EXHIBIT 99
 CORPORATE INVESTOR RELATIONS 1809 7TH AVENUE, SUITE 1414 SEATTLE, WA 98101 206.762.0993 www.stockvalues.com |  | CLIENT: CONTACT: | WILSHIRE BANCORP, INC. Brian E. Cho, EVP & CFO 213.387.3200 www.wilshirebank.com |
| NEWS RELEASE | |||
WILSHIRE BANCORP POSTS 25% PROFIT GROWTH IN SECOND QUARTER;
NET INTEREST MARGIN IMPROVES AND LOAN PORTFOLIO INCREASES 27%
LOS ANGELES, CA - July 27, 2006 - Wilshire Bancorp, Inc. (Nasdaq: WIBC), the holding company for Wilshire State Bank, today reported record profits in both the second quarter and the first half of 2006. Strong loan production combined with the closing of the Liberty Bank of New York (LBNY) acquisition resulted in 27% loan growth and a 28% increase in deposits over the past twelve months. For the quarter ended June 30, 2006, net income increased 25% to $8.4 million, or $0.29 per diluted share, compared to $6.8 million, or $0.23 per diluted share, in the second quarter of 2005. For the first six months of 2006, net income grew 27% to $16.2 million, or $0.56 per diluted share, compared to $12.8 million, or $0.44 per diluted share, in the first half of 2005.
Wilshire continues to generate some of the best performance measures in the banking industry. In the second quarter of 2006, the return on average equity (ROE) was 26.3% and the return on average assets (ROA) was 1.90%, compared to 27.2% and 1.92%, respectively, in the second quarter of 2005. For the six month period through June, ROE was 26.4% and ROA was 1.87% in 2006, versus 26.8% and 1.90% in the first half of 2005.
“We closed our acquisition of LBNY in late May, adding $26 million in loans, $30 million in cash and securities, and over $50 million in deposits,” stated Soo Bong Min, President and CEO. “While the acquisition was certainly modest in size and expense, the two LBNY offices in New York, now branded Wilshire State Bank, improve our presence in one of the nation’s prime markets. We posted strong growth in the second quarter, with solid loan and deposit growth throughout our market area, including building off of LBNY’s solid foundation in New York.”
New loan originations grew 33% in the second quarter of 2006 to $291 million, compared to $218 million in the second quarter last year. Total loans increased by 27% to $1.43 billion at June 30, 2006, compared to $1.13 billion at June 30, 2005, reflecting strong loan generation throughout Wilshire’s branch network. Assets grew to $1.85 billion at June 30, 2006, up 27% from $1.46 billion a year prior.
“We primarily rely on retail deposits to fund our loan growth, and the deposit mix at LBNY was very attractive,” Min said. “With 44% of LBNY’s total deposits in noninterest bearing accounts, our net interest margin saw immediate improvement. In addition, rising interest rates have improved the yields on our adjustable rate loans, while deposit costs have been slower to rise.”
Total deposits grew 28% to $1.59 billion at June 30, 2006, compared to $1.24 billion at the end of the second quarter last year. Jumbo time deposits were 44% of total deposits at June 30, 2006, down slightly from March 31, 2006, before the LBNY deposits were added, but up slightly from the end of the second quarter last year.
Net interest margin improved to 4.74% in the second quarter of 2006, compared to 4.37% in the preceding quarter and 4.61% in the second quarter last year. “While difficult to predict, I hope to see further margin improvement this year by building additional core deposits in New York and offering fewer promotional rate CDs in Los Angeles,” stated Brian Cho, EVP and Chief Financial Officer.“If we are forced to be aggressive on our time deposit rates to retain customers or fund our loan growth, our margin may stay flat or drop slightly in the second half of the year. But I do not anticipate a repeat of the margin compression that we experienced in the first quarter of 2006.”
Reflecting the growth in the loan portfolio and a more moderate increase in funding costs in the second quarter of 2006, net interest income increased 30% to $19.4 million in the quarter, compared to $15.0 million in same quarter last year. Other operating income grew 43% to $6.6 million, from $4.6 million in the second quarter of 2005, with an increase in service fees on deposits and over a 100% increase in gain on sale of loans. Other operating expense increased 41% to $10.6 million, compared to $7.5 million in the second quarter of 2005, reflecting the additional staff, occupancy, and marketing expenses associated with general business expansion and the startup of the New York operations.
“Our gain on sale of guaranteed SBA loans doubled over the second quarter last year, reflecting our increased loan production and efforts to limit our exposure to prepayments,” Cho said. “Other operating income improved 43% in the second quarter of 2006 compared to the same period last year. We sell a portion of our SBA production and retain servicing rights, which are capitalized when sold and realized as other income over the life of loan. However, faster prepayment rates have decreased our servicing rights, resulting in charges against other income of $284,000 in the second quarter and $758,000 in the first half of 2006.”
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In the six month period ended June 30, 2006, net interest income was $36.7 million, up 28% from $28.6 million in the first half of last year. Other operating income was $12.3 million, a 29% increase over $9.6 million in the first six months of 2005, due to the improved gains on sale of loans. Other operating expenses were up 27% to $19.5 million, compared to $15.4 million in the first half of 2005.
“The costs associated with opening Wilshire State Bank in New York pushed our efficiency ratio just above 40% in the second quarter, although it was slightly below that level for the first half of 2006,” Cho said. “We remain focused on minimizing our operating expenses, but I anticipate that we will stay in the 40% range in the near term.” The efficiency ratio was 40.8% in the quarter ended June 30 2006, compared to 38.5% in the first quarter of 2006 and 38.5% in the second quarter last year. For the first six months of 2006, the efficiency ratio improved to 39.7%, compared to 40.3% in the same period a year ago.
“The LBNY transaction was a smooth one, and now that we have established our presence in that market I expect continued success there,” Min said. “In addition to expanding our geographic presence over the years, we have also increased our product offerings. While SBA and commercial real estate lending remain important parts of our business, we have also grown our commercial and consumer lending portfolios.”
“Diversifying our loan portfolio has helped to mitigate credit risk,” Cho added. “We are committed to maintaining our underwriting standards across all business lines, and our asset quality remains very solid and virtually unchanged from a year ago. Although non-performing loans and assets have increased since the end of the first quarter of 2006, they remain very manageable and I do not anticipate any meaningful losses. Most of the non-performers are not related to the portfolio we purchased from LBNY, which was overall quite clean.”
Non-performing loans (NPLs) were 0.32% of gross loans at the end of the second quarter of 2006, unchanged from a year ago. Non-performing assets (NPAs) were 0.26% of total assets at the end of the second quarter of 2006, compared to 0.25% of assets a year prior.
“We have continued to increase our loan loss reserves to keep pace with the growth in our loan portfolio,” Cho said. “In the first six months of 2006 we had $2.3 million in loan loss provisions, while net charge offs were just $186,000. As a result, the allowance for loan losses was $16.4 million at the end of June 2006, representing 1.14% of gross loans and 334% of NPAs.”
At June 30, 2006, shareholders’ equity was $133 million, up 32% from $101 million a year earlier, and book value grew to $4.56 per share from $3.53 a year prior. Capital ratios continue to exceed the “Well Capitalized” guidelines established by regulatory agencies.
Management will host its quarterly conference call today, July 27, at 1:30 pm PDT (4:30 pm EDT). Investment professionals are invited to participate in the call by dialing 1-866-383-7989 and using passcode 51871478. Current and prospective shareholders are also invited to listen to the live or archived call at www.wilshirebank.com, or www.earnings.com.
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Wilshire Bancorp and its subsidiary Wilshire State Bank have received significant accolades for growth, performance and profitability. Earlier this month, Sandler O’Neill released its Bank and Thrift Sm-All Stars—Class of 2006, recognizing 34 of the 573 publicly traded institutions with assets of less than $2 billion, focusing on growth, profitability, credit quality and capital strength. Wilshire is one of only nine companies to be named each year since the list’s inception in 2004. In April, Wilshire Bancorp was added to the Standard & Poor’s SmallCap 600 index, and in January, US Banker magazine named Wilshire Bancorp third in its All-Star Lineup - The Top 20 Banks of 2006, based on year-over-year ROE. In September 2005, Fortune named Wilshire the 79th fastest-growing public company in the nation. A month earlier, US Banker ranked Wilshire 7th 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.
Headquartered in Los Angeles, Wilshire State Bank operates 19 branch offices in California, Texas and New York and seven Loan Production Offices in San Jose, Seattle, Las Vegas, Houston, Atlanta, Denver, and Annandale, Virginia, 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
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.
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July 27, 2006
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CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||
(unaudited) (dollars in thousands, except per share data) |
| Quarter Ended | Three Month | Quarter Ended | One Year | Quarter Ended | ||||||||||||
| June 30, 2006 | Change | March 31, 2006 | Change | June 30, 2005 | ||||||||||||
INTEREST INCOME | ||||||||||||||||
| Interest on Loans & Leases | $ | 31,626 | 14 | % | $ | 27,650 | 52 | % | $ | 20,780 | ||||||
| Interest on Securities | $ | 2,238 | 26 | % | $ | 1,776 | 95 | % | 1,147 | |||||||
| Interest on Federal Funds Sold | $ | 773 | -52 | % | $ | 1,615 | 42 | % | 545 | |||||||
| Interest on Commercial Paper | $ | - | 0 | % | $ | - | -100 | % | 67 | |||||||
Total Interest Income | 34,637 | 12 | % | 31,041 | 54 | % | 22,539 | |||||||||
INTEREST EXPENSE | ||||||||||||||||
| Deposits | 13,645 | 11 | % | 12,253 | 109 | % | 6,536 | |||||||||
| FHLB Advances & Other | 1,554 | 3 | % | 1,509 | 50 | % | 1,035 | |||||||||
Total Interest Expense | 15,199 | 10 | % | 13,762 | 101 | % | 7,571 | |||||||||
| Net Interest Income | 19,438 | 12 | % | 17,279 | 30 | % | 14,968 | |||||||||
| Provision for Loan Losses | 1,200 | 13 | % | 1,060 | 67 | % | 720 | |||||||||
| Net Interest Income After Provision for Loan Losses | 18,238 | 12 | % | 16,219 | 28 | % | 14,248 | |||||||||
OTHER OPERATING INCOME | ||||||||||||||||
| Fees on Deposits | 2,441 | 13 | % | 2,155 | 35 | % | 1,815 | |||||||||
| Gain on Sales of Loans | 3,055 | 30 | % | 2,350 | 105 | % | 1,489 | |||||||||
| Other | 1,084 | -14 | % | 1,259 | -17 | % | 1,313 | |||||||||
Total Other Operating Income | 6,580 | 14 | % | 5,764 | 43 | % | 4,617 | |||||||||
OPERATING EXPENSES | ||||||||||||||||
| Salaries and Employee Benefits | 5,965 | 13 | % | 5,256 | 38 | % | 4,317 | |||||||||
| Occupancy & Equipment | 1,072 | 20 | % | 896 | 39 | % | 770 | |||||||||
| Other | 3,580 | 32 | % | 2,712 | 46 | % | 2,444 | |||||||||
Total Other Operating Expenses | 10,617 | 20 | % | 8,864 | 41 | % | 7,531 | |||||||||
| Income Before Taxes | 14,201 | 8 | % | 13,119 | 25 | % | 11,334 | |||||||||
| Income Tax | 5,786 | 9 | % | 5,296 | 26 | % | 4,582 | |||||||||
NET INCOME | $ | 8,415 | 8 | % | $ | 7,823 | 25 | % | $ | 6,752 | ||||||
Per Share Data | ||||||||||||||||
| Basic Earnings Per Common Share | $ | 0.29 | 7 | % | $ | 0.27 | 24 | % | $ | 0.24 | ||||||
| Earnings Per Share – Assuming Dilution | $ | 0.29 | 7 | % | $ | 0.27 | 23 | % | $ | 0.23 | ||||||
| Weighted Average Shares Outstanding | 28,911,555 | 28,714,017 | 28,574,385 | |||||||||||||
| Weighted Average Shares Outstanding Including | ||||||||||||||||
| Dilutive Effect Of Stock Options | 29,278,179 | 29,108,778 | 28,924,459 | |||||||||||||
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CONSOLIDATED STATEMENT OF OPERATIONS | |||||||
(unaudited) (dollars in thousands, except per share data) |
| Six Months Ended | One Year | Six Months Ended | ||||||||
| June 30, 2006 | Change | June 30, 2005 | ||||||||
INTEREST INCOME | ||||||||||
| Interest on Loans & Leases | $ | 59,275 | 52 | % | $ | 39,009 | ||||
| Interest on Securities | 4,014 | 99 | % | 2,019 | ||||||
| Interest on Federal Funds Sold | 2,389 | 146 | % | 972 | ||||||
| Interest on Commercial Paper | - | -100 | % | 67 | ||||||
Total Interest Income | 65,678 | 56 | % | 42,067 | ||||||
INTEREST EXPENSE | ||||||||||
| Deposits | 25,898 | 122 | % | 11,646 | ||||||
| FHLB Advances & Other | 3,064 | 69 | % | 1,813 | ||||||
Total Interest Expense | 28,962 | 115 | % | 13,459 | ||||||
| Net Interest Income | 36,716 | 28 | % | 28,608 | ||||||
| Provision for Loan Losses | 2,260 | 85 | % | 1,220 | ||||||
| Net Interest Income After Provision for Loan Losses | 34,456 | 26 | % | 27,388 | ||||||
OTHER OPERATING INCOME | ||||||||||
| Fees on Deposits | 4,596 | 30 | % | 3,534 | ||||||
| Gain on Sales of Loans | 5,405 | 54 | % | 3,512 | ||||||
| Other | 2,343 | -7 | % | 2,507 | ||||||
Total Other Operating Income | 12,344 | 29 | % | 9,553 | ||||||
OPERATING EXPENSES | ||||||||||
| Salaries and Employee Benefits | 11,221 | 29 | % | 8,693 | ||||||
| Occupancy & Equipment | 1,968 | 23 | % | 1,603 | ||||||
| Other | 6,292 | 24 | % | 5,074 | ||||||
Total Other Operating Expenses | 19,481 | 27 | % | 15,370 | ||||||
| Income Before Taxes | 27,320 | 27 | % | 21,571 | ||||||
| Income Tax | 11,082 | 27 | % | 8,749 | ||||||
NET INCOME | $ | 16,238 | 27 | % | $ | 12,822 | ||||
Per Share Data | ||||||||||
| Basic Earnings Per Common Share | $ | 0.56 | 25 | % | $ | 0.45 | ||||
| Earnings Per Share – Assuming Dilution | $ | 0.56 | 25 | % | $ | 0.44 | ||||
| Weighted Average Shares Outstanding | 28,813,332 | 28,499,455 | ||||||||
| Weighted Average Shares Outstanding Including | ||||||||||
| Dilutive Effect Of Stock Options | 29,194,021 | 28,894,993 | ||||||||
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CONSOLIDATED BALANCE SHEET | June 30, | Three Month | March 31, | One Year | June 30, | |||||||||||
(unaudited)(dollars in thousands, except share data) | 2006 | Change | 2006 | Change | 2005 | |||||||||||
ASSETS: | ||||||||||||||||
| Noninterest-Earning Demand Deposits & Cash on Hand | $ | 72,585 | 4 | % | $ | 70,031 | 23 | % | $ | 59,111 | ||||||
| Federal Funds Sold & Other Cash Equivalents | 76,003 | -33 | % | 114,003 | 27 | % | 60,003 | |||||||||
| Commercial Paper | - | 0 | % | - | -100 | % | 17,985 | |||||||||
Total Cash & Cash Equivalents | 148,588 | -19 | % | 184,034 | 8 | % | 137,099 | |||||||||
| Interest-Bearing Deposits in Other Financial Institutions | 500 | 0 | % | 500 | na | - | ||||||||||
| Securities Available for Sale | 188,272 | 10 | % | 171,144 | 55 | % | 121,139 | |||||||||
| Securities Held to Maturity | 20,835 | -9 | % | 22,848 | -17 | % | 25,100 | |||||||||
Total Securities | 209,607 | 8 | % | 194,492 | 43 | % | 146,239 | |||||||||
| Loans & Leases Receivable | 1,434,135 | 9 | % | 1,312,588 | 27 | % | 1,130,834 | |||||||||
| Allowance for Loan Losses | 16,358 | 10 | % | 14,870 | 31 | % | 12,450 | |||||||||
Loans & Leases Receivable, Net | 1,417,777 | 9 | % | 1,297,718 | 27 | % | 1,118,384 | |||||||||
| Accrued Interest Receivable | 8,728 | 16 | % | 7,556 | 75 | % | 4,990 | |||||||||
| Acceptance | 2,879 | -18 | % | 3,509 | 1 | % | 2,841 | |||||||||
| Other Real Estate Owned | 242 | -18 | % | 294 | 0 | % | - | |||||||||
| Premises & Equipment | 9,940 | 12 | % | 8,900 | 18 | % | 8,452 | |||||||||
| Federal Home Loan Bank (FHLB) Stock, at Cost | 7,346 | 17 | % | 6,254 | 21 | % | 6,052 | |||||||||
| Cash Surrender Value of Life Insurance | 15,397 | 1 | % | 15,255 | 4 | % | 14,820 | |||||||||
| Goodwill | 6,767 | na | - | 0 | % | - | ||||||||||
| Core Deposit Intangible | 1,619 | na | - | 0 | % | - | ||||||||||
| Other Assets | 24,924 | 21 | % | 20,601 | 37 | % | 18,148 | |||||||||
TOTAL ASSETS | $ | 1,853,814 | 7 | % | $ | 1,738,613 | 27 | % | $ | 1,457,025 | ||||||
LIABILITIES & STOCKHOLDERS’ EQUITY: | ||||||||||||||||
LIABILITIES: | ||||||||||||||||
| Noninterest-Bearing Demand Deposits | $ | 345,019 | 10 | % | $ | 312,292 | 14 | % | $ | 302,122 | ||||||
| Savings & NOW Deposits | 45,821 | 6 | % | 43,318 | 4 | % | 44,053 | |||||||||
| Money Market Deposits | 355,787 | 8 | % | 329,751 | 36 | % | 262,487 | |||||||||
| Time Deposits of $100,000 or More | 695,657 | 7 | % | 652,526 | 31 | % | 529,583 | |||||||||
| Other Time Deposits | 148,160 | 3 | % | 143,350 | 40 | % | 105,768 | |||||||||
Total Deposits | 1,590,444 | 7 | % | 1,481,237 | 28 | % | 1,244,013 | |||||||||
| FHLB Advances | 45,000 | -10 | % | 50,000 | -12 | % | 51,000 | |||||||||
| Acceptance | 2,879 | -18 | % | 3,509 | 1 | % | 2,841 | |||||||||
| Subordinated Debentures | 61,547 | 0 | % | 61,547 | 34 | % | 46,083 | |||||||||
| Accrued Interest & Other Liabilities | 21,163 | -5 | % | 22,173 | 74 | % | 12,157 | |||||||||
Total Liabilities | 1,721,033 | 6 | % | 1,618,466 | 27 | % | 1,356,094 | |||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||
| Common Stock - No Par Value-Authorized, 80,000,000 | ||||||||||||||||
| Shares Issued and Outstanding, 29,120,370, 28,739,760 & 28,585,640 Shares, Respectively | 48,505 | 15 | % | 42,213 | 18 | % | 41,079 | |||||||||
| Retained Earnings | 86,135 | 9 | % | 79,175 | 43 | % | 60,140 | |||||||||
| Accumulated Other Comprehensive Income, Net of Taxes | (1,859 | ) | 50 | % | (1,241 | ) | 545 | % | (288 | ) | ||||||
Total Stockholders’ Equity | 132,781 | 11 | % | 120,147 | 32 | % | 100,931 | |||||||||
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ | 1,853,814 | 7 | % | $ | 1,738,613 | 27 | % | $ | 1,457,025 | ||||||
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July 27, 2006
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AVERAGE BALANCES | ||||||||||||||||
(unaudited)(dollars in thousands) | Quarter Ended | Quarter Ended | Quarter Ended | Six Months Ended | Six Months Ended | |||||||||||
| June 30, 2006 | March 31, 2006 | June 30, 2005 | June 30, 2006 | June 30, 2005 | ||||||||||||
| Average Assets | $ | 1,774,172 | $ | 1,703,524 | $ | 1,405,638 | $ | 1,738,821 | $ | 1,352,564 | ||||||
| Average Equity | 127,895 | 118,469 | 99,306 | 123,208 | 95,847 | |||||||||||
| Average Net Loans (includes LHFS) | 1,377,679 | 1,266,976 | 1,085,961 | 1,322,633 | 1,056,240 | |||||||||||
| Average Deposits | 1,512,128 | 1,444,595 | 1,192,119 | 1,478,548 | 1,148,995 | |||||||||||
| Average Time Deposits of $100,000 or more | 657,744 | 649,306 | 507,513 | 653,548 | 487,233 | |||||||||||
| Average Interest-Earning Assets | $ | 1,642,050 | 1,581,171 | $ | 1,297,611 | $ | 1,611,779 | $ | 1,249,848 | |||||||
CONSOLIDATED FINANCIAL RATIOS | Quarter Ended | Quarter Ended | Quarter Ended | Six Months Ended | Six Months Ended | |||||||||||
(unaudited)(dollars in thousands, except per share data) | June 30, 2006 | March 31, 2006 | June 30, 2005 | June 30, 2006 | June 30, 2005 | |||||||||||
| Annualized Return on Average Assets | 1.90 | % | 1.84 | % | 1.92 | % | 1.87 | % | 1.90 | % | ||||||
| Annualized Return on Average Equity | 26.32 | % | 26.41 | % | 27.20 | % | 26.36 | % | 26.75 | % | ||||||
| Efficiency Ratio | 40.81 | % | 38.47 | % | 38.45 | % | 39.71 | % | 40.28 | % | ||||||
| Annualized Operating Expense/Average Assets | 2.39 | % | 2.08 | % | 2.14 | % | 2.24 | % | 2.27 | % | ||||||
| Annualized Net Interest Margin | 4.74 | % | 4.37 | % | 4.61 | % | 4.56 | % | 4.58 | % | ||||||
| Tier 1 Leverage Ratio | 9.63 | % | 9.47 | % | 9.59 | % | ||||||||||
| Tier 1 Risk-Based Capital Ratio | 11.35 | % | 11.84 | % | 11.29 | % | ||||||||||
| Total Risk-Based Capital Ratio | 13.53 | % | 14.43 | % | 13.33 | % | ||||||||||
| Book Value Per Share | $ | 4.56 | $ | 4.18 | $ | 3.53 | ||||||||||
ALLOWANCE FOR LOAN LOSSES | Quarter Ended | Quarter Ended | Quarter Ended | Six Months Ended | Six Months Ended | |||||||||||
(unaudited) (dollars in thousands) | June 30, 2006 | March 31, 2006 | June 30, 2005 | June 30, 2006 | June 30, 2005 | |||||||||||
| Balance at Beginning of Period | $ | 14,870 | $ | 13,999 | $ | 11,669 | $ | 13,999 | $ | 11,111 | ||||||
| Provision for Loan Losses | 1,200 | 1,060 | 720 | 2,260 | 1,220 | |||||||||||
| Allowance for Loan Losses Acquired in LBNY Acquisition | 601 | - | - | 601 | - | |||||||||||
| Less: Charge Offs (Net Recoveries) | 108 | 78 | (93 | ) | 186 | (149 | ) | |||||||||
| Less: Provision for Losses on Off-Balance Sheet Item | 205 | 111 | 32 | 316 | 30 | |||||||||||
| Balance at End of Period | $ | 16,358 | $ | 14,870 | $ | 12,450 | $ | 16,358 | $ | 12,450 | ||||||
| Loan Loss Allowance/Gross Loans | 1.14 | % | 1.13 | % | 1.10 | % | ||||||||||
| Loan Loss Allowance/Non-performing Loans | 351.53 | % | 667.63 | % | 339.22 | % | ||||||||||
| Loan Loss Allowance/Total Assets | 0.88 | % | 0.86 | % | 0.85 | % | ||||||||||
| Loan Loss Allowance/Non-performing Assets | 334.19 | % | 589.68 | % | 339.22 | % | ||||||||||
NON-PERFORMING ASSETS | ||||||||||||||||
(net of guaranteed portion) | June 30, 2006 | March 31, 2006 | June 30, 2005 | |||||||||||||
| Accruing Loans - 90 Days Past Due | $ | 901 | $ | 438 | $ | 402 | ||||||||||
| Non-accrual Loans | 3,753 | 1,790 | 3,268 | |||||||||||||
| Restructured Loans | - | - | - | |||||||||||||
| Total Non-performing Loans | $ | 4,654 | 2,228 | $ | 3,670 | |||||||||||
| Total Non-performing Loans/Gross Loans | 0.32 | % | 0.17 | % | 0.32 | % | ||||||||||
| OREO | $ | 242 | 294 | $ | - | |||||||||||
| Total Non-performing Assets | $ | 4,895 | $ | 2,522 | $ | 3,670 | ||||||||||
| Total Non-performing Assets/Total Assets | 0.26 | % | 0.15 | % | 0.25 | % | ||||||||||
-0-
NOTE: Transmitted on Business Wire at 3:30 a.m. PDT on July 27, 2006.