Exhibit 99.1

 

WILSHIRE BANCORP, INC.

 

 

 

CONTACT:

 

 

 

Alex Ko, EVP & CFO, (213) 427-6560

 

 

NEWS RELEASE

www.wilshirebank.com

 

 

 

 

Wilshire Bancorp Reports Net Income of $16.1 Million or

$0.20 per Share for Fourth Quarter 2014

 

LOS ANGELES, January 26, 2015 - Wilshire Bancorp, Inc. (NASDAQ: WIBC) (the “Company”), the holding company for Wilshire Bank (the “Bank”), today reported net income of $16.1 million, or $0.20 per diluted common share, for the quarter ended December 31, 2014.  This compares to net income of $10.9 million, or $0.15 per diluted common share, for the same period of the prior year, and net income of $15.1 million, or $0.19 per diluted common share, for the third quarter of 2014.

 

Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, “We had another strong quarter of business development with $327 million in loan originations, which is an increase of 47% compared to the same quarter in 2013.  As a result of the strong marketing team we have built, we have been able to more deeply penetrate our existing markets and generate full year loan growth of 16% in 2014.  We are also making good progress towards our goal of building a more diversified loan portfolio, as our commercial portfolio and our residential real estate portfolio are growing at significantly higher rates than our commercial real estate portfolio.  Our positive business development trends, continued low credit costs, and disciplined expense control has helped us to deliver a consistently strong level of returns with a return on average assets of 1.57% and a return on average equity of 12.65% for the full year 2014.”

 

“In addition to continuing to expand our customer base in our core markets, we plan to increase our presence in the Southeastern United States, where we are seeing strong growth in the multi-ethnic communities that we serve.  We believe this expansion will provide an incremental source of growth, while also helping us to build a stronger, more diversified banking franchise,” said Mr. Yoo.

 

Q4 2014 Summary

 

·        Net income totaled $16.1 million, or $0.20 per diluted common share, for the fourth quarter of 2014

 

·        Total net revenue of $47.4 million for the fourth quarter of 2014, an increase of 13.8% from the fourth quarter of 2013

 

·        Return on average assets of 1.59% and return on average equity of 13.27% for the fourth quarter of 2014

 

·        Net interest margin of 4.00% for the fourth quarter of 2014, a decrease from 4.26% for the third quarter of 2014

 

·        Loans receivable (net of deferred fees and costs) totaled $3.31 billion at December 31, 2014, an increase of 17% from $2.82 billion at December 31, 2013

 

·        Total deposits were $3.40 billion at December 31, 2014, an increase of 18% from $2.87 billion at December 31, 2013

 

·        Continued improvement in asset quality resulted in no provision for losses on loans and loan commitments for the fourth quarter of 2014

 


The following information was filed by Wilshire Bancorp Inc (WIBC) on Tuesday, January 27, 2015 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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