Wilshire Bancorp, Inc (WIBC)

[56Chevy]

WIBC Reports Net Income of $38.5 Million or $0.54 Earnings Per Share for Third Quarter 2012 (10/22/12)

LOS ANGELES, Oct. 22, 2012 (GLOBE NEWSWIRE) -- 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 $38.5 million, or $0.54 per diluted common share, for the quarter ended September 30, 2012. This compares to net income available to common shareholders of $10.2 million, or $0.14 per common share, for the same period of the prior year, and net income available to common shareholders of $22.1 million, or $0.31 per common share, for the second quarter of 2012. The increase in net income for the third quarter of 2012 is primarily attributable to a $12.0 million negative provision for losses on loans and a $12.6 million tax benefit that resulted from the reversal of the deferred tax asset valuation allowance.

Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, "Our third quarter results represent the highest level of net income and earnings per share in our history. We believe that the Company continues to exhibit positive trends, including solid loan growth, an improving deposit mix, an expanding net interest margin, and improved efficiencies. We also continue to see stable credit quality and a low level of credit losses, which drove a further reduction in our allowance for loan losses from the elevated levels we built last year.

"As we previously announced, both the Company's and the Bank's Memoranda of Understanding with their respective regulators have been terminated, and as a result, we anticipate more flexibility in terms of strategic planning," said Mr. Yoo.

There are several highly favorable factors to consider going forward in this one report. A report like this must of been a real joy for managers to put out. Earnings are up...NIM is up...the MOU with regulators is in the rear view mirror...very strong cap ratios...etc. etc. etc.

Agreed. What's not to love here!