Wilshire Bancorp, Inc (WIBC)

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Wilshire Bancorp reports Q3 EPS 14c vs. consensus 4c

WIBC LOS ANGELES, Oct. 25, 2011 (GLOBE NEWSWIRE) -- Wilshire Bancorp, Inc. (Nasdaq:WIBC - News),

Wilshire Bancorp reports Q3 EPS 14c vs. consensus 4c

Wilshire Bancorp Reports $0.14 Earnings Per Share for Third Quarter 2011


the holding company ("the Company") for Wilshire State Bank ("the Bank"), today reported net income available to common shareholders of $10.2 million, or $0.14 per diluted common share, for the quarter ended September 30, 2011. This compares to net income available to common shareholders of $4.1 million, or $0.14 per diluted common share, for the same period of the prior year, and net income available to common shareholders of $2.1 million, or $0.04 per diluted common share, in the second quarter of 2011.

Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, "We are very pleased with our third quarter results, which reflect significant improvement in our asset quality and the continued strong earnings power of our franchise. Our primary focus remains on credit quality and reducing problem loans, and we continue to make excellent progress in this area. During the third quarter of 2011, our non-performing loans, delinquent loans, impaired loans, and classified loans were all reduced from the previous quarter. This is the result of our aggressive efforts to dispose of our weakest credits, which has significantly improved the overall quality of our remaining loan portfolio.

Q3 2011 Summary:

Net income available to common shareholders of $10.2 million, or $0.14 per share

Substantial improvement in asset quality from Q2 2011 to Q3 2011 with a 76% decline in delinquent loans and a 28% decline in non-accrual loans

Overall reduction in inflows into all major credit categories

Annualized quarter to date return on average assets of 1.65%

Annualized quarter to date return on average equity of 14.89%

All capital ratios strengthened from prior quarter

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