Lower Wilshire Profit Better Than Expected

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The holding company for Wilshire State Bank reported net income of $3.15 million (11 cents per share) compared with $4.97 million (17 cents) in the same quarter a year earlier. Analysts surveyed by Thomson Reuters were expecting earnings of 3 cents per share.

Interest income rose 22.5 percent to $44.6 million and noninterest income rose 138 percent to $17.6 million. Core deposits grew 123 percent to $2.03 billion.

Total loan delinquencies increased 47 percent to $40.6 million, with delinquencies as a percentage of gross loans a relatively low 1.67 percent.

“In spite of our continued steps in the fourth quarter to further improve the quality of our balance sheet by aggressively charging off problem loans as well as increasing our allowance for loan losses, our core profitability remains strong due to our stable net interest margin and low efficiency ratio,” said Chief Executive Joanne Kim in a statement.

Shares were up $1.04, or 12 percent, to $9.57 in Friday midday trading on the Nasdaq.

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