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TheStreet Open House

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 increase (decrease) of major adjustments to pre-tax income is summarized below. The impact which these adjustments have to certain yields and costs are described in subsequent sections of this release.

            Three Months Ended
(In thousands)

December 31, 2012

 

September 30, 2012

 

December 31, 2011

Accretion of discount on acquired performing loans $ 4,697 $ 4,890 $ 2,429
Accretion of discount on acquired credit impaired loans 1,174 1,215 3,298
Amortization of premium on Center FHLB borrowings 92 307 419
Accretion of discount on Center subordinated debt (37 ) (37 ) (12 )
Amortization of premium on Center time deposits 375   650     315  
Increase to pre-tax income $ 6,301     $ 7,025       6,449  
 

In addition to the items listed above, acquisition accounting adjustments had the effect of reducing the yield on the securities portfolio in fourth quarter and third quarter 2012. The acquired securities portfolio of approximately $291 million was adjusted to fair value of $293 million as of the merger date, resulting in interest income on investment securities for that portfolio being recognized at a lower average yield, compared with the yield on the balance of the Company's securities portfolio.

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