Wilshire Bancorp Reports Record 4Q Profit

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Wilshire Bancorp Inc. the holding company for Wilshire State Bank, reported fourth quarter earnings, but failed to impress investors.

The Los Angeles-based bank reported net income of $8.9 million (30 cents per share), a 15 percent jump from $7.8 million (27 cents) for the same period a year earlier.


Net interest income increased 10 percent to $19.8 million, but new loan originations fell 2 percent to $233 million.


“We generated tremendous growth in 2006, both in our branch network and on our financial statements,” said Soo Bong Min, the bank’s president and chief executive, in a statement.


For the full year, new loan originations jumped 12 percent to $987 million, while assets grew 21 percent to $2.01 billion.


Shares in Wilshire Bancorp were down 40 cents to 18.06 in midday trading Tuesday.

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