Wilshire Bancorp Q1 Profit Rises - Quick Facts

(RTTNews) - Wilshire Bancorp, Inc. (WIBC), the holding company for Wilshire Bank, reported net income available to shareholders of $13.1 million, or $0.17 per share, for the quarter ended March 31, 2014. This compares to net income available to common shareholders of $11.6 million, or $0.16 per share, for the same period of the prior year. The company noted that its results for the quarter include $3.4 million in merger-related expenses attributable to the acquisition and integration of BankAsiana and Saehan Bancorp.

On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.18 for the quarter. Analysts' estimates typically exclude special items.

Pre-tax, pre-provision income was $19.9 million for the first quarter of 2014, compared with $17.0 million for the first quarter of 2013. Excluding merger-related expenses, pre-tax, pre-provision income was $23.3 million for the first quarter of 2014.

Net interest income before provision for losses on loans and loan commitments totaled $35.2 million, an increase of 38% from $25.6 million for the first quarter of 2013. Total non-interest income was $11.0 million, compared to $8.7 million, a year ago. Analysts expected revenue of $44.12 million for the quarter.

Jae Whan Yoo, President and CEO of Wilshire Bancorp, said, "We are seeing a strong increase in our core earnings power as a result of the acquisitions of BankAsiana and Saehan Bancorp late in 2013. Compared to the first quarter of 2013, our total revenue increased 34%, and our pre-tax, pre-provision income increased by 17%."