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Wilshire Bancorp Reports Net Income of $38.5 Million or $0.54 Earnings Per Share for Third Quarter 2012

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.

Q3 2012 Summary:

  • Net income available to common shareholders of $38.5 million or $0.54 per diluted share
  • Net interest margin increased to 4.35% for Q3 2012 from 4.13% for Q2 2012 as cash and cash equivalents were shifted to higher yielding loans
  • Deferred tax asset valuation allowance fully reversed in Q3 2012
  • Strengthened capital ratios with tier 1 leverage ratio at 15.0%, total risk based ratio at 20.6%, and tangible common equity ratio at 12.3% in Q3 2012.
  • Gross loans (including held-for-sale) totaled $2.09 billion at Q3 2012, an increase of 3.2% from $2.03 billion at Q2 2012
  • Improved deposit mix with non-interest-bearing demand deposits increasing to 24.8% of total deposits at Q3 2012 from 23.6% at Q2 2012
  • Non-accrual loans declined to $38.9 million, classified loan declined to $172.8 million, and gross charge-offs declined to $2.8 million in Q3 2012 compared to Q2 2012
  • Improved credit quality and reduced gross charge-offs resulted in $12.0 million negative provision for losses on loans
  • FDIC indemnification impairment of $2 million as a result of improved credit quality of covered loans
  • Redemption of $10 million in junior subordinated debentures in Q3 2012 that had a rate of approximately 3.5% at redemption

STATEMENT OF OPERATIONS

Net Interest Income and Margin

Net interest income before credit for losses on loans totaled $25.6 million in the third quarter of 2012, slightly up from $25.5 million for the third quarter of 2011, and an increase of 5.6% from $24.2 million in the second quarter of 2012. The increase from the prior quarter was primarily due to an increase in average loans outstanding and a decrease in interest expense.

Net interest margin was 4.35% for the third quarter of 2012, compared to 4.23% in the third quarter of 2011, and 4.13% for the second quarter of 2012. The increase in net interest margin from the second quarter of 2012 was primarily due to a higher percentage of loans in the mix of interest-earning assets, as well as a reduction in the cost of overall deposits.

Loan yields increased to 5.73% for the third quarter of 2012 from 5.71% for the second quarter of 2012, due to an increase in prepayment penalty fees collected during the quarter. These prepayment penalty fees totaled $336 thousand for the third quarter of 2012, compared to $16 thousand for the second quarter of 2012. The total cost of interest-bearing deposits declined to 0.87% for the third quarter of 2012, down from 0.96% for the second quarter of 2012. Cost of total deposits was reduced to 0.66% for the third quarter of 2012 compared to 0.74% during the previous quarter. The reduction in deposit rates was a result of declines in deposit costs across all categories combined with an increase in demand deposits as a percentage of total deposits.

Non-Interest Income

Total non-interest income was $6.6 million for the third quarter of 2012, compared to $7.7 million for the third quarter of 2011, and $8.5 million for second quarter of 2012. The decrease in non-interest income from the prior quarter was primarily due to lower gains on sales of loans, as the Company decided to retain a larger portion of its SBA loan production during the third quarter of 2012. Total SBA loans held-for-sale at the end of the third quarter of 2012 totaled $51.6 million compared to $33.9 million at the end of the previous quarter. The decision to retain or sell SBA loan production will be made on a quarter-to-quarter basis, dependent upon pricing in the secondary market and the Company's liquidity needs.

The $1.2 million in net gains on sales of loans recognized in the third quarter of 2012 included $1.1 million in gains from the sale of SBA loans and $86 thousand in gains from the sale of mortgage loans.

Non-Interest Expense

Total non-interest expense totaled $18.3 million for the third quarter of 2012, compared with $18.5 million for the third quarter of 2011, and $20.4 million for the second quarter of 2012. The decrease in total non-interest expense for the third quarter of 2012, compared to the second quarter of 2012 was primarily due to lower other non-interest expense. Other non-interest expense for the third quarter of 2012 totaled $4.4 million, a 51.5% decline compared with $9.0 million in the third quarter of 2011 and a 34.3% decline from $6.7 million for the second quarter of 2012. The decrease from the prior quarters was primarily attributable to lower professional fees, a decline in expenses related to other real estate owned ("OREO"), and lower regulatory assessment fees.

Total salaries and employee benefits expense was $9.4 million in the third quarter of 2012, compared with $6.8 million in the third quarter of 2011, and $9.0 million in the second quarter of 2012. The increase from the prior quarters was largely due an increase in staff, particularly in areas related to lending and loan underwriting.

During the third quarter of 2012, the Company recorded an impairment of the FDIC indemnification asset amounting to $2.0 million. The impairment reflected overall improved credit quality in the covered loan portfolio. As such the FDIC indemnification asset balance at September 30, 2012, net of the impairment charge of $2.0 million, was $9.9 million.

The Company's operating efficiency ratio was 57.0% for the third quarter of 2012, compared with 55.7% for the third quarter of 2011 and 62.2% for the second quarter of 2012.

Tax Provision

For the third quarter of 2012, the Company recorded a tax benefit of $12.6 million, primarily related to the full reversal of the remaining valuation allowance held against the Company's deferred tax asset. This compares to $215 thousand in tax provision for the second quarter of 2012 and $1.1 million tax provision for the third quarter of 2011.

The Company recorded a valuation allowance during the first quarter of 2011 against its entire net deferred tax asset, primarily due to accumulated taxable losses and the absence of clear and objective positive evidence that future taxable income would be sufficient enough to realize the tax benefits of its deferred tax assets. However, with 12 quarters (3 years) of cumulative positive income, 6 continuous quarters of earnings, strengthening capital, significantly improved asset quality, and removal of regulatory orders, management concluded that those deferred tax assets are now more likely than not to be realized and thus maintaining a valuation allowance was no longer required.

Going forward, the Company expects its effective tax rate to be comparable to its normalized historical tax rate, approximately 37%-38%.

BALANCE SHEET

Total gross loans were $2.09 billion at September 30, 2012, compared to $2.03 billion at June 30, 2012. The increase in total gross loans during the third quarter of 2012 was primarily due to increases in the commercial real estate and residential real estate portfolio, offset primarily by declines in construction loans.

As previously disclosed, upon acquiring certain assets and liabilities of the former Mirae Bank, the Company entered into a loss sharing agreement with the FDIC whereby the FDIC has agreed to share in losses on assets covered under the agreement. The assets covered by the loss sharing agreement include loans and foreclosed loan collateral existing on June 26, 2009 and acquired from Mirae Bank. As a result, loans acquired through the acquisition of Mirae Bank are identified as "covered" loans, and those that were originated at Wilshire are "non-covered" loans or "legacy Wilshire" loans.

The following table shows "covered" and "non-covered" gross loans (excluding loan fees and allowance for loan losses) by loan type:

Loan Categories

(Dollars in Thousands) Quarter Ended
Gross Non-Covered Loans Sep 30, 2012 Jun 30, 2012 Mar 31, 2012 Dec 31, 2011 Sep 30, 2011
Construction $ 20,311 $ 27,030 $ 38,552 $ 61,832 $ 58,988
Real Estate Secured 1,641,851 1,558,274 1,472,450 1,490,504 1,501,297
Commercial & Industrial 287,045 290,063 269,501 253,092 244,248
Consumer 14,139 13,530 16,362 15,001 16,013
Total Non-Covered Gross Loans $ 1,963,346 $ 1,888,897 $ 1,796,865 $ 1,820,429 $ 1,820,546
Gross Covered Loans
Real Estate Secured $ 113,874 $ 119,985 $ 137,051 $ 137,144 $ 143,719
Commercial & Industrial 15,875 18,756 20,824 28,267 33,103
Consumer 14 65 71 79 86
Total Covered Gross Loans $ 129,763 $ 138,806 $ 157,946 $ 165,490 $ 176,908
Total Gross Loans
Construction $ 20,311 $ 27,030 $ 38,552 $ 61,832 $ 58,988
Real Estate Secured 1,755,725 1,678,259 1,609,501 1,627,648 1,645,016
Commercial & Industrial 302,920 308,819 290,325 281,359 277,351
Consumer 14,153 13,595 16,433 15,080 16,099
Total Gross Loans $ 2,093,109 $ 2,027,703 $ 1,954,811 $ 1,985,919 $ 1,997,454

Loan originations for the third quarter of 2012 totaled $209.2 million, compared to total loan originations of $245.2 million for the second quarter of 2012. The decrease in total loan originations from the prior quarter was attributable to a decrease in originations of commercial and industrial loans, residential mortgage loans, and SBA loans.

The following table shows quarterly loan originations by loan type:

LOANS ORIGINATIONS Quarter Ended
(Dollars in Thousands) September 30, 2012 June 30, 2012 March 31, 2012 December 31, 2011 September 30, 2011
Real Estate Secured $ 80,700 39% $ 81,782 33% $ 24,493 25% $ 22,608 21% $ 24,493 25%
Commercial & Industrial 40,683 19% 50,469 21% 22,049 23% 40,517 37% 22,049 23%
Consumer 1,805 1% 304 0% 1,510 2% 161 0% 1,510 2%
SBA Loans 27,457 13% 37,989 16% 20,746 21% 29,035 26% 20,746 21%
Residential Mortgage Loans 58,589 28% 74,673 30% 28,736 29% 17,292 16% 28,736 29%
Total Loan Originations $ 209,234 100% $ 245,217 100% $ 97,534 100% $ 109,613 100% $ 97,534 100%

During the third quarter of 2012 the Company had a 30.9% reduction in cash and cash equivalents. These funds were used for loan originations and to offset the departure of high cost deposits. As a result, the Company had a more favorable mix of interest-earning assets and a lower cost of deposits, which helped drive the increase in net interest margin during the third quarter of 2012.

The Company, during the third quarter of 2012, redeemed all of the $10.0 million in subordinated debentures issued by Wilshire State Bank. The junior subordinated debentures issued by the Bank in 2002 had a rate of approximately 3.5% at the time of the redemption. The remaining $77.3 million in junior subordinated debentures were issued by the Company.

Total OREO was $2.3 million at September 30, 2012, compared with $4.4 million at June 30, 2012. Compared to the third quarter of 2011, total OREO declined 75.5%, from $9.3 million. Outflow from OREO during the third quarter of 2012 consisted of 6 sold properties totaling approximately $4.1 million. Inflow into OREO during the third quarter of 2012 consisted of 5 properties totaling approximately $2.0 million.

Total deposits were $2.17 billion at September 30, 2012, compared with $2.18 billion at June 30, 2012. Increases in non-interest bearing demand deposits and money market accounts enabled the Company to run off higher costing time deposits, resulting in a decrease in total deposits, but an overall improved deposit mix. Non-interest bearing deposits increased 4.6% during the third quarter of 2012 and increased 14.9% during the twelve months ended September 30, 2012.

CREDIT QUALITY

The Company has experienced improving credit trends for over a year with declining trends in non-performing loans and charge-offs. Non-accrual loans have declined by 31.1% from September 30, 2011 to September 30, 2012 and gross quarterly charge-offs have been below 25 bps of average total loans for four consecutive quarters.

In light of the continued improvements in credit quality, the Company recorded a negative provision for losses on loans and loan commitments of $12.0 million in the third quarter of 2012. The allowance for loan losses totaled $74.4 million, or 3.81% of gross loans (excluding loans held-for-sale) at September 30, 2012, compared to $89.1 million, or 4.54% of gross loans at June 30, 2012. The coverage ratio of the allowance for loan losses to non-performing assets was 180.7% at September 30, 2012, compared with 190.6% at June 30, 2012. Allowance coverage of legacy Wilshire loans (excluding loans held-for-sale) was 4.08% at September 30, 2012, compared with 4.89% at June 30, 2012.

Non-Accrual Loans

At September 30, 2012, total non-covered non-accrual loans were $33.7 million, or 1.72% of gross non-covered loans, compared to $35.0 million, or 1.85% of gross non-covered loans, at June 30, 2012, and $39.5 million, or 2.17% of gross non-covered loans, at September 30, 2011.

The following table shows "covered" and "non-covered" non-accrual loans by loan type:

NON-ACCRUAL LOANS
(Dollars In Thousands, Net of SBA Guaranteed Portions)
Quarter Ended
Non-Covered Loans Sep 30, 2012 Jun 30, 2012 Mar 31, 2012 Dec 31, 2011 Sep 30, 2011
Construction $7,678 $8,139 $8,139 $12,548 $316
Real Estate Secured 25,124 25,762 26,082 15,696 37,454
Commercial & Industrial 892 1,095 1,261 1,573 1,764
Total Non-Covered Non-Accrual Loans $33,694 $34,996 $35,482 $29,817 $39,534
Covered Loans
Real Estate Secured $4,602 $6,396 $15,400 $13,392 $15,322
Commercial & Industrial 586 93 109 623 1,609
Total Covered Non-Accrual Loans $5,188 $6,489 $15,509 $14,015 $16,931
Total Non-Accrual Loans
Construction $7,678 $8,139 $8,139 $12,548 $316
Real Estate Secured 29,726 32,158 41,482 29,088 52,776
Commercial & Industrial 1,478 1,188 1,370 2,196 3,373
Total Non-Accrual Loans $38,882 $41,485 $50,991 $43,832 $56,465

The inflow into total (covered and non-covered) non-accrual loans was $5.3 million in the third quarter of 2012, compared with inflow of $6.1 million in the second quarter of 2012. Half of the inflow into total non-accrual loans for the third quarter of 2012 was related to two large loans totaling $2.9 million. Total outflow from total non-accrual loans was $7.9 million during the third quarter of 2012, compared with $15.6 million for the second quarter of 2012. The decrease in outflow of non-accrual loans reflects a decrease in sales of non-performing loans during the third quarter.

Troubled Debt Restructured Loans

At September 30, 2012, total non-covered troubled debt restructured loans or "TDR loans", were $29.8 million, compared to $24.2 million at June 30, 2012, and $13.1 million at September 30, 2011. The increase in TDR loans for the third quarter of 2012 compared to the previous quarter was largely due to one borrower relationship with two loans totaling $5.0 million that were restructured as TDRs during the quarter.

Total TDR loans by loan category are shown in the table below:

TROUBLED DEBT RESTRUCTURED LOANS
(Dollars In Thousands, Net of SBA Guaranteed Portions)
Quarter Ended
Non-Covered Loans Sep 30, 2012 Jun 30, 2012 Mar 31, 2012 Dec 31, 2011 Sep 30, 2011
Real Estate Secured $24,136 $18,347 $12,648 $11,460 $10,568
Commercial & Industrial 5,695 5,845 6,046 3,235 2,538
Total Non-Covered TDR Loans $29,831 $24,192 $18,694 $14,695 $13,106
Covered Loans
Real Estate Secured $4,388 $2,372 $7,964 $6,377 $6,493
Commercial & Industrial 1,787 1,138 1,283 1,311 1,429
Total Covered TDR Loans $6,175 $3,510 $9,247 $7,688 $7,922
Total TDRs Loans
Real Estate Secured $28,524 $20,719 $20,612 $17,837 $17,061
Commercial & Industrial 7,482 6,983 7,329 4,546 3,967
Total TDR Loans $36,006 $27,702 27,941 $22,383 $21,028

Of the total $36.0 million in TDR loans at September 30, 2012, $8.1 million were also classified as non-accrual, of which $5.7 million were non-covered. The remaining TDR loans were performing in accordance with their modified terms.

Loan Delinquencies (Excluding Non-Accrual Loans)

At September 30, 2012, total non-covered loan delinquencies were $8.4 million, compared with $10.8 million at June 30, 2012, and $7.3 million at September 30, 2011. Total inflow into loan delinquencies was $8.6 million in the third quarter of 2012, compared with $8.2 million in the prior quarter. Total outflow from loan delinquencies was $9.6 million in the third quarter of 2012, compared with $7.0 million in the prior quarter. The $9.6 million in third quarter outflows consisted of $4.0 million in delinquencies that migrated to non-accrual status, $3.9 million in loans that migrated to current status, $1.1 million that was sold, and the remaining either were paid-down or charged-off.

Delinquent loans by days past due are reflected in the table below:

DELINQUENT LOANS -- By Days Past Due
(Dollars In Thousands, Net of SBA Guaranteed Portions)
Quarter Ended
Non-Covered Loans Sep 30, 2012 Jun 30, 2012 Mar 31, 2012 Dec 31, 2011 Sep 30, 2011
30 - 59 Days Past Due $6,855 $8,461 $5,361 $4,890 $4,146
60 - 89 Days Past Due 1,503 1,412 2,837 9,762 2,963
90 Days, and still accruing -- 923 933 -- 190
Total Non-Covered Delinquent Loans $8,358 $10,796 $9,131 $14,652 $7,299
Covered Loans
30 - 59 Days Past Due $652 $696 $987 $355 $572
60 - 89 Days Past Due 1,491 -- 240 513 186
90 Days, and still accruing -- -- -- -- --
Total Covered Delinquent Loans $2,143 $696 $1,227 $868 $758
Total Delinquent Loans
30 - 59 Days Past Due $7,507 $9,157 $6,348 $5,245 $4,718
60 - 89 Days Past Due 2,994 1,412 3,077 10,275 3,149
90 Days, and still accruing -- 923 933 -- 190
Total Delinquent Loans $10,501 $11,492 $10,358 $15,520 $8,057

Of the total $10.5 million in delinquent loans at September 30, 2012, $7.5 million was comprised of delinquent real estate secured loans and $3.0 million consisted of delinquent commercial and industrial loans. Over 70% of total delinquent loans at September 30, 2012 were past due less than 59 days.

Loan Classifications

At September 30, 2012, total non-covered classified loans (loans graded substandard, doubtful, and loss) totaled $145.2 million, compared with $159.0 million at June 30, 2012, and $123.5 million at September 30, 2011. Non-covered criticized loans (loans graded special mention) were $89.5million at September 30, 2012, compared with $75.2 million at June 30, 2012 and $159.2 million at September 30, 2011. Approximately $4.9 million of the increase in non-covered criticized loans was attributable to the upgrading of loans from substandard classification.

Loan balances broken down by classification are reflected in the table below:

LOAN CLASSIFICATIONS
(Dollars In Thousands, Net of SBA Guaranteed Portions)
Quarter Ended
Non-Covered Loans Sep 30, 2012 Jun 30, 2012 Mar 31, 2012 Dec 31, 2011 Sep 30, 2011
Special Mention $89,522 $75,219 $93,303 $119,434 $159,248
Substandard 139,414 153,699 148,788 136,559 108,616
Doubtful 5,740 5,316 6,032 5,769 14,911
Total Non-Covered Gross Loans $234,676 $234,234 $248,123 $261,762 $282,775
Covered Loans
Special Mention $5,194 $9,126 $15,357 $17,438 $14,342
Substandard 26,059 24,591 27,087 22,487 25,180
Doubtful 1,604 3,405 11,668 10,578 8,511
Total Covered Gross Loans $32,857 $37,122 $54,112 $50,503 $48,033
Total Loans
Special Mention $94,716 $84,345 $108,660 $136,872 $173,590
Substandard 165,473 178,290 175,875 159,046 133,796
Doubtful 7,344 8,721 17,700 16,347 23,422
Total Gross Loans $267,533 $271,356 $302,235 $312,265 $330,808

Gross Loan Charge-offs

Non-covered loan charge-offs for the third quarter of 2012 totaled $3.1 million, compared to $3.2 million in the second quarter of 2012, and $11.7 million in the third quarter of 2011.

Charge-offs by loan type is reflected in the table below:

LOAN CHARGE-OFFS
(Dollars In Thousands)
Quarter Ended
Non-Covered Loans Sep 30, 2012 Jun 30, 2012 Mar 31, 2012 Dec 31, 2011 Sep 30, 2011
Real Estate Secured $3,004 $2,734 $2,826 $829 $8,507
Commercial & Industrial 70 502 1,299 2,543 2,973
Consumer -- 1 1 1 217
Total Non-Covered Charge-Offs Loans $3,074 $3,237 $4,126 $3,373 $11,697
Covered Loans
Real Estate Secured $11 $196 $102 $426 $436
Commercial & Industrial 42 9 136 268 384
Total Covered Charge-Offs Loans $53 $205 $238 $694 $820
Total Loan Charge-Offs
Real Estate Secured 3,015 2,930 2,928 1,255 8,943
Commercial & Industrial 112 511 1,435 2,811 3,357
Consumer -- 1 1 1 217
Total Charge-Offs Loans $3,127 $3,442 $4,364 $4,067 $12,517

CAPITAL RATIOS

All of the Company's capital ratios remain in excess of "well capitalized" regulatory requirements as shown in the following table:

(Dollars In Thousands, Except Per Share Info)

September 30, 2012
Well Capitalized
Regulatory
Requirements
Total Excess Above
Well Capitalized
Requirements
Tier 1 Leverage Capital Ratio 14.96% 5.00% 254,603
Tier 1 Risk-Based Capital Ratio 19.33% 6.00% 263,704
Total Risk-Based Capital Ratio 20.61% 10.00% 209,927
Tangible Common Equity To Tangible Assets 12.31% N/A N/A
Tangible Common Equity Per Common Share $4.50 N/A N/A

CONFERENCE CALL

Management will host its quarterly conference call on October 23, 2012, at 11:00 a.m. PT (2:00 p.m. ET). Investment professionals are invited to participate in the call by dialing 800-659-2056 (domestic number) or 617-614-2714 (international number) and entering passcode #13410832.

COMPANY INFORMATION

Headquartered in Los Angeles, Wilshire State Bank operates 24 branch offices in California, Texas, New Jersey and New York, and eight loan production offices in Dallas and Houston, TX, Atlanta, GA, Aurora, CO, Annandale, VA, Fort Lee, NJ, Newark, CA, and Bellevue, WA, and is an SBA preferred lender nationwide. Wilshire State Bank is a community bank with a focus on commercial real estate lending and general commercial banking, with its primary market encompassing the multi-ethnic populations of the Los Angeles Metropolitan area. The Company's strategic goals include increasing shareholder and franchise value by continuing to grow its multi-ethnic banking business and expanding its geographic reach to other similar markets with strong levels of small business activity. Visit us at www.wilshirebank.com.

FORWARD-LOOKING STATEMENTS

This press release contains statements that we believe are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. Statements concerning future performance, events, financial condition, results of operations, plans or any other guidance on future periods constitute forward-looking statements that are subject to a number of risks and uncertainties that might cause actual results to differ materially from stated expectations. You should not place undue reliance on forward-looking statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K. Specific factors that could cause future results to differ materially from historical performance and these forward-looking statements include, but are not limited to, (1) loan production and sales, (2) credit quality, (3) the ability to expand net interest margin, (4) the ability to continue to attract low-cost deposits, (5) success of expansion efforts, (6) competition in the marketplace, (7) political developments, war or other hostilities, (8) changes in the interest rate environment, (9) the ability of our borrowers to repay their loans, (10) the ability to maintain capital requirements and adequate sources of liquidity, (11) effects of or changes in accounting policies, (12) legislative or regulatory changes or actions, (13) the ability to attract and retain key personnel, (14) the ability to receive dividends from our subsidiaries, (15) the ability to secure confidential information through the use of computer systems and telecommunications networks, (16) weakening in the economy, specifically the real estate market, either nationally or in the states in which we do business, and (17) general economic conditions. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes included in the Company's most recent reports on Form 10-K and Form 10-Q, as filed with the Securities and Exchange Commission, as they may be amended from time to time. Results of operations for the most recent quarter are not necessarily indicative of operating results for any future periods. Any projections in this release are based on limited information currently available to management and are subject to change. Since management will only provide guidance at certain points during the year, the Company's will not necessarily update the information. Such information speaks only as of the date of this release. Additional information on these and other factors that could affect financial results are included in filings by the Company with the Securities and Exchange Commission.

CONSOLIDATED BALANCE SHEET
(Dollars In Thousands) (Unaudited) September 30, June 30, Three Months September 30, Twelve Months
2012 2012 % Change 2011 % Change
ASSETS:
Cash and Due from Banks $113,258 $147,202 -23% $99,875 13%
Federal Funds Sold and Other Cash Equivalents 30,005 60,004 -50% 150,005 -80%
Total Cash and Cash Equivalents 143,263 207,206 -31% 249,880 -43%
Investment Securities Available For Sale 292,254 298,364 -2% 356,148 -18%
Investment Securities Held To Maturity 53 57 -7% 70 -24%
Total Investment Securities 292,307 298,421 -2% 356,218 -18%
Loans Held For Sale 140,109 66,485 111% 70,652 98%
Real Estate Construction 19,679 26,386 -25% 58,275 -66%
Residential Real Estate 130,706 117,318 11% 94,591 38%
Commercial Real Estate 1,533,396 1,502,273 2% 1,478,281 4%
Commercial and Industrial 250,560 297,049 -16% 274,469 -9%
Consumer 14,138 13,580 4% 16,082 -12%
Total Loans Receivable 1,948,479 1,956,606 0% 1,921,698 1%
Allowance For Loan Losses (74,353) (89,134) -17% (105,306) -29%
Total Loans, Net of Allowance for Loan Losses 2,014,235 1,933,957 4% 1,887,044 7%
Accrued Interest Receivable 7,570 7,806 -3% 7,739 -2%
Due from Customers on Acceptances 388 382 2% 255 52%
Other Real Estate Owned 2,277 4,351 -48% 9,284 -75%
Premises and Equipment 12,010 12,248 -2% 13,053 -8%
Federal Home Loan Bank (FHLB) Stock, at Cost 13,327 14,051 -5% 16,276 -18%
Cash Surrender Value of Life Insurance 20,735 20,181 3% 19,735 5%
Investment in affordable housing partnerships 40,048 36,007 11% 33,147 21%
Deferred Income Taxes 21,337 6,115 249% 17,143 24%
Servicing Assets 9,645 9,505 1% 9,052 7%
Goodwill 6,675 6,675 0% 6,675 0%
FDIC Indemnification 9,927 12,629 -21% 23,481 -58%
Other Assets 22,145 21,865 1% 31,736 -30%
TOTAL ASSETS $2,615,889 $2,591,399 1% $2,680,718 -2%
LIABILITIES AND SHAREHOLDERS' EQUITY:
LIABILITIES:
Non-interest Bearing Demand Deposits $538,291 $514,418 5% $468,596 15%
Savings and Interest Checking 124,397 129,157 -4% 116,044 7%
Money Market Deposits 662,322 622,177 6% 551,152 20%
Time Deposits in denomination of $100,000 or more 594,500 608,123 -2% 656,847 -9%
Other Time Deposits 255,342 306,123 -17% 356,875 -28%
Total Deposits 2,174,852 2,179,998 0% 2,149,514 1%
FHLB borrowings -- -- N/A 110,000 -100%
Acceptance Outstanding 388 382 2% 255 52%
Junior Subordinated Debentures 77,321 87,321 -11% 87,321 -11%
Accrued Interest Payable 2,465 3,238 -24% 2,728 -10%
Other Liabilities 32,095 31,404 2% 29,059 10%
Total Liabilities 2,287,121 2,302,343 -1% 2,378,877 -4%
SHAREHOLDERS' EQUITY:
Preferred Stock -- -- 0% 60,859 -100%
Common Stock 164,649 164,480 0% 164,650 0%
Retained Earnings 155,606 117,137 33% 71,292 118%
Accumulated Other Comprehensive Income 8,513 7,439 14% 5,040 69%
Total Shareholders' Equity 328,768 289,056 14% 301,841 9%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $2,615,889 $2,591,399 1% $2,680,718 -2%
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars In Thousands, Except Per Share Data) (Unaudited)
Quarter Ended Three Mths Quarter Ended Twelve Mths
September 30, 2012 June 30, 2012 % Change September 30, 2011 % Change
INTEREST INCOME
Interest and Fees on Loans $27,966 $26,808 4% $28,966 -3%
Interest on Investment Securities 1,651 1,560 6% 1,651 0%
Interest on Federal Funds Sold 79 423 -81% 340 -77%
Total Interest Income 29,696 28,791 3% 30,957 -4%
INTEREST EXPENSE
Deposits 3,575 4,015 -11% 4,461 -20%
FHLB Advances and Other Borrowings 529 532 -1% 974 -46%
Total Interest Expense 4,104 4,547 -10% 5,435 -24%
Net Interest Income Before (Credit) Provision for Losses on Loans and Loan Commitments 25,592 24,244 6% 25,522 0%
(Credit) Provision for Losses on Loans and Loan Commitments (12,000) (10,000) 20% 2,500 N/A
Net Interest Income After (Credit) Provision for Losses on Loans and Loan Commitments 37,592 34,244 10% 23,022 63%
NONINTEREST INCOME
Service Charges on Deposits 3,157 3,238 -3% 3,189 -1%
Gain on Sales of Loans, Net 1,222 3,254 -62% 1,749 -30%
Gain on Sale of Investment Securities -- -- 0% 52 -100%
Other 2,231 2,022 10% 2,669 -16%
Total Noninterest Income 6,610 8,514 -22% 7,659 -14%
NONINTEREST EXPENSES
Salaries and Employee Benefits 9,355 9,038 4% 6,827 37%
FDIC Indemnification Impairment 2,000 2,000 0% -- N/A
Occupancy & Equipment 1,930 1,950 -1% 1,899 2%
Data Processing 680 717 -5% 710 -4%
Other 4,377 6,663 -34% 9,031 -52%
Total Noninterest Expenses 18,342 20,368 -10% 18,467 -1%
Income Before Income Taxes 25,860 22,390 15% 12,214 112%
Income Taxes (Benefit) Provision (12,609) 215 N/A 1,112 N/A
NET INCOME $38,469 $22,175 73% $11,102 247%
Preferred Stock Cash Dividend -- (29) -100% (777) -100%
Accretion of Preferred Stock Discount -- (35) -100% (139) -100%
Total Preferred Stock Related Adjustment -- (64) -100% (916) -100%
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $38,469 $22,111 74% $10,186 278%
PER COMMON SHARE INFORMATION:
Basic Income Per Common Share $0.54 $0.31 74% $0.14 278%
Diluted Income Per Common Share $0.54 $0.31 74% $0.14 277%
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
Basic 71,290,881 71,285,870 71,291,614
Diluted 71,420,567 71,385,624 71,306,813
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars In Thousands, Except Per Share Data) (Unaudited)
Nine Months Ended Twelve Mths
September 30, 2012 September 30, 2011 % Change
INTEREST INCOME
Interest and Fees on Loans $81,895 $93,195 -12%
Interest on Investment Securities 4,737 5,790 -18%
Interest on Federal Funds Sold 1,102 594 86%
Total Interest Income 87,734 99,579 -12%
INTEREST EXPENSE
Deposits 11,844 14,235 -17%
FHLB Advances and Other Borrowings 1,615 3,192 -49%
Total Interest Expense 13,459 17,427 -23%
Net Interest Income Before (Credit) Provision for Losses on Loans and Loan Commitments 74,275 82,152 -10%
(Credit) Provision for Losses on Loans and Loan Commitments (22,000) 57,600 N/A
Net Interest Income After (Credit) Provision for Losses on Loans and Loan Commitments 96,275 24,552 292%
NONINTEREST INCOME
Service Charges on Deposits 9,621 9,418 2%
Gain on Sales of Loans, Net 5,234 1,735 202%
Gain on Sale of Investment Securities 3 95 -97%
Other 6,652 6,800 -2%
Total Noninterest Income 21,510 18,048 19%
NONINTEREST EXPENSES
Salaries and Employee Benefits 26,555 21,397 24%
FDIC Indemnification Impairment 4,000 -- 0%
Occupancy & Equipment 5,822 5,933 -2%
Data Processing 2,129 2,195 -3%
Other 14,932 23,019 -35%
Total Noninterest Expenses 53,438 52,544 2%
Income (Loss) Before Income Taxes 64,347 (9,944) N/A
Income Taxes (Benefit) Provision (12,748) 27,122 N/A
NET INCOME (LOSS) $77,095 $ (37,066) N/A
Preferred Stock Cash Dividend (830) (2,331) -64%
Accretion of Preferred Stock Discount (1,158) (410) 182%
One-time Adjustment From Repurchase of Preferred Stock 3,389 -- N/A
Total Preferred Stock Related Adjustment 1,401 (2,741) N/A
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $78,496 $ (39,807) N/A
PER COMMON SHARE INFORMATION:
Basic Income (Loss) Per Common Share $1.10 $ (0.79) N/A
Diluted Income (Loss) Per Common Share $1.10 $ (0.79) N/A
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
Basic 71,286,439 50,459,623
Diluted 71,362,802 50,459,623
SUMMARY OF FINANCIAL DATA
(Dollars In Thousands, Except Per Share Data) (Unaudited)
Quarter Ended
AVERAGE BALANCES September 30, 2012 June 30, 2012 September 30, 2011
Average Assets $2,579,203 $2,570,530 $2,687,448
Average Equity 297,725 276,021 298,323
Average Net Loans 1,951,126 1,877,716 1,926,310
Average Deposits 2,162,430 2,169,831 2,154,234
Average Time Deposits in denomination of $100,000 or more 600,204 616,612 650,453
Average Interest Earning Assets 2,370,619 2,365,217 2,437,040
Nine Months Ended
AVERAGE BALANCES September 30, 2012 September 30, 2011
Average Assets $2,597,172 $2,785,893
Average Equity 296,247 249,743
Average Net Loans 1,894,923 2,071,142
Average Deposits 2,170,442 2,221,761
Average Time Deposits in denomination of $100,000 or more 620,917 660,156
Average Interest Earning Assets 2,386,006 2,517,792
Quarter Ended
PROFITABILITY September 30, 2012 June 30, 2012 September 30, 2011
Annualized Return on Average Assets 5.97% 3.45% 1.65%
Annualized Return on Average Equity 51.68% 32.14% 14.89%
Efficiency Ratio 56.96% 62.18% 55.66%
Annualized Operating Expense/Average Assets 2.84% 3.17% 2.75%
Annualized Net Interest Margin 4.35% 4.13% 4.23%
Nine Months Ended
PROFITABILITY September 30, 2012 September 30, 2011
Annualized Return on Average Assets 3.96% -1.77%
Annualized Return on Average Equity 34.70% -19.79%
Efficiency Ratio 55.79% 52.44%
Annualized Operating Expense/Average Assets 2.74% 2.51%
Annualized Net Interest Margin 4.19% 4.39%
As Of
DEPOSIT COMPOSITION September 30,2012 Cost of Funds June 30 ,2012 Cost of Funds September 30,2011 Cost of Funds
Noninterest Bearing Demand Deposits 24.8% 0.00% 23.6% 0.00% 21.8% 0.00%
Savings & Interest Checking 5.7% 1.78% 5.9% 2.05% 5.4% 2.26%
Money Market Deposits 30.5% 0.76% 28.5% 0.83% 25.6% 0.92%
Time Deposits of $100,000 or More 27.3% 0.78% 27.9% 0.84% 30.6% 0.95%
Other Time Deposits 11.7% 0.92% 14.0% 1.01% 16.6% 1.07%
Total Deposits 100.0% 0.66% 100.0% 0.74% 100.0% 0.83%
As Of
CAPITAL RATIOS September 30,2012 June 30 ,2012 September 30,2011
Tier 1 Leverage Ratio 14.96% 13.62% 13.59%
Tier 1 Risk-Based Capital Ratio 19.33% 18.11% 18.75%
Total Risk-Based Capital Ratio 20.61% 19.41% 20.15%
Total Shareholders' Equity $328,768 $289,056 $301,841
Book Value Per Common Share $4.61 $4.05 $3.38
Tangible Common Equity Per Common Share * $4.50 $3.94 $3.27
Tangible Common Equity to Tangible Assets ** 12.31% 10.88% 8.71%
* Tangible common equity excludes goodwill, other intangible assets, and TARP preferred stock
** Tangible assets excludes goodwill and intangible assets
ALLOWANCE FOR LOAN LOSSES
(Dollars In Thousands) (Unaudited) Quarter Ended
September 30, 2012 June 30, 2012 March 31, 2012 December 31, 2011 September 30, 2011
Balance at Beginning of Period $89,134 $99,826 $102,982 $105,306 $110,995
(Credit) Provision for Losses on Loans (12,000) (9,000) -- 1,500 3,180
Recoveries on Loans Previously Charged-off 346 1,750 1,208 243 3,648
Less Charge-offs (3,127) (3,442) (4,364) (4,067) (12,517)
Balance at End of Period $74,353 $89,134 $99,826 $102,982 $105,306
Net Loan Charge-offs/Average Total Loans 0.14% 0.09% 0.17% 0.20% 0.46%
Charge-offs/Average Total Loans 0.16% 0.18% 0.24% 0.22% 0.65%
Allowance for Loan Losses/Gross Loans* 3.81% 4.54% 5.24% 5.33% 5.47%
Allowance for Loan Losses/Legacy Wilshire Loans* 4.08% 4.89% 5.69% 5.81% 6.00%
Allowance for Loan Losses/Non-accrual Loans 191.23% 214.86% 195.77% 234.95% 186.50%
Allowance for Loan Losses/Legacy Non-accrual Loans 220.67% 254.70% 281.34% 345.38% 266.36%
Allowance for Loan Losses/Non-performing Loans 191.23% 210.18% 192.25% 234.95% 185.87%
Allowance for Loan Losses/Legacy Non-performing Loans 220.67% 248.15% 274.13% 345.38% 265.09%
Allowance for Loan Losses/Non-performing Assets 180.65% 190.62% 184.20% 197.84% 159.70%
Allowance for Loan Losses/Legacy Non-performing Assets 214.15% 238.90% 258.04% 285.36% 217.82%
* Excluding held-for-sale loans
NON-PERFORMING ASSETS
(Dollars In Thousands, Net of SBA Guaranteed Portions) Quarter Ended
(Unaudited) September 30, 2012 June 30, 2012 March 31, 2012 December 31, 2011 September 30, 2011
Non-accrual Loans:
Non-covered $33,694 $34,996 $35,482 $29,817 $39,534
Covered 5,188 6,489 15,509 14,015 16,931
Total 38,882 41,485 50,991 43,832 56,465
Loans 90 days or more past due and still accruing:
Non-covered -- 923 933 -- 190
Covered -- -- -- -- --
Total -- 923 933 -- 190
Total Non-performing Loans:
Non-covered 33,694 35,919 36,415 29,817 39,724
Covered 5,188 6,489 15,509 14,015 16,931
Total 38,882 42,408 51,924 43,832 56,655
OREO and Repossessed Vehicles:
Non-covered 1,026 1,391 2,271 6,271 8,620
Covered 1,251 2,960 -- 1,950 664
Total 2,277 4,351 2,271 8,221 9,284
Total Non-performing Assets:
Non-covered 34,720 37,310 38,686 36,088 48,344
Covered 6,439 9,449 15,509 15,965 17,595
Total $41,159 $46,759 $54,195 $52,053 $65,939
Total Non-performing Loans/Gross Loans 1.86% 2.09% 2.66% 2.21% 2.84%
Total Legacy Non-performing Loans/Legacy Gross Loans 1.72% 1.90% 2.03% 1.64% 2.18%
Total Non-performing Assets/Total Assets 1.57% 1.80% 2.04% 1.93% 2.46%
Total Legacy Non-performing Assets/Total Assets 1.33% 1.44% 1.45% 1.34% 1.80%
ALLOWANCE FOR OFF-BALANCE SHEET ITEMS Quarter Ended
(Dollars In Thousands) (Unaudited) September 30, 2012 June 30, 2012 March 31, 2012 December 31, 2011 September 30, 2011
Balance at beginning of period $2,423 $3,423 $3,423 $3,423 $4,103
(Credit) provision for losses on off-balance sheet items -- (1,000) -- -- (680)
Balance at end of period $2,423 $2,423 $3,423 $3,423 $3,423
Nine Months Ended
September 30, 2012 September 30, 2011
Balance at beginning of period $3,423 $3,926
(Credit) provision for losses on off-balance sheet items (1,000) (503)
Balance at end of period $2,423 $3,423
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES:
TANGIBLE COMMON EQUITY AND TANGIBLE ASSETS
(Dollars In Thousands, Except Share Data) (Unaudited) Quarter Ended
September 30, 2012 June 30, 2012 September 30, 2011
Total shareholders' equity $328,768 $289,056 $301,841
Preferred stock, net of discount -- -- (60,859)
Goodwill and other intangible assets, net (7,783) (7,854) (8,077)
Tangible common equity $320,985 $281,202 $232,905
Total assets $2,615,889 $2,591,399 $2,680,718
Goodwill and other intangible assets, net (7,783) (7,854) (8,077)
Tangible assets $2,608,106 $2,583,545 $2,672,641
Common shares outstanding 71,293,394 71,287,518 71,291,614
WILSHIRE BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCES, AVERAGE YIELDS EARNED AND AVERAGE RATES PAID
(Dollars In Thousands) (Unaudited)
For the Quarter Ended
September 30, 2012 June 30, 2012 September 30, 2011
Average Interest Average Average Interest Average Average Interest Average
Balance Income/ Yield/ Balance Income/ Yield/ Balance Income/ Yield/
INTEREST EARNING ASSETS Expense Rate Expense Rate Expense Rate
LOANS:
Real Estate Loans $1,727,223 $23,530 5.45% $1,671,048 $22,657 5.42% $1,739,729 $24,429 5.62%
Commercial Loans 303,338 3,572 4.71% 295,630 3,657 4.95% 287,359 3,772 5.25%
Consumer Loans 13,899 87 2.50% 15,283 100 2.62% 15,827 94 2.38%
Total Gross Loans 2,044,460 27,189 5.32% 1,981,961 26,414 5.33% 2,042,915 28,295 5.54%
Loan Fees toward Yield 777 394 671
Allowance for Loan Losses & Unearned Income (93,334) (104,245) (116,605)
Net Loans 1,951,126 27,966 5.73% 1,877,716 26,808 5.71% 1,926,310 28,966 6.02%
INVESTMENT SECURITIES AND
OTHER INTEREST-EARNING ASSETS:
Investment Securities* 294,535 1,651 2.51% 291,258 1,560 2.42% 306,272 1,651 2.45%
Federal Funds Sold 124,958 79 0.25% 196,243 423 0.86% 204,458 340 0.67%
Total Investment Securities and Other Earning Assets 419,493 1,730 1.84% 487,501 1,983 1.79% 510,730 1,991 1.74%
TOTAL INTEREST-EARNING ASSETS $2,370,619 $29,696 5.04% $2,365,217 $28,791 4.90% $2,437,040 $30,957 5.12%
Total Non-Interest Earning Assets 208,584 205,313 250,408
TOTAL ASSETS $2,579,203 $2,570,530 $2,687,448
INTEREST BEARING LIABILITIES
INTEREST-BEARING DEPOSITS:
Money Market $637,082 $1,206 0.76% $612,223 $1,267 0.83% $570,176 $1,317 0.92%
NOW 27,310 16 0.23% 25,747 22 0.34% 23,657 21 0.36%
Savings 100,299 551 2.20% 102,348 633 2.47% 91,619 631 2.76%
Time Deposits of $100,000 or More 600,204 1,169 0.78% 616,612 1,293 0.84% 650,453 1,540 0.95%
Other Time Deposits 274,366 633 0.92% 318,400 800 1.01% 357,289 952 1.07%
Total Interest Bearing Deposits 1,639,261 3,575 0.87% 1,675,330 4,015 0.96% 1,693,194 4,461 1.05%
BORROWINGS:
FHLB Advances and Other Borrowings -- -- 0.00% -- -- 0.00% 110,000 483 1.76%
Junior Subordinated Debentures 86,669 529 2.44% 87,321 532 2.44% 87,321 491 2.25%
Total Borrowings 86,669 529 2.44% 87,321 532 2.44% 197,321 974 1.97%
TOTAL INTEREST BEARING LIABILITIES $1,725,930 $4,104 0.95% $1,762,651 $4,547 1.03% $1,890,515 $5,435 1.15%
Non-Interest Bearing Deposits 523,169 494,501 461,040
Other Liabilities 32,379 37,357 37,570
Shareholders' Equity 297,725 276,021 298,323
TOTAL LIABILITIES AND EQUITY $2,579,203 $2,570,530 $2,687,448
NET INTEREST INCOME $25,592 $24,244 $25,522
.
NET INTEREST SPREAD 4.09% 3.87% 3.97%
NET INTEREST MARGIN 4.35% 4.13% 4.23%
* Tax equivalent ratios for investment securities
WILSHIRE BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCES, AVERAGE YIELDS EARNED AND AVERAGE RATES PAID
(Dollars In Thousands) (Unaudited)
For the Nine Months Ended
September 30, 2012 September 30, 2011
Average Interest Average Average Interest Average
Balance Income/ Yield/ Balance Income/ Yield/
INTEREST EARNING ASSETS Expense Rate Expense Rate
LOANS:
Real Estate Loans $1,687,973 $69,101 5.46% $1,871,839 $78,162 5.57%
Commercial Loans 293,612 10,626 4.83% 304,528 12,237 5.36%
Consumer Loans 14,970 292 2.60% 15,249 327 2.86%
Total Gross Loans 1,996,555 80,019 5.34% 2,191,616 90,726 5.52%
Loan Fees toward Yield 1,876 2,469
Allowance for Loan Losses & Unearned Income (101,632) (120,474)
Net Loans 1,894,923 81,895 5.76% 2,071,142 93,195 6.00%
INVESTMENT SECURITIES AND
OTHER INTEREST-EARNING ASSETS:
Investment Securities* 298,080 4,737 2.40% 324,566 5,790 2.66%
Federal Funds Sold 193,003 1,102 0.76% 122,084 594 0.65%
Total Investment Securities and Other Earning Assets 491,083 5,839 1.76% 446,650 6,384 2.11%
TOTAL INTEREST-EARNING ASSETS $2,386,006 $87,734 4.94% $2,517,792 $99,579 5.31%
Total Non-Interest Earnings Assets 211,166 268,101
TOTAL ASSETS $2,597,172 $2,785,893
INTEREST BEARING LIABILITIES
INTEREST-BEARING DEPOSITS:
Money Market $611,102 $3,696 0.81% $604,766 $4,128 0.91%
NOW 25,763 57 0.30% 23,702 64 0.36%
Savings 101,200 1,859 2.45% 87,786 1,839 2.79%
Time Deposits of $100,000 or More 620,917 3,909 0.84% 660,156 4,817 0.97%
Other Time Deposits 311,109 2,323 1.00% 384,872 3,387 1.17%
Total Interest Bearing Deposits 1,670,091 11,844 0.95% 1,761,282 14,235 1.08%
BORROWINGS:
FHLB Advances and Other Borrowings 7,018 6 0.11% 182,794 1,718 1.25%
Junior Subordinated Debentures 87,102 1,609 2.46% 87,321 1,474 2.25%
Total Borrowings 94,120 1,615 2.29% 270,115 3,192 1.58%
TOTAL INTEREST BEARING LIABILITIES $1,764,211 $13,459 1.02% $2,031,397 $17,427 1.14%
Non-Interest Bearing Deposits 500,351 460,479
Other Liabilities 36,363 44,274
Shareholders' Equity 296,247 249,743
TOTAL LIABILITIES AND EQUITY $2,597,172 $2,785,893
NET INTEREST INCOME $74,275 $82,152
NET INTEREST SPREAD 3.92% 4.17%
NET INTEREST MARGIN 4.19% 4.39%
* Tax equivalent ratios for investment securities
CONTACT: Wilshire Bancorp, Inc. Alex Ko, EVP & CFO, (213) 427-6560 www.wilshirebank.comSource:Wilshire Bancorp, Inc.