Exhibit 99.1

 

 

 

WILSHIRE BANCORP, INC.

NEWS RELEASE

CONTACT:

Alex Ko, EVP & CFO, (213) 427-6560

www.wilshirebank.com

 

 

 

Wilshire Bancorp Reports Net Income of $15.2 Million or

$0.21 Earnings per Share for Fourth Quarter 2012

 

LOS ANGELES, January 23, 2013 - Wilshire Bancorp, Inc. (NASDAQ: WIBC) (the “Company”), the holding company for Wilshire State Bank (the “Bank”), today reported net income available to common shareholders of $15.2 million, or $0.21 per diluted common share, for the quarter ended December 31, 2012.  This compares to net income available to common shareholders of $5.8 million, or $0.08 per common share, for the same period of the prior year, and net income of $38.5 million, or $0.54 per common share, for the third quarter of 2012.  The increase in net income from the fourth quarter of 2011 is primarily attributable to a $12.0 million negative provision for losses on loans and loan commitments.  The decline in net income from the third quarter of 2012 is primarily attributable to the return to a normalized tax provision.

 

For the full year 2012, the Company reported net income available to common shareholders of $93.7 million, or $1.31 per diluted common share, compared with a net loss of $34.0 million, or ($0.61) per share, for the full year 2011.

 

Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, “We ended 2012 with another strong quarter, which contributed to the most profitable year in the history of the Company.  Our new business development efforts continue to gain momentum, as we had $264 million in loan originations during the fourth quarter, which represents our highest level of loan production in several years.  At the same time, our credit quality continues to show strong improvement with non-covered non-accrual loans declining by 32% from the end of the prior quarter.  This improvement reflects our effective management of problem assets, which is resulting in a steady migration of non-accrual loans back to accrual status and the continued pay-down of outstanding problem loans.

 

“As we begin 2013, we are optimistic that we will continue to generate solid profitability.  We expect to continue seeing good demand for CRE loans, and we believe the investments we have made to build our commercial, SBA, and residential real estate lending businesses will continue to generate strong loan production this year.  In addition, we continue to have a significant amount of excess capital that we can utilize to create additional value for shareholders going forward,” said Mr. Yoo.

 


The following information was filed by Wilshire Bancorp Inc (WIBC) on Monday, January 28, 2013 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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