Exhibit 99.1

 

WILSHIRE BANCORP, INC.
CONTACT:
Alex Ko, EVP & CFO, (213) 427-6560
www.wilshirebank.com

 

NEWS RELEASE

 

 

 

 

 

 

Wilshire Bancorp Reports Net Income of $10.9 Million or

$0.15 per Share for Fourth Quarter 2013

 

LOS ANGELES, January 27, 2014 - Wilshire Bancorp, Inc. (NASDAQ: WIBC) (the “Company”), the holding company for Wilshire Bank (the “Bank”), today reported net income available to common shareholders of $10.9 million, or $0.15 per diluted common share, for the quarter ended December 31, 2013.  This compares to net income available to common shareholders of $15.2 million, or $0.21 per diluted common share, for the same period of the prior year, and net income available to common shareholders of $11.3 million, or $0.16 per diluted common share, for the third quarter of 2013.  Financial results for the fourth quarter of 2013 include $1.8 million in one-time merger-related expenses attributable to the acquisitions of BankAsiana and Saehan Bancorp.

 

Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, “We are pleased to deliver another solid quarter, which was driven by a continuation of our strong business development activity.  We had $222 million in loan production during the fourth quarter, which resulted in 3.2% organic growth in our loan portfolio during the quarter, as well as generated our highest level of gain on sales of SBA loans for any quarter in 2013.”

 

“We believe we are making good progress with the integration of our two recent acquisitions, BankAsiana and Saehan Bancorp.  The two acquisitions have provided us with an expanded market presence and improved business development capabilities that we believe will be instrumental in helping us continue growing our market share.  In 2014, we will be focused on fully capturing the projected synergies from these acquisitions, generating quality balance sheet growth, and delivering a higher level of profitability for our shareholders,” said Mr. Yoo.

 

Q4 2013 Summary

 

  • Net income available to common shareholders totaled $10.9 million or $0.15 per diluted common share, for the fourth quarter of 2013

 

  • Total revenue of $41.6 million, an increase of 29% from the fourth quarter of 2012

 

  • Return on average assets of 1.32% and return on average equity of 10.88% for the fourth quarter of 2013

 

  • Acquisition of BankAsiana and Saehan Bancorp completed during the fourth quarter of 2013; Despite these acquisitions being complete, the purchase accounting adjustments are still being evaluated and as such are preliminary and subject to change

 

  • Loans receivable totaled $2.82 billion at December 31, 2013, an increase of 28% from $2.20 billion at September 30, 2013

 

  • Total deposits were $2.87 billion at December 31, 2013, an increase of 27% from $2.25 billion at September 30, 2013

 

  • Continued low credit losses resulted in no provision for losses on loans and loan commitments for Q4 2013

 


The following information was filed by Wilshire Bancorp Inc (WIBC) on Friday, January 31, 2014 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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