Exhibit 99.1

 

WILSHIRE BANCORP, INC.

GRAPHIC

GRAPHIC

CONTACT:

Joanne Kim, President & CEO, 213-639-1843

Alex Ko, SVP & CFO, 213-427-6560

www.wilshirebank.com

NEWS RELEASE

 

 

 

 

 

Wilshire Bancorp Earns $5.1 Million, or $0.17 per Diluted Share in Fourth Quarter 2008

 

LOS ANGELES, CA — January 26, 2009 — Wilshire Bancorp, Inc. (NASDAQ: WIBC), the holding company for Wilshire State Bank, today reported that net income was $5.1 million, or $0.17 per diluted share, in the fourth quarter of 2008, as compared with $5.5 million, or $0.19 per diluted share, in the fourth quarter a year ago.  We prudently increased the provision for loan losses in the fourth quarter of 2008 to address the current unstable economic environment.  The allowance for loan losses to gross loans ratio increased to 1.43% at December 31, 2008, as compared with 1.28% at September 30, 2008.  For the year 2008, net income was $26.5 million, or $0.90 per diluted share, as compared with $26.8 million, or $0.91 per diluted share, in 2007.

 

“Our prudent credit loss provision during the current quarter and the strong capital level at the end of the current quarter reflect our commitment to run our operation conservatively and confront challenges directly in this unstable economic environment,” stated Ms. Joanne Kim, President and CEO.

 

FOURTH QUARTER 2008 FINANCIAL HIGHLIGHTS:

 

·                  Capital position remained strong with total risk based capital ratio at 17.09%, as compared with 14.01% in 3Q08.

·                  Loan loss provision increased to $5.9 million, as compared with $3.4 million in 3Q08.

·                  Allowance for loan losses to gross loans ratio increased to 1.43% from 1.28% in 3Q08.

·                  Average net loan portfolio increased at an annualized 6.3% to $2.01 billion, as compared with $1.98 in 3Q08.

·                  Net interest margin decreased to 3.73% from 3.86% in 3Q08.

·                  Efficiency ratio improved to 44.1% from 46.0% in 3Q08.

 

CREDIT QUALITY

 

Wilshire is working closely to monitor for credit deterioration, and its management team is taking proactive steps to mitigate potential risk in the entire loan portfolio.  Non-performing loans, delinquent loans, and net charge offs are remained under management control during the fourth quarter of 2008

 

“Due to the current difficult economic environment, we experienced elevated levels of classified loans, which exhibited weakness and deserve management’s close attention,” said Ms. Kim.  “To early identify credit weakness in this economic environment, we conducted a comprehensive loan review.  The review included over $980 million loans, in the aggregate or approximately 48% of our total portfolio during the current quarter.  Based upon this review, we aggressively downgraded potential problem loans that warrant closer monitoring effort.  While doubtful classified loans decreased, substandard loans increased to $92.6 million at December 31, 2008, from $69.2 million at September 30, 2008.”

 

Primarily attributable to an increase in classified loan, Wilshire recorded $5.9 million of provision for loan losses, while gross charge offs amounted $2.6 million in the fourth quarter of 2008, as compared with $3.4 million provision in the third quarter of 2008.

 

Among the classified loans at December 31, 2008, $67.8 million, or 70.6% are commercial real estate loans, while commercial and industrial loans and home loans are $15.4 million and $6.6 million, respectively.  90% of commercial real estate loans that are classified substandard or worse are performing and the weighted average loan to value is 65%.  Historical loss amount and percentage as of total commercial real estate loans including SBA real estate loans are $728,000 (0.05%), $785,000 (0.06%), $138,000 (0.01%) in 2008, 2007, and 2006, respectively.

 


The following information was filed by Wilshire Bancorp Inc (WIBC) on Wednesday, January 28, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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