Los Angeles Business Journal

Wilshire Bancorp Profit Soars

By Deborah Crowe Monday, July 22, 2013

Wilshire Bancorp Inc. late Monday reported a 94 percent jump in second-quarter profit as the Koreatown bank holding company continues to consolidate Korean-American banks throughout the nation.

After the markets closed, the parent of Wilshire State Bank reported net income of $11.5 million (16 cents a share). Revenue rose 4 percent to $34.1 million compared with the same period a year earlier, with net interest income up 6 percent and non-interest income down 4.6 percent.

“We saw a continuation of most of the trends we have experienced over the past several quarters, most notably low credit costs, slight compression in our net interest margin, stable expense levels and modest loan growth,” Chief Executive Jae Whan Yoo said in a statement.

Wilshire last week announced it will acquire Saehan Bancorp in a deal valued at more than $105 million. Wilshire last month signed an agreement to buy BankAsiana, a small Korean-American bank holding company in Palisades Park, N.J., for $32.5 million.

Shares earlier closed unchanged at $8.40 on the Nasdaq.