This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BBCN Bancorp Reports Second Quarter 2012 Results

BBCN Bancorp, Inc. (the “Company”) (NASDAQ: BBCN), the holding company of BBCN Bank (the “Bank”), today reported net income available to common stockholders of $15.6 million, or $0.20 per diluted common share, for second quarter 2012. This compares with net income available to common stockholders of $5.2 million, or $0.14 per diluted common share, for second quarter 2011, and net income available to common stockholders of $22.1 million, or $0.28 per diluted common share, for first quarter 2012.

The merger with Center Financial Corporation (“Center”), completed on November 30, 2011, impacts the comparability of operating results for second quarter 2012 versus second quarter 2011 and the preceding first quarter 2012. The Company includes in this press release supplemental information to help in understanding past financial performance.

“The completion of the merger integration during the quarter marked a milestone achievement that positions BBCN for enduring growth as the leading Korean American bank in the nation,” said Alvin D. Kang, President and Chief Executive Officer. “Notwithstanding the tremendous company-wide effort required to complete the systems and office integrations, our front lines produced strong new loan originations that resulted in a 4% linked quarter increase in our loan portfolio, underscoring the strength of the new BBCN organization. We continued to focus on enhancing efficiencies, maintaining asset quality and improving our earnings power, and delivered pre-tax, pre-provision earnings of 3.03% for the quarter. While the overall economic and interest rate environment continues to present challenges, we believe we are well positioned with the integration and TARP redemption behind us to expand our franchise.”

Financial Highlights
        2012 Second Quarter       2011 Second Quarter       2012 First Quarter
      (Dollars in thousands)
Net income $ 19,364       $ 6,318       $ 23,934

Net income available to common stockholders
$ 15,593 $ 5,243 $ 22,065
Diluted earnings per share $ 0.20 $ 0.14 $ 0.28
Net interest income $ 59,502 $ 29,331 $ 60,859
Net interest margin 5.02 % 4.16 % 5.11 %
Non-interest income $ 10,222 $ 7,684 $ 11,645
Non-interest expense $ 31,077 $ 16,886 $ 30,435
Net loans receivable $ 3,809,033 $ 2,142,750 $ 3,674,890
Deposits $ 3,882,680 $ 2,232,180 $ 3,920,464
Non-accrual loans (1) $ 39,567 $ 35,385 $ 39,651
ALLL to gross loans 1.69 % 2.71 % 1.67 %
ALLL to non-accrual loans (1) 165.55 % 168.70 % 157.14 %
ALLL to non-performing assets (1) 72.80 % 107.41 % 71.14 %
Provision for loan losses $ 7,182 $ 10,047 $ 2,600
Net charge-offs $ 3,987 $ 13,691 $ 2,243
ROA (2) 1.52 % 0.86 % 1.86 %
ROE (2) 9.4 % 6.84 % 11.87 %
Efficiency ratio 44.57 % 45.62 % 41.98 %
 
(1) Excludes the guaranteed portion of delinquent SBA loans totaling $18.1 million, $14.2 million and $16.9 million at the close of the second quarter 2012, second quarter 2011 and first quarter 2012, respectively.
 
(2) Based on net income before effects of dividends and discount accretion on preferred stock.
 

The Company noted that the variance between net income and net income available to common stockholders in second quarter 2012 was significantly larger than in past quarters. In addition to regular quarterly dividends and discount accretion on TARP preferred stock, the Company incurred additional discount accretion of $1.9 million, equal to $0.02 per diluted common share, related to the TARP redemption on June 27, 2012.

1 of 17

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,630.27 +189.68 1.09%
S&P 500 2,093.25 +25.61 1.24%
NASDAQ 5,089.2060 +49.43 0.98%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs