Wilshire Bancorp Inc. on Monday reported sharply lower first-quarter profits compared to last year, though the results topped Wall Street expectations.

Wilshire, parent of Koreatown’s Wilshire State Bank, reported net income of $11.6 million (16 cents a share) for the quarter ended March 31, down from $17.9 million (25 cents) in the same quarter a year ago. Executives blamed the lower revenue and profit figures partly on lower interest rates.

Analysts surveyed by Bloomberg LP estimated Wilshire would post earnings of 15.5 cents per share. Results were released after markets closed. Shares ended the day at $6.12, down 20 cents or 3 percent.

Chief Executive J.W. Yoo said the bank continues to work through a competitive lending environment. He also said the bank is evaluating the possibility of opening new branches or acquiring other banks.

“We are actively evaluating other uses for our capital including but not limited to the potential reinstatement of a common stock dividend, investments in de novo branches, and strategic acquisitions,” Yoo said in a statement.