BBCN Bancorp, Inc. (the “Company”) (NASDAQ:BBCN), the holding company of BBCN Bank (the “Bank”), today reported net income available to common stockholders of $22.1 million, or $0.28 per diluted common share, for first quarter 2012. This compares with net income available to common stockholders of $5.7 million, or $0.15 per diluted common share, for first quarter 2011, and net income available to common stockholders of $2.9 million, or $0.05 per diluted common share, for fourth quarter 2011.
The merger with Center Financial Corporation (“Center”), completed on November 30, 2011, impacts the comparability of operating results for first quarter 2012 versus first quarter 2011 and fourth quarter 2011. The Company has provided supplemental information to help in understanding past financial performance.
“We are very pleased to continue the positive momentum following the merger with strong pre-tax, pre-provision earnings for our first full quarter as a combined entity,” said Alvin D. Kang, President and Chief Executive Officer. “On a core basis, our pre-tax, pre-provision earnings before the positive effects of acquisition accounting was greater than 2.50%, which exceeds the recent stand-alone performances of both Nara and Center. Our first quarter results were driven by solid revenue generation, disciplined expense control and low credit costs. Although loan production was lower than we expected in the first quarter, we were pleased with our continued progress in attracting new commercial customers to the Bank, which positively impacted both our C&I portfolio and our core deposits.
“We are preparing for the final stages of completing the systems conversion in early May and look forward to further enhancing efficiencies following our branch and headquarter consolidations later in the quarter. With good progress being made on the integration process and a stronger loan pipeline for the second quarter, we are optimistic about our prospects for the remainder of 2012.”