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Wilshire Bancorp Reports Net Income Of $11.6 Million Or $0.16 Earnings Per Share For First Quarter 2013

Stocks in this article: WIBC

LOS ANGELES, April 22, 2013 (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 $11.6 million, or $0.16 per diluted common share, for the quarter ended March 31, 2013. This compares to net income available to common shareholders of $17.9 million, or $0.25 per common share, for the same period of the prior year, and net income of $15.2 million, or $0.21 per common share, for the fourth quarter of 2012.

Pre-tax, pre-provision income (PTPP)* was $17.0 million for the first quarter of 2013, compared with $16.1 million in the first quarter of 2012, and $11.6 million in the fourth quarter of 2012.

Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, "Our first quarter results reflect the strong core earnings power of the Company, as we generated an annualized return on average assets of 1.70% and an annualized return on average equity of 13.3%. We also showed solid growth in both revenue and pre-tax, pre-provision income over the first quarter of 2012. While overall loan growth remains challenging given the intense competition for quality loans, we are pleased with our continued progress in developing more commercial lending relationships. We originated $55 million of commercial loans during the first quarter of 2013 – our highest level in several years – and also saw significant inflows of demand deposits from new commercial customers. We also continue to see steady improvement in asset quality, which has kept our credit costs low.

"We continue to have a very strong capital position and our operations are generating additional capital each quarter. Accordingly, we have initiated a more active capital management plan designed to both invest in the growth of our franchise and return excess capital to shareholders. The first step in this plan was the authorization of a program to repurchase up to 5% of our outstanding common shares. We are actively evaluating other uses for our capital including but not limited to the potential reinstatement of a common stock dividend, investments in de novo branches, and strategic acquisitions. We are optimistic that our more active capital management plan will create additional value for shareholders going forward," said Mr. Yoo.

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