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WILSHIRE BANCORP, INC.
Wilshire Bancorp Reports Financial Results for Fourth Quarter 2010
LOS ANGELES, January 24, 2011 - Wilshire Bancorp, Inc. (NASDAQ: WIBC), the holding company for Wilshire State Bank, today reported a net loss to common shareholders of $30.0 million, or ($1.02) per basic and diluted share, for the quarter ended December 31, 2010. This compares to net income available to common shareholders of $3.2 million, or $0.11 per basic and diluted common share, for the same period of the prior year. The net loss reported for the fourth quarter of 2010 is attributable to $65.5 million in provision for loans losses that was largely driven by the disposal of a significant number of problem assets through note sales and charge-offs. The fourth quarter 2010 credit management actions had the effect of significantly lowering the risk profile of the Companys loan portfolio and reducing its level of non-accrual, troubled debt restructured (TDRs), classified and impaired loans.
Our fourth quarter results reflect our aggressive actions to resolve lingering credit issues related to commercial real estate loans, said Ms. Joanne Kim, President and CEO of Wilshire Bancorp. Following these actions, we have now disposed of the weakest credits in our loan portfolio and have positioned the Bank to move forward with more manageable credit costs. We will continue to focus on credit quality and the reduction of problem assets in future quarters.
We expect to demonstrate the significant earnings power of the Bank and deliver improved profitability throughout the year 2011. With the reduction of problem assets from our balance sheet, we believe that increased gains on sales of small business administration (SBA) and residential mortgage loans, lower credit costs, and the effect of a company-wide initiative to reduce non-interest expense levels will help drive our earnings growth in 2011, said Ms. Kim.
FOURTH QUARTER 2010 SUMMARY:
· Decline in non-accrual loans Non-accrual loans declined to $64.6 million, or 2.75 % of gross loans, at December 31, 2010, from $76.3 million, or 3.12% of gross loans, at September 30, 2010.
· Decrease in impaired loans Impaired loans were reduced from $192.6 million at September 30, 2010 to $118.5 million at December 31, 2010, a reduction of $74.1 million or 38.5% on a quarter to quarter basis.
· Decline in troubled debt restructured loans (TDRs) Performing TDRs and impaired restructured loans declined $62.1 million or 53.5% to $53.9 million at December 31, 2010, from $115.9 million at September 30, 2010.
· Cost of funds reduction Cost of funds saw continued reductions to 1.04% at December 31, 2010, down 20 basis points from 1.24% at September 30, 2010.
· Increase in demand deposits Non-interest bearing demand deposits increased $13.8 million, or 3%, from the end of the prior quarter further improving the deposit mix.
The following information was filed by Wilshire Bancorp Inc (WIBC) on Friday, January 28, 2011 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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