CORPORATE INVESTOR RELATIONS 5333 - 15TH AVENUE SOUTH, SUITE 1500 SEATTLE, WA 98108 206.762.0993 www.stockvalues.com | | CLIENT: CONTACT: | EXHIBIT 99 Wilshire Bancorp, Inc. Brian E. Cho, EVP & CFO 213.387.3200 www.wilshirebank.com |
| | | News Release |
WILSHIRE BANCORP INCREASES NET INCOME 50% IN FOURTH QUARTER OF 2005 AND 43% IN FULL YEAR;
RECORD YEAR FUELED BY STRONG GROWTH AND MARKED BY EXCELLENT CREDIT QUALITY
LOS ANGELES, CA - January 26, 2006 - Wilshire Bancorp, Inc. (Nasdaq: WIBC), the holding company for Wilshire State Bank, today reported that continued strong loan growth and a focus on operating efficiencies resulted in record profits in both the fourth quarter and full year ended December 31, 2005. In 2005, net income increased 43% to $27.8 million, or $0.96 per diluted share, up from $19.5 million, or $0.68 per share in 2004. For the quarter ended December 31, 2005, net income increased 50% to $7.8 million, or $0.27 per diluted share, compared to $5.2 million, or $0.18 per share in the fourth quarter of 2004.
In August 2004, Wilshire Bancorp was formed as a holding company for Wilshire State Bank. All previous results reflect the operations of Wilshire State Bank, which are comparable to those of the holding company. All per share results reflect the one-for-one conversion of Wilshire State Bank stock into Wilshire Bancorp stock, and the two-for-one stock split that followed in December 2004.
Wilshire’s profitability ratios all improved from the same periods last year for both the quarter and year ended December 31, 2005. In 2005, the return on average equity (ROE) grew to 27.2%, from 25.4% in the preceding year, while return on average assets (ROA) was 1.92%, compared to 1.70% in 2004. The efficiency ratio improved to 40.2% in 2005, compared to 43.1% in 2004, reflecting strong cost controls throughout the expansion. In the fourth quarter of 2005, ROE was 27.9%, ROA was 1.92% and the efficiency ratio was 41.3%, versus 24.0%, 1.68% and 46.1%, respectively, in the final quarter of 2004.
“We achieved tremendous success in 2005 by sticking to our strategy: growing a high-quality loan portfolio while building our presence in premier multi-ethnic business environments,” stated Soo Bong Min, President and CEO. “We opened two more branches in Southern California, Business Lending Offices in four new markets, and announced plans to purchase Liberty Bank of New York. The Liberty Bank transaction should close in the next few months, subject to the necessary regulatory approval, adding two branches to our existing office in one of the nation’s best markets.”
Reflecting the success of Wilshire’s growth strategy, total loan originations increased 27% in 2005 to $877 million, compared to $692 million in the previous year. In the fourth quarter of 2005, loan originations grew 40% to $238 million, from $170 million in the same quarter last year. Total loans increased by 24% to $1.26 billion at year-end 2005, compared to $1.02 billion a year earlier. Total assets grew 32% to $1.67 billion at the end of 2005, from $1.27 billion a year prior, due to the loan growth and an increase in short-term investments.
“Our credit quality remained very strong throughout 2005, with minimal net charge offs and a decline in non-performing loans from a year ago,” Min said. “Non-performing loans were $2.5 million at the end of 2005, compared to $3.9 million at the end of the third quarter and $2.7 million a year earlier. Despite our solid credit history, we continue to build our reserve for loan losses to reflect the growth in our portfolio.”
Non-performing loans dropped to 0.20% of total loans at the end of 2005, compared to 0.26% at the end of 2004. Net charge offs were just $324,000 in 2005, less than 0.03% of total loans, compared to $908,000, or 0.09% of total loans a year earlier. The provision for loan losses totaled $3.4 million in 2005, boosting the allowance for loan losses to $14.0 million at year-end, and representing 1.11% of total loans and more than five times non-performing assets.
Total deposits grew by 28% in 2005, to $1.41 billion, compared to $1.10 billion at the end of the previous year. Core deposits grew by 19% in 2005 to $636 million, while time deposits increased 37% to $774 million.
“Our net interest margin has improved substantially, up 66 basis points over the 2004 level and up 40 basis points compared to the fourth quarter last year,” stated Brian Cho, EVP and Chief Financial Officer. Wilshire’s net interest margin was 4.71% in 2005, compared to 4.05% in 2004. In the fourth quarter of 2005 the margin was 4.82%, basically flat from 4.84% in the preceding quarter. “After six consecutive quarters of margin expansion, our net interest margin did not increase any further on a sequential-quarter basis, as customers have shifted their funds into higher-yielding time deposits. Although our interest income was up 63% on the year, interest expense nearly doubled as interest rate increases and competition have driven up funding costs,” Cho said.
Net interest income was up 49% to $62.9 million in 2005, compared to $42.3 million in the preceding year. Noninterest income declined 2% to $20.5 million, versus $21.0 million in 2004, as a moderate increase in service fees was offset by a decrease in gain on sale of non-guaranteed SBA loans. Noninterest expense increased 23% to $33.6 million in 2005, compared to $27.3 million in 2004, reflecting the additional staff and occupancy expenses associated with the expansion.
In the fourth quarter of 2005, net interest income increased 43% to $18.0 million from $12.6 million in the same quarter of 2004. Noninterest income grew 21% to $5.8 million in the quarter, versus $4.8 million in the final quarter of 2004, as gain on sale of non-guaranteed SBA loans and fee income both improved. Noninterest expense grew 23% to $9.8 million in the fourth quarter of 2005, from $8.0 million in the same quarter the preceding year.
At December 31, 2005, shareholders’ equity was $113 million, up 28% from $88.3 million a year earlier, and book value grew to $3.95 per share, from $3.14 a year ago. Capital ratios continue to exceed the “Well Capitalized” guidelines established by regulatory agencies. At 2005 year-end, Tier 1 Leverage Ratio was 9.39%, Tier 1 Risk-Based Capital Ratio was 11.59%, and Total Risk-Based Capital Ratio was 14.39%, compared to 8.35%, 9.87%, and 11.94%, respectively, at the end of 2004.
WIBC - Record Profits in 2005
January 26, 2006
Page 2
Management will host its quarterly conference call today, January 26, at 10:30 am PST (1:30 pm EST). Investment professionals are invited to participate in the call by dialing 1-800-659-2032 and using passcode 96013307. Current and prospective shareholders are also invited to listen to the live or archived call at www.wilshirebank.com, or www.earnings.com.
Wilshire Bancorp and its Wilshire State Bank subsidiary have received significant accolades for growth, performance and profitability. In January 2006, US Banker magazine named Wilshire Bancorp third in its All-Star Lineup - The Top 20 Banks of 2006, based on year-over-year return on equity. In September 2005, Fortune named Wilshire the 79th fastest growing public company in the nation. A month earlier, U.S. Banker ranked Wilshire seventh on its list of the Top 100 Publicly Traded Mid-Tier Banks, those with less than $10 billion in assets, based on their three-year ROE. In addition, Sandler O’Neill identified Wilshire as one of its Bank and Thrift Sm-All Stars in 2004 and 2005, among just 38 companies out of 573 with market capitalizations below $2 billion.
Headquartered in Los Angeles, Wilshire State Bank operates 16 branch offices in California and Texas and nine Loan Production Offices in San Jose, Seattle, Oklahoma City, San Antonio, Las Vegas, Houston, Atlanta, Denver and New York, and is an SBA preferred lender at all of its office locations. The 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.
CONSOLIDATED STATEMENT OF OPERATIONS | | | | | | | | | |
(unaudited) (dollars in thousands, except per share data) | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Twelve Month | |
| | | December 31, 2005 | | September 30, 2005 | | December 31, 2004 | | Change | |
| | | | | | | | | | | | | | |
INTEREST INCOME | | | | | | | | | | | | | |
| Interest on Loans and Leases | | $ | 27,192 | | $ | 23,426 | | $ | 16,494 | | | 65 | % |
| Interest on Securities | | | 1,432 | | | 1,332 | | | 841 | | | 70 | % |
| Interest on Federal Funds Sold and Other Cash Equivalents | | | 1,319 | | | 506 | | | 280 | | | 371 | % |
| Interest on Commercial Papers | | | - | | | 15 | | | - | | | NA | |
Total Interest Income | | | 29,943 | | | 25,279 | | | 17,615 | | | 70 | % |
| | | | | | | | | | | | | | |
INTEREST EXPENSE | | | | | | | | | | | | | |
| Deposits | | | 10,439 | | | 7,829 | | | 4,513 | | | 131 | % |
| FHLB Advances and Other | | | 1,490 | | | 1,124 | | | 523 | | | 185 | % |
Total Interest Expense | | | 11,929 | | | 8,953 | | | 5,036 | | | 137 | % |
| | | | | | | | | | | | | | |
| Net Interest Income | | | 18,014 | | | 16,326 | | | 12,579 | | | 43 | % |
| Provision for Loan Losses | | | 880 | | | 1,250 | | | 550 | | | 60 | % |
| Net Interest Income After Provision for Loan Losses | | | 17,134 | | | 15,076 | | | 12,029 | | | 42 | % |
| | | | | | | | | | | | | | |
OTHER OPERATING INCOME | | | | | | | | | | | | | |
| Fees on Deposits | | | 2,039 | | | 1,973 | | | 1,830 | | | 11 | % |
| Gain on Sales of Loans | | | 2,636 | | | 2,162 | | | 1,930 | | | 37 | % |
| Other | | | 1,124 | | | 991 | | | 1,030 | | | 9 | % |
Total Other Operating Income | | | 5,799 | | | 5,126 | | | 4,790 | | | 21 | % |
| | | | | | | | | | | | | | |
OPERATING EXPENSES | | | | | | | | | | | | | |
| Salaries and Employee Benefits | | | 5,609 | | | 4,924 | | | 4,196 | | | 34 | % |
| Occupancy and Equipment | | | 969 | | | 893 | | | 734 | | | 32 | % |
| Other | | | 3,255 | | | 2,543 | | | 3,080 | | | 6 | % |
Total Other Operating Expenses | | | 9,833 | | | 8,360 | | | 8,010 | | | 23 | % |
| | | | | | | | | | | | | | |
| Income Before Taxes | | | 13,100 | | | 11,842 | | | 8,809 | | | 49 | % |
| Income Tax | | | 5,341 | | | 4,663 | | | 3,619 | | | 48 | % |
NET INCOME | | $ | 7,759 | | $ | 7,179 | | $ | 5,190 | | | 50 | % |
| | | | | | | | | | | | | | |
Per Share Data | | | | | | | | | | | | | |
| Basic Earnings Per Common Share | | $ | 0.27 | | $ | 0.25 | | $ | 0.18 | | | 50 | % |
| Earnings Per Share – Assuming Dilution | | $ | 0.27 | | $ | 0.25 | | $ | 0.18 | | | 50 | % |
| Weighted Average Shares Outstanding | | | 28,591,879 | | | 28,585,640 | | | 28,123,389 | | | | |
| Weighted Average Shares Outstanding Including | | | | | | | | | | | | | |
| Dilutive Effect of Stock Options | | | 28,960,724 | | | 28,931,230 | | | 28,740,583 | | | | |
WIBC - Record Profits in 2005
January 26, 2006
Page 3
CONSOLIDATED STATEMENT OF OPERATIONS | | | | | | | |
(unaudited) (dollars in thousands, except per share data) | | Year Ended | | Year Ended | | | |
| | | December 31, 2005 | | December 31, 2004 | | Change | |
| | | | | | | | |
INTEREST INCOME | | | | | | | | | | |
| Interest on Loans and Leases | | $ | 89,628 | | $ | 55,943 | | | 60 | % |
| Interest on Securities | | | 4,783 | | | 3,050 | | | 57 | % |
| Interest on Federal Funds Sold and Other Cash Equivalents | | | 2,796 | | | 805 | | | 247 | % |
| Interest on Commercial Papers | | | 82 | | | - | | | NA | |
Total Interest Income | | | 97,289 | | | 59,798 | | | 63 | % |
| | | | | | | | | | | |
INTEREST EXPENSE | | | | | | | | | | |
| Deposits | | | 29,914 | | | 15,663 | | | 91 | % |
| FHLB Advances and Other | | | 4,427 | | | 1,800 | | | 146 | % |
Total Interest Expense | | | 34,341 | | | 17,463 | | | 97 | % |
| | | | | | | | | | | |
| Net Interest Income | | | 62,948 | | | 42,335 | | | 49 | % |
| Provision for Loan Losses | | | 3,350 | | | 3,567 | | | -6 | % |
| Net Interest Income After Provision for Loan Losses | | | 59,598 | | | 38,768 | | | 54 | % |
| | | | | | | | | | | |
OTHER OPERATING INCOME | | | | | | | | | | |
| Fees on Deposits | | | 7,547 | | | 7,379 | | | 2 | % |
| Gain on Sales of Loans | | | 8,310 | | | 8,832 | | | -6 | % |
| Other | | | 4,621 | | | 4,786 | | | -3 | % |
Total Other Operating Income | | | 20,478 | | | 20,997 | | | -2 | % |
| | | | | | | | | | | |
OPERATING EXPENSES | | | | | | | | | | |
| Salaries and Employee Benefits | | | 19,226 | | | 14,581 | | | 32 | % |
| Occupancy and Equipment | | | 3,465 | | | 2,730 | | | 27 | % |
| Other | | | 10,872 | | | 9,972 | | | 9 | % |
Total Other Operating Expenses | | | 33,563 | | | 27,283 | | | 23 | % |
| | | | | | | | | | | |
| Income Before Taxes | | | 46,513 | | | 32,482 | | | 43 | % |
| Income Tax | | | 18,753 | | | 13,024 | | | 44 | % |
NET INCOME | | $ | 27,760 | | $ | 19,458 | | | 43 | % |
| | | | | | | | | | | |
Per Share Data | | | | | | | | | | |
| Basic Earnings Per Common Share | | $ | 0.97 | | $ | 0.70 | | | 38 | % |
| Earnings Per Share – Assuming Dilution | | $ | 0.96 | | $ | 0.68 | | | 41 | % |
| Weighted Average Shares Outstanding | | | 28,544,474 | | | 27,623,766 | | | | |
| Weighted Average Shares Outstanding Including | | | | | | | | | | |
| Dilutive Effect of Stock Options | | | 28,920,921 | | | 28,515,881 | | | | |
CONSOLIDATED FINANCIAL RATIOS | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Year Ended | | Year Ended | |
(unaudited) | | December 31, 2005 | | September 30, 2005 | | December 31, 2004 | | December 31, 2005 | | December 31, 2004 | |
| | | | | | | | | | | | | | | | | |
| Annualized Return on Average Assets | | | 1.92 | % | | 1.96 | % | | 1.68 | % | | 1.92 | % | | 1.70 | % |
| Annualized Return on Average Equity | | | 27.91 | % | | 27.35 | % | | 23.96 | % | | 27.21 | % | | 25.42 | % |
| Efficiency Ratio | | | 41.29 | % | | 38.97 | % | | 46.12 | % | | 40.23 | % | | 43.08 | % |
| Annualized Operating Expense/Average Assets | | | 2.44 | % | | 2.28 | % | | 2.59 | % | | 2.32 | % | | 2.39 | % |
| Annualized Net Interest Margin | | | 4.82 | % | | 4.84 | % | | 4.42 | % | | 4.71 | % | | 4.05 | % |
| Tier 1 Leverage Ratio | | | 9.39 | % | | 9.71 | % | | 8.35 | % | | | | | | |
| Tier 1 Risk-Based Capital Ratio | | | 11.59 | % | | 11.76 | % | | 9.87 | % | | | | | | |
| Total Risk-Based Capital Ratio | | | 14.39 | % | | 14.94 | % | | 11.94 | % | | | | | | |
| Book Value Per Share | | $ | 3.95 | | $ | 3.74 | | $ | 3.14 | | | | | | | |
WIBC - Record Profits in 2005
January 26, 2006
Page 4
CONSOLIDATED BALANCE SHEET | | December 31, | | September 30, | | December 31, | | Twelve Month | |
(unaudited)(dollars in thousands, except share data) | | 2005 | | 2005 | | 2004 | | Change | |
ASSETS: | | | | | | | | | |
| Noninterest-Earning Demand Deposits and Cash on Hand | | $ | 68,205 | | $ | 59,398 | | $ | 53,903 | | | 27 | % |
| Federal Funds Sold and Other Cash Equivalents | | | 126,003 | | | 100,003 | | | 45,003 | | | 180 | % |
Total Cash and Cash Equivalents | | | 194,208 | | | 159,401 | | | 98,906 | | | 96 | % |
| | | | | | | | | | | | | | |
| Interest-Bearing Deposits in Other Financial Institutions | | | 500 | | | - | | | - | | | NA | |
| Securities Available For Sale | | | 138,650 | | | 126,798 | | | 85,712 | | | 62 | % |
| Securities Held To Maturity | | | 22,860 | | | 24,881 | | | 29,262 | | | -22 | % |
Total Securities | | | 162,010 | | | 151,679 | | | 114,974 | | | 41 | % |
| | | | | | | | | | | | | | |
| Loans and Leases Receivable | | | 1,262,560 | | | 1,189,166 | | | 1,020,723 | | | 24 | % |
| Allowance For Loan Losses | | | 13,999 | | | 13,551 | | | 11,111 | | | 26 | % |
Loans & Leases Receivable, Net | | | 1,248,561 | | | 1,175,615 | | | 1,009,612 | | | 24 | % |
| | | | | | | | | | | | | | |
| Accrued Interest Receivable | | | 6,892 | | | 6,164 | | | 3,867 | | | 78 | % |
| Acceptance | | | 3,221 | | | 2,972 | | | 2,041 | | | 58 | % |
| Other Real Estate Owned | | | 294 | | | 156 | | | - | | | NA | |
| Premises and Equipment | | | 8,956 | | | 8,724 | | | 5,480 | | | 63 | % |
| Federal Home Loan Bank (FHLB) Stock, at Cost | | | 6,182 | | | 6,112 | | | 4,372 | | | 41 | % |
| Cash Surrender Value of Life Insurance | | | 15,099 | | | 14,956 | | | 11,536 | | | 31 | % |
| Other Assets | | | 20,850 | | | 20,057 | | | 14,853 | | | 40 | % |
TOTAL ASSETS | | $ | 1,666,273 | | $ | 1,545,836 | | $ | 1,265,641 | | | 32 | % |
| | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY: | | | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | | |
| Non-interest Bearing Demand Deposits | | $ | 292,171 | | $ | 312,890 | | $ | 273,940 | | | 7 | % |
| Savings and NOW Deposits | | | 46,374 | | | 47,195 | | | 47,594 | | | -3 | % |
| Money Market Deposits | | | 297,313 | | | 231,882 | | | 212,916 | | | 40 | % |
| Time Deposits | | | 773,607 | | | 707,497 | | | 564,255 | | | 37 | % |
Total Deposits | | | 1,409,465 | | | 1,299,464 | | | 1,098,705 | | | 28 | % |
| | | | | | | | | | | | | | |
| FHLB Advances | | | 61,000 | | | 61,000 | | | 41,000 | | | 49 | % |
| Acceptance | | | 3,221 | | | 2,972 | | | 2,041 | | | 58 | % |
| Subordinated Debentures | | | 61,547 | | | 61,547 | | | 25,464 | | | 142 | % |
| Accrued Interest and Other Liabilities | | | 17,936 | | | 14,054 | | | 10,124 | | | 77 | % |
Total Liabilities | | | 1,553,169 | | | 1,439,037 | | | 1,177,334 | | | 32 | % |
| | | | | | | | | | | | | | |
STOCKHOLDERS’ EQUITY: | | | | | | | | | | | | | |
| Common Stock - No Par Value-Authorized, 80,000,000 Shares Issued | | | | | | | | | | | | | |
| and Outstanding, 28,630,600, 28,585,640 and 28,142,470 Shares, Respectively | | | 41,340 | | | 41,079 | | | 38,926 | | | 6 | % |
| Retained Earnings | | | 72,790 | | | 66,176 | | | 49,605 | | | 47 | % |
| Accumulated Other Comprehensive Income, Net of Taxes | | | (1,026 | ) | | (456 | ) | | (224 | ) | | 358 | % |
Total Stockholders’ Equity | | | 113,104 | | | 106,799 | | | 88,307 | | | 28 | % |
| | | | | | | | | | | | | | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | $ | 1,666,273 | | $ | 1,545,836 | | $ | 1,265,641 | | | 32 | % |
AVERAGE BALANCES | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Year Ended | | Year Ended | |
(unaudited)(dollars in thousands) | | December 31, 2005 | | September 30, 2005 | | December 31, 2004 | | December 31, 2005 | | December 31, 2004 | |
| | | | | | | | | | | | |
| Average Assets | | $ | 1,614,097 | | $ | 1,468,264 | | $ | 1,236,655 | | $ | 1,447,557 | | $ | 1,141,430 | |
| Average Equity | | | 111,205 | | | 104,974 | | | 86,652 | | | 102,018 | | | 76,562 | |
| Average Net Loans (Includes LHFS) | | | 1,221,325 | | | 1,145,588 | | | 978,612 | | | 1,120,371 | | | 895,380 | |
| Average Deposits | | | 1,361,429 | | | 1,247,913 | | | 1,071,753 | | | 1,227,473 | | | 984,330 | |
| Average Interest Earning Assets | | $ | 1,496,144 | | $ | 1,350,199 | | $ | 1,138,767 | | $ | 1,337,222 | | $ | 1,046,022 | |
CONSOLIDATED FINANCIAL RATIOS | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Year Ended | | Year Ended | |
(unaudited) | | December 31, 2005 | | September 30, 2005 | | December 31, 2004 | | December 31, 2005 | | December 31, 2004 | |
| | | | | | | | | | | | | | | | | |
| Annualized Return on Average Assets | | | 1.92 | % | | 1.96 | % | | 1.68 | % | | 1.92 | % | | 1.70 | % |
| Annualized Return on Average Equity | | | 27.91 | % | | 27.35 | % | | 23.96 | % | | 27.21 | % | | 25.42 | % |
| Efficiency Ratio | | | 41.29 | % | | 38.97 | % | | 46.12 | % | | 40.23 | % | | 43.08 | % |
| Annualized Operating Expense/Average Assets | | | 2.44 | % | | 2.28 | % | | 2.59 | % | | 2.32 | % | | 2.39 | % |
| Annualized Net Interest Margin | | | 4.82 | % | | 4.84 | % | | 4.42 | % | | 4.71 | % | | 4.05 | % |
| Tier 1 Leverage Ratio | | | 0.00 | % | | 9.71 | % | | 8.35 | % | | | | | | |
| Tier 1 Risk-Based Capital Ratio | | | 0.00 | % | | 11.76 | % | | 9.87 | % | | | | | | |
| Total Risk-Based Capital Ratio | | | 0.00 | % | | 14.94 | % | | 11.94 | % | | | | | | |
| Book Value Per Share | | $ | 3.95 | | $ | 3.74 | | $ | 3.14 | | | | | | | |
WIBC - Record Profits in 2005
January 26, 2006
Page 5
ALLOWANCE FOR LOAN LOSSES | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Year Ended | | Year Ended | |
(unaudited) (dollars in thousands) | | December 31, 2005 | | September 30, 2005 | | December 31, 2004 | | December 31, 2005 | | December 31, 2004 | |
| | | | | | | | | | | | |
| Balance at Beginning of Period | | $ | 13,551 | | $ | 12,450 | | $ | 11,131 | | $ | 11,111 | | $ | 9,011 | |
| Provision for Loan Losses | | | 880 | | | 1,250 | | | 550 | | | 3,350 | | | 3,567 | |
| Less Charge Offs (Net Recoveries) | | | 383 | | | 90 | | | 467 | | | 324 | | | 908 | |
| Less Adjustment for Unfunded Loan Commitments | | | 49 | | | 59 | | | 103 | | | 138 | | | 559 | |
| Balance at End of Period | | $ | 13,999 | | $ | 13,551 | | $ | 11,111 | | $ | 13,999 | | $ | 11,111 | |
| Loan Loss Allowance/Gross Loans | | | 1.11 | % | | 1.14 | % | | 1.09 | % | | | | | | |
| Loan Loss Allowance/Non-performing Loans | | | 567.15 | % | | 329.99 | % | | 411.63 | % | | | | | | |
| Loan Loss Allowance/Total Assets | | | 0.84 | % | | 0.88 | % | | 0.88 | % | | | | | | |
| Loan Loss Allowance/Non-performing Assets | | | 506.71 | % | | 317.89 | % | | 411.63 | % | | | | | | |
| | | | | | | | | | | | | | | | | |
NON-PERFORMING ASSETS | | | | | | | | | | | | | | | | |
(net of guaranteed portion) | | | December 31, 2005 | | | | | | September 30, 2005 | | | | | | December 31, 2004 | |
| | | | | | | | | | | | | | | | | |
| Accruing Loans - 90 Days Past Due | | $ | 664 | | | | | $ | 343 | | | | | $ | 42 | |
| Non-accrual Loans | | | 1,804 | | | | | | 3,597 | | | | | | 2,643 | |
| Restructured Loans | | | 0 | | | | | | 0 | | | | | | 14 | |
| Total Non-performing Loans | | $ | 2,468 | | | | | $ | 3,940 | | | | | $ | 2,699 | |
| Total Non-performing Loans/Gross Loans | | | 0.20 | % | | | | | 0.33 | % | | | | | 0.26 | % |
| OREO | | $ | 295 | | | | | $ | 157 | | | | | $ | - | |
| Total Non-performing Assets | | $ | 2,763 | | | | | $ | 4,097 | | | | | $ | 2,699 | |
| Total Non-performing Assets/Total Assets | | | 0.17 | % | | | | | 0.27 | % | | | | | 0.21 | % |
| | | | | | | | | | | | | | | | | |
| | | | Quarter Ended | | | Quarter Ended | | | | | | Year Ended | | | Year Ended | |
LOAN ORIGINATION AMOUNT | | | December 31, 2005 | | | December 31, 2004 | | | | | | December 31, 2005 | | | December 31, 2004 | |
| (IN MILLION DOLLARS) | | | | | | | | | | | | | | | | |
| Total new loan origination amount, excluding renewal. | | | 237.6 | | | 169.8 | | | | | | 877.2 | | | 692.1 | |
| SBA new loan origination amount, excluding renewal. | | | 37.3 | | | 30.2 | | | | | | 142.1 | | | 116.0 | |
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 is 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.
