There is disclosed a data processor that executes variable latency load operations using bypass circuitry that allows load word operations to avoid stalls caused by shifting circuitry. The processor comprises: 1) an instruction execution pipeline comprising N processing stages, each of the N processing stages for performing one of a plurality of execution steps associated with a pending instruction being executed by the instruction execution pipeline; 2) a data cache for storing data values used by the pending instruction; 3) a plurality of registers for receiving the data values from the data cache; 4) a load store unit for transferring a first one of the data values from the data cache to a target one of the plurality of registers during execution of a load operation; 5) a shifter circuit associated with the load store unit for shifting the first data value prior to loading the first data value into the target register; and 6) bypass circuitry associated with the load store unit for transferring the first data value from the data cache directly to the target register without processing the first data value in the shifter circuit.