For the quarter ended March 31, 2002, net income increased 23% to $1.9 million compared to $1.5 million in the first quarter a year ago. Wilshire increased its total loan portfolio 42% to $401.3 million over the past 12 months, total assets increased 21% to $535.8 million, and deposits grew 21% to $487.3 million.
The bank generated an annualized return on average equity (ROAE) of 20.1% in the first quarter, compared to 20.3% in the quarter a year ago. Wilshire's annualized return on average assets (ROAA) improved to 1.49% in the quarter, from 1.42% a year ago.
The bank doubled loan originations from the first quarter last year while decreasing our dependence on SBA lending. Wilshire originated $71.5 million in new loans during the quarter, compared to $35.3 million a year ago. SBA loan originations accounted for $13.2 million, or 18% of new loans, compared to $11.1 million, or 31% of total originations in the first quarter last year.
At March 31, 2002, total deposits were up 21% to $487.3 million, compared to $403.0 million a year ago. Demand deposits (DDAs) accounted for 32% of total deposits, savings and NOW accounted for 7%, money market accounts were 13%, and 48% were time deposits. A year ago, 27% of total deposits were in DDAs, savings and NOW accounted for 6%, money market accounts 11%, and 56% were in time deposits.
Non-performing loans (NPLs) decreased to $3.3 million from $3.6 million a year ago, even with the 42% growth in the loan portfolio. NPLs now represent just 0.82% of total loans, compared to 1.27% of loans at March 31, 2001. Non-performing assets now account for 0.75% of total assets, down from 0.82% of assets at the end of the first quarter last year.
Wilshire booked a $810,000 provision for loan losses in the quarter and a $490,000 charge off. In the first quarter last year, the provision for loan losses was $700,000 and there was a $444,000 charge off. Total reserves now stand at $5.9 million, equal to 1.47% of gross loans and 180% of non-performing loans. A year ago, reserves were $5.2 million, which represented 1.85% of gross loans and 146% of non-performing loans.
Total revenues increased 18% in the quarter, with net interest income before the loan loss provision and non-interest income totaling $8.1 million, compared to $6.8 million in the first quarter last year.
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