Wilshire Bank Profit NarrowsTuesday, January 28, 2014
The parent company of Koreatown lender Wilshire Bank announced after the close of the markets Monday that its profit narrowed in the last quarter of last year as it closed on two acquisitions.
The bank’s holding company, Wilshire Bancorp of Los Angeles, reported fourth quarter net income of $10.9 million (15 cents a share), compared with net income of $15.2 million in the same quarter a year earlier. Revenue rose 29 percent to $41.6 million.
Analysts had expected net income of 16 cents a share.
Wilshire closed on the acquisition of two banks during the quarter – BankAsiana of Palisades Park, New Jersey and Saehan Bancorp of Los Angeles.
Chief Executive Whan Yoo said integrating those banks into Wilshire’s business will boost profitability in future quarters.
“In 2014, we will be focused on fully capturing the projected synergies from these acquisitions, generating quality balance sheet growth, and delivering a higher level of profitability for our shareholders," Yoo said in a statement.
Shares rose 1.3 percent to close at $10.33 in Tuesday trading on the Nasdaq.