Wilshire Bancorp has reported that its net income for the first quarter ended March 31, 2009 was $3.06m, or $0.07 per share, a 57% decline, compared with $7.05m, or $0.24 per share, for the first quarter ended March 31, 2008.
Net interest income before provision for losses on loans and loan commitments was $19.66m in the first quarter of 2009, compared to $19.74m for the same quarter of 2008. For the first quarter of 2009, net interest margin was 3.33% versus 3.83% for the first quarter of 2008.
At March 31, 2009, total assets of the company were $2.61 billion, representing a 16% growth from $2.26 billion as of March 31, 2008.
Joanne Kim, president and CEO, said: As the credit environment further deteriorates and the financial crisis continues to unfold, we expect that 2009 will be a challenging year. However, we have prudently made provision for losses on loans and loan commitments of $6.7m in the current quarter as a measure to address the challenge. We continue to focus on our strategic goal of strengthening our capital and balance sheet positions as we work through these difficult times.
