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TheStreet Open House

BBCN Bancorp Reports Solid 2013 Third Quarter Financial Results

Stocks in this article: BBCN

Q3 2013 Summary:

  • Net income totals $23.6 million, or $0.30 per diluted common share
  • Completed the acquisition of Chicago-based Foster Bankshares on August 13, 2013
  • Gross loans increase to $4.90 billion, reflecting a 14% increase year-to-date
  • New loan production for the quarter amounts to $388 million
  • Total deposits increase to $5.02 billion, reflecting a 15% increase year-to-date
  • Total assets increase to $6.34 billion, reflecting a 12% increase year-to-date

LOS ANGELES, Oct. 21, 2013 (GLOBE NEWSWIRE) -- BBCN Bancorp, Inc. (the "Company") (Nasdaq:BBCN), the holding company of BBCN Bank (the "Bank"), today reported solid financial results for the third quarter of 2013, with net income totaling $23.6 million, or $0.30 per diluted common share. This reflects increases of 4% and 28%, respectively, over the net income in the preceding 2013 second quarter and 2012 third quarter.

"We are very pleased with the consistency of the progress we are making with our corporate objectives," said Kevin S. Kim, Chairman and Chief Executive Officer of BBCN Bancorp, Inc. "The Foster Bankshares transaction marked BBCN's second strategic acquisition, strengthening our presence in existing markets. The addition of eight branches in Illinois, along with an entry point to the Washington, D.C. market, positions BBCN as the dominant Korean-American bank in all five of our core geographic markets.

"In terms of financial performance, BBCN's 2013 third quarter reflects positive trends in most areas of our operations. The Company's total assets grew 8% linked quarter, largely due to the combination of Foster. This growth was further supplemented by new loan originations of $388 million for the three-month period ended September 30, 2013. Our core net interest margin held steady during the quarter and contributed to strong profitability levels. Pre-tax pre-provision earnings amounted to 2.56% of average assets on an annualized basis, and the return on average equity was 12.70%. All together with meaningful improvements in our asset quality on a core basis, we believe the earnings power of BBCN grows stronger each quarter, ultimately enhancing our ability to provide greater returns for all of our stakeholders," said Kim.

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