This Day On The Street
Continue to site right-arrow
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

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

Stocks in this article: BBCN

Compared with third quarter 2012, non-interest income rose 29% and is primarily attributed to a $2.8 million net gain on sales of SBA loans. Given the historic high premiums currently available in the market, the Company sold $30.8 million in SBA loans during fourth quarter 2012 and recorded a net gain on sale of $2.8 million. The Company said it continues to consider capital, liquidity and other factors in determining on a quarterly basis whether to sell or hold such SBA loans, but that it expected to sell SBA loans so long as the premiums available in the market remain near historic highs.

Non-interest Expense. Total non-interest expense for fourth quarter 2012 decreased 4% to $30.6 million from fourth quarter 2011, but increased 6% when compared with preceding third quarter 2012.

The various non-interest expense items are summarized in the following table:

    Three Months Ended  
    %     %
(In thousands) 12/31/2012 12/31/2011 change 9/30/2012 change
Salaries and employee benefits $ 14,143 $ 9,193 54 % $ 13,611 4 %
Occupancy 3,843 4,471 (14 )% 3,910 (2 )%
Furniture and equipment 1,482 1,180 26 % 1,495 (1 )%
Advertising and marketing 934 959 (3 )% 1,159 (19 )%
Data processing and communications 1,521 1,194 27 % 1,659 (8 )%
Professional fees 1,324 881 50 % 876 51 %
FDIC assessment 710 1,198 (41 )% 644 10 %
Merger and integration expenses 505 3,248 (84 )% 183 176 %
Other   6,147     9,512   (35 )%   5,233 17 %
Total non-interest expense $ 30,609   $ 31,836   (4 )% $ 28,770 6 %
 

Salaries and benefits expense for fourth quarter 2012 increased 54% over fourth quarter 2011, due in large part to the combined operations as BBCN for a full quarter in 2012. The number of full time equivalent employees (FTEs) was 704, 684 and 678 as of December 31, 2012, September 30, 2012, and December 31, 2011, respectively. The adjusted number of FTEs, as of the merger closing date of November 30, 2011, was 690. Compared with preceding third quarter 2012, salaries and benefits expense increased 4%.

13 of 19

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!

Markets

DOW 17,814.94 -2.96 -0.02%
S&P 500 2,067.03 -2.38 -0.12%
NASDAQ 4,758.2520 +3.36 0.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs