Exhibit 99.1

Wilshire Bancorp Reports Net Income of $22.1 Million or

$0.31 Earnings per Share for Second Quarter 2012

LOS ANGELES, July 23, 2012 - Wilshire Bancorp, Inc. (NASDAQ: WIBC) (‘the Company”), the holding company for Wilshire State Bank (“the Bank”), today reported net income available to common shareholders of $22.1 million, or $0.31 per diluted common share, for the quarter ended June 30, 2012.  This compares to net income available to common shareholders of $2.1 million, or $0.04 per common share, for the same period of the prior year, and net income available to common shareholders of $17.9 million, or $0.25 per common share, for the first quarter of 2012.  The increase in net income for the second quarter of 2012 is primarily attributable to a $10.0 million negative provision for losses on loans and commitments and higher non-interest income.

Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, “We delivered another strong quarter that was driven by low credit costs, increased loan production, and improved net interest margin.  Our higher loan production helped generate 15% annualized growth in total gross loans during the second quarter.  Importantly, we believe we are achieving very balanced growth with meaningful increases in our commercial real estate, commercial and industrial, residential real estate, and SBA loan production.”

“We have also seen several consecutive quarters of positive trends in credit quality, which among other factors, contributes to our conclusion that it is the appropriate time for us to reduce our allowance for loan losses from the elevated level we built last year.  This resulted in recording a negative provision for loan losses of $10 million during the second quarter. If credit quality remains at its current level or improves further, we may determine that a further reduction in our allowance for loan losses going forward is appropriate. We expect to continue generating a strong level of profitability over the remainder of 2012, driven by low credit costs and a continued low tax rate.”  said Mr. Yoo.

Q2 2012 Summary:

·            Net income available to common shareholders of $22.1 million or $0.31 per diluted share

·            Loan originations increased 93.0% to $245.2 million in Q2 2012 from $127.0 million during Q1 2012

·            Non-accrual loans declined by 18.6% to $41.5 million in Q2 2012 from $51.0 million in Q1 2012

·            Reduction in criticized and classified loans during Q2 2012

·            Improved deposit mix with non-interest-bearing demand deposits increasing to 23.6% of total deposits for Q2 2012 from 23.0% for Q1 2012

·            Net interest margin expanded to 4.13% in Q2 2012 from 4.07% in Q1 2012

·            Improved credit quality and continued low net charge-offs resulted in $10.0 million negative provision for losses on loans and loan commitments in Q2 2012

·            Annualized return on average assets of 3.45% and return on average equity of 32.1% for Q2 2012

·            FDIC indemnification impairment of $2 million in Q2 2012

·            Fully repurchased shares of TARP preferred stock in addition to TARP warrants in Q2 2012

STATEMENT OF OPERATIONS

Net Interest Income and Margin

Net interest income before credit for losses on loans and loan commitments totaled $24.2 million in the second quarter of 2012, a decrease of 11% from $27.3 million in the second quarter of 2011, and a decrease of 1% from $24.4 million in the first quarter of 2012.  The decrease from the prior quarters is primarily due to a lower average balance of interest-earning assets and a reduction in overall loan yields in the second quarter of 2012.

Net interest margin was 4.13% for the second quarter of 2012, compared to 4.42% in the second quarter of 2011, and 4.07% for the first quarter of 2012. The increase in net interest margin from the first quarter of 2012 was primarily due to a higher percentage of loans in the mix of interest-earning assets, as well as a reduction in the cost of interest bearing deposits.  The increase in average loans and decline in higher costing time deposits were funded by a decline in cash and lower yielding federal funds sold which also contributed to the increase in net interest margin for the second quarter of 2012.

Loan yields declined to 5.71% for the second quarter of 2012 from 5.85% for the first quarter of 2012, primarily due to the addition of newly originated loans that have lower yields than the existing portfolio.  The total cost of deposits continued to decrease and was 0.74% for the second quarter of 2012, down from 0.78% for the first quarter of 2012.  The decrease was primarily due to lower rates paid on savings and time deposit accounts and an increase in demand deposit account balances.

Non-Interest Income

Total non-interest income was $8.5 million for the second quarter of 2012, compared to $1.7 million for the second quarter of 2011, and $6.4 million for first quarter of 2012.  The increase in non-interest income from the prior quarters is primarily due to higher gains on sales of loans.  The $3.3 million in net gains on sales of loans recognized in the second quarter of 2012 includes gains on sales of SBA loans totaling $2.5 million, net gains on sales of commercial real estate loans totaling $684 thousand, and gains on sales of residential mortgage loans of $129 thousand.

Non-Interest Expense

Total non-interest expense was $20.4 million for the second quarter of 2012, compared with $16.6 million for the second quarter of 2011, and $14.7 million for the first quarter of 2012.  The increase in total non-interest expense for the second quarter of 2012, compared to the first quarter of 2012 and second quarter of 2011 was primarily due to higher salaries and employee benefits expense, FDIC indemnification impairment expense and higher other non-interest expense.

Total salaries and employee benefits expense was $9.0 million in the second quarter of 2012, compared with $6.8 million in the second quarter of 2011 and $8.2 million in the first quarter of 2012.  The increase from the prior quarter is primarily due to the impact of annual salary increases given in the second quarter of 2012 and $271 thousand in stock-based compensation expense related to stock option grants made in the second quarter of 2012.

During the second quarter of 2012, the Company recorded an impairment of the FDIC indemnification assets amounting to $2.0 million.  The impairment reflected overall improved credit quality in the covered loan portfolio.

Other non-interest expenses for the second quarter of 2012 totaled $6.7 million, compared with $7.0 million in the second quarter of 2011 and $3.9 million in the first quarter of 2012.  The increase in other non-interest expenses from the prior quarter was primarily attributable to higher expenses related to other real

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estate owned (“OREO”), an increase in expenses related to low income housing tax credit investments, and an increase in legal fees.

The Company’s operating efficiency ratio was 62.2% for the second quarter of 2012, compared with 57.2% for the second quarter of 2011 and 47.8% for the first quarter of 2012.

Tax Provision

For the second quarter of 2012, the Company recorded an income tax provision totaling $215 thousand on pretax income of $22.4 million, representing a tax rate of 1.0%, compared to income tax benefit of $354 thousand on pretax income of $16.1 million, representing an effective tax rate of -2.2% for the previous quarter.  The second quarter of 2012 increase in the effective tax rate compared to the first quarter of 2012 was the result of non-recurring favorable State tax settlements in the first quarter offset by the effect of an increase in pretax income in the second quarter.

BALANCE SHEET

Total gross loans were $2.03 billion at June 30, 2012, compared to $1.95 billion at March 31, 2012.  The increase in total gross loans during the second quarter of 2012 was primarily due to increases in the commercial real estate, commercial and industrial, and residential real estate portfolios.

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:

Loan Categories

Loan originations for the second quarter of 2012 totaled $245.2 million. This compares to total loan originations of $127.0 million for the first quarter of 2012 and $82.2 million for the second quarter of 2011.

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The increase in total loan originations from the prior quarter was attributable to a large increase in originations of commercial and industrial loans, real estate secured loans, and residential mortgage loans.

The following table shows quarterly loan originations by loan type:

LOAN ORIGINATIONS 

(Dollars In Thousands)

During the second quarter of 2012 the Company had a 44% reduction in cash and cash equivalents.  These funds were used to repurchase shares of TARP preferred stock, fund loan origination, and to supplement the departure of high cost deposits.  As such, our balance sheet composition has improved with greater interest earnings asset capacity, evidenced in our margin increase in the second quarter.

Total OREO was $4.4 million at June 30, 2012, compared with $2.3 million at March 31, 2012.  Outflow from OREO in the second quarter of 2012 consisted of 4 sold properties totaling approximately $2.7 million. Inflow to OREO in the second quarter of 2012 consisted of 6 properties totaling approximately $4.9 million. The remaining change in OREO was a result of valuation write-downs during the second quarter of 2012.

Total deposits were $2.18 billion at June 30, 2012, compared with $2.21 billion at March 31, 2012.  Decreases in savings, interest checking and time deposits were partially offset by increases in non-interest bearing demand and money market deposits during the second quarter of 2012.  Other liabilities declined by $60.0 million during the second quarter of 2012 as holdover funds set aside as a payable for the repurchase of 60,000 shares TARP preferred stock were paid out in April 2012.  The warrant to purchase 949,460 shares of our common stock, issued to the US Treasury in connection with the TARP preferred stock issuance, was repurchased during the second quarter of 2012 and the remaining 2,158 shares of TARP preferred stock was redeemed in July 2012.  As such, the Company is completely out of the TARP Capital Purchase Program as of this release date.

CREDIT QUALITY

The Company has experienced improving credit trends for over a year with declining trends in non-performing loans, delinquent loans, TDR loans, and net charge-offs.  Non-accrual loans have declined by over 45% from June 30, 2011 to June 30, 2012 and delinquencies have declined by over 65% for the same period.  Inflow and outflow trends for non-performing and delinquent loans have also improved with consistently low levels of inflows into each of these categories.  With the improvement in credit quality, the Company’s loss experience has steadily declined, with net charge-off totaling less than $4 million in each of the past three quarters.

In light of the continued improvements in credit quality mentioned above, the Company recorded a negative provision for losses on loans and loan commitments of $10.0 million in the second quarter of 2012.  The allowance for loan losses totaled $89.1 million, or 4.54% of gross loans (excluding loans held-for-sale) at June 30, 2012, compared to $99.8 million, or 5.24% of gross loans at March 31, 2012.  The coverage ratio of the allowance for loan losses to non-performing assets was 190.6% at June 30, 2012, compared with

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184.20% at March 31, 2012.  Allowance coverage of legacy Wilshire loans was 4.89% at June 30, 2012, compared with 5.69% at March 31, 2012.

Non-Accrual Loans

At June 30, 2012, total non-covered non-accrual loans was $35.0 million, or 1.85% of gross non-covered loans, compared to $35.5 million, or 1.97% of gross non-covered loans, at March 31, 2012, and $59.4 million, or 3.13% of gross non-covered loans, at June 30, 2011.

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 total non-accrual loans is primarily attributable to the sale of two non-performing commercial real estate loans.  One of these loans was a legacy Wilshire loan with a balance of $1.3 million and the other was a covered loan with a balance of $5.1 million. The loans were sold for a net gain of $520 thousand.  In addition to the loan sales mentioned above, $1.5 million in loans were sold through short sale transactions during the second quarter of 2012.

The inflow into total (covered and non-covered) non-accrual loans was $6.1 million in the second quarter of 2012, compared with inflow of $14.4 million in the first quarter of 2012. Total outflow from total non-accrual loans was $15.6 million during the second quarter of 2012, compared with $7.2 million for the first quarter of 2012.  The increase in outflow of non-accrual loans reflects an increase in sales of non-performing loans during the second quarter in addition to an increase in loans transferred to OREO

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 June 30, 2012 totaled $60.3 million, compared with $57.9 million at March 31, 2012, and $91.2 million at June 30, 2011.  Total inflows (covered and non-covered) into impaired loans were $14.9 million in the second quarter of 2012, compared to $19.0 million in the first quarter of 2012.  Total outflows increased to $20.3 million during the second quarter of 2012 compared to $14.2 million during the previous quarter.

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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 June 30, 2012, total non-covered troubled debt restructured loans or “TDR loans”, were $24.2 million, compared to $18.7 million at March 31, 2012, and $22.3 million at June 30, 2011.  The increase in non-covered TDR loans from the prior quarter is primarily due to the Company’s increased use of A/B note structures as a problem loan resolution strategy.

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 $27.7 million in TDR loans at June 30, 2012, $6.1 million in TDR loans were also classified as non-accrual, of which $5.8 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 June 30, 2012, total non-covered loan delinquencies were $10.8 million, compared with $9.1 million at March 31, 2012, and $28.4 million at June 30, 2011.  Total inflow into loan delinquencies was $8.2 million in the second quarter of 2012, compared with $7.5 million in the prior quarter.  Total outflow from loan delinquencies was $7.0 million in the second quarter of 2012, compared with $12.7 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 $11.5 million in delinquent loans at June 30, 2012, $8.8 million was comprised of delinquent real estate secured loans and $2.7 million consisted of delinquent commercial and industrial loans. Over 50% of total delinquent loans at June 30, 2012 were past due less than 32 days.

Loan Classifications

At June 30, 2012, total non-covered classified loans (loans graded substandard, doubtful, and loss) totaled $159.0 million, compared with $154.8 million at March 31, 2012, and $158.0 million at June 30, 2011.  Non-covered criticized loans (loans graded special mention) were $75.2 million at June 30, 2012, compared with $93.3 million at March 31, 2012 and $156.2 million at June 30, 2011.  Classified assets ratios (classified assets divided by Tier 1 capital plus allowance for loan losses) at the end of the second quarter of 2012 was 43.8%.

The increase in non-covered classified loans was primarily due to the downgrading of several loans from special mention to substandard during the second quarter of 2012.  The downgrades were primarily due to decreases in cash flows at the underlying businesses.

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

LOAN CLASSIFICATIONS

(Dollars In Thousands, Net of SBA Guaranteed Portions)

Loan Charge-offs

Non-covered loan charge-offs for the second quarter of 2012 totaled $3.2 million, compared to $4.1 million in the first quarter of 2012, and $14.2 million in the second quarter of 2011.

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

LOAN CHARGE-OFFS

(Dollars In Thousands)

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CAPITAL RATIOS

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