Wilshire Bancorp Inc. shares plunged more than 18 percent on Tuesday, a day after the Koreatown bank reported that it had moved to a loss in the first quarter largely due to a larger provision for bad loans.

The holding company for Wilshire Bank after markets closed Monday reported a net loss of $52.1 million (-$1.77 per share), compared with net income of $2.4 million (8 cents) a year earlier.

The bank reported total revenue of $44.3 million, with interest income down 14 percent to $35.6 million, but non-interest income up 19 percent to nearly $8.7 million.

Analysts surveyed by Thomson Reuters on average expected the company to report a small per-share loss of 4 cents on total revenue of $33 million.

The bank reclassified $93.4 million in loans to their expected fair value, recording a provision for loan losses of $44.8 million. It also took a charge of $38.1 million related to a deferred tax asset valuation allowance.

“Although the bank’s recent financial performance has declined due in part to the disposition of problem assets, we believe we still have an attractive franchise with strong earnings power,” said Chief Executive Jae Whan Yoo in a statement.

Shares closed down 98 cents, or 19 percent, to $4.08 on the Nasdaq.