BBCN Bancorp, Inc. (the “Company”) (NASDAQ: BBCN), the holding company of BBCN Bank (the “Bank”), today reported net income available to common stockholders of $18.4 million, or $0.24 per diluted common share, for third quarter 2012. This compares with net income available to common stockholders of $8.7 million, or $0.23 per diluted common share, for third quarter 2011, and net income available to common stockholders of $15.6 million, or $0.20 per diluted common share, for second quarter 2012.
The Company also announced today that its Board of Directors has approved the reinstatement of a quarterly cash dividend. All stockholders of record as of November 1, 2012 will be paid a cash dividend of $0.05 per common share, payable on or about November 12, 2012.
“The reinstatement of a quarterly cash dividend reflects our growing confidence in BBCN as the leading Korean American bank in the nation,” said Alvin D. Kang, President and Chief Executive Officer. “This confidence is supported by the Company’s overall financial performance, with strong core earnings, increasing loan production and steadily improving asset quality trends. In particular, new loan originations were very strong this quarter at $313 million, resulting in a 5% linked quarter increase in gross loans. We are pleased that the Company’s financial strength and sustainable earnings power positions us to return profits to our shareholders, while at the same time investing in new growth opportunities.”
The Company noted that its merger with Center Financial Corporation (“Center”), completed on November 30, 2011, impacts the comparability of operating results for third quarter 2012 versus third quarter 2011 and the preceding second quarter 2012. The Company includes in this press release supplemental information to help in understanding past financial performance.Financial Highlights
|(Dollars in thousands)||2012 Third Quarter||2011 Third Quarter||2012 Second Quarter|
|Net income available to common stockholders||$||18,398||$||8,738||$||15,593|
|Diluted earnings per share||$||0.24||$||0.23||$||0.20|
|Net interest income||$||58,231||$||31,053||$||59,502|
|Net interest margin||4.79||%||4.29||%||5.02||%|
|Net loans receivable||$||4,003,542||$||2,208,119||$||3,809,033|
|Non-accrual loans (1)||$||29,369||$||27,790||$||39,567|
|ALLL to gross loans||1.62||%||2.65||%||1.69||%|
|ALLL to non-accrual loans (1)||224.56||%||215.94||%||165.55||%|
|ALLL to non-performing assets (1)||84.41||%||106.83||%||72.80||%|
|Provision for loan losses||$||6,900||$||3,483||$||7,182|
|(1)||Excludes the guaranteed portion of delinquent SBA loans totaling $17.3 million, $10.5 million and $18.1 million at the close of the third quarter 2012, third quarter 2011 and second quarter 2012, respectively.|
|(2)||Based on net income before effects of dividends and discount accretion on preferred stock.|
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