Wilshire Bancorp Q4 net income increases

Wilshire Bancorp, Inc. has reported net income available to common shareholders of $15.21 million, or $0.21 per share, for the fourth quarter ended December 31, 2012, compared to $5.82 million, or $0.08 per share, for the fourth quarter ended December 31, 2011.

Net interest income after provision for losses on loans and loan commitments for the fourth quarter ended December 31, 2012 was $37.63 million, compared to $23.72 million for the fourth quarter ended December 31, 2011.

Net income available to common shareholders for the year ended December 31, 2012 was $93.71 million, or $1.31 per share, compared to net loss available to common shareholders of $33.99 million, or $0.61 loss per share, for the year ended December 31, 2011.

Net interest income after provision for losses on loans and loan commitments for the year ended December 31, 2012 was $133.90 million, compared to $48.27 million for the year ended December 31, 2011.

Jae Whan Yoo, president and CEO of Wilshire Bancorp, said, "We ended 2012 with another strong quarter, which contributed to the most profitable year in the history of the Company. Our new business development efforts continue to gain momentum, as we had $264 million in loan originations during the fourth quarter, which represents our highest level of loan production in several years.

"At the same time, our credit quality continues to show strong improvement with non-covered non-accrual loans declining by 32% from the end of the prior quarter. This improvement reflects our effective management of problem assets, which is resulting in a steady migration of non-accrual loans back to accrual status and the continued pay-down of outstanding problem loans."