Wilshire Bancorp Reports Net Income of $10.9 Million or $0.15 per Share for Fourth Quarter 2013

Wilshire Bancorp Reports Net Income of $10.9 Million or $0.15 per Share for Fourth Quarter 2013  LOS ANGELES, Jan. 27, 2014 (GLOBE NEWSWIRE) -- Wilshire Bancorp, Inc. (Nasdaq:WIBC) (the "Company"), the holding company for Wilshire Bank (the "Bank"), today reported net income available to common shareholders of $10.9 million, or $0.15 per diluted common share, for the quarter ended December 31, 2013. This compares to net income available to common shareholders of $15.2 million, or $0.21 per diluted common share, for the same period of the prior year, and net income available to common shareholders of $11.3 million, or $0.16 per diluted common share, for the third quarter of 2013. Financial results for the fourth quarter of 2013 include $1.8 million in one-time merger-related expenses attributable to the acquisitions of BankAsiana and Saehan Bancorp.  Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, "We are pleased to deliver another solid quarter, which was driven by a continuation of our strong business development activity. We had $222 million in loan production during the fourth quarter, which resulted in 3.2% organic growth in our loan portfolio during the quarter, and generated our highest level of gain on sales of SBA loans for any quarter in 2013.  "We believe we are making good progress with the integration of our two recent acquisitions, BankAsiana and Saehan Bancorp. The two acquisitions have provided us with an expanded market presence and improved business development capabilities that we believe will be instrumental in helping us continue growing our market share. In 2014, we will be focused on fully capturing the projected synergies from these acquisitions, generating quality balance sheet growth, and delivering a higher level of profitability for our shareholders," said Mr. Yoo.  Q4 2013 Summary    *Net income available to common shareholders totaled $10.9 million or $0.15     per diluted common share, for the fourth quarter of 2013   *Total revenue of $41.6 million, an increase of 29% from the fourth quarter     of 2012   *Return on average assets of 1.32% and return on average equity of 10.88%     for the fourth quarter of 2013   *Acquisition of BankAsiana and Saehan Bancorp completed during the fourth     quarter of 2013; Despite these acquisitions being complete, the purchase     accounting adjustments are still being evaluated and as such are     preliminary and subject to change   *Loans receivable totaled $2.82 billion at December 31, 2013, an increase     of 28% from $2.20 billion at September 30, 2013   *Total deposits were $2.87 billion at December 31, 2013, an increase of 27%     from $2.25 billion at September 30, 2013   *Continued low credit losses resulted in no provision for losses on loans     and loan commitments for Q4 2013  ACQUISITIONS  During the fourth quarter of 2013, the Company completed its acquisitions of BankAsiana, previously headquartered in Palisades Park, New Jersey, and Saehan Bancorp, previously headquartered in Los Angeles, California. The acquisition of BankAsiana was completed on October 1, 2013 and the acquisition of Saehan Bancorp was completed on November 20, 2013. With the completion of the acquisitions, three branches in the New York/New Jersey area and ten branches in Southern California were added to the Company's existing branch network, which now consists of 38 branches within the United States.  The acquisitions were accounted for in accordance with generally accepted accounting principles and the assets and liabilities of BankAsiana and Saehan Bancorp were recorded at fair value as of the acquisition dates. Goodwill recorded from the acquisitions for the fourth quarter of 2013 totaled $65.2 million, $10.8 million from the acquisition of BankAsiana and $54.4 million from the acquisition of Saehan Bancorp.  The fair value of loans acquired from BankAsiana and Saehan Bancorp totaled $168.1 million and $381.0 million, respectively, at the dates of acquisition. The fair valuation of the loan portfolio of BankAsiana and Saehan Bancorp resulted in discounts of $9.2 million (5.2% of the total portfolio) and $27.7 million (6.8% of the total portfolio), respectively. Total deposits acquired from BankAsiana were $162.5 million and total deposits acquired from Saehan Bancorp were $503.4 million. Time deposits acquired were recorded at fair value and included $668,000 and $644,000 in premiums for BankAsiana and Saehan Bancorp, respectively. Core deposit intangibles recorded from the acquisition of BankAsiana were $725,000 and core deposit intangibles recorded from the acquisition of Saehan Bancorp were $3.8 million. After making all the necessary acquisition accounting adjustments, total assets acquired from BankAsiana were $209.7 million and total assets acquired from Saehan Bancorp were $631.7 million.  The acquisition accounting adjustments are current as of the date of this announcement but may be subject to change as we continue to analyze the fair value of acquired assets and liabilities at the time of the acquisitions. The Company's financial results, to be included in the Annual Report on Form 10-K for the year ended December 31, 2013 could materially differ from the financial results being reported today as a result of the preliminary purchase accounting adjustments being reported for BankAsiana and Saehan Bancorp. The Company will issue another public announcement to provide the final results for the purchase accounting adjustments should they differ materially from what is reported today.  STATEMENT OF OPERATIONS  Pre-Tax, Pre-Provision Income  Pre-tax, pre-provision income (PTPP) was $17.0 million for the fourth quarter of 2013, compared with $11.6 million for the fourth quarter of 2012, and $16.7 million for the third quarter of 2013. Excluding merger-related expenses, PTPP was $18.8 million for the fourth quarter of 2013.PTPP is a Non-GAAP measure of financial performance.Please refer to the "Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures" table at the end of this press release for a reconciliation of PTPP to net income and important information about Non-GAAP measures of financial performance.  Net Interest Income and Margin  Net interest income before credit for losses on loans and loan commitments totaled $32.3 million for the fourth quarter of 2013, an increase of 26% from $25.6 million for the fourth quarter of 2012, and an increase of 21% from $26.7 million for the third quarter of 2013.The increase from the prior quarter is primarily attributable to the acquisitions of BankAsiana and Saehan Bancorp.  Net interest margin was 4.20% for the fourth quarter of 2013, compared to 4.08% for the third quarter of 2013, and 4.20% for the fourth quarter of 2012. In order to conform to the calculation of net interest margin within its peer group, the Company's net interest margin calculation now excludes allowance for loan losses from earnings assets and average loans, which slightly decreases loan yields and net interest margin.Previous period calculations have been adjusted for comparative purposes.Excluding the effects of acquisition accounting adjustments, the net interest margin was approximately 3.91% for the fourth quarter of 2013.During the third quarter of 2013 the Company had a large recovery of interest income from loans that were put back on accrual status.The decrease in the core net interest margin from the prior quarter was primarily due to a lower amount of recovered interest income during the fourth quarter of 2013 related to non-accrual loans placed back on accrual status.  Loan yields were 5.17% for the fourth quarter of 2013, compared with 5.05% for the third quarter of 2013, and 5.34% for the fourth quarter of 2012.Excluding the effects of acquisition accounting adjustments, loan yields were approximately 4.86% for the fourth quarter of 2013.  The total cost of deposits was 0.53% for the fourth quarter of 2013, unchanged from the third quarter of 2013.The total cost of deposits was 0.59% for the fourth quarter of 2012.  Non-Interest Income  Total non-interest income was $9.3 million for the fourth quarter of 2013, compared to $6.7 million for the fourth quarter of 2012, and $7.8 million for the third quarter of 2013.The increase from the prior quarter was primarily due to a higher net gain on sale of loans.  The $4.0 million in net gain on sale of loans recognized in the fourth quarter of 2013 was substantially all gains from the sale of SBA loans.During the fourth quarter of 2013, the Company sold $43.2 million in SBA loans, compared with $30.2 million sold during the third quarter of 2013.  Non-Interest Expense  Total non-interest expense was $24.7 million for the fourth quarter of 2013, compared with $20.7 million for the fourth quarter of 2012, and $17.8 million for the third quarter of 2013.The increase from prior quarter is primarily attributable to costs associated with the acquisitions of BankAsiana and Saehan Bancorp of which one-time non-recurring costs accounted for $1.8 million of non-interest expense.  Total salaries and employee benefits expense was $12.9 million for the fourth quarter of 2013, compared with $7.9 million for the fourth quarter of 2012, and $8.8 million for the third quarter of 2013.The increase from the prior quarter was primarily due to the addition of personnel from the acquisitions of BankAsiana and Saehan Bancorp and additional bonus accruals for year-end bonus payments paid to employees.  Other non-interest expense for the fourth quarter of 2013 totaled $6.3 million, compared with $6.2 million in the fourth quarter of 2012, and $5.3 million for the third quarter of 2013.The increase from the prior quarter was primarily attributable to recurring expense related to growth from the fourth quarter acquisitions.  Merger-related non-recurring expense was $1.8 million in the fourth quarter of 2013 and was related to severance and retention payments, professional fees, such as consulting and legal expenses and data processing contract termination fees.  The Company's operating efficiency ratio was 59.2% for the fourth quarter of 2013, compared with 64.1% for the fourth quarter of 2012 and 51.7% for the third quarter of 2013.   Tax Provision  For the fourth quarter of 2013, the Company recorded a provision for income tax totaling $6.1 million, reflecting an effective tax rate of 35.8% for the quarter. The effective tax rate for the fourth quarter of 2013 is higher than the tax rate for the third quarter of 2013 due to an increase in the actual 2013 pre-tax book income versus the projected pre-tax book income and an increase in the state income tax rate based on tax returns filed for 2012.For the year ended December 31, 2013, the Company recorded a provision for income tax totaling $22.3 million, reflecting an effective tax rate of 32.9%. The effective tax rate is lower than historical rates due to an increase in federal affordable housing tax credits.  BALANCE SHEET  Total gross loans receivable were $2.82 billion at December 31, 2013, compared to $2.20 billion at September 30, 2013.At December 31, 2013, the Company had $161.6 million in loans (net of the fair value adjustment) related to the acquisition of BankAsiana, and $379.7 million in loans (net of the fair value adjustment) related to the acquisition of Saehan Bancorp. Excluding the impact of adding the loan portfolios from BankAsiana and Saehan Bancorp, the Company's total gross loans receivable increased $82.5 million, or 3.7%, during the fourth quarter of 2013.  The following table shows gross loans (excluding loan fees and allowance for loan losses) by loan type:                Quarter Ended (Dollars In    December     September    June 30,     March 31,    December Thousands)     31, 2013      30, 2013      2013          2013          31, 2012                                                                Construction   $40,367     $32,119     $36,371     $34,030     $20,928 Real Estate    2,332,121    1,819,052    1,715,567    1,695,980    1,692,273 Secured Commercial &   437,524      342,057      337,057      313,645      284,318 Industrial Consumer       14,694       9,637        11,089       11,684       13,674 Gross Loans   2,824,706    2,202,865    2,100,084    2,055,339    2,011,193 Receivable * Held-For-Sale 47,557       56,065       60,910       134,129      145,973 Loans Total Gross   $2,872,263  $2,258,930  $2,160,994  $2,189,468  $2,157,166 Loans * * Gross loans receivable and total gross loans are not net of deferred fees and              costs as shown in the consolidated balance sheet presentation  The following table presents the December 31, 2013 balance of gross loans by loan type and broken out by legacy Wilshire loans and loans acquired from former Mirae Bank, BankAsiana, and Saehan Bancorp.  (Dollars In    BankAsiana*  Saehan     Mirae     Legacy       Total Thousands)                   Bancorp*    Bank*      Wilshire                                                           Construction   $5,030      $--       $--      $35,337     $40,367 Real Estate    116,430      341,002    71,493    1,803,196    2,332,121 Secured Commercial &   38,118       36,356     6,316     356,734      437,524 Industrial Consumer       10           2,376      3         12,305       14,694 Gross Loans   159,588      379,734    77,812    2,207,572    2,824,706 Receivable Held-For-Sale 2,052        --         --        45,505       47,557 Loans Total Gross   $161,640    $379,734  $77,812  $2,253,077  $2,872,263 Loans * Represents loans balances net of fair value adjustment                                The following table shows quarterly loan originations by loan type:              Quarter Ended (Dollars In  December 31,  September 30, June 30, 2013 March 31,     December 31, Thousands)   2013          2013                        2013          2012                                                                      Real Estate  $132,780 60%  $145,361 68%  $93,606  48%  $86,839  45%  $157,901 60% Secured Commercial & 30,541   14%  23,710   11%  40,927   21%  55,096   29%  34,059   13% Industrial Consumer    546      0%   540      0%   75       0%   537      0%   3,083    1% SBA         44,599   20%  36,001   17%  40,209   21%  27,379   14%  38,700   15% Residential  13,858   6%   8,714    4%   20,022   10%  22,831   12%  30,624   11% Mortgage Total Loan  $222,324 100% $214,326 100% $194,839 100% $192,682 100% $264,367 100% Originations  Originations for the fourth quarter of 2013 were $222.3 million, compared with $214.3 million in the third quarter of 2013. The increase was primarily due to an increase in SBA and commercial loan production.  Total SBA loans held-for-sale at the end of the fourth quarter of 2013 were $45.6 million, compared to $53.5 million at the end of the previous quarter.The decision to retain or sell SBA loan production is made on a quarter-to-quarter basis, depending on prevailing pricing in the secondary market and the Company's liquidity needs.  Total deposits were $2.87 billion at December 31, 2013, compared with $2.25 billion at September 30, 2013.At December 31, 2013, $156.3 million in depositswere attributable tothe acquisition of BankAsiana, and $482.2 million in deposits were attributable tothe acquisition of Saehan Bancorp.  CREDIT QUALITY  The Company continued to experience relatively stable asset quality and a low level of credit losses during the fourth quarter of 2013.Accordingly, the Company determined that no provision for losses on loans and loan commitments was required for the fourth quarter of 2013.The allowance for loan losses totaled $53.6 million, or 1.90% of gross loans (excluding loans held-for-sale), at December 31, 2013, compared to $52.4 million, or 2.38% of gross loans (excluding loans held-for-sale), at September 30, 2013.The coverage ratio of the allowance for loan losses to non-performing assets was 119.9% at December 31, 2013, compared with 155.1% at September 30, 2013.  Non-Performing Loans  At December 31, 2013, total non-performing loans were $37.2 million, or 1.30% of total gross loans, compared to $33.0 million, or 1.46% of total gross loans, at September 30, 2013.Approximately $2.2 million of the increase in non-performing loans during the fourth quarter of 2013 was attributable to credits added through the acquisitions of BankAsiana and Saehan Bancorp, which were recorded at fair value.The remainder of the increase in non-performing loans was primarily attributable to two commercial real estate loans totaling $2.8 million that were placed on non-accrual status during the fourth quarter.  Non-performing covered loans (previously acquired loans covered under FDIC loss share agreements) totaled $6.2 million at December 31, 2013.  The following table shows total non-performing loans by loan type:  NON-PERFORMING LOANS      Quarter Ended (Dollars In Thousands,    Dec 31,    Sep 30,    Jun 30,    Mar 31,    Dec 31, Net of SBA Guaranty       2013      2013      2013      2013      2012 Portions)                                                               Construction              $2,471   $2,471   $5,467   $5,542   $5,644 Real Estate Secured       33,569    29,568    20,090    19,366    21,007 Commercial & Industrial   1,196     1,004     1,224     1,169     1,302 Total Non-Performing     $37,236  $33,043  $26,781  $26,077  $27,953 Loans  Gross Loan Charge-offs  Within the legacy Wilshire Bank portfolio, gross loan charge-offs for the fourth quarter of 2013 totaled $1.6 million, compared to $3.2 million in the third quarter of 2013.The Company also recorded $2.7 million in loan recoveries during the fourth quarter of 2013 of which $2.6 million were attributable to legacy Wilshire loans and the remaining recoveries were from previously charged-off covered loans.The increase in recoveries during the fourth quarter of 2013 was primarily due to one large recovery on a commercial real estate loan.Total net recoveries were $1.2 million for the fourth quarter of 2013, compared to net charge-offs of $2.5 million during the previous quarter.  Charge-offs by loan type is reflected in the table below:  LOAN            Quarter Ended                                                 CHARGE-OFFS (Dollars In     Dec 31,     Sep 30,     Jun 30,     Mar 31,    Dec 31, Thousands)      2013         2013         2013         2013        2012                                                            Real Estate     $552       $2,438     $3,668     $4,405    $1,776 Secured Commercial &    997         764         746         1,183      1,224 Industrial Consumer        2           --          --          1          -- Total Loan      $1,551     $3,202     $4,414     $5,589    $3,000 Charge-Offs  Other measures of credit quality are shown in the following tables:  DELINQUENTLOANS --By Days    Quarter Ended Past Due (Dollars In Thousands, Net of  Dec 31,  Sep 30,  Jun 30,  Mar 31,  Dec 31, SBA Guaranty Portions)         2013      2013      2013      2013      2012                                                                30 - 59 Days Past Due          $2,846  $2,336  $4,993  $7,438  $3,059 60 - 89Days Past Due          2,527    2,827    3,637    1,193    1,174 90 Days, and still accruing    167      --       126      1,000    -- Total Delinquent Loans         $5,540  $5,163  $8,756  $9,631  $4,233                                                                 TROUBLED DEBT           Quarter Ended RESTRUCTURED LOANS (Dollars In Thousands,  Dec 31,    Sep 30,    Jun 30,    Mar 31,    Dec 31, Net of SBA Guaranty     2013      2013      2013      2013      2012      Portions)                                                                     Real Estate Secured     $30,008  $23,133  $23,671  $23,588  $28,268  Commercial & Industrial 6,212     6,339     6,730     7,279     7,465     Total TDR Loans         $36,220  $29,472  $30,401  $30,867  $35,733                                                                       LOAN CLASSIFICATIONS Quarter Ended (Dollars In Thousands, Net of    Dec 31,    Sep 30,    Jun 30,    Mar 31,    Dec 31, SBA Guaranty         2013        2013        2013        2013        2012 Portions)                                                              Special Mention      $100,798  $43,519   $49,571   $74,553   $82,275 Substandard          149,479    127,855    138,319    144,521    157,192 Doubtful             8,015      7,174      6,722      9,301      6,856 Total Criticized and $258,292  $178,548  $194,612  $228,375  $246,323 Classified Loans                                                              Classified Loans     $157,494  $135,029  $145,041  $153,822  $164,048  Special mentions loans totaled $100.8 million at December 31, 2013, an increase of $57.3 million from the end of the previous quarter.Approximately $35.1 million of the increase was due to the loans acquired from BankAsiana and Saehan Bancorp and the remaining increase of $22.1 million was due to legacy and covered special mention loans.Classified loans increased $22.5 million during the fourth quarter of 2013.Classified loans acquired from BankAsiana and Saehan Bancorp totaled $26.0 million at December 31, 2013.Legacy classified loans declined $4.6 million during the fourth quarter of 2013 and covered loans experienced an increase of $1.0 million during the same period.  CAPITAL RATIOS  All of the Company's capital ratios remain in excess of "well capitalized" regulatory requirements as shown in the following table:                                              Well Capitalized    Total Excess (Dollars In Thousands,       December 31,   Regulatory          Above Well Except Per Share Info)       2013           Requirements        Capitalized                                                                 Requirements                                                               Tier 1 Leverage Capital      13.32%         5.00%               $268,425 Ratio Tier 1 Risk-Based Capital    14.65%         6.00%               253,725 Ratio Total Risk-Based Capital     15.91%         10.00%              173,269 Ratio Tangible Common Equity To    10.22%         N/A                 N/A Tangible Assets * Tangible Common Equity Per   $4.64          N/A                 N/A Common Share * ___________________                                            * "Tangible Common Equity" and "Tangible Assets" are Non-GAAP measure of financial performance.Please refer to the "Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures" table at the end of this press release for a reconciliation of Tangible Common Equity to Shareholders' Equity and Tangible Assets to Total Assets  Common Stock Issuance  On November 20, 2013, the Company issued 7,210,664 shares of Wilshire common stock to former Saehan Bancorp shareholders as part of the consideration for the acquisition.Consideration for the acquisition was paid in approximately 50% cash and 50% stock.  Share Repurchase Program  In March 2013, the Board of Directors of Wilshire Bancorp authorized the repurchase of up to 5% of the Company's outstanding shares of common stock.During the fourth quarter of 2013, the Company did not repurchase any shares.Since the program's inception, 651,412 shares of common stock have been repurchased for a total price of $3.2 million and an additional 2.9 million shares can be repurchased before the program's expiration. The program will expire on March 28, 2014 or upon completion of the repurchase of the authorized shares of common stock.However, the Company has no obligation to repurchase additional shares under this program and may suspend or discontinue it at any time.  CONFERENCE CALL  Management will host its quarterly conference call on January 28, 2014, at 11:00 a.m. PT (2:00 p.m. ET). Investment professionals are invited to participate in the call by dialing 866-543-6403 (domestic number) or 617-213-8896 (international number) and providing the passcode 40464259.  ABOUT WILSHIRE BANCORP  Headquartered in Los Angeles, Wilshire Bancorp is the parent company of Wilshire Bank, which operates 38 branch offices in California, Texas, New Jersey and New York, and nine loan production offices in Dallas and Houston, TX, Atlanta, GA, Aurora, CO, Annandale, VA, Fort Lee, NJ, Newark, CA, New York, NY, and Bellevue, WA, and is an SBA preferred lender nationwide. Wilshire 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.For more information, please go to www.wilshirebank.com.  FORWARD-LOOKING STATEMENTS  Statements concerning future performance, events, 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. Undue reliance should not be placed 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 and our other filings made from time to time with the Securities and Exchange Commission.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, (17) the integration of our acquired businesses, and (18) general economic conditions. The information in this press release speaks only as of the date of this release and Wilshire Bancorp specifically disclaims any duty to update the information in this press release. Additional information on these and other factors that could affect financial results are included in filings by Wilshire Bancorp with the Securities and Exchange Commission.                                                                    CONSOLIDATED BALANCE                                               SHEET (Dollars In                                     Three                 Twelve Thousands)           December 31, September 30, Months   December 31, Months (Unaudited)                     2013         2013          % Change 2012         % Change ASSETS:                                                            Cash and Due from    $124,064     $92,896       34%      $118,495     5% Banks Federal Funds Sold and Other Cash       46,590       55,005        -15%     55,005       -15% Equivalents Total Cash and Cash  170,654      147,901       15%      173,500      -2% Equivalents                                                                   Investment Securities Available 373,456      325,724       15%      332,504      12% For Sale Investment Securities Held To   35           38            -8%      50           -30% Maturity Total Investment     373,491      325,762       15%      332,554      12% Securities                                                                   Total Loans          47,557       56,065        -15%     145,973      -67% Held-For-Sale                                                                   Real Estate         39,268       31,172        26%      20,254       94% Construction Residential Real    124,373      144,845       -14%     136,189      -9% Estate Commercial Real     2,190,154    1,669,511     31%      1,587,623    38% Estate Commercial and      448,379      340,943       32%      248,643      80% Industrial Consumer            14,668       9,614         53%      13,658       7% Total Loans Receivable, Net of   2,816,842    2,196,085     28%      2,006,367    40% Deferred Fees and Costs Allowance For Loan   (53,563)     (52,397)      2%       (63,285)     -15% Losses Loans Receivable, Net of Allowance for 2,763,279    2,143,688     29%      1,943,082    42% Loan Losses                                                                   Accrued Interest     8,350        6,873         21%      7,290        15% Receivable Due from Customers   1,517        328           363%     54           2709% on Acceptances Other Real Estate    7,600        748           916%     2,080        265% Owned Premises and         13,862       11,531        20%      11,630       19% Equipment Federal Home Loan Bank (FHLB) Stock,   15,983       13,280        20%      12,090       32% at Cost Cash Surrender Value 22,519       22,372        1%       21,213       6% of Life Insurance Investment in affordable housing   43,316       44,400        -2%      39,154       11% partnerships Deferred Income      38,509       19,823        94%      20,862       85% Taxes Servicing Assets     16,108       11,573        39%      9,610        68% Goodwill             71,929       6,675         978%     6,675        978% FDIC Indemnification 4,856        4,950         -2%      5,446        -11% Asset Other Assets         21,443       16,546        30%      19,650       9% TOTAL ASSETS         $3,620,973   $2,832,515    28%      $2,750,863   39%                                                                   LIABILITIES AND SHAREHOLDERS'                                                      EQUITY: LIABILITIES:                                                       Non-interest Bearing $832,152     $655,864      27%      $586,003     42% Demand Deposits Savings and Interest 145,549      127,835       14%      125,595      16% Checking Money Market         780,280      580,833       34%      640,266      22% Deposits Time Deposits in denomination of      870,074      683,290       27%      573,773      52% $100,000 or more Other Time Deposits  243,455      205,795       18%      241,172      1% Total Deposits       2,871,510    2,253,617     27%      2,166,809    33%                                                                   FHLB Borrowings      190,325      120,000       59%      150,000      27% Acceptance           1,517        328           363%     54           2709% Outstanding Junior Subordinated  71,550       61,857        16%      61,857       16% Debentures Accrued Interest     2,418        1,808         34%      2,037        19% Payable Other Liabilities   44,235       30,589        45%      27,689       60% Total Liabilities    3,181,555    2,468,199     29%      2,408,446    32%                                                                   SHAREHOLDERS'                                                      EQUITY: Common Stock        229,836      161,368       42%      164,790      39% Retained Earnings    209,605      201,033       4%       170,816      23% Accumulated Other    (23)         1,915         N/A      6,811        N/A Comprehensive Income Total Shareholders'  439,418      364,316       21%      342,417      28% Equity TOTAL LIABILITIES AND SHAREHOLDERS'    $3,620,973   $2,832,515    28%      $2,750,863   32% EQUITY                                                                      CONSOLIDATED STATEMENT                                               OF OPERATIONS (Dollars In Thousands, Except Per Share Data)                                               (Unaudited)                         Quarter Ended              Three  Quarter      Twelve                                                     Mths   Ended        Mths                         December 31, September 30, %      December 31, %                          2013         2013          Change 2012         Change                                                                     INTEREST INCOME                                                      Interest and Fees on     $33,954      $27,913       22%    $27,472      24% Loans Interest on Investment   2,113        1,879         12%    1,596        32% Securities Interest on Federal      120          148           -19%   155          -23% Funds Sold Total Interest Income    36,187       29,940        21%    29,223       24%                                                                     INTEREST EXPENSE                                                     Deposits                 3,446        2,923         18%    3,176        9% FHLB Advances and Other  413          321           29%    420          -2% Borrowings Total Interest Expense   3,859        3,244         19%    3,596        7%                                                                     Net Interest Income Before Credit for Losses                                             on Loans and Loan           32,328       26,696        21%    25,627       26% Commitments Credit for Losses on Loans and Loan           --           --            0%     (12,000)     -100% Commitments                                                                     Net Interest Income After Credit for Losses  32,328       26,696        21%    37,627       -14% on Loans and Loan                                                       Commitments                                                                     NONINTEREST INCOME                                                   Service Charges on      3,002        2,791         8%     3,051        -2% Deposits Gain on Sales of Loans, 3,980        2,814         41%    1,159        243% Net Gain on Sale/Call of    4            --            0%     --           0% Investment Securities Other                   2,328        2,227         5%     2,529        -8% Total Noninterest       9,314        7,832         19%    6,739        38% Income                                                                     NONINTEREST EXPENSES                                                 Salaries and Employee   12,948       8,830         47%    7,920        63% Benefits FDIC Indemnification    --           --            0%     3,900        -100% Impairment Occupancy & Equipment   2,712        2,061         32%    2,054        32% Data Processing         920          623           48%    688          34% Merger Related One-Time 1,785        1,011         77%    --           0% Expenses Other                   6,288        5,312         18%    6,179        2% Total Noninterest        24,653       17,837        38%    20,741       19% Expenses                                                                     Income Before Income    16,989       16,691        2%     23,625       -28% Taxes Income Taxes Provision  6,075        5,357         13%    8,415        -28% NET INCOMEAVAILABLE TO  $10,914      $11,334       -4%    $15,210      -28% COMMON SHAREHOLDERS                                                                     PER COMMON SHARE                                                     INFORMATION: Basic Income Per Common $0.15        $0.16         -8%    $0.21        -31% Share Diluted Income          $0.15        $0.16         -8%    $0.21        -31% PerCommon Share WEIGHTED-AVERAGE COMMON                                              SHARES OUTSTANDING: Basic                   74,082,711   70,742,136          71,294,573    Diluted                 74,462,668   71,045,994          71,421,836                                                                         CONSOLIDATED STATEMENT OF OPERATIONS                                 (Dollars In Thousands, Except Per                                    Share Data) (Unaudited)                                       Year Ended                     Twelve                                                                       Months                                       December 31, 2013 December 31, % Change                                                          2012                                                                     INTEREST INCOME                                                      Interest and Fees on Loans             $115,722          $109,367     6% Interest on Investment Securities      7,460             6,166        21% Interest on Federal Funds Sold         557               1,424        -61% Total Interest Income                  123,739           116,957      6%                                                                     INTEREST EXPENSE                                                     Deposits                               11,968            15,021       -20% FHLB Advances and Other Borrowings     1,441             2,034        -29% Total Interest Expense                 13,409            17,055       -21%                                                                     Net Interest Income Before Credit for  110,330           99,902       10% Losses on Loans and Loan Commitments Credit for Losses on Loans and Loan    --                (34,000)     -100% Commitments                                                                     Net Interest Income After Credit for   110,330           133,902      -18% Losses on Loans and Loan Commitments                                                                                                               NONINTEREST INCOME                                                   Service Charges on Deposits           11,412            12,672       -10% Gain on Sales of Loans, Net           13,415            6,393        110% Gain on Sale/Call of Investment       19                3            533% Securities Other                                 9,337             9,181        2% Total Noninterest Income               34,183            28,249       21%                                                                     NONINTEREST EXPENSES                                                 Salaries and Employee Benefits        40,131            34,475       16% FDIC Indemnification Impairment       --                7,900        -100% Occupancy & Equipment                 8,851             7,875        12% Data Processing                       2,801             2,817        -1% Merger Related One-Time Expenses      2,797             --           0% Other                                 22,276            21,112       6% Total Noninterest Expenses             76,856            74,179       4%                                                                     Income Before Income Taxes            67,657            87,972       -23% Income Taxes Provision (Benefit)      22,281            (4,333)      N/A NET INCOMEAVAILABLE TO COMMON         $45,376           $92,305      -51% SHAREHOLDERS                                                                     Preferred Stock Cash Dividend         --                (830)        -100% Accretion of Preferred Stock Discount --                (1,158)      -100% One-time Adjustment From Repurchase   --                3,389        -100% of Preferred Stock Total Preferred Stock Related          --                1,401        -100% Adjustment                                                                     NET INCOME AVAILABLE TO COMMON         $45,376           $93,706      -52% SHAREHOLDERS                                                                     PER COMMON SHARE INFORMATION:                                        Basic Income Per Common Share         $0.63             $1.31        -52% Diluted Income PerCommon Share       $0.63             $1.31        -52% WEIGHTED-AVERAGE COMMON SHARES         --                             OUTSTANDING: Basic                                 71,771,116        71,288,484    Diluted                               72,037,516        71,375,150                                                                         SUMMARY OF FINANCIAL                                                 DATA (Dollars In Thousands, Except Per Share Data)                                               (Unaudited)                                                                                            Quarter Ended                                     AVERAGE BALANCES        December 31,        September       December                            2013                 30, 2013         31, 2012 Average Assets          $3,306,168          $2,798,913      $2,609,509  Average Equity          401,153             359,411         334,380     Average Total Loans    2,626,557           2,211,841       2,059,099   Average Deposits        2,610,689           2,219,333       2,153,976   Average Time Deposits   801,836             662,280         585,134     of $100,000 or more Average FHLB & Other    185,182             123,386         14,130      Borrowings Average Interest       3,093,084           2,632,406       2,460,793   Earning Assets                                                                                            Twelve Months Ended                               AVERAGE BALANCES        December 31,                       December                            2013                                  31, 2012 Average Assets          $2,901,224                         $2,600,273  Average Equity          366,357                            305,833     Average Total Loans    2,285,623                          2,009,083   Average Deposits        2,285,148                          2,166,303   Average Time Deposits   658,483                            611,922     of $100,000 or more Average FHLB & Other    152,171                            8,806       Borrowings Average Interest        2,731,077                          2,477,697   Earning Assets                                                                                            Quarter Ended                                     PROFITABILITY           December 31,        September       December                            2013                 30, 2013         31, 2012 Annualized Return on    1.32%               1.62%           2.33%       Average Assets Annualized Return on    10.88%              12.61%          18.19%      Average Equity Efficiency Ratio        59.20%              51.66%          64.08%      Annualized Operating    2.98%               2.55%           3.18%       Expense/Average Assets Annualized Net Interest 4.20%               4.08%           4.33%       Margin                                                                                            Twelve Months Ended                               PROFITABILITY           December 31,                       December                            2013                                  31, 2012 Annualized Return on    1.56%                              3.55%       Average Assets Annualized Return on    12.39%                             30.18%      Average Equity Efficiency Ratio        53.18%                             57.88%      Annualized Operating    2.65%                              2.85%       Expense/Average Assets Annualized Net Interest 4.07%                              4.22%       Margin                                                                                                                                                                 December 31, Cost of September  Cost  December   Cost DEPOSIT COMPOSITION    2013         Funds   30 ,2013   of    31, 2012   of                                                         Funds            Funds Noninterest Bearing     29.00%       0.00%   29.10%     0.00% 27.00%     0.00% Demand Deposits Savings & Interest      5.10%        1.35%   5.70%      1.40% 5.80%      1.66% Checking Money Market Deposits   27.20%       0.65%   25.80%     0.63% 29.50%     0.66% Time Deposits of        30.30%       0.69%   30.30%     0.67% 26.50%     0.72% $100,000 or More Other Time Deposits     8.50%        0.81%   9.10%      0.82% 11.10%     0.84% Total Deposits         100.00%      0.53%   100.00%    0.53% 100.00%    0.59%                                                                     CAPITAL RATIOS          December 31,        September       December                            2013                 30 ,2013         31, 2012 Tier 1 Leverage Ratio   13.32%              14.83%          14.87%      Tier 1 Risk-Based       14.65%              18.24%          18.47%      Capital Ratio Total Risk-Based        15.91%              19.50%          19.74%      Capital Ratio Total Shareholders'     $439,418            $364,316        $342,417    Equity Book Value Per Common   $5.63               $5.15           $4.80       Share Tangible Common Equity  $4.64               $5.04           $4.69       Per Common Share * Tangible Common Equity  10.22%              12.63%          12.20%      to Tangible Assets **                                                                     * Tangible common equity excludes goodwill, other intangible assets ** Tangible assets excludes goodwill and intangible assets                                                                    ALLOWANCE FOR LOAN LOSSES                                          (Dollars In Thousands)                                             (Unaudited)                               Quarter Ended                               December  September June 30, March 31, December                                31, 2013  30, 2013  2013     2013      31, 2012                                                                   Balance at Beginning of Period $52,397   $54,937   $58,577  $63,285   $74,353 Credit for Losses on Loans     --        --        --       --        (10,600) Recoveries on Loans Previously 2,717     662       774      881       2,532 Charged-off Gross Loan Charge-offs        (1,551)   (3,202)   (4,414)  (5,589)   (3,000) Balance at End of Period       $53,563   $52,397   $54,937  $58,577   $63,285                                                                   Net Loan Charge-offs/Average   -0.04%    0.12%     0.17%    0.23%     0.02% Net Loans Charge-offs/Average Total      0.06%     0.15%     0.21%    0.27%     0.15% Loans Allowance for Loan             1.90%     2.38%     2.62%    2.85%     3.15% Losses/Gross Loans * Allowance for Loan             1.95%     2.48%     2.75%    3.01%     3.33% Losses/Legacy Wilshire Loans * Allowance for Loan             144.50%   158.57%   206.10%  233.59%   226.40% Losses/Non-accrual Loans Allowance for Loan             144.85%   158.57%   205.13%  224.63%   226.40% Losses/Non-performing Loans Allowance for Loan             119.46%   155.06%   197.88%  214.60%   210.73% Losses/Non-performing Assets Allowance for Loan             34.01%    38.80%    37.88%   38.08%    38.58% Losses/Classified Loans                                                                                                                                     NON-PERFORMING ASSETS                                              (Dollars In Thousands, Net of  Quarter Ended SBA Guaranty Portions) (Unaudited)                    December  September June 30, March 31, December                                31, 2013  30, 2013  2013     2013      31, 2012                                                                   Non-accrual Loans              $37,068   $33,043   $26,655  $25,077   $27,953 Loans 90 days or more past due 168       --        126      1,000     -- and still accruing Total Non-performing Loans     37,236    33,043    26,781   26,077    27,953                                                                   Total OREO                     7,600     748       982      1,219     2,079                                                                   Total Non-performing Assets    $44,836   $33,791   $27,763  $27,296   $30,032                                                                   Total Non-performing           1.30%     1.46%     1.24%    1.19%     1.30% Loans/Gross Loans Total Non-performing           1.24%     1.19%     1.00%    0.99%     1.09% Assets/Total Assets                                                                                                                                     ALLOWANCE FOR OFF-BALANCE      Quarter Ended SHEET ITEMS (Dollars In Thousands)         December  September June 30, March 31, December (Unaudited)                    31, 2013  30, 2013  2013     2013      31, 2012                                                                   Balance at beginning of period $1,023    $1,023    $1,023   $1,023    $2,423 Credit for losses on           38        --        --       --        (1,400) off-balance sheet items Balance at end of period       $1,061    $1,023    $1,023   $1,023    $1,023                                                                                                                                                                   Twelve Months Ended                                                 December  December                                                   31, 2013  31, 2012                                                                   Balance at beginning of period $1,023    $3,423                      Credit for losses on           38        (2,400)                     off-balance sheet items Balance at end of period       $1,061    $1,023                                                                                                            WILSHIRE BANCORP, INC. AND SUBSIDIARIES AVERAGE BALANCES, AVERAGE YIELDS EARNED AND AVERAGE RATES PAID (Dollars In Thousands) (Unaudited)                 For the Quarter Ended                 December 31, 2013           September 30, 2013          December 31, 2012                                                                                                      Average    Interest Average Average    Interest Average Average    Interest Average                 Balance    Income/  Yield/  Balance    Income/  Yield/  Balance    Income/  Yield/ INTEREST EARNING           Expense  Rate              Expense  Rate              Expense  Rate ASSETS                                                                                      LOANS:                                                                                Real Estate      $2,211,155 $27,780  5.03%   $1,858,506 $23,105  4.97%   $1,749,807 $22,753  5.20% Loans Commercial Loans 411,421    5,143    5.00%   350,379    3,996    4.56%   300,138    3,703    4.94% Consumer Loans   10,647     100      3.76%   9,032      71       3.14%   13,708     89       2.60% Total Gross      2,633,223  33,023   5.02%   2,217,917  27,172   4.90%   2,063,653  26,545   5.15% Loans Deferred Fees and Costs \ Loan (6,666)    931             (6,076)    741             (4,554)    927       Fees Total Loans *    2,626,557  33,954   5.17%   2,211,841  27,913   5.05%   2,059,099  27,472   5.34%                                                                                      INVESTMENT SECURITIES AND OTHER INTEREST-EARNING                                                                 ASSETS: Investment       360,675    2,113    2.55%   312,313    1,879    2.64%   297,205    1,596    2.42% Securities** Federal Funds    105,852    120      0.45%   108,252    148      0.55%   104,489    155      0.59% Sold Total Investment Securities and   466,527    2,233    2.07%   420,565    2,027    2.10%   401,694    1,751    1.94% Other Earning Assets                                                                                      TOTAL INTEREST-EARNING $3,093,084 $36,187  4.70%   $2,632,406 $29,940  4.58%   $2,460,793 $29,223  4.78% ASSETS                                                                                      Total Non-Interest     213,084                   166,507                   148,716             Earning Assets TOTAL ASSETS     $3,306,168                $2,798,913                $2,609,509                                                                                               INTEREST BEARING                                                                      LIABILITIES                                                                                      INTEREST-BEARING                                                                      DEPOSITS: Money Market     $687,948   $1,121   0.65%   $590,669   $929     0.63%   $653,020   $1,072   0.66% NOW              29,212     15       0.21%   27,507     13       0.19%   27,317     14       0.21% Savings          109,304    452      1.65%   101,204    437      1.73%   99,371     511      2.06% Time Deposits of 801,836    1,384    0.69%   662,280    1,109    0.67%   585,134    1,059    0.72% $100,000 or More Other Time       231,821    474      0.82%   212,848    435      0.82%   248,237    520      0.84% Deposits Total Interest   1,860,121  3,446    0.74%   1,594,508  2,923    0.73%   1,613,079  3,176    0.79% Bearing Deposits                                                                                      BORROWINGS:                                                                           FHLB Advances and Other        185,182    64       0.14%   123,386    37       0.12%   14,130     10       0.28% Borrowings Junior Subordinated     66,275     349      2.11%   61,857     284      1.84%   74,295     410      2.21% Debentures Total Borrowings 251,457    413      0.66%   185,243    321      0.69%   88,425     420      1.90%                                                                                      TOTAL INTEREST BEARING          $2,111,578 $3,859   0.73%   $1,779,751 $3,244   0.73%   $1,701,504 $3,596   0.85% LIABILITIES                                                                                      Non-Interest    750,568                   624,825                   540,897             Bearing Deposits Other           42,869                    34,926                    32,728              Liabilities Shareholders'   401,153                   359,411                   334,380             Equity TOTAL LIABILITIES AND  $3,306,168                $2,798,913                $2,609,509          EQUITY                                                                                      NET INTEREST               $32,328                   $26,696                   $25,627   INCOME .                                                                                     NET INTEREST                       3.97%                     3.85%                     3.94% SPREAD                                                                                      NET INTEREST                       4.20%                     4.08%                     4.20% MARGIN                                                                                      ^* Allowance for loan losses excluded from average total loans and earning assets ^** 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 Twelve Months Ended                       December 31, 2013           December 31, 2012                                                                                         Average    Interest Average Average    Interest Average INTEREST EARNING       Balance    Income/  Yield/  Balance    Income/  Yield/ ASSETS                                 Expense  Rate              Expense  Rate                                                                   LOANS:                                                             Real Estate Loans      $1,915,929 $95,060  4.96%   $1,703,516 $91,854  5.39% Commercial Loans       364,462    17,162   4.71%   295,252    14,329   4.85% Consumer Loans         10,940     327      2.99%   14,653     381      2.60% Total Gross Loans      2,291,331  112,549  4.91%   2,013,421  106,564  5.29% Deferred Fees and      (5,708)    3,173           (4,338)    2,803     Costs \ Loan Fees Total Loans *          2,285,623  115,722  5.06%   2,009,083  109,367  5.44%                                                                   INVESTMENT SECURITIES AND OTHER                                                          INTEREST-EARNING ASSETS: Investment Securities* 330,238    7,460    2.49%   297,860    6,166    2.35% Federal Funds Sold     115,216    557      0.48%   170,754    1,424    0.83% Total Investment Securities and Other   445,454    8,017    1.97%   468,614    7,590    1.80% Earning Assets                                                                   TOTAL INTEREST-EARNING $2,731,077 $123,739 4.56%   $2,477,697 $116,957 4.75% ASSETS                                                                   Total Non-Interest     170,147                   122,576             Earnings Assets TOTAL ASSETS           $2,901,224                $2,600,273                                                                            INTEREST BEARING                                                   LIABILITIES                                                                   INTEREST-BEARING                                                   DEPOSITS: Money Market           $630,050   $3,996   0.63%   $621,638   $4,768   0.77% NOW                    27,656     55       0.20%   26,154     71       0.27% Savings                103,102    1,801    1.75%   100,740    2,371    2.35% Time Deposits of       658,483    4,300    0.65%   611,922    4,968    0.81% $100,000 or More Other Time Deposits    225,900    1,816    0.80%   295,305    2,843    0.96% Total Interest Bearing 1,645,191  11,968   0.73%   1,655,759  15,021   0.91% Deposits                                                                   BORROWINGS:                                                        FHLB Advances and      152,171    244      0.16%   8,806      16       0.18% Other Borrowings Junior Subordinated    62,971     1,197    1.90%   83,883     2,018    2.41% Debentures Total Borrowings       215,142    1,441    0.67%   92,689     2,034    2.19%                                                                   TOTAL INTEREST BEARING $1,860,333 $13,409  0.72%   $1,748,448 $17,055  0.98% LIABILITIES                                                                   Non-Interest Bearing  639,957                   510,544             Deposits Other Liabilities     34,577                    35,448              Shareholders' Equity  366,357                   305,833             TOTAL LIABILITIES AND  $2,901,224                $2,600,273          EQUITY                                                                   NET INTEREST INCOME              $110,330                  $99,902                                                                     NET INTEREST SPREAD                      3.84%                     3.78%                                                                   NET INTEREST MARGIN                      4.07%                     4.07%                                                                   ^* Allowance for loan losses excluded from average total loans and earning assets ^** Tax equivalent ratios for investment securities                                                             RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES:                                                            TANGIBLE COMMON EQUITY                                      AND TANGIBLE ASSETS * (Dollars In Thousands, Except Share Data)      Quarter Ended (Unaudited)                        December 31, 2013 September 30, 2013 December 31, 2012                                                            Total shareholders'     $439,418          $364,316           $342,417 equity Goodwill and other     (74,104)          (7,502)            (7,712) intangible assets, net Tangible common equity $365,314          $356,814           $334,705                                                            Total assets            $3,617,084        $2,832,515         $2,750,863 Goodwill and other     (74,104)          (7,502)            (7,712) intangible assets, net Tangible assets         $3,542,980        $2,825,013         $2,743,151                                                            Common shares           78,061,307        70,770,019         71,295,144 outstanding                                                                                                                       PRE-TAX, PRE-PROVISION                                      INCOME (PTPP) * (Dollars In Thousands)  Quarter Ended (Unaudited)                        December 31, 2013 September 30, 2013 December 31, 2012                                                            Net Income              $10,914           $11,334            $15,210 Add Back - Income Tax   6,075             5,357              8,415 Provision (Benefit) Add Back - Credit for Losses on Loans and     --                --                 (12,000) Loan Commitments Pre-tax, Pre-Provision  $16,989           $16,691            $11,625 Income (PTPP) Merger Related Expenses 1,785             1,011              -- PTPP, Excluding Merger  $18,774           $17,702            $11,625 Related Expenses                                                            PTPP to Average Assets  2.06%             2.39%              1.78% (Annualized)                                                                                                                                              Twelve Months Ended                                          December 31, 2013 December 31, 2012                                                              Net Income              $45,376           $93,706             Add Back - Income Tax   22,281            (4,333)             Provision (Benefit) Add Back - Credit for Losses on Loans and     --                (34,000)            Loan Commitments Pre-tax, Pre-Provision  $67,657           $53,972             Income (PTPP) Merger Related Expenses 2,797             --                  PTPP, Excluding Merger  $70,454           $59,973             Related Expenses                                                            PTPP to Average Assets  2.33%             2.08%               (Annualized)                                                            * Tangible Common Equity, Tangible Assets, and Pre-tax, Pre-provision Income are Non-GAAP financial measures.Management believes that presentation of non-GAAP financial information included in this press release are meaningful and useful in understanding the business metrics of the Company's operations.We provide non-GAAP financial information for informational purposes and to enhance an understanding of the Company's GAAP consolidated financial statements.Readers should consider this non-GAAP information in addition to, but not instead or as superior to, the Company's financial statements in accordance with GAAP.Non-GAAP financial information presented by us may be determined or calculated differently by other companies, limiting the usefulness of non-GAAP measures for comparative purposes  CONTACT: WILSHIRE BANCORP, INC.          Alex Ko, EVP & CFO, (213) 427-6560          www.wilshirebank.com