Wilshire Bancorp Inc (WIBC) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2009

EXHIBIT 99.1

Wilshire Bancorp Reports Fourth Quarter and Year End Results: Highlights Include
Fourth Quarter Net Income of $3.2 Million or $0.11 Per Common Share,
Strengthened Allowance for Loan Losses, and Improved Efficiency Ratio

LOS ANGELES, January 21, 2010 - Wilshire Bancorp, Inc. (NASDAQ: WIBC), the holding company for Wilshire State Bank, today reported net income available to common shareholders of $3.2 million, or $0.11 per basic and diluted common share, for the fiscal quarter ended December 31, 2009. This compares to a net loss of $1.7 million or ($0.06) per basic and diluted share for the quarter ended September 30, 2009, and a profit of $5.0 million or $0.17 per basic and diluted share for the year-earlier fourth quarter.

“In spite of our continued steps in the fourth quarter to further improve the quality of our balance sheet by aggressively charging-off problem loans as well as increasing our allowance for loan losses, our core profitability remains strong due to our stable net interest margin and low efficiency ratio.  Total non-performing assets decreased from the third quarter of 2009, a large portion of which can be attributed to a decrease in non-accrual loans,” said Ms. Joanne Kim, President and CEO. She added “Overall, 2009 was a good year, and with the successful acquisition of Mirae Bank in the second quarter, we will continue to cautiously look ahead for other growth opportunities in the future.”

For the full fiscal year, the Company reported net income available to common shareholders of $16.5 million or $0.56 per basic and diluted share, compared to $26.3 million or $0.90 per basic and diluted common share for the fiscal year ended December 31, 2008.

FOURTH QUARTER 2009 HIGHLIGHTS:

·                  Decrease in non-performing assets – Non-performing assets decreased by 12%, or $9.8 million during 4Q 2009, compared to 3Q 2009. The decrease in non-performing assets was comprised of a decrease of $7.4 million in non-accrual loans and a $2.4 million decrease in ORE. TDR loans decreased by $1.6 million from 3Q 2009 to 4Q 2009. Total non-performing loans to gross loans and non-performing assets to total asset ratios decreased from 3.2% and 2.5% to 2.9% and 2.2%, respectively.

·                  Allowance for loan losses – The allowance for loan losses as a percentage of total gross loans was strengthened to 2.56% for 4Q 2009, compared to 2.24% at 3Q 2009 and 1.43% at 4Q 2008. Provision for loan losses and loan commitments was $25.6 million for the latest quarter, comparable to the $24.2 million in 3Q 2009 and $5.9 million for 4Q 2008. For the full year, the provision for loan losses was $68.6 million, compared to $12.1 million in 2008.

·                  Improved efficiency ratio – The efficiency ratio improved to 35.08% at 4Q 2009 from 40.26% at 3Q 2009 and 44.08% at 4Q 2008.

·                  Strong capital position – Total risk-based capital ratio remained strong at 15.81%, compared to 15.82% at 3Q 2009, but was down from 17.09% at 4Q 2008. Tangible common equity per common share was $6.71, down from $6.93 at 3Q 2009 but up from $6.38 at 4Q 2008.

·                  Strong core deposits growth – Core deposits increased to $2.03 billion, a 17% increase from 3Q 2009 and a 123% increase from 4Q 2008.