Wilshire Bancorp, the holding company for Wilshire Bank, reported net income of $13.3 million, or $0.17 per diluted common share, for the third quarter ended September 30, 2015.
Article continues below
This compares to net income of $15.1 million, or $0.19 per diluted common share, for the same period of the prior year, and net income of $15.6 million, or $0.20 per diluted common share, for the second quarter of 2015.
Net interest income before provision for losses on loans and loan commitments totaled $37.5 million for the third quarter of 2015, an increase of 1.9% from $36.8 million for the third quarter of 2014, and unchanged from the second quarter of 2015. Relative to the third quarter of 2014, net interest income continues to be positively impacted by an increase in average total loans.
Net interest margin was 3.49% for the third quarter of 2015, compared to 3.59% for the second quarter of 2015, and 4.26% for the third quarter of 2014. The decline in net interest margin from the second to third quarter of 2015 was primarily attributable to the growth of demand deposits and money market accounts which resulted in an increase in cash and cash equivalents.
Total non-interest income was $9.5 million for the third quarter of 2015, compared to $11.3 million for the second quarter of 2015, and $9.6 million for the third quarter of 2014.
The Company recognized $3.2 million in net gain on sales of loans during the third quarter of 2015, compared to $4.2 million for the second quarter of 2015, and $2.4 million for the third quarter of 2014.
The decline in net gain on sale of loans for the third quarter of 2015, compared to the previous quarter, was primarily due to a decline in gains from the sale of non-performing loans. Net gain on sale of loans in the third quarter of 2015 consisted of $2.0 million in gains on sales of SBA loans and $1.2 million in gains on sales of residential mortgage loans.
Other non-interest income totaled $3.3 million for the third quarter of 2015, compared to $4.0 million for the second quarter of 2015, and $3.9 million for the third quarter of 2014. The decrease in other non-interest income from the second to third quarter of 2015 was primarily due to a decline in FHLB dividend income.
Total loans receivable (net of deferred fees and costs) were $3.63 billion at September 30, 2015, compared to $3.52 billion at June 30, 2015. The increase in loans during the third quarter of 2015 was spread across all of the company's major portfolios aside from consumer loans. ■