Wilshire Bancorp Inc. (NASDAQ:WIBC) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 3.16%.
Wilshire Bancorp Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 36% to $0.16 in the quarter versus EPS of $0.25 in the year-earlier quarter.
Revenue: Decreased 3.73% to $34.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Wilshire Bancorp Inc. reported adjusted EPS income of $0.16 per share. By that measure, the company missed the mean analyst estimate of $0.16. It beat the average revenue estimate of $31.79 million.
Quoting Management: Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, “Our first quarter results reflect the strong core earnings power of the Company, as we generated an annualized return on average assets of 1.70% and an annualized return on average equity of 13.3%. We also showed solid growth in both revenue and pre-tax, pre-provision income over the first quarter of 2012. While overall loan growth remains challenging given the intense competition for quality loans, we are pleased with our continued progress in developing more commercial lending relationships. We originated $55 million of commercial loans during the first quarter of 2013 — our highest level in several years — and also saw significant inflows of demand deposits from new commercial customers. We also continue to see steady improvement in asset quality, which has kept our credit costs low.”
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