BBCN Bancorp, Inc. (the “Company”) (NASDAQ: BBCN), the holding company of BBCN Bank (the “Bank”), today reported net income available to common stockholders of $21.5 million, or $0.28 per diluted common share, for fourth quarter 2012. This compares with net income available to common stockholders of $2.9 million, or $0.05 per diluted common share, for fourth quarter 2011, and net income available to common stockholders of $18.4 million, or $0.24 per diluted common share, for third quarter 2012.
For the full 2012 year, the Company posted net income available to common stockholders of $77.6 million, or $0.99 per diluted common share. This compares with net income available to common stockholders of $22.5 million, or $0.53 per diluted common share, for 2011, which reflects the operations of 11 months of the former Nara Bancorp, Inc. and one month of combined operations following the merger with Center Financial Corporation (“Center”), completed November 30, 2011.
The Company also announced today that its Board of Directors declared a quarterly cash dividend for first quarter 2013. All stockholders of record as of February 8, 2013 will be paid a cash dividend of $0.05 per common share, payable on or about February 22, 2013.
“We completed our first full year of operations as the leading Korean American bank in the nation with strong performances on all fronts,” said Alvin D. Kang, President and Chief Executive Officer. “Fourth quarter 2012 new loan originations of $371.2 million exceeded the strong levels of the preceding quarter. This performance helped to mitigate the net interest margin compression in the current interest rate environment and supported a five percent linked quarter increase in our pre-tax pre-provision earnings, which amounted to 2.83% of average assets on an annualized basis. Combined with steadily improving asset quality trends, we reported another quarter of strong core profitability to complete the year. All-in-all, we believe BBCN is well positioned for continued profitability and growth.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV