Q1 2013 Summary:
- Pacific International acquisition completed February 15, 2013, making BBCN the leading Korean-American bank in the Pacific Northwest
- Total gross loans receivable increase $204 million net to $4.5 billion, or 5% linked quarter
- $5.8 billion in total assets, reflecting a 4% increase linked quarter
- Non-accrual loans to gross loans of 0.94% primarily reflects the addition of one large loan
- $17.5 million net income, or $0.22 per diluted common share
- Quarterly cash dividend of $0.05 per common share
LOS ANGELES, April 22, 2013 (GLOBE NEWSWIRE) -- BBCN Bancorp, Inc. (the "Company") (Nasdaq:BBCN), the holding company of BBCN Bank (the "Bank"), today reported net income available to common stockholders of $17.5 million, or $0.22 per diluted common share, for the first quarter of 2013. This compares with net income available to common stockholders of $22.1 million, or $0.28 per diluted common share, for the year-ago first quarter, and net income available to common stockholders of $21.5 million, or $0.28 per diluted common share, for the preceding 2012 fourth quarter.
The Company also announced that its Board of Directors declared a quarterly cash dividend for the second quarter of 2013. All stockholders of record as of May 3, 2013 will be paid a cash dividend of $0.05 per common share, payable on or about May 17, 2013."We continued to make progress strengthening our leadership as the premier Korean-American bank in the nation with the completion of the Pacific International transaction during the quarter," said Kevin S. Kim, Chairman and Chief Executive Officer of BBCN Bancorp, Inc. "We are pleased with our new loan originations of $221 million for the seasonally slower first quarter. The current market rate environment is pressuring our net interest margin, which declined by 7 basis points to 3.97% on a core basis, excluding the effect of acquisition accounting adjustments. While elevated provision expense due to one large loan impacted earnings for the quarter, we believe our credit costs remain manageable. Pre-tax pre-provision earnings to average assets of 2.54% on an annualized basis underscores BBCN's core earnings power. Together with the recent announcement of a definitive agreement to acquire Chicago-based Foster Bankshares, we believe BBCN is solidly grounded for continued profitability and growth."