Wilshire Bancorp (WIBC) 8-K Results of Operations and Financial Condition

EXHIBIT 99.1

WILSHIRE BANCORP, INC.
CONTACT:
Joanne Kim, President & CEO, (213) 639-1843
Alex Ko, SVP & CFO, (213) 427-6560
www.wilshirebank.com		NEWS RELEASE

Wilshire Bancorp Reports Fourth Quarter and Year End Results: Highlights Include
Fourth Quarter Net Income of $3.2 Million or $0.11 Per Common Share,
Strengthened Allowance for Loan Losses, and Improved Efficiency Ratio

LOS ANGELES, January 21, 2010 - Wilshire Bancorp, Inc. (NASDAQ: WIBC), the holding company for Wilshire State Bank, today reported net income available to common shareholders of $3.2 million, or $0.11 per basic and diluted common share, for the fiscal quarter ended December 31, 2009. This compares to a net loss of $1.7 million or ($0.06) per basic and diluted share for the quarter ended September 30, 2009, and a profit of $5.0 million or $0.17 per basic and diluted share for the year-earlier fourth quarter.

“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.  Total non-performing assets decreased from the third quarter of 2009, a large portion of which can be attributed to a decrease in non-accrual loans,” said Ms. Joanne Kim, President and CEO. She added “Overall, 2009 was a good year, and with the successful acquisition of Mirae Bank in the second quarter, we will continue to cautiously look ahead for other growth opportunities in the future.”

For the full fiscal year, the Company reported net income available to common shareholders of $16.5 million or $0.56 per basic and diluted share, compared to $26.3 million or $0.90 per basic and diluted common share for the fiscal year ended December 31, 2008.

FOURTH QUARTER 2009 HIGHLIGHTS:

·Decrease in non-performing assets – Non-performing assets decreased by 12%, or $9.8 million during 4Q 2009, compared to 3Q 2009. The decrease in non-performing assets was comprised of a decrease of $7.4 million in non-accrual loans and a $2.4 million decrease in ORE. TDR loans decreased by $1.6 million from 3Q 2009 to 4Q 2009. Total non-performing loans to gross loans and non-performing assets to total asset ratios decreased from 3.2% and 2.5% to 2.9% and 2.2%, respectively.

·Allowance for loan losses – The allowance for loan losses as a percentage of total gross loans was strengthened to 2.56% for 4Q 2009, compared to 2.24% at 3Q 2009 and 1.43% at 4Q 2008. Provision for loan losses and loan commitments was $25.6 million for the latest quarter, comparable to the $24.2 million in 3Q 2009 and $5.9 million for 4Q 2008. For the full year, the provision for loan losses was $68.6 million, compared to $12.1 million in 2008.

·Improved efficiency ratio – The efficiency ratio improved to 35.08% at 4Q 2009 from 40.26% at 3Q 2009 and 44.08% at 4Q 2008.

·Strong capital position – Total risk-based capital ratio remained strong at 15.81%, compared to 15.82% at 3Q 2009, but was down from 17.09% at 4Q 2008. Tangible common equity per common share was $6.71, down from $6.93 at 3Q 2009 but up from $6.38 at 4Q 2008.

·Strong core deposits growth – Core deposits increased to $2.03 billion, a 17% increase from 3Q 2009 and a 123% increase from 4Q 2008.

CREDIT QUALITY

During the fourth quarter we continued to accelerate the resolution of our problem loans. As a result, allowance for loan losses increased to $62.1 million, or 2.56% of gross loans. This compares to $54.7 million, or 2.24% of gross loans at 3Q 2009, and $29.4 million or 1.43% of gross loans at Q4 2008. The provision for loan losses and loan commitments was $25.6 million, compared to $24.2 million at 3Q 2009 and $5.9 million at 4Q 2008.

As previously disclosed, upon acquiring certain assets and liabilities of the former Mirae Bank, we entered into a loss sharing agreement with the FDIC where the FDIC will share in losses on assets covered under the agreement. Such loss sharing includes loans and foreclosed loan collateral existing at June 26, 2009 acquired from Mirae. As a result, loans acquired through the acquisition of Mirae Bank are identified herein as “covered” loans, and those that were originated at Wilshire are “non-covered” loans or “legacy Wilshire” loans. The following is a table of “covered” and “non-covered” loans as of the quarter ended December 31, 2009 and September 30, 2009:

Loan Categories

(dollars in thousands)

	Quarter Ended
	Dec 31, 2009						Sep 30, 2009
	COVERED		NON-COVERED		TOTAL LOANS		COVERED		NON-COVERED		TOTAL LOANS
Construction	$	—	$	48,371	$	48,371	$	494	$	44,586	$	45,080
Real Estate Secured	196,066		1,783,638		1,979,704		206,770		1,766,428		1,973,198
Commercial & Industrial	62,409		325,034		387,443		66,829		348,910		415,739
Consumer	608		16,626		17,234		627		15,984		16,611
TOTAL GROSS LOANS	$	259,083	$	2,173,669	$	2,432,752	$	274,720	$	2,175,908	$	2,450,628

Loan Delinquencies

During the fourth quarter of 2009, total loan delinquencies increased to $40.6 million, compared to $27.6 million at 3Q 2009.  However, delinquencies as a percentage of total gross loans was still relatively low at 1.67% for 4Q 2009 compared to 1.13% at 3Q 2009. Delinquencies by days past due and loan type are reflected in the tables below:

By Days Past Due (dollars in thousands)

		Quarter Ended
		Dec 31, 2009						Sep 30, 2009						Jun 30, 2009		Mar 31, 2009		Dec 31, 2008
		COVERED		NON-COVERED		TOTAL LOANS		COVERED		NON-COVERED		TOTAL LOANS		TOTAL LOANS
30 - 59 Days Past Due		$	3,909	$	24,614	$	28,523	$	6,340	$	7,602	$	13,942	$	35,359	$	12,756	$	8,769
60 - 89 Days Past Due		6,224		4,557		10,781		1,513		11,342		12,855		37,001		3,387		2,851
90 Days, and still accruing		—		1,336		1,336		772		—		772		128		475		213
TOTAL DELINQUENCIES		$	10,133	$	30,507	$	40,640	$	8,625	$	18,944	$	27,569	$	72,488	$	16,618	$	11,833
By Loan Category (dollars in thousands)
		Quarter Ended
		Dec 31, 2009						Sep 30, 2009						Jun 30, 2009		Mar 31, 2009		Dec 31, 2008
		COVERED		NON-COVERED		TOTAL LOANS		COVERED		NON-COVERED		TOTAL LOANS		TOTAL LOANS
	Construction	$	—	$	—	$	—	$	—	$	—	$	—	$	494	$	—	$	—
	Real Estate Secured	8,655		26,783		35,438		6,267		15,328		21,595		60,251		14,336		8,989
	Commercial & Industrial	1,478		3,528		5,006		2,358		3,426		5,784		11,535		2,032		2,514
	Consumer	—		196		196		—		190		190		208		250		330
	TOTAL DELINQUENCIES	$	10,133	$	30,507	$	40,640	$	8,625	$	18,944	$	27,569	$	72,488	$	16,618	$	11,833

2

Non-covered loan delinquencies that were 30-59 days past due increased by $17.0 million, compared to 3Q 2009, while loans 60-89 days delinquent decreased by $6.8 million. Most categories of delinquencies by loan types experienced increases in during 4Q 2009 led by an increase of $11.5 million in covered and non-covered secured real estate loans delinquencies. A large portion of the increase in delinquencies is attributable to two loans with principal amounts of $4.4 million and $5.0 million, respectively that were categorized as delinquent in the fourth quarter of 2009.  Both loans are real estate secured and are not more than 40 days past due.

Non-accrual Loans

(Net of SBA Guaranteed Portions)

(dollars in thousands)

	Quarter Ended
	Dec 31, 2009						Sep 30, 2009						Jun 30, 2009		Mar 31, 2009		Dec 31, 2008
	COVERED		NON-COVERED		TOTAL LOANS		COVERED		NON-COVERED		TOTAL LOANS		TOTAL LOANS
Construction	$	—	$	—	$	—	$	494	$	—	$	494	$	—	$	—	$	—
Real Estate Secured	15,555		48,016		63,571		21,002		44,469		65,471		43,547		23,185		9,334
Commercial & Industrial	2,773		3,032		5,805		3,511		7,868		11,379		5,685		5,774		5,874
Consumer	—		70		70		—		49		49		90		307		131
TOTAL NON-ACCRUAL	$	18,328	$	51,118	$	69,446	$	25,007	$	52,386	$	77,393	$	49,322	$	29,266	$	15,339

Compared to the 3Q 2009, total non-accrual loans decreased by $7.9 million to $69.4 million, or 2.86% of gross loans at the end of the 4Q 2009. The decrease is attributed to the reduction of loans through sales and charge-offs in the fourth quarter 2009.  During the fourth quarter, we sold loans that were classified as non-accrual, resulting in a decrease in non-accrual loans of $8.5 million.

Loan Charge-offs

(dollars in thousands)

	Quarter Ended
	Dec 31, 2009						Sep 30, 2009						Jun 30, 2009		Mar 31, 2009		Dec 31, 2008
	COVERED		NON-COVERED		TOTAL LOANS		COVERED		NON-COVERED		TOTAL LOANS		TOTAL LOANS
Construction	$	99	$	—	$	99	$	—	$	—	$	—	$	—	$	—	$	—
Real Estate Secured	204		6,798		7,002		148		1,740		1,888		176		672		823
Commercial & Industrial	59		11,452		11,511		381		5,753		6,134		6,940		1,629		1,688
Consumer	—		43		43		—		191		191		356		102		96
TOTAL CHARGE-OFFS	$	362	$	18,293	$	18,655	$	529	$	7,684	$	8,213	$	7,472	$	2,403	$	2,607

Loan charge-offs for 4Q 2009 totaled $18.7 million, an increase of $10.4 million from 3Q 2009.  The increase in charge-offs resulted from management’s proactive response to charge-offs of unsecured non-accrual loan amounts, and partially charging-off of loans as a result of updated appraisal values for CRE loans.  All loans charged-offs in the fourth quarter had previously been reserved for in prior quarters.

3

COMMERCIAL REAL ESTATE PORTFOLIO

CRE Loan Composition

Total CRE loans at 4Q 2009 were essentially unchanged from $1.89 billion at 3Q 2009 and increased by $364 million or 24% from the $1.52 billion at year-end 2008, as noted below:

(dollars in thousands)

	Dec 31, 2009		%		Sep 30, 2009		%		3 Mths Change		Dec 31, 2008		%		12 Mths Change
Multi-Family	$	112,395	6	%	$	116,456	6	%	-3	%	$	52,115	3	%	116	%
Office / Mixed Use	277,870		15	%	264,536		14	%	5	%	271,073		18	%	2	%
Retail	722,646		38	%	719,969		38	%	0	%	553,076		37	%	30	%
Industrial / Warehouse	320,176		17	%	317,501		17	%	1	%	243,867		16	%	31	%
Hotel / Motel	310,568		16	%	313,138		17	%	-1	%	247,317		16	%	26	%
Other	142,193		8	%	147,734		8	%	4	%	154,322		10	%	2	%
Total CRE Loans	$	1,885,848	100	%	$	1,879,334	100	%	0	%	$	1,521,770	100	%	24	%

The CRE loan maturity distributions for 4Q 2009 were as listed below:

(dollars in thousands)

	2010			2011			2012			2013			2014			2015 & after			TOTAL
Multifamily	$	48,948		$	7,458		$	10,960		$	18,915		$	12,901		$	13,213		$	112,395
Office / Mixed Use	52,506			13,377			53,032			44,858			60,338			53,759			277,870
Retail	49,702			89,104			107,013			154,912			141,963			179,953			722,647
Industrial / Warehouse	37,929			27,065			65,251			43,847			75,943			70,141			320,176
Hotel / Motel	38,697			40,127			51,061			47,515			32,189			100,979			310,568
Other	35,765			18,528			21,916			18,661			14,057			33,265			142,192
Total CRE Loans	$	263,547		$	195,659		$	309,233		$	328,708		$	337,391		$	451,310		$	1,885,848
% of CRE	14		%	10		%	16		%	18		%	18		%	24		%	100		%

We believe that our refinance risk is limited based on our relatively low loan-to-value ratios and the fact that fewer of our loans are due for refinance or maturity, with  85% of our CRE loan portfolio having maturities in 2011 or later.

BALANCE SHEET

Total assets increased by $58.4 million or 2% to $3.44 billion at 4Q 2009, from $3.38 billion at 3Q 2009. The increase was primarily due to an increase of $91.7 million in investment securities, offset in part by a $17.9 million decrease in gross loans. The gross loan portfolio was $2.43 billion at 4Q 2009, compared to $2.45 billion at 3Q 2009, and $2.05 billion at 4Q 2008.

Total deposits increased to $2.83 billion at 4Q 2009 from $2.67 billion at 3Q 2009, an increase of 6.0% or $156.1 million from the prior quarter and 56.0% or $1.02 billion from the $1.81 billion of 4Q 2008.

The increase in deposits resulted from a substantial increase in core deposits of $289.1 million or 16.6% from 3Q 2009, and $1.12 billion or 123.4% from year-end 2008. Core deposits consist of demand deposits, savings, NOW accounts, money market accounts, and time deposits accounts under $100,000.

We have successfully grown core deposits by introducing new deposit products, attracting new customers, and expanding existing customer relationships. With the successful increase in core deposits, the cost of deposits has decreased considerably. The cost of deposits in 4Q 2009 decreased to 2.12%, 27 basis points less than 3Q 2009. The inflow of core deposits allowed us to pay down higher rate brokered deposits during the fourth quarter. Our brokered deposits decreased to $25.5 million or 58.2% as of 4Q 2009, compared to $64.1 million as of 3Q 2009 and $147.9 million at 4Q 2008.

4

As a result of continual growth in core deposits, Wilshire was also able to pay off $90 million in FHLB borrowings during the 4Q 2009.  Compared to total FHLB borrowings of $322 million in the third quarter of the same year, borrowings are down by 28% to $232 million.

Strong Capital Ratios

Capital ratios remained strong in the fourth quarter and were well in excess of “well capitalized” regulatory requirements. Based on our capital levels as of 4Q 2009, we had excess capital to absorb future credit costs, as noted in the table below:

(Dollars In thousands
except per share info)

	December 31, 2009			Well Capitalized Regulatory Requirements		Total Excess Above Well Capitalized Requirements
Tier 1 Leverage Capital Ratio	9.77		%	5.00	%	$	161,780
Tier 1 Risk-Based Capital Ratio	14.37		%	6.00	%	193,025
Total Risk-Based Capital Ratio	15.81		%	10.00	%	134,030
Tangible Common Equity To Tangible Assets	5.76		%	N/A		N/A
Tangible Common Equity Per Common Share	$	6.71		N/A		N/A

During the fourth quarter, we declared dividends on our common stock in the amount of $.05 per share, consistent with prior quarterly dividends.  We also paid the dividend owing to the U.S. Treasury on our non-cumulative perpetual convertible preferred stock, series A We will continue to monitor our dividend policy in light of the current economic environment.

NET INTEREST MARGIN

Net interest income remained virtually the same at $29.4 million, compared to 3Q 2009. Net interest income increased by 39% from the $21.1 million reported at 4Q 2008. The year-over-year increase in interest income and net interest income is largely due to increased earning assets obtained through the acquisition of the assets of Mirae Bank as well as strong organic growth.

Net interest margin decreased by 14 basis points to 3.73% in 4Q 2009 from the 3.87% in the prior quarter, and decreased by one basis point from the 3.74% for 4Q 2008.  The weighted average loan yield decreased by 14 basis points to 6.44% in 4Q 2009 from 6.58% at 3Q 2009. The yield on investment securities decreased 30 basis points to 3.24% from 3.54% at 3Q 2009.

Net interest income reversal on non-accrual loans was $780 thousand at 4Q 2009, compared to $2.5 million in the 3Q 2009. Net interest income reversal in 4Q 2009 impacted our net interest margin by 10 basis points for the same period.

Average interest-bearing deposits increased by $227 million to $2.40 billion during 4Q 2009, from the $2.17 billion at 3Q 2009. The cost of deposits decreased by 27 basis points in 4Q 2009 compared to 2.39% in the 3Q 2009. The decrease in the cost of deposits was due to repricing at lower levels of related interest bearing deposits. Certificate of deposits, excluding State of California time deposits, of $273 million with a weighted average rate of 2.18% are expected to mature in the first quarter of 2010. We expect to reprice most of these certificates of deposits at lower rates upon maturity.

5

During the fourth quarter Wilshire was able to realize a gain on sale of investment securities of $9.6 million and a gain on sale of loans of $2.0 million.  The stability and strength of our liquidity position had enabled us to capitalize on these gains and as a result our efficiency ratio has continued to improve. Compared to 40.26% at the end of the 3Q 2009, our efficiency ratio stood at 35.08% a decrease of 5.18% from quarter to quarter.

Year to date interest income increased from $148.6 million at Q4 2008 to $158.3 million at Q4 2009, an increase of 7% from year to year.  Net interest income before provision for loan losses also increased for the twelve months ending December 31, 2009 to $99.5 million, an increase of $16.8 million or 20%. Although deposits increased by $1.0 billion or 56% during the 1 year period, we were able to decrease interest expense by $7.1 million to $58.9 million, an 11% decrease.  For the twelve months ending 2009, non-interest expense increased to $57.4 million or 19% from $48.4 million at year end 2008 in part due to an increase in FDIC and state assessments. However, the largest portion of non-interest expense, salaries and employee benefits, increased by only $19 thousand for the same period.

CONFERENCE CALL

Management will host its quarterly conference call on January 21, 2010, at 11:00 a.m. PST (2:00 p.m. EST). Investment professionals are invited to participate in the call by dialing 1-866-788-0545 (domestic number) or 1-857-350-1683 (international number) and entering passcode 64779674.

COMPANY INFORMATION

Headquartered in Los Angeles, Wilshire State Bank operates 23 branch offices in California, Texas, New Jersey and New York, and five loan production offices in Dallas, Houston, Atlanta, Denver, and Annandale, Virginia, and is an SBA preferred lender nationwide. Wilshire State Bank is a community bank with a focus on commercial real estate lending and general commercial banking, with its primary market encompassing the multi-ethnic populations of the Los Angeles Metropolitan area. Wilshire Bancorp’s strategic goals include increasing shareholder and franchise value by continuing to grow its multi-ethnic banking business and expanding its geographic reach to other similar markets with strong levels of small business activity.

www.wilshirebank.com

FORWARD-LOOKING STATEMENTS

Statements concerning future performance, events, or any other guidance on future periods constitute forward-looking statements that are subject to a number of risks and uncertainties that might cause actual results to differ materially from stated expectations. Specific factors include, but are not limited to, loan production and sales, credit quality, the ability to expand net interest margin, the ability to continue to attract low-cost deposits, success of expansion efforts, competition in the marketplace and general economic conditions. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes included in Wilshire Bancorp’s most recent reports on Form 10-K and Form 10-Q, as filed with the Securities and Exchange Commission, as they may be amended from time to time. Results of operations for the most recent quarter are not necessarily indicative of operating results for any future periods. Any projections in this release are based on limited information currently available to management and are subject to change. Since management will only provide guidance at certain points during the year, Wilshire Bancorp will not necessarily update the information. Such information speaks only as of the date of this release. Additional information on these and other factors that could affect financial results are included in filings by Wilshire Bancorp with the Securities and Exchange Commission.

NOTE: Distributed Via Globe Newswire at 6 a.m. E.S.T. on Thurs., Jan. 21, 2010

6

CONSOLIDATED BALANCE SHEET

(dollars in thousands) (unaudited)

	December 31,			September 30,			Three Month		December 31,			One Year
	2009			2009			Change		2008			Change
ASSETS:
Cash and Due from Banks	$	155,753		$	141,533		10	%	$	67,540		131	%
Federal Funds Sold and Other Cash Equivalents	80,004			130,004			-38	%	30,001			167	%
Total Cash and Cash Equivalents	235,757			271,537			-13	%	97,541			142	%
Investment Securities Available For Sale	651,318			559,602			16	%	229,136			184	%
Investment Securities Held To Maturity	109			116			-6	%	139			-22	%
Total Investment Securities	651,427			559,718			16	%	229,275			184	%
Loans
Real Estate Construction	48,371			45,080			7	%	43,180			12	%
Residential Real Estate	93,828			79,384			18	%	77,846			21	%
Commercial Real Estate	1,881,998			1,890,432			0	%	1,519,082			24	%
Commercial and Industrial	385,958			414,194			-7	%	387,752			0	%
Consumer	17,286			16,262			6	%	23,669			-27	%
Total Loans	2,427,441			2,445,352			-1	%	2,051,529			18	%
Allowance For Loan Losses	(62,130		)	(54,735		)	14	%	(29,437		)	111	%
Loans Receivable, Net of Allowance for Loan Losses	2,365,311			2,390,617			-1	%	2,022,092			17	%
Accrued Interest Receivable	15,266			13,375			14	%	9,975			53	%
Due from Customers on Acceptances	945			251			276	%	2,213			-57	%
Other Real Estate Owned	3,797			6,238			-39	%	2,663			43	%
Premises and Equipment	12,660			12,454			2	%	11,265			12	%
Federal Home Loan Bank (FHLB) Stock, at Cost	21,040			21,040			0	%	17,537			20	%
Cash Surrender Value of Life Insurance	18,037			17,884			1	%	17,395			4	%
Investment in affordable housing partnerships	13,732			12,271			12	%	9,019			52	%
Deferred Income Taxes	18,684			8,787			113	%	12,051			55	%
Servicing Assets	6,898			6,898			0	%	4,839			43	%
Goodwill	6,675			6,675			0	%	6,675			0	%
FDIC Indemnification	33,775			40,014			-16	%	—			0	%
Other Assets	31,993			9,804			226	%	7,471			328	%
TOTAL ASSETS	$	3,435,997		$	3,377,563		2	%	$	2,450,011		40	%
LIABILITIES AND STOCKHOLDERS’ EQUITY:
LIABILITIES:
Non-interest Bearing Demand Deposits	$	385,188		$	373,332		3	%	$	277,542		39	%
Savings and Interest Checking	94,539			91,223			4	%	65,923			43	%
Money Market Deposits	909,125			752,788			21	%	362,719			151	%
Time Deposits in denomination of $100,000 or more	795,679			928,724			-14	%	902,804			-12	%
Other Time Deposits	643,684			526,035			22	%	203,613			216	%
Total Deposits	2,828,215			2,672,102			6	%	1,812,601			56	%
FHLB borrowings and Federal Funds Purchased	232,000			322,000			-28	%	274,000			-15	%
Acceptance Outstanding	945			251			276	%	2,213			-57	%
Junior Subordinated Debentures	87,321			87,321			0	%	87,321			0	%
Accrued Interest Payable	5,865			7,715			-24	%	6,957			-16	%
Other Liabilities	15,515			15,687			-1	%	11,859			31	%
Total Liabilities	3,169,861			3,105,076			2	%	2,194,951			44	%
STOCKHOLDERS’ EQUITY:
Preferred Stock	59,931			59,806			0	%	59,443			1	%
Common Stock	54,918			54,646			0	%	54,038			2	%
Retained Earnings	150,961			149,258			2	%	140,340			8	%
Accumulated Other Comprehensive Income	326			8,777			-96	%	1,239			-74	%
Total Stockholders’ Equity	266,136			272,487			-2	%	255,060			5	%
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,435,997		$	3,377,563		2	%	$	2,450,011		40	%

(continued)

7

CONSOLIDATED STATEMENT OF OPERATIONS

(dollars in thousands, except per share data) (unaudited)

	Quarter Ended					Three Month		Quarter Ended		One Year
	December 31, 2009		September 30, 2009			% Change		December 31, 2008		% Change
INTEREST INCOME
Interest and Fees on Loans	$	38,478	$	39,389		-2	%	$	33,615	14	%
Interest on Investment Securities	5,562		4,876			14	%	2,729		104	%
Interest on Federal Funds Sold	576		844			-32	%	62		829	%
Total Interest Income	44,616		45,109			-1	%	36,406		23	%
INTEREST EXPENSE
Deposits	12,737		12,994			-2	%	11,841		8	%
FHLB Advances and Other Borrowings	2,473		2,702			-8	%	3,436		-28	%
Total Interest Expense	15,210		15,696			-3	%	15,277		0	%
Net Interest Income Before Provision for Losses on Loans and Loan Commitments	29,406		29,413			0	%	21,129		39	%
Provision for Losses on Loans and Loan Commitments	25,600		24,200			6	%	5,910		333	%
Net Interest Income After Provision for Losses on Loans and Loan Commitments	3,806		5,213			-27	%	15,219		-75	%
NONINTEREST INCOME
Service Charges on Deposits	3,400		3,314			3	%	3,049		12	%
Gain on Sales of Loans	1,983		2,235			-11	%	—		N/A
Gain on Sale of Securities	9,569		—			N/A		—		N/A
Other	2,636		1,851			42	%	1,492		77	%
Total Noninterest Income	17,588		7,400			138	%	4,541		287	%
NONINTEREST EXPENSES
Salaries and Employee Benefits	7,183		7,120			1	%	5,168		39	%
Occupancy & Equipment	2,162		1,935			12	%	1,636		32	%
Data Processing	1,219		1,078			13	%	790		54	%
Other	5,921		4,688			26	%	3,723		59	%
Total Noninterest Expenses	16,485		14,821			11	%	11,317		46	%
Income Before Income Taxes	4,909		(2,208		)	N/A		8,443		-42	%
Income Taxes	833		(1,451		)	N/A		3,317		-75	%
NET INCOME (LOSS)	4,076		(757		)	N/A		5,126		-20	%
Preferred Stock Cash Dividend and Accretion of Preferred Stock Discount	902		900			0	%	155		480	%
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	3,174	$	(1,657	)	N/A		$	4,971	-36	%
PER COMMON SHARE INFORMATION
Basic Earnings Per Common Share	$	0.11	$	(0.06	)	N/A		$	0.17	-36	%
Diluted Earnings Per Common Share	$	0.11	$	(0.06	)	N/A		$	0.17	-36	%
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
Basic	29,413,943		29,413,757					29,409,061
Diluted	29,423,424		29,413,757					29,422,727

(continued)

8

CONSOLIDATED STATEMENT OF OPERATIONS

(dollars in thousands, except per share data) (unaudited)

	Twelve Months Ended				One Year
	December 31, 2009		December 31, 2008		% Change
INTEREST INCOME
Interest and Fees on Loans	$	139,295	$	137,630	1	%
Interest on Investment Securities	16,573		10,749		54	%
Interest on Federal Funds Sold	2,486		254		879	%
Total Interest Income	158,354		148,633		7	%
INTEREST EXPENSE
Deposits	48,690		51,912		-6	%
FHLB Advances and Other Borrowings	10,201		14,102		-28	%
Total Interest Expense	58,891		66,014		-11	%
Net Interest Income Before Provision for Losses on Loans and Loan Commitments	99,463		82,619		20	%
Provision for Losses on Loans and Loan Commitments	68,600		12,110		466	%
Net Interest Income after Provision for Losses on Loans and Loan Commitments	30,863		70,509		-56	%
NONINTEREST INCOME
Service Charges on Deposits	12,738		11,964		6	%
Gain on Sales of Loans	3,694		2,186		69	%
Gain on Sale of Securities	11,158		3		327143	%
Gain from Acquisition of net assets of Mirae Bank	21,679		—		N/A
Other	8,047		6,493		24	%
Total Noninterest Income	57,316		20,646		178	%
NONINTEREST EXPENSES
Salaries and Employee Benefits	26,498		26,517		0	%
Occupancy & Equipment	7,456		6,128		22	%
Data Processing	3,969		3,111		28	%
Other	19,446		12,644		54	%
Total Noninterest Expenses	57,369		48,400		19	%
Income Before Income Taxes	30,810		42,755		-28	%
Income Taxes	10,686		16,282		-34	%
NET INCOME	20,124		26,473		-24	%
Preferred Stock Cash Dividend and Accretion of Preferred Stock Discount	3,620		155		2229	%
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	16,504	$	26,318	-37	%
PER COMMON SHARE INFORMATION
Basic Earnings Per Common Share	$	0.56	$	0.90	-37	%
Diluted Earnings Per Common Share	$	0.56	$	0.90	-37	%
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
Basic	29,413,804		29,368,762
Diluted	29,422,779		29,407,388

(continued)

9

SUMMARY OF FINANCIAL DATA

(dollars in thousands, except per share data) (unaudited)

AVERAGE BALANCES

	Quarter Ended
	December 31, 2009		September 30, 2009		December 31, 2008
Average Assets	$	3,414,830	$	3,298,238	$	2,426,075
Average Equity	278,382		276,770		205,462
Average Net Loans (includes LHFS)	2,388,443		2,393,513		2,010,671
Average Deposits	2,787,804		2,547,303		1,770,237
Average Time Deposits in denomination of $100,000 or more	862,805		984,521		834,971
Average Interest Earning Assets	3,175,516		3,062,707		2,263,477

	Twelve Months Ended
	December 31, 2009		December 31, 2008
Average Assets	$	2,987,365	$	2,331,029
Average Equity	271,197		187,240
Average Net Loans (includes LHFS)	2,219,675		1,933,048
Average Deposits	2,295,409		1,744,069
Average Time Deposits in denomination of $100,000 or more	944,012		797,404
Average Interest Earning Assets	2,782,691		2,173,791

PROFITABILITY

	Quarter Ended
	December 31, 2009		September 30, 2009		December 31, 2008
Annualized Return on Average Assets	0.48	%	-0.09	%	0.85	%
Annualized Return on Average Equity	5.86	%	-1.09	%	9.98	%
Efficiency Ratio	35.08	%	40.26	%	44.08	%
Annualized Operating Expense/Average Assets	1.93	%	1.80	%	1.87	%
Annualized Net Interest Margin	3.73	%	3.87	%	3.74	%

	Twelve Months Ended
	December 31, 2009		December 31, 2008
Annualized Return on Average Assets	0.90	%	1.14	%
Annualized Return on Average Equity	9.89	%	14.14	%
Efficiency Ratio	36.59	%	46.87	%
Annualized Operating Expense/Average Assets	2.56	%	2.08	%
Annualized Net Interest Margin	3.60	%	3.81	%

DEPOSIT COMPOSITION

	Quarter Ended
	December 31, 2009		Cost ofFund		September 30, 2009		Cost ofFund		December 31, 2008		Cost ofFund
Noninterest Bearing Demand Deposits	13.6	%	0.00	%	14.0	%	0.00	%	15.3	%	0.00	%
Savings & Interest Checking	3.3	%	2.68	%	3.4	%	2.76	%	3.6	%	2.89	%
Money Market Deposits	32.2	%	2.18	%	28.2	%	2.41	%	20.0	%	3.06	%
Time Deposits of $100,000 or More	28.1	%	1.91	%	34.7	%	2.28	%	49.9	%	3.17	%
Other Time Deposits	22.8	%	2.27	%	19.7	%	2.56	%	11.2	%	3.54	%
Total Deposits	100.0	%	1.83	%	100.0	%	2.04	%	100.0	%	2.68	%

CAPITAL RATIOS

	Quarter Ended
	December 31, 2009			September 30, 2009			December 31, 2008
Tier 1 Leverage Ratio	9.77		%	10.03		%	13.25		%
Tier 1 Risk-Based Capital Ratio	14.37		%	14.29		%	15.36		%
Total Risk-Based Capital Ratio	15.81		%	15.82		%	17.09		%
Total Shareholders’ Equity	$	266,136		$	272,487		$	255,060
Book Value Per Common Share	$	7.01		$	7.23		$	6.65
Tangible Common Equity Per Common Share *	$	6.71		$	6.93		$	6.38
Tangible Common Equity to Tangible Assets **	5.76		%	6.05		%	7.68		%

* Tangible common equity excludes goodwill, other intangible assets, and TARP preferred stock

** Tangible assets excludes goodwill and intangible asset

Reconciliation of GAAP financial measures to non-GAAP financial measures:

	12/31/2009			9/30/2008			12/31/2008
Total stockholders’ equity	$	266,136		$	272,487		$	255,060
Preferred stock, net of discount	(59,931		)	(59,806		)	(59,443		)
Goodwill and other intangible assets, net	(8,688		)	(8,906		)	(7,963		)
Tangible common equity	$	197,517		$	203,775		$	187,654
Total assets	$	3,435,997		$	3,377,563		$	2,450,011
Goodwill and other intangible assets, net	(8,688		)	(8,906		)	(7,963		)
Tangible assets	$	3,427,309		$	3,368,657		$	2,442,048
Common shares outstanding	29,415,657			29,413,757			29,413,757

(continued)

10

SUMMARY OF FINANCIAL DATA

(dollars in thousands, except per share data) (unaudited)

ALLOWANCE FOR LOAN LOSSES

(net of SBA guaranteed portion)

	Quarter Ended
	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
Balance at Beginning of Period	$	54,735		$	38,758		$	34,156		$	29,437		$	25,950
Provision for Losses on Loans	24,540			23,967			11,812			7,009			5,902
FDIC Indemnification	856			—			—			—			—
Recoveries on loans previously charged-off	654			223			262			113			191
Less Charge-offs	(18,655		)	(8,213		)	(7,472		)	(2,403		)	(2,606		)
Balance at End of Period	$	62,130		$	54,735		$	38,758		$	34,156		$	29,437
Net Loan Charge-offs/Average Total Loans	0.74		%	0.33		%	0.34		%	0.11		%	0.12		%
Charge-offs/Average Total Loans	0.76		%	0.34		%	0.36		%	0.12		%	0.13		%
Allowance for Loan Losses/Gross Loans	2.56		%	2.24		%	1.62		%	1.65		%	1.43		%
Allowance for Loan Losses/Legacy Wilshire Loans	2.86		%	2.52		%	1.83		%	1.65		%	1.43		%
Allowance for Loan Losses/Non-accrual Loans	89.47		%	70.72		%	78.58		%	116.71		%	191.90		%
Allowance for Loan Losses/Non-performing Loans	87.78		%	70.02		%	78.38		%	114.84		%	189.27		%
Allowance for Loan Losses/Total Assets	1.81		%	1.62		%	1.22		%	1.31		%	1.20		%
Allowance for Loan Losses/Non-performing Assets	83.31		%	64.85		%	71.62		%	94.82		%	161.61		%

NON-PERFORMING ASSETS

(net of SBA guaranteed portion)

	Quarter Ended
	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
Nonaccrual Loans:
Non-covered Loans	$	51,119		$	52,386		$	35,032		$	29,266		$	15,339
Covered Loans	18,327			25,007			14,290			—			—
Total	69,446			77,393			49,322			29,266			15,339
Loans 90 days or more past due and still accruing:
Non-covered Loans	1,336			—			128			475			213
Covered Loans	—			772			—			—			—
Total	1,336			772			128			475			213
Total Nonperforming Loans:
Non-covered Loans	52,455			52,386			35,160			29,741			15,552
Covered Loans	18,327			25,779			14,290			—			—
Total	70,782			78,165			49,450			29,741			15,552
OREO and Repossessed Vehicles:
Non-covered Loans	3,297			5,738			5,456			6,282			2,663
Covered Loans	500			500			500			—			—
Total	3,797			6,238			5,956			6,282			2,663
Total Nonperforming Assets:
Non-covered Loans	55,752			58,124			40,616			36,023			18,215
Covered Loans	18,827			26,279			14,790			—			—
Total	$	74,579		$	84,403		$	55,406		$	36,023		$	18,215
Total Nonperforming Loans/Gross Loans	2.92		%	3.20		%	2.01		%	1.43		%	0.76		%
Total Nonperforming Assets/Total Assets	2.17		%	2.50		%	1.70		%	1.38		%	0.74		%

Performing Troubled Debt Restructured (TDR) Loans

(dollars in thousands)

	Quarter Ended
	December 31, 2009						September 30, 2009
	COVERED		NON-COVERED		TOTAL LOANS		COVERED		NON-COVERED		TOTAL LOANS
Construction	$	—	$	—	$	—	$	—	$	—	$	—
Real Estate Secured	9,175		54,414		63,589		10,494		54,868		65,362
Commercial & Industrial	—		1,023		1,023		—		895		895
Consumer	—		—		—		—		—		—
TOTAL PERFORMING TDR LOANS	$	9,175	$	55,437	$	64,612	$	10,494	$	55,763	$	66,257

(continued)

11

LOAN ORIGINATION AMOUNT

	Quarter Ended
	December 31, 2009		September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008
Total new loan origination amount, excluding renewal.	$	125,281	$	183,859	$	159,334	$	64,838	$	72,412
SBA new loan origination amount, excluding renewal.	$	17,158	$	15,592	$	12,456	$	6,276	$	9,190

ALLOWANCE FOR LOAN LOSSES

(net of SBA guaranteed portion)

	Twelve Months Ended
	December 31, 2009			December 31, 2008
Balance at Beginning of Period	$	29,437		$	21,579
Provision for Losses on Loans		67,328			12,865
FDIC Indemnification		856
Recoveries on loans previously charged off		1,252			2,140
Less Charge-offs		(36,743	)		(7,147	)
Balance at End of Period	$	62,130		$	29,437

ALLOWANCE FOR OFF-BALANCE SHEET ITEMS

(non-covered loan only)

(net of SBA guaranteed portion)

	Twelve Months Ended
	December 31, 2009		December 31, 2008
Balance at Beginning of Period	$	1,243	$	1,998
Provision for (Recapture of) Losses on Off-balance Sheet Items		1,272		(755	)
Balance at End of Period	$	2,515	$	1,243

LOAN ORIGINATION AMOUNTS

	Twelve Months Ended
	December 31, 2009		December 31, 2008
Total new loan origination amount, excluding renewal.	$	533,312	$	518,089
SBA new loan origination amount, excluding renewal.	$	51,482	$	63,329

(continued)

12

WILSHIRE BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCES, AVERAGE YIELDS EARNED AND AVERAGE RATES PAID

(dollars in thousands) (unaudited)

	For the Three Months Ended
	December 31, 2009							September 30, 2009							December 31, 2008
				Interest		Average					Interest		Average					Interest		Average
	Average			Income/		Yield/		Average			Income/		Yield/		Average			Income/		Yield/
	Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate
INTEREST EARNING ASSETS
Real Estate Loans	$	2,027,288		$	31,822	6.28	%	$	1,982,131		$	31,400	6.34	%	$	1,604,234		$	26,980	6.73	%
Commercial Loans	400,784			5,745		5.73	%	440,140			6,821		6.20	%	412,842			5,449		5.28	%
Consumer Loans	17,588			229		5.21	%	16,818			250		5.96	%	24,665			370		6.00	%
Total Loans - Gross	2,445,660			37,796		6.18	%	2,439,089			38,471		6.31	%	2,041,741			32,799		6.43	%
Loan Fees toward Yield				682							918							816
Allowance for Loan Losses & Unearned income	(57,217		)					(45,576		)					(31,070		)
Net Loans	2,388,443			38,478		6.44	%	2,393,513			39,389		6.58	%	2,010,671			33,615		6.69	%
INVESTMENT SECURITIES AND OTHER INTEREST-EARNING ASSETS:
Investment Securities*	613,021			5,562		3.79	%	488,704			4,876		4.16	%	229,730			2,729		4.82	%
Federal Funds Sold	174,052			576		1.32	%	180,490			844		1.87	%	23,076			62		1.07	%
Total Investment Securities and Other Earning Assets	787,073			6,138		3.24	%	669,194			5,720		3.54	%	252,806			2,791		4.48	%
TOTAL INTEREST-EARNING ASSETS	$	3,175,516		$	44,616	5.65	%	$	3,062,707		$	45,109	5.92	%	$	2,263,477		36,406		6.44	%
INTEREST BEARING LIABILITIES
INTEREST-BEARING DEPOSITS:
Money Market	$	853,770		$	4,661	2.18	%	$	677,234		$	4,075	2.41	%	$	380,275		$	2,905	3.06	%
NOW	21,971			36		0.65	%	21,481			50		0.93	%	18,989			58		1.23	%
Savings	68,373			569		3.33	%	62,089			527		3.39	%	43,029			390		3.63	%
Time Deposits of $100,000 or More	862,805			4,113		1.91	%	984,521			5,611		2.28	%	834,971			6,618		3.17	%
Other Time Deposits	592,336			3,358		2.27	%	427,234			2,731		2.56	%	211,351			1,870		3.54	%
Total Interest Bearing Deposits	2,399,255			12,737		2.12	%	2,172,559			12,994		2.39	%	1,488,615			11,841		3.18	%
BORROWINGS:
FHLB Advances and Other Borrowings	238,017			1,811		3.04	%	362,208			1,982		2.19	%	340,424			2,318		2.72	%
Junior Subordinated Debentures	87,321			662		3.03	%	87,321			720		3.30	%	87,321			1,118		5.12	%
Total Borrowings	325,338			2,473		3.04	%	449,529			2,702		2.40	%	427,745			3,436		3.21	%
TOTAL INTEREST BEARING LIABILITIES	$	2,724,593		$	15,210	2.23	%	$	2,622,088		$	15,696	2.40	%	$	1,916,360		$	15,277	3.19	%
NET INTEREST INCOME				$	29,406						$	29,413						$	21,129
NET INTEREST SPREAD						3.42	%						3.52	%						3.25	%
NET INTEREST MARGIN						3.73	%						3.87	%						3.74	%

* Tax equivalent ratios for investment securities

(continued)

13

	For the Twelve Months Ended
	December 31, 2009							December 31, 2008
				Interest		Average					Interest		Average
	Average			Income/		Yield/		Average			Income/		Yield/
	Balance			Expense		Rate		Balance			Expense		Rate
INTEREST EARNING ASSETS
LOANS:
Real Estate Loans	$	1,842,540		$	114,014	6.19	%	$	1,558,723		$	109,166	7.00	%
Commercial Loans	402,367			21,553		5.36	%	377,090			22,607		6.00	%
Consumer Loans	18,595			1,036		5.57	%	26,102			1,702		6.52	%
Total Loans - Gross	2,263,502			136,603		6.04	%	1,961,915			133,475		6.80	%
Loan Fees toward Yield				2,692							4,155
Allowance for Loan Losses & Unearned income	(43,827		)					(28,867		)
Gross Loans, Net	2,219,675			139,295		6.28	%	1,933,048			137,630		7.12	%
INVESTMENT SECURITIES AND OTHER INTEREST-EARNING ASSETS:
Investment Securities*	429,205			16,573		4.03	%	227,481			10,749		4.80	%
Federal Funds Sold	133,811			2,486		1.86	%	13,262			254		1.91	%
Total Investment Securities and Other Earning Assets	563,016			19,059		3.51	%	240,743			11,003		4.64	%
TOTAL INTEREST-EARNING ASSETS	$	2,782,691		$	158,354	5.72	%	$	2,173,791		$	148,633	6.84	%
INTEREST BEARING LIABILITIES
INTEREST-BEARING DEPOSITS:
Money Market	$	584,054		$	13,842	2.37	%	$	402,323		$	13,147	3.27	%
NOW	20,546			177		0.86	%	21,290			286		1.34	%
Savings	55,639			1,932		3.47	%	38,250			1,297		3.39	%
Time Deposits of $100,000 or More	944,012			23,145		2.45	%	797,404			29,840		3.74	%
Other Time Deposits	357,590			9,594		2.68	%	186,639			7,342		3.93	%
Total Interest-Bearing Deposits	1,961,841			48,690		2.48	%	1,445,906			51,912		3.59	%
BORROWINGS:
FHLB Advances and Other Borrowings	312,009			7,073		2.27	%	287,566			9,287		3.23	%
Junior Subordinated Debentures	87,321			3,128		3.58	%	87,321			4,815		5.51	%
Total Borrowings	399,330			10,201		2.55	%	374,887			14,102		3.76	%
TOTAL INTEREST BEARING LIABILITIES	$	2,361,171		$	58,891	2.50	%	$	1,820,793		$	66,014	3.63	%
NET INTEREST INCOME				$	99,463						$	82,619
NET INTEREST SPREAD						3.22	%						3.21	%
NET INTEREST MARGIN						3.60	%						3.81	%

* Tax equivalent ratios for investment securities

(concluded)

14