Exhibit 99.1

 

WILSHIRE BANCORP, INC.

GRAPHIC

 

CONTACT:

 

Alex Ko, EVP & CFO, (213) 427-6560

NEWS RELEASE

www.wilshirebank.com

 

 

Wilshire Bancorp Reports Net Income of $13.3 Million or

$0.17 per Share for Third Quarter 2015

 

LOS ANGELES, October 19, 2015 - Wilshire Bancorp, Inc. (NASDAQ: WIBC) (the “Company”), the holding company for Wilshire Bank (the “Bank”), today reported net income of $13.3 million, or $0.17 per diluted common share, for the quarter ended September 30, 2015. This compares to net income of $15.1 million, or $0.19 per diluted common share, for the same period of the prior year, and net income of $15.6 million, or $0.20 per diluted common share, for the second quarter of 2015.

 

Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, “We had a very strong quarter of business development with more than $400 million in total loan production.  We continue to make progress in building our commercial lending platform, which resulted in more than $100 million in C&I loan production in the third quarter, the highest quarterly production in our history.  We are also seeing increasing production from our residential mortgage lending business, which originated over $100 million in loans during the third quarter.  The progress we are making in building our C&I and residential mortgage lending businesses is helping us to achieve the more diversified loan portfolio that we are targeting.

 

“We believe we are well positioned to generate earnings growth going forward.  We have excellent liquidity with a loan-to-deposit ratio below our historical range.  As we redeploy our excess liquidity into higher-yielding loans and securities, we expect to see an expansion in our net interest margin, which should help drive a higher level of revenue and earnings in future quarters,” said Mr. Yoo.

 

Q3 2015 Summary

 

·            Net income totaled $13.3 million, or $0.17 per diluted common share, for the third quarter of 2015

 

·            Total net revenue of $47.0 million for the third quarter of 2015, an increase of 1.3% from the third quarter of 2014

 

·            Return on average assets of 1.16% and return on average equity of 10.12% for the third quarter of 2015

 

·            Net interest margin of 3.49% for the third quarter of 2015, a decrease from 3.59% for the second quarter of 2015

 

·            Loans receivable (net of deferred fees and costs) totaled $3.63 billion at September 30, 2015, an increase of 15% from $3.16 billion at September 30, 2014

 

·            Total deposits were $3.94 billion at September 30, 2015, an increase of 24% from $3.19 billion at September 30, 2014

 

·            Demand deposits totaled $1.07 billion at September 30, 2015, an increase of 17% from $914.7 million at September 30, 2014

 

·            Provision for losses on loans and loan commitments of $700,000 primarily related to loan growth and an increase in unfunded commitments

 


The following information was filed by Wilshire Bancorp Inc (WIBC) on Monday, October 26, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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