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 Fourth Quarter 2012 Net Income Of $21.5 Million, Or $0.28 Per Share; Declares Quarterly Cash Dividend Of $0.05 Per Share

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.”

1 of 19

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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs