | | 3,043 | | 3 | % | 2,398 | | 30 | % |
Gain on Sales of Loans | | 410 | | 918 | | -55 | % | 1,584 | | -74 | % |
Other | | 1,810 | | 1,646 | | 10 | % | 1,246 | | 45 | % |
Total Noninterest Income | | 5,345 | | 5,607 | | -5 | % | 5,228 | | 2 | % |
| | | | | | | | | | | |
NONINTEREST EXPENSES | | | | | | | | | | | |
Salaries and Employee Benefits | | 6,718 | | 7,655 | | -12 | % | 5,827 | | 15 | % |
Occupancy and Equipment | | 1,576 | | 1,492 | | 6 | % | 1,317 | | 20 | % |
Data Processing | | 785 | | 771 | | 2 | % | 817 | | -4 | % |
Other | | 3,228 | | 2,636 | | 22 | % | 3,086 | | 5 | % |
Total Noninterest Expenses | | 12,307 | | 12,554 | | -2 | % | 11,047 | | 11 | % |
| | | | | | | | | | | |
Income Before Income Taxes | | 11,052 | | 11,986 | | -8 | % | 11,019 | | 0 | % |
Income Tax | | 4,184 | | 4,557 | | -8 | % | 4,375 | | -4 | % |
NET INCOME | | $ | 6,868 | | $ | 7,429 | | -8 | % | $ | 6,644 | | 3 | % |
| | | | | | | | | | | |
Per Share Data | | | | | | | | | | | |
Basic Earnings Per Share | | $ | 0.23 | | $ | 0.25 | | -8 | % | $ | 0.23 | | 0 | % |
Diluted Earnings Per Share | | $ | 0.23 | | $ | 0.25 | | -8 | % | $ | 0.23 | | 0 | % |
Basic | | 29,397,182 | | 29,391,177 | | | | 29,350,499 | | | |
Diluted | | 29,508,503 | | 29,414,674 | | | | 29,454,770 | | | |
5
CONSOLIDATED STATEMENT OF OPERATIONS
(dollars in thousands, except per share data) (unaudited)
| | Nine Months Ended | | Nine Months Ended | | One Year | |
| | September 30, 2008 | | September 30, 2007 | | % Change | |
| | | | | | | |
INTEREST INCOME | | | | | | | |
Interest and Fees on Loans | | $ | 104,014 | | $ | 107,578 | | -3 | % |
Interest on Securities | | 8,021 | | 7,334 | | 9 | % |
Interest on Federal Funds Sold | | 192 | | 2,766 | | -93 | % |
Total Interest Income | | 112,227 | | 117,678 | | -5 | % |
| | | | | | | |
INTEREST EXPENSE | | | | | | | |
Deposits | | 40,071 | | 52,369 | | -23 | % |
FHLB and Other Borrowings | | 10,665 | | 4,427 | | 141 | % |
Total Interest Expense | | 50,736 | | 56,796 | | -11 | % |
| | | | | | | |
Net Interest Income | | 61,491 | | 60,882 | | 1 | % |
Provision for Losses on Loans and Loan Commitments | | 6,200 | | 10,230 | | -39 | % |
Net Interest Income after Provision for Losses on Loan and Loan Commitments | | 55,291 | | 50,652 | | 9 | % |
| | | | | | | |
NONINTEREST INCOME | | | | | | | |
Service Charges on Deposits | | 8,916 | | 7,189 | | 24 | % |
Gain on Sales of Loans | | 2,192 | | 5,727 | | -62 | % |
Other | | 4,997 | | 3,777 | | 32 | % |
Total Noninterest Income | | 16,105 | | 16,693 | | -4 | % |
| | | | | | | |
NONINTEREST EXPENSES | | | | | | | |
Salaries and Employee Benefits | | 21,349 | | 17,228 | | 24 | % |
Occupancy and Equipment | | 4,493 | | 3,887 | | 16 | % |
Data Processing | | 2,320 | | 2,327 | | 0 | % |
Other | | 8,923 | | 8,713 | | 2 | % |
Total Noninterest Expenses | | 37,085 | | 32,155 | | 15 | % |
| | | | | | | |
Income Before Income Taxes | | 34,311 | | 35,190 | | -2 | % |
Income Tax | | 12,964 | | 13,883 | | -7 | % |
NET INCOME | | $ | 21,347 | | $ | 21,307 | | 0 | % |
| | | | | | | |
Per Share Data | | | | | | | |
Basic Earnings Per Share | | $ | 0.73 | | $ | 0.73 | | 0 | % |
Diluted Earnings Per Share | | $ | 0.73 | | $ | 0.72 | | 0 | % |
Basic | | 29,355,231 | | 29,355,694 | | | |
Diluted | | 29,402,212 | | 29,469,717 | | | |
6
CONSOLIDATED BALANCE SHEET | | September 30,
2008 | | June 30,
2008 | | Three Month
Change | | December 31,
2007 | | Nine Month
Change | | September 30,
2007 | | One Year
Change | |
(dollars in thousands, except share data) (unaudited) | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
ASSETS: | | | | | | | | | | | | | | | |
Cash and Due from Banks | | $ | 54,017 | | $ | 69,497 | | -22 | % | $ | 82,506 | | -35 | % | $ | 83,418 | | -35 | % |
Federal Funds Sold and Other Cash Equivalents | | 3 | | 4 | | -2 | % | 10,003 | | -100 | % | 20,004 | | -100 | % |
Total Cash and Cash Equivalents | | 54,020 | | 69,501 | | -22 | % | 92,509 | | -42 | % | 103,422 | | -48 | % |
| | | | | | | | | | | | | | | |
Securities Available For Sale | | 227,957 | | 232,857 | | -2 | % | 224,256 | | 2 | % | 195,333 | | 17 | % |
Securities Held To Maturity | | 143 | | 369 | | -61 | % | 7,384 | | -98 | % | 11,390 | | -99 | % |
Total Securities | | 228,100 | | 233,226 | | -2 | % | 231,640 | | -2 | % | 206,723 | | 10 | % |
Loans | | | | | | | | | | | | | | | |
Real Estate Construction | | 43,161 | | 50,562 | | -15 | % | 59,443 | | -27 | % | 61,167 | | -29 | % |
Residential Real Estate | | 73,913 | | 71,206 | | 4 | % | 66,564 | | 11 | % | 66,158 | | 12 | % |
Commercial Real Estate | | 1,489,867 | | 1,463,422 | | 2 | % | 1,319,422 | | 13 | % | 1,256,217 | | 19 | % |
Commercial and Industrial | | 405,726 | | 376,096 | | 8 | % | 330,052 | | 23 | % | 302,675 | | 34 | % |
Consumer | | 21,661 | | 25,314 | | -14 | % | 33,569 | | -35 | % | 38,408 | | -44 | % |
Total Loans | | 2,034,328 | | 1,986,600 | | 2 | % | 1,809,050 | | 12 | % | 1,724,625 | | 18 | % |
Allowance For Loan Losses | | (25,950 | ) | (23,494 | ) | 10 | % | (21,579 | ) | 20 | % | (20,902 | ) | 24 | % |
Loans Receivable, Net of Allowance for Loan Losses | | 2,008,378 | | 1,963,106 | | 2 | % | 1,787,471 | | 12 | % | 1,703,723 | | 18 | % |
| | | | | | | | | | | | | | | |
Accrued Interest Receivable | | 10,168 | | 9,880 | | 3 | % | 10,062 | | 1 | % | 10,394 | | -2 | % |
Due from Customers on Acceptances | | 2,896 | | 3,366 | | -14 | % | 3,377 | | -14 | % | 4,003 | | -28 | % |
Other Real Estate Owned | | 1,453 | | 465 | | 212 | % | 133 | | 989 | % | 612 | | 137 | % |
Premises and Equipment | | 11,377 | | 10,913 | | 4 | % | 10,960 | | 4 | % | 10,542 | | 8 | % |
Federal Home Loan Bank (FHLB) Stock, at Cost | | 15,245 | | 15,040 | | 1 | % | 8,695 | | 75 | % | 8,582 | | 78 | % |
Cash Surrender Value of Life Insurance | | 17,200 | | 16,514 | | 4 | % | 16,228 | | 6 | % | 16,079 | | 7 | % |
Investment in Affordable Housing Partnerships | | 8,538 | | 6,428 | | 33 | % | 6,222 | | 37 | % | 5,384 | | 59 | % |
Goodwill | | 6,675 | | 6,675 | | 0 | % | 6,675 | | 0 | % | 6,675 | | 0 | % |
Other Intangible Assets | | 1,363 | | 1,438 | | -5 | % | 1,587 | | -14 | % | 1,662 | | -18 | % |
Other Assets | | 21,722 | | 22,760 | | -5 | % | 21,146 | | 3 | % | 23,006 | | -6 | % |
TOTAL ASSETS | | $ | 2,387,135 | | $ | 2,359,312 | | 1 | % | $ | 2,196,705 | | 9 | % | $ | 2,100,807 | | 14 | % |
| | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY: | | | | | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | | | | |
Non-interest Bearing Demand Deposits | | $ | 295,451 | | $ | 320,360 | | -8 | % | $ | 314,114 | | -6 | % | $ | 308,446 | | -4 | % |
Savings and Interest Checking | | 63,927 | | 61,867 | | 3 | % | 53,079 | | 20 | % | 53,619 | | 19 | % |
Money Market Deposits | | 448,038 | | 409,767 | | 9 | % | 464,280 | | -3 | % | 491,859 | | -9 | % |
Time Deposits in denomination of $100,000 or more | | 765,311 | | 773,176 | | -1 | % | 788,883 | | -3 | % | 755,159 | | 1 | % |
Other Time Deposits | | 215,036 | | 174,119 | | 23 | % | 142,715 | | 51 | % | 139,074 | | 55 | % |
Total Deposits | | 1,787,763 | | 1,739,289 | | 3 | % | 1,763,071 | | 1 | % | 1,748,157 | | 2 | % |
| | | | | | | | | | | | | | | |
Federal Home Loan Bank Borrowings and Federal Funds Purchased | | 300,000 | | 325,000 | | -8 | % | 150,000 | | 100 | % | 70,000 | | 329 | % |
Acceptance Outstanding | | 2,896 | | 3,366 | | -14 | % | 3,377 | | -14 | % | 4,003 | | -28 | % |
Subordinated Debentures | | 87,321 | | 87,321 | | 0 | % | 87,321 | | 0 | % | 87,321 | | 0 | % |
Accrued Interest and Other Liabilities | | 21,275 | | 22,650 | | -6 | % | 21,150 | | 1 | % | 23,178 | | -8 | % |
Total Liabilities | | 2,199,255 | | 2,177,626 | | 1 | % | 2,024,919 | | 9 | % | 1,932,659 | | 14 | % |
| | | | | | | | | | | | | | | |
STOCKHOLDERS’ EQUITY: | | | | | | | | | | | | | | | |
Common Stock - No Par Value-Authorized, 80,000,000 Shares Issued and Outstanding 29,401,757, 29,391,177, 29,253,311 and 29,332,071 Shares, at September 30, 2008, June 30, 2008, December 31, 2007, and September 30, 2007, respectively | | 52,256 | | 51,911 | | 1 | % | 50,895 | | 3 | % | 50,811 | | 3 | % |
Less Treasury Stock, at Cost; 127,425 , 127,425, 127,425 and 39,625 Shares, at September 30, 2008, June 30, 2008, December 31, 2007 and September 30, 2007, respectively | | (1,262 | ) | (1,262 | ) | 0 | % | (1,262 | ) | 0 | % | (410 | ) | 207 | % |
Retained Earnings | | 136,840 | | 131,443 | | 4 | % | 121,778 | | 12 | % | 117,742 | | 16 | % |
Accumulated Other Comprehensive Income, Net of Taxes | | 46 | | (406 | ) | N/A | | 375 | | -88 | % | 5 | | 733 | % |
Total Stockholders’ Equity | | 187,880 | | 181,686 | | 3 | % | 171,786 | | 9 | % | 168,148 | | 12 | % |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $ | 2,387,135 | | $ | 2,359,312 | | 1 | % | $ | 2,196,705 | | 9 | % | $ | 2,100,807 | | 14 | % |
7
SUMMARY OF FINANCIAL DATA (dollars in thousands, except per share data) (unaudited)
| | Quarter Ended | | Quarter Ended | | Quarter Ended | |
AVERAGE BALANCES | | September 30, 2008 | | June 30, 2008 | | September 30, 2007 | |
| | | | | | | |
Average Assets | | $ | 2,381,999 | | $ | 2,303,278 | | $ | 2,075,790 | |
Average Equity | | 186,332 | | 181,645 | | 167,015 | |
Average Net Loans (includes LHFS) | | 1,979,435 | | 1,911,835 | | 1,667,899 | |
Average Deposits | | 1,774,451 | | 1,726,147 | | 1,772,434 | |
Average Time Deposits in Denomination of $100,000 or more | | 770,812 | | 795,080 | | 780,463 | |
Average Interest Earning Assets | | 2,219,745 | | 2,149,188 | | 1,926,720 | |
| | | | | | | | | | |
| | Nine Months Ended | | | | Nine Months Ended | |
| | September 30, 2008 | | | | September 30, 2007 | |
| | | | | | | |
Average Assets | | $ | 2,299,152 | | | | $ | 2,021,416 | |
Average Equity | | 181,122 | | | | 161,367 | |
Average Net Loans (includes LHFS) | | 1,906,985 | | | | 1,613,867 | |
Average Deposits | | 1,735,283 | | | | 1,742,712 | |
Average Time Deposits in Denomination of $100,000 or more | | 784,790 | | | | 789,478 | |
Average Interest Earning Assets | | 2,143,678 | | | | 1,877,821 | |
| | | | | | | | | |
| | Quarter Ended | | Quarter Ended | | Quarter Ended | |
| | September 30, 2008 | | June 30, 2008 | | September 30, 2007 | |
| | | | | | | |
Annualized Return on Average Assets | | 1.15 | % | 1.29 | % | 1.28 | % |
Annualized Return on Average Equity | | 14.74 | % | 16.36 | % | 15.91 | % |
Efficiency Ratio | | 45.99 | % | 48.39 | % | 42.22 | % |
Annualized Operating Expense/Average Assets | | 2.07 | % | 2.18 | % | 2.13 | % |
Annualized Net Interest Margin | | 3.86 | % | 3.78 | % | 4.35 | % |
| | Nine Months Ended | | | | Nine Months Ended | |
PROFITABILITY | | September 30, 2008 | | | | September 30, 2007 | |
| | | | | | | |
Annualized Return on Average Assets | | 1.24 | % | | | 1.41 | % |
Annualized Return on Average Equity | | 15.71 | % | | | 17.61 | % |
Efficiency Ratio | | 47.79 | % | | | 41.45 | % |
Annualized Operating Expense/Average Assets | | 2.15 | % | | | 2.12 | % |
Annualized Net Interest Margin | | 3.82 | % | | | 4.32 | % |
8
SUMMARY OF FINANCIAL DATA (dollars in thousands, except per share data) (unaudited)
| | Quarter Ended | | Cost of | | Quarter Ended | | Cost of | | Quarter Ended | | Cost of | |
DEPOSIT COMPOSITION | | September 30, 2008 | | Funds | | June 30, 2008 | | Funds | | September 30, 2007 | | Funds | |
Noninterest Bearing Demand Deposits | | 16.5 | % | 0.00 | % | 18.4 | % | 0.00 | % | 17.6 | % | 0.00 | % |
Savings and Interest Checking | | 3.6 | % | 2.77 | % | 3.6 | % | 2.56 | % | 3.1 | % | 1.97 | % |
Money Market Deposits | | 25.1 | % | 3.21 | % | 23.6 | % | 3.05 | % | 28.1 | % | 4.62 | % |
Time Deposits of $100,000 or More | | 42.8 | % | 3.48 | % | 44.4 | % | 3.88 | % | 43.2 | % | 5.27 | % |
Other Time Deposits | | 12.0 | % | 3.69 | % | 10.0 | % | 4.08 | % | 8.0 | % | 4.92 | % |
Total Deposits | | 100.0 | % | 2.81 | % | 100.0 | % | 2.98 | % | 100.0 | % | 4.01 | % |
| | Quarter Ended | | | | Quarter Ended | | | | Quarter Ended | | | |
CAPITAL RATIOS | | September 30, 2008 | | | | June 30, 2008 | | | | September 30, 2007 | | | |
Tier 1 Leverage Ratio | | 10.19 | % | | | 10.21 | % | | | 10.41 | % | | |
Tier 1 Risk-Based Capital Ratio | | 11.68 | % | | | 11.55 | % | | | 12.18 | % | | |
Total Risk-Based Capital Ratio | | 14.01 | % | | | 13.99 | % | | | 15.06 | % | | |
Total Shareholders’ Equity | | $ | 187,969 | | | | $ | 181,686 | | | | $ | 168,148 | | | |
Book Value Per Share | | $ | 6.39 | | | | $ | 6.18 | | | | $ | 5.73 | | | |
Tangible Book Value Per Share | | $ | 6.12 | | | | $ | 5.92 | | | | $ | 5.45 | | | |
| | Quarter Ended | | | | Quarter Ended | | | | Quarter Ended | | | |
ALLOWANCE FOR LOAN LOSSES | | September 30, 2008 | | | | June 30, 2008 | | | | September 30, 2007 | | | |
(net of SBA guaranteed portion) | | | | | | | | | | | | | |
Balance at Beginning of Period | | $ | 23,494 | | | | $ | 22,072 | | | | $ | 19,378 | | | |
Provision for Losses on Loans | | 3,795 | | | | 1,656 | | | | 3,880 | | | |
Recoveries on Loans Previously Charged Off | | 174 | | | | 1,654 | | | | 125 | | | |
Less Charge Offs | | (1,513 | ) | | | (1,888 | ) | | | (2,481 | ) | | |
Balance at End of Period | | $ | 25,950 | | | | $ | 23,494 | | | | $ | 20,902 | | | |
| | | | | | | | | | | | | |
Net Loan Charge-offs/Average Total Loans | | 0.07 | % | | | 0.01 | % | | | 0.14 | % | | |
Charge-offs/Average Total Loans | | 0.08 | % | | | 0.10 | % | | | 0.15 | % | | |
Allowance for Loan Losses/Gross Loans | | 1.28 | % | | | 1.18 | % | | | 1.21 | % | | |
Allowance for Loan Losses/Non-accrual Loans | | 196.10 | % | | | 142.68 | % | | | 255.63 | % | | |
Allowance for Loan Losses/Non-performing Loans | | 189.01 | % | | | 142.64 | % | | | 251.48 | % | | |
Allowance for Loan Losses/Total Assets | | 1.09 | % | | | 1.00 | % | | | 0.99 | % | | |
Allowance for Loan Losses/Non-performing Assets | | 170.73 | % | | | 138.64 | % | | | 232.71 | % | | |
| | Nine Months Ended | | | | | | | | Nine Months Ended | | | |
| | September 30, 2008 | | | | | | | | September 30, 2007 | | | |
| | | | | | | | | | | | | |
Balance at Beginning of Period | | $ | 21,579 | | | | | | | | $ | 18,654 | | | |
Provision for Losses on Loans | | 6,963 | | | | | | | | 9,056 | | | |
Recoveries on Loans Previously Charged Off | | 1,949 | | | | | | | | 207 | | | |
Less Charge Offs | | 4,541 | | | | | | | | 7,015 | | | |
Balance at End of Period | | $ | 25,950 | | | | | | | | $ | 20,902 | | | |
9
SUMMARY OF FINANCIAL DATA (dollars in thousands, except per share data) (unaudited)
| | Quarter Ended | | Quarter Ended | | Quarter Ended | |
ALLOWANCE FOR OFF-BALANCE SHEET ITEMS | | September 30, 2008 | | June 30, 2008 | | September 30, 2007 | |
(net of SBA guaranteed portion) | | | | | | | |
Balance at Beginning of Period | | $ | 1,630 | | $ | 1,886 | | $ | 1,845 | |
(Recapture of) Provision for Losses on Off-balance Sheet Items | | (395 | ) | (256 | ) | 220 | |
Balance at End of Period | | $ | 1,235 | | $ | 1,630 | | $ | 2,065 | |
| | Nine Months Ended | | | | Nine Months Ended | |
| | September 30, 2008 | | | | September 30, 2007 | |
Balance at Beginning of Period | | $ | 1,998 | | | | $ | 891 | |
(Recapture of) Provision for Losses on Off-balance Sheet Items | | (763 | ) | | | 1,174 | |
Balance at End of Period | | $ | 1,235 | | | | $ | 2,065 | |
| | Quarter Ended | | Quarter Ended | | Quarter Ended | |
NON-PERFORMING ASSETS | | September 30, 2008 | | June 30, 2008 | | September 30, 2007 | |
(net of SBA guaranteed portion) | | | | | | | |
Nonaccrual Loans: | | | | | | | |
Construction | | $ | — | | $ | — | | $ | — | |
Real Estate Secured | | 9,506 | | 12,405 | | 6,014 | |
Commercial and Industrial | | 3,593 | | 3,797 | | 2,037 | |
Consumer | | 134 | | 265 | | 126 | |
Total | | 13,233 | | 16,467 | | 8,177 | |
Loans 90 days or More Past Due and Still Accruing: | | | | | | | |
Construction | | — | | — | | — | |
Real Estate Secured | | 490 | | — | | — | |
Commercial and Industrial | | 4 | | 4 | | 5 | |
Consumer | | 2 | | — | | 130 | |
Total | | 496 | | 4 | | 135 | |
Total Nonperforming Loans | | 13,729 | | 16,471 | | 8,312 | |
Total Nonperforming Loans/Gross Loans | | 0.67 | % | 0.83 | % | 0.48 | % |
OREO and Repossesed Vehicles | | $ | 1,471 | | $ | 476 | | $ | 670 | |
Total Nonperforming Assets, Net of SBA Guarantee | | 15,200 | | 16,947 | | 8,982 | |
Total Nonperforming Assets/Total Assets | | 0.64 | % | 0.72 | % | 0.43 | % |
| | Quarter Ended | | Quarter Ended | | Quarter Ended | |
LOAN ORIGINATION AMOUNTS | | September 30, 2008 | | June 30, 2008 | | September 30, 2007 | |
Total New Loan Origination Amount, Excluding Renewals. | | $ | 98,999 | | $ | 172,040 | | $ | 275,689 | |
SBA New Loan Origination Amount, Excluding Renewals. | | 10,218 | | 21,655 | | 39,742 | |
| | | | | | | | | | |
| | Nine Months Ended | | | | Nine Months Ended | |
| | September 30, 2008 | | | | September 30, 2007 | |
Total New Loan Origination Amount, Excluding Renewals. | | $ | 445,678 | | | | $ | 753,240 | |
SBA New Loan Origination Amount, Excluding Renewals. | | 54,139 | | | | 120,781 | |
| | | | | | | | | |
10
WILSHIRE BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCES, AVERAGE YIELDS EARNED AND AVERAGE RATES PAID
(dollars in thousands) (unaudited)
| | For the Three Months Ended | |
| | September 30, 2008 | | June 30, 2008 | | September 30, 2007 | |
| | | | Interest | | Average | | | | Interest | | Average | | | | Interest | | Average | |
| | Average | | Income/ | | Yield/ | | Average | | Income/ | | Yield/ | | Average | | Income/ | | Yield/ | |
| | Balance | | Expense | | Rate | | Balance | | Expense | | Rate | | Balance | | Expense | | Rate | |
INTEREST EARNING ASSETS | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
LOANS: | | | | | | | | | | | | | | | | | | | |
Real Estate Loans | | $ | 1,592,285 | | $ | 27,661 | | 6.95 | % | $ | 1,551,297 | | $ | 26,994 | | 6.96 | % | $ | 1,346,325 | | $ | 27,774 | | 8.25 | % |
Commercial Loans | | 392,485 | | 5,787 | | 5.90 | % | 362,376 | | 5,382 | | 5.94 | % | 308,545 | | 6,792 | | 8.81 | % |
Consumer Loans | | 23,540 | | 375 | | 6.37 | % | 26,376 | | 431 | | 6.53 | % | 40,600 | | 789 | | 7.77 | % |
Total Loans - Gross | | 2,008,310 | | 33,823 | | 6.74 | % | 1,940,049 | | 32,807 | | 6.76 | % | 1,695,470 | | 35,355 | | 8.34 | % |
Loan Fees Toward Yield | | | | 896 | | | | | | 1,171 | | | | | | 1,738 | | | |
Allowance for Loan Losses & Unearned Income | | (28,875 | ) | | | | | (28,213 | ) | | | | | (27,571 | ) | | | | |
Net Loans | | $ | 1,979,435 | | $ | 34,719 | | 7.02 | % | $ | 1,911,836 | | $ | 33,978 | | 7.11 | % | $ | 1,667,899 | | $ | 37,093 | | 8.90 | % |
| | | | | | | | | | | | | | | | | | | |
INVESTMENT SECURITIES AND OTHER INTEREST-EARNING ASSETS: | | | | | | | | | | | | | | | | | | | |
U.S. Government Agencies | | $ | 228,825 | | $ | 2,798 | | 4.89 | % | $ | 228,806 | | $ | 2,638 | | 4.61 | % | $ | 209,220 | | $ | 2,697 | | 5.16 | % |
Federal Funds Sold | | 11,485 | | 63 | | 2.19 | % | 8,546 | | 49 | | 2.27 | % | 49,601 | | 679 | | 5.47 | % |
Total Investment Securities and Other Earning Assets | | $ | 240,310 | | $ | 2,861 | | 4.76 | % | $ | 237,352 | | $ | 2,687 | | 4.53 | % | $ | 258,821 | | $ | 3,376 | | 5.22 | % |
| | | | | | | | | | | | | | | | | | | |
TOTAL INTEREST-EARNING ASSETS | | $ | 2,219,745 | | $ | 37,580 | | 6.77 | % | $ | 2,149,188 | | $ | 36,665 | | 6.82 | % | $ | 1,926,720 | | $ | 40,469 | | 8.40 | % |
| | | | | | | | | | | | | | | | | | | |
INTEREST BEARING LIABILITIES | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
INTEREST-BEARING DEPOSITS: | | | | | | | | | | | | | | | | | | | |
Money Market | | $ | 439,080 | | $ | 3,520 | | 3.21 | % | $ | 393,182 | | $ | 2,998 | | 3.05 | % | $ | 474,122 | | $ | 5,475 | | 4.62 | % |
NOW | | 21,144 | | 72 | | 1.36 | % | 22,533 | | 76 | | 1.35 | % | 22,317 | | 70 | | 1.26 | % |
Savings | | 41,273 | | 359 | | 3.48 | % | 35,995 | | 299 | | 3.32 | % | 29,790 | | 186 | | 2.50 | % |
Time Deposits of $100,000 or More | | 770,812 | | 6,702 | | 3.48 | % | 795,081 | | 7,720 | | 3.88 | % | 780,463 | | 10,276 | | 5.27 | % |
Other Time Deposits | | 197,044 | | 1,816 | | 3.69 | % | 173,783 | | 1,771 | | 4.08 | % | 142,877 | | 1,756 | | 4.92 | % |
Total Interest Bearing Deposits | | $ | 1,469,353 | | $ | 12,469 | | 3.39 | % | $ | 1,420,574 | | $ | 12,864 | | 3.62 | % | $ | 1,449,569 | | $ | 17,763 | | 4.90 | % |
| | | | | | | | | | | | | | | | | | | |
BORROWINGS: | | | | | | | | | | | | | | | | | | | |
FHLB Advances and Other Borrowings | | $ | 309,576 | | $ | 2,570 | | 3.32 | % | $ | 281,846 | | $ | 2,356 | | 3.34 | % | $ | 24,250 | | $ | 212 | | 3.50 | % |
Junior Subordinated Debentures | | 87,321 | | 1,127 | | 5.16 | % | 87,321 | | 1,112 | | 5.09 | % | 84,800 | | 1,556 | | 7.34 | % |
Total Borrowings | | $ | 396,897 | | $ | 3,697 | | 3.73 | % | $ | 369,167 | | $ | 3,468 | | 3.76 | % | $ | 109,050 | | $ | 1,768 | | 6.48 | % |
| | | | | | | | | | | | | | | | | | | |
TOTAL INTEREST BEARING LIABILITIES | | $ | 1,866,250 | | $ | 16,166 | | 3.46 | % | $ | 1,789,741 | | $ | 16,332 | | 3.65 | % | $ | 1,558,619 | | $ | 19,531 | | 5.01 | % |
| | | | | | | | | | | | | | | | | | | |
NET INTEREST INCOME | | | | $ | 21,414 | | | | | | $ | 20,333 | | | | | | $ | 20,938 | | | |
| | | | | | | | | | | | | | | | | | | |
NET INTEREST SPREAD | | | | | | 3.31 | % | | | | | 3.17 | % | | | | | 3.39 | % |
| | | | | | | | | | | | | | | | | | | |
NET INTEREST MARGIN | | | | | | 3.86 | % | | | | | 3.78 | % | | | | | 4.35 | % |
11
| | For the Nine Months Ended | |
| | September 30, 2008 | | September 30, 2007 | |
| | | | Interest | | Average | | | | Interest | | Average | |
| | Average | | Income/ | | Yield/ | | Average | | Income/ | | Yield/ | |
| | Balance | | Expense | | Rate | | Balance | | Expense | | Rate | |
INTEREST EARNING ASSETS | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
LOANS: | | | | | | | | | | | | | |
Real Estate Loans | | $ | 1,543,442 | | $ | 82,187 | | 7.10 | % | $ | 1,289,569 | | $ | 79,316 | | 8.20 | % |
Commercial Loans | | 365,086 | | 17,158 | | 6.27 | % | 305,457 | | 20,303 | | 8.86 | % |
Consumer Loans | | 26,585 | | 1,331 | | 6.68 | % | 45,736 | | 2,718 | | 7.92 | % |
Total Loans - Gross | | 1,935,113 | | 100,676 | | 6.94 | % | 1,640,762 | | 102,337 | | 8.32 | % |
Loan Fees toward Yield | | | | 3,338 | | | | | | 5,241 | | | |
Allowance for Loan Losses & Unearned Income | | (28,128 | ) | | | | | (26,895 | ) | | | | |
Gross Loans, Net | | $ | 1,906,985 | | $ | 104,014 | | 7.27 | % | $ | 1,613,867 | | $ | 107,578 | | 8.89 | % |
| | | | | | | | | | | | | |
INVESTMENT SECURITIES AND OTHER INTEREST-EARNING ASSETS: | | | | | | | | | | | | | |
U.S. Government Agencies | | $ | 226,727 | | $ | 8,021 | | 4.72 | % | $ | 195,764 | | $ | 7,334 | | 5.00 | % |
Federal Funds Sold | | 9,966 | | 192 | | 2.57 | % | 68,190 | | 2,766 | | 5.41 | % |
Total Investment Securities and Other Earning Assets | | $ | 236,693 | | $ | 8,213 | | 4.63 | % | $ | 263,954 | | $ | 10,100 | | 5.10 | % |
| | | | | | | | | | | | | |
TOTAL INTEREST-EARNING ASSETS | | $ | 2,143,678 | | $ | 112,227 | | 6.98 | % | $ | 1,877,821 | | $ | 117,678 | | 8.36 | % |
| | | | | | | | | | | | | |
INTEREST BEARING LIABILITIES | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
INTEREST-BEARING DEPOSITS: | | | | | | | | | | | | | |
Money Market | | $ | 409,726 | | $ | 10,243 | | 3.33 | % | $ | 434,001 | | $ | 14,796 | | 4.55 | % |
NOW | | 22,062 | | 227 | | 1.37 | % | 21,803 | | 195 | | 1.19 | % |
Savings | | 36,646 | | 907 | | 3.30 | % | 29,368 | | 492 | | 2.23 | % |
Time Deposits of $100,000 or More | | 784,790 | | 23,222 | | 3.95 | % | 789,478 | | 31,284 | | 5.28 | % |
Other Time Deposits | | 178,342 | | 5,472 | | 4.09 | % | 151,310 | | 5,602 | | 4.94 | % |
Total Interest-Bearing Deposits | | $ | 1,431,566 | | $ | 40,071 | | 3.73 | % | $ | 1,425,960 | | $ | 52,369 | | 4.90 | % |
| | | | | | | | | | | | | |
BORROWINGS: | | | | | | | | | | | | | |
FHLB Advances and Other Borrowings | | $ | 269,818 | | $ | 6,969 | | 3.44 | % | $ | 21,951 | | $ | 598 | | 3.63 | % |
Junior Subordinated Debentures | | 87,321 | | 3,696 | | 5.64 | % | 69,383 | | 3,829 | | 7.36 | % |
Total Borrowings | | $ | 357,139 | | $ | 10,665 | | 3.98 | % | $ | 91,334 | | $ | 4,427 | | 6.46 | % |
| | | | | | | | | | | | | |
TOTAL INTEREST BEARING LIABILITIES | | $ | 1,788,705 | | $ | 50,736 | | 3.78 | % | $ | 1,517,294 | | $ | 56,796 | | 5.00 | % |
| | | | | | | | | | | | | |
NET INTEREST INCOME | | | | $ | 61,491 | | | | | | $ | 60,882 | | | |
| | | | | | | | | | | | | |
NET INTEREST SPREAD | | | | | | 3.20 | % | | | | | 3.36 | % |
| | | | | | | | | | | | | |
NET INTEREST MARGIN | | | | | | 3.82 | % | | | | | 4.32 | % |
| | | | | | | | | | | | (Concluded) | |
Transmitted on Globe Newswire on October 21, 2008, at 3:30 a.m. PT.
12
