Exhibit 99.1

Wilshire Bancorp Reports Net Income of $5.8 Million or

$0.08 Earnings per Share for Fourth Quarter 2011

LOS ANGELES, January 23, 2012 - Wilshire Bancorp, Inc. (NASDAQ: WIBC), the holding company (“the Company”) for Wilshire State Bank (“the Bank”), today reported net income available to common shareholders of $5.8 million, or $0.08 per diluted common share, for the quarter ended December 31, 2011.  This compares to a net loss available to common shareholders of $40.3 million, or ($1.37) per diluted common share, for the same period of the prior year, and net income available to common shareholders of $10.2 million, or $0.14 per diluted common share, for the third quarter of 2011.  The decrease in earnings per share from the third quarter of 2011 is attributable to a higher effective tax rate recorded in the fourth quarter of 2011.

Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, “We are pleased to deliver another quarter of solid profitability, which was driven by improved efficiencies and lower credit costs. Compared to the third quarter of 2011, our pre-tax income increased 8%, which reflects the increasing strength in our core operations. We continue to make steady progress on improving our asset quality, which resulted in a 22% decline in non-accrual loans and a 68% decline in charge-offs compared to the prior quarter.

“Our focus for 2012 is to prudently increase our marketing efforts to resume the growth of our franchise.  We are adding to our business development staff and re-engaging our markets with more active lending efforts, including re-opening three loan production offices in Georgia, Washington, and Northern California.  We are optimistic that our increased loan production will generate higher levels of interest income and gains on sales of loans this year, which should enable us to further increase our level of profitability as we move through 2012,” said Mr. Yoo.

Q4 2011 Summary:

·            Net income available to common shareholders of $5.8 million, or $0.08 per share

·            Improvement in asset quality from Q3 2011 to Q4 2011 with a 22% decline in non-accrual loans and a 68% decline in charge-offs

·            Operating efficiency ratio improved to 52.4% from 55.7% in Q3 2011

·            Improved deposit mix with an overall increase in core deposits led by a 9% increase in non-interest bearing accounts

·            Annualized return on average assets of 1.01% and return on average equity of 8.72%

·            All capital ratios strengthened from prior quarter

STATEMENT OF OPERATIONS

Net Interest Income and Margin

Net interest income before provision for loan losses totaled $25.2 million in the fourth quarter of 2011, a decrease of 4% from $26.3 million in the fourth quarter of 2010, and a decrease of 1% from $25.5 million in the third quarter of 2011.

Net interest margin was 4.17% in the fourth quarter of 2011, compared to 3.72% in the fourth quarter of 2010 and 4.23% in the third quarter of 2011. The decrease in net interest margin for the fourth quarter of 2011 compared to the third quarter of 2011 was primarily due to the reduction in investment yields as a result of newly purchased investments at lower yields in combination with increased prepayment speeds on MBS securities.

Loan yields increased to 5.58% for the fourth quarter of 2011 from 5.54% for the third quarter of 2011 mainly due to the reduction in interest income reversals from non-accrual loans.  Total non-accrual loan interest reversals declined to $430 thousand during the fourth quarter of 2011 compared to $812 thousand during the previous quarter. The total cost of deposits continued to decrease and was 0.80% for the fourth quarter of 2011, down from 0.83% for the third quarter of 2011 and down from 1.04% for the fourth quarter of 2010.  The decrease from both periods was primarily due to an increase in non-interest bearing deposits.

Net interest margin for the twelve months ended December 31, 2011 was 4.34%, an increase of 58 basis points compared to 3.76% for the same period in 2010. Loan yield for the twelve months ended December 31, 2011 was 5.54%, down from 5.61% for the twelve months ended December 31, 2010.  Total cost of interest bearing deposits was 1.07% for 2011 compared to 1.56% for 2010.  The increase in net interest margin for the full year was largely the result of a reduction in cost of deposits and borrowings.

Non-Interest Income

Total non-interest income was $5.8 million for the quarter ended December 31, 2011, compared to $7.7 million for the previous quarter and $6.1 million for the quarter ended December 31, 2010.  The decline in non-interest income from the prior quarter is primarily due to lower gains on sales of loans.  The Company decided to retain all but a few of its SBA loans during the fourth quarter of 2011 and recognize interest income, which resulted in the lower gains on sales of loans.  The $733 thousand in gains on sales of loans recognized in the fourth quarter of 2011 was attributable to gains on sales of commercial real estate (“CRE”) loans totaling $643 thousand and gains from mortgage and SBA loans totaling $70 thousand and $20 thousand, respectively.

Other non-interest income was $2.2 million for the quarter ended December 31, 2011, compared to $2.7 million in the previous quarter and $972 thousand for the fourth quarter of 2010.  The decrease in other non-interest income from the previous quarter was primarily attributable to a reduction in miscellaneous income while the increase in other non-interest income from the fourth quarter of 2010 was a result of an increase in loan related servicing fees.

Non-Interest Expense

Total non-interest expense was $16.2 million for the fourth quarter of 2011, compared with $18.5 million for the prior quarter and $19.7 million for the fourth quarter of 2010.  The decrease in total non-interest expense compared to both prior periods was primarily due to lower other non-interest expenses, as discussed below.

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Total salaries and employee benefits were $7.1 million in the fourth quarter of 2011, compared with $6.8 million in the prior quarter and $7.2 million in the fourth quarter of 2010.  The increase from the prior quarter is primarily due to the winter incentive bonus that was awarded to employees during the fourth quarter of 2011.

Other non-interest expenses for the fourth quarter of 2011 totaled $6.5 million, compared with $9.0 million in the third quarter of 2011 and $9.8 million in the fourth quarter of 2010.  The decrease in other non-interest expenses from the prior quarter and previous year was primarily attributable to lower expenses related to other real estate owned (“OREO”) and lower legal fees.

The Company’s operating efficiency ratio improved to 52.4% for the quarter ended December 31, 2011 from 55.7% for the quarter ended September 30, 2011 and 60.8% for the quarter ended December 31, 2010.

Tax Provision

For the fourth quarter of 2011 the Company recorded income tax provisions totaling $6.5 million on pretax income of $13.2 million representing a tax rate of 49.1%, compared to income tax provision of $1.1 million on pretax income of $12.2 million, representing an effective tax rate of 9.1% for the previous quarter.  The quarter-to-quarter increase in tax provision was the result of discrete reversal of deferred tax assets related to net operating loss carryback due to higher than expected income, in addition to changes in other comprehensive income from unrealized gains on investment securities. The Company does not expect these non-recurring tax adjustments to impact tax provision in future quarters.

BALANCE SHEET

Total gross loans were $1.99 billion at December 31, 2011, compared to $2.00 billion at September 30, 2011.  The $11.5 million decline in gross loans during the fourth quarter of 2011 was mostly due to the decrease in covered loans which declined $11.4 million compared to a decline of $117 thousand in non-covered legacy loans.

As previously disclosed, upon acquiring certain assets and liabilities of the former Mirae Bank, the Company entered into a loss sharing agreement with the FDIC whereby the FDIC has agreed to share in losses on assets covered under the agreement.  The assets covered by the loss sharing agreement include loans and foreclosed loan collateral existing on June 26, 2009 and acquired from Mirae Bank. As a result, loans acquired through the acquisition of Mirae Bank are identified as “covered” loans, and those that were originated at Wilshire are “non-covered” loans or “legacy Wilshire” loans.  The following table shows “covered” and “non-covered” gross loans by loan type:

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Loan Categories

(Dollars In Thousands)

Loan originations for the fourth quarter of 2011 totaled $109.6 million. This compares to total loan originations of $97.5 million for the third quarter of 2011 and $169.1 million for the fourth quarter of 2010. The increase in loan originations from the prior quarter was attributable to a greater emphasis on commercial and industrial and SBA loan production, in addition to higher loan demand.

The following table shows quarterly loan originations by loan type:

LOAN ORIGINATIONS (Dollars In Thousands)

Total cash and cash equivalents increased 30% to $325.3 million at December 31, 2011, from $249.9 million at September 30, 2011 and increased 64% from $198.5 million at December 31, 2010.  The increase was due to an inflow of deposits during the fourth quarter of 2011 which resulted in the placement of funds into short-term instruments on a temporary basis.

Total OREO was $8.2 million at December 31, 2011, compared with $9.3 million at September 30, 2011 and $15.0 million at December 31, 2010.  Outflow from OREO in the fourth quarter of 2011 consisted of 10 sold properties totaling approximately $3.1 million. Inflow to OREO in the fourth quarter of 2011 consisted of 10 properties totaling approximately $3.5 million. The remaining decline in OREO during the fourth quarter was a result of write-downs in value of approximately $1.5 million.

Total deposits were $2.20 billion at December 31, 2011, an increase of 2% from $2.15 billion at September 30, 2011.  The increase in total deposits was primarily driven by a 9% increase in non-interest bearing demand deposits, which represented 23.2% of total deposits at December 31, 2011 compared to 21.8% at September 31, 2011. During 2011, total deposits decreased from $2.46 billion at December 31, 2010 to $2.20 billion at December 31, 2011.  The decrease of $258.6 million was the result of management’s planned action to reduce high cost deposits during the first half of 2011.

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During the fourth quarter of 2011, all of the Company’s net deferred tax assets decreased to zero as the Company moved the realizable net operating loss carrybacks from 2008 and 2009 to tax receivables.  This transaction was a result of the Company’s request of tax refunds from the Internal Revenue Service.  Now that the Company expects tax refunds in the amount of the deferred tax assets previously recorded, the amount has been transferred to income tax receivables included in other assets.

CREDIT QUALITY

The Company’s credit quality metrics continued to improve during the fourth quarter of 2011, highlighted by a 22% decrease in non-accrual loans and a 68% decrease in charge-offs compared to the prior quarter.  As a result of the improved credit quality metrics, the Company’s provision for loan losses declined to $1.5 million for the fourth quarter of 2011, down from $2.5 million for the prior quarter and $83.6 million for the fourth quarter of 2010.

Despite the reduced provision for loan losses, the Company’s coverage ratios remained relatively stable from the end of the prior quarter.  The allowance for loan losses totaled $103.0 million, or 5.19% of gross loans at December 31, 2011, compared to $105.3 million, or 5.27% of gross loans, at September 30, 2011.  The coverage ratio of the allowance for loan losses to non-performing assets was 198% at December 31, 2011, compared with 160% at September 30, 2011.  Allowance coverage of legacy Wilshire loans was 5.66% at December 31, 2011, compared with 5.78% at September 30, 2011.

Note Sales

The Company sold $21.3 million in held-for-sale CRE loans (excluding SBA or residential mortgage loans) during the fourth quarter of 2011. All of the loans were sold on an individual basis and had an average discount to their principal balance of 32.8%.  Loans held-for-sale sold during the quarter were all non-accrual loans at the end of the third quarter of 2011.  All of loans held-for-sale sold were previously marked down to their fair values during previous quarters.  During the fourth quarter, the Bank was able to record a net gain on sale of loans totaling $733 thousand even with only $20 thousand in gains from SBA loan sales.

Non-Accrual Loans

At December 31, 2011, total non-covered non-accrual loans declined to $29.8 million, or 1.63% of gross non-covered loans, compared to $39.5 million, or 2.18% of non-covered loans, at September 30, 2011.

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The following table shows “covered” and “non-covered” non-accrual loans by loan type:

NON-ACCRUAL LOANS (Dollars In Thousands)

(Net of SBA Guaranteed Portions)

The decrease in non-accrual loans is attributable to the sale of $21.3 million of non-accrual loans in addition to a decline in inflows into non-accrual status. Total allowance as a percentage of legacy non-accrual loans increased from 266% at the end of the third quarter of 2011 to 345% at the end of the fourth quarter of 2011.

The inflow into total (covered and non-covered) non-accrual loans was $17.9 million in the fourth quarter of 2011, a slight increase from inflow of $17.1 million in the third quarter of 2011. Total outflow from total non-accrual loans was $30.5 million in the fourth quarter of 2011, compared with $38.6 million in the third quarter of 2011.

Impaired Loans

Loans are classified as impaired when based on current information, it is probable that the Company will not be able to collect all principal and interest payments due in accordance with the terms of the loan.  Non-covered impaired loans at December 31, 2011 totaled $54.7 million, compared with $65.7 million at September 30, 2011.  The decrease in impaired loans during the fourth quarter of 2011 is largely attributable to note sales. Total inflows into impaired loans were $19.2 million in the fourth quarter of 2011, compared to $18.2 million in the third quarter of 2011.

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Total impaired loans by loan category are shown in the table below:

IMPAIRED LOANS (Dollars In Thousands)

(Net of SBA Guaranteed Portions)

Troubled Debt Restructured Loans

At December 31, 2011, total non-covered troubled debt restructured loans or “TDR loans”, were $14.7 million, compared to $13.1 million at September 30, 2011.  The increase from the prior quarter was due to a modest increase in the number of requests for loan modifications, combined with a lower level of TDR note sales.

Total TDR loans by loan category are shown in the table below:

TROUBLED DEBT RESTRUCTURED LOANS (Dollars In Thousands)

(net of SBA guaranteed portions)

Of the total $22.4 million in TDR loans at December 31, 2011, $7.3 million in TDR loans were also classified as non-accrual, of which $1.5 million was non-covered. The remaining TDR loans were performing in accordance with their modified terms.

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Loan Delinquencies (Excluding Non-Accrual Loans)

At December 31, 2011, total non-covered loan delinquencies were $14.7 million, compared with $7.3 million at September 30, 2011.  The increase in delinquencies was primarily attributable to one CRE participation loan totaling $8.3 million.  Excluding this participation loan, total inflow into loan delinquencies was $5.4 million in the fourth quarter of 2011, compared with $4.3 million in the prior quarter.

Delinquent loans by days past due are reflected in the table below:

DELINQUENT LOANS -  By Days Past Due (Dollars In Thousands)

(Net of SBA Guaranteed Portions)

Of the total $15.5 million in delinquent loans at December 31, 2011, $13.0 million was made up of delinquent real estate secured loans and $2.5 million consisted of delinquent commercial and industrial loans.

Loan Classifications

At December 31, 2011, total non-covered classified loans (loans graded substandard, doubtful, and loss) were $142.3 million, compared with $123.5 million at September 30, 2011.  Non-covered criticized loans (loans graded special mention) were $119.4 million at December 31, 2011, compared with $159.2 million at September 30, 2011.

The increase in non-covered classified loans was primarily due to the downgrading of several loans from special mention to substandard during the fourth quarter of 2011.  The downgrades were primarily due to decreases in cash flows at the underlying businesses.

The Company’s ratio of legacy classified assets to Tier 1 capital plus reserves percentage was 32.2% at December 31, 2011. The requirement for the legacy classified assets to Tier 1 capital plus reserves ratio for the Bank stated in the memorandum of understanding (“MOU”) with its regulators is a maximum of 50.0%, with which the Bank is in compliance.

Loan balances broken down by classification are reflected in the table below:

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LOAN CLASSIFICATIONS (Dollars In Thousands)

Loan Charge-offs

Non-covered loan charge-offs for the fourth quarter of 2011 totaled $3.4 million, compared to $11.7 million in the third quarter of 2011.  The decline in charge-offs reflects the overall improvement in the quality of the loan portfolio following the Company’s efforts to reduce its level of problem loans over the past several quarters.

Charge-offs by loan type is reflected in the table below:

LOAN CHARGE-OFFS (Dollars In Thousands)

Capital Ratios

As of December 31, 2011, the Company’s Tier 1 Leverage ratio was 13.86%. The minimum required Tier 1 capital ratio for the Bank stated in the MOU is 10%, with which the Bank is in compliance.

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In addition, all of the Company’s capital ratios remain in excess of “well capitalized” regulatory requirements as shown in the following table:

CONFERENCE CALL

Management will host its quarterly conference call on January 24, 2012, at 11:00 a.m. PT (2:00 p.m. ET). Investment professionals are invited to participate in the call by dialing 866-713-8307 (domestic number) or 617-597-5307 (international number) and entering passcode #86489960.

COMPANY INFORMATION

Headquartered in Los Angeles, Wilshire State Bank operates 24 branch offices in California, Texas, New Jersey and New York, and eight loan production offices in Dallas and Houston, TX, Atlanta, GA, Aurora, CO, Annandale, VA, Fort Lee, NJ, Newark, CA, and Bellevue, WA, 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. The Company’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.  Visit us at 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 the Company’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, the Company’s 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 the Company’s with the Securities and Exchange Commission.

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CONSOLIDATED BALANCE SHEET

(dollars in thousands) (unaudited)