Wilshire Bancorp Provides Additional Information on Preliminary Financial Expectations for Q2 2010
July 02 2010 - 12:49AM
Wilshire Bancorp, Inc. (Nasdaq:WIBC), the holding company for
Wilshire State Bank, today provided additional information
regarding its preliminary financial expectations for the second
quarter of 2010. The Company expects that net loss available to
common shareholders for the second quarter of 2010 will not exceed
$5.0 million, or $0.17 per common share. The net loss is
primarily attributable to an elevated provision for loan losses and
an increase in net loan charge-offs. Net loan charge-offs
increased in the second quarter of 2010 due to write-downs that
resulted from the sale of approximately $49 million in
non-performing and delinquent loans at an average 17% discount to
their carrying values. As a result of these loan sales, the
Company expects that the level of non-performing loans at June 30,
2010 will decline from the level reported at March 31, 2010.
Wilshire Bancorp expects to report its financial results for the
second quarter of 2010 on July 27, 2010.
COMPANY INFORMATION
Headquartered in Los Angeles, Wilshire State Bank operates 24
branch offices in California, Texas, New Jersey, and New York, and
six loan production offices in Dallas, Houston, Atlanta, Denver,
Annandale, Virginia, and Fort Lee, New Jersey, 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.
Wilshire Bancorp'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
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.
Specific factors include, but are not limited to, loan production
and sales, credit quality, the ability to expand net interest
margin, the ability to continue to attract low-cost deposits,
success of expansion efforts, competition in the marketplace and
general economic conditions. The financial information contained in
this release should be read in conjunction with the consolidated
financial statements and notes included in Wilshire Bancorp'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, Wilshire Bancorp 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
Wilshire Bancorp with the Securities and Exchange Commission.
CONTACT: Wilshire Bancorp, Inc.
Joanne Kim, President & CEO
(213) 639-1843
Alex Ko, EVP & CFO
(213) 427-6560
www.wilshirebank.com
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