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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

The Company noted that the Center merger impacts the comparability of operating results for fourth quarter 2012 versus fourth quarter 2011 and the preceding third quarter 2012, as well as the operating results for the full 2012 year versus 2011. Supplemental information, which the Company believes will aid in understanding past financial performance, is included in this press release.

Financial Highlights

             
(Dollars in thousands)   2012 Fourth Quarter   2011 Fourth Quarter   2012 Third Quarter
Net income $ 21,527 $ 4,236 $ 18,398
Net income available to common

stockholders

$ 21,527 $ 2,895 $ 18,398
Diluted earnings per share $ 0.28 $ 0.05 $ 0.24
Net interest income $ 59,646 $ 40,551 $ 58,231
Net interest margin 4.61 % 4.52 % 4.79 %
Non-interest income $ 9,859 $ 6,678 $ 7,664
Non-interest expense $ 30,609 $ 31,836 $ 28,770
Net loans receivable $ 4,229,311 $ 3,676,874 $ 4,003,542
Deposits $ 4,384,035 $ 3,940,892 $ 4,052,524
Non-accrual loans (1) $ 26,613 $ 31,213 $ 29,369
ALLL to gross loans 1.56 % 1.66 % 1.62 %
ALLL to non-accrual loans (1) 251.53 % 198.49 % 224.56 %
ALLL to non-performing assets (1) 87.69 % 83.97 % 84.41 %
Provision for loan losses $ 2,422 $ 9,147 $ 6,900
Net charge-offs $ 1,433 $ 7,204 $ 6,453
ROA (2) 1.57 % 0.45 % 1.42 %
ROE (2) 11.55 % 3.10 % 10.11 %
Efficiency ratio 44.04 % 67.41 % 43.66 %
 
(1) Excludes the guaranteed portion of delinquent SBA loans totaling $17.6 million, $10.4 million and $17.3 million at the close of the fourth quarter 2012, fourth quarter 2011 and third quarter 2012, respectively.
 
(2) Based on net income before effects of dividends and discount accretion on preferred stock.
 

Operating Results for Fourth Quarter 2012

As previously mentioned, the comparability of operating results with past performance is impacted by the merger. The Company believes the following supplemental information will be helpful in understanding past financial performance. Operating results for the three months ended December 31, 2012, September 30, 2012 and December 31, 2011 include the following pre-tax acquisition accounting adjustments related to the merger.

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