BBCN Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Reports Unaudited Consolidated Net Charge-Offs for the Fourth Quarter Ended December 31, 2012; Declares Quarterly Cash Dividend, Payable on or About February 22, 2013
January 28, 2013
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BBCN Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company's net interest income before provision for loan losses was $59,646,000 against $40,551,000 a year ago. Net interest income after provision for loan losses was $57,224,000 against $31,404,000 a year ago. Income before income taxes was $36,474,000 against $6,246,000 a year ago. Net income was $21,527,000 or $0.28 basic and diluted per share against $4,236,000 or $0.05 basic and diluted per share a year ago. ROA was 1.57% against 0.45% a year ago. ROE was 11.55% against 3.10% a year ago. Return on average tangible equity was 13.20% against 3.31% a year ago. Net interest income was up 2% from last quarter. This was primarily attributable to the loan growth in the quarter. It was partially offset by an 18 basis point decline in net interest margin.
For the year, the company's net interest income before provision for loan losses was $238,238,000 against $129,818,000 a year ago. Net interest income after provision for loan losses was $219,134,000 against $101,879,000 a year ago. Income before income taxes was $137,633,000 against $42,775,000 a year ago. Net income was $83,223,000 or $0.99 basic and diluted per share against $27,115,000 or $0.53 basic and diluted per share a year ago. ROA was 1.59% against 0.86% a year ago. ROE was 10.73% against 6.54% a year ago. Return on average tangible equity was 12.20% against 6.72% a year ago. Book value was $9.62 per share against $8.64 per share a year ago. Tangible common equity was $8.43 per share against $7.43 a year ago.
For the quarter, the company's total net charge-offs was $1,433,000 against $7,204,000 a year ago.
The Board of Directors declared a quarterly cash dividend for first quarter 2013. All stockholders of record as of February 8, 2013 will be paid a cash dividend of $0.05 per common share, payable on or about February 22, 2013.
Hope Bancorp, Inc. is the holding company of Bank of Hope (the Bank). The Company's loan portfolio segments include commercial real estate (CRE) loans, commercial and industrial (C&I) loans, residential mortgage loans, and consumer and other loans. CRE loans are extended for the purchase and refinance of commercial real estate and are generally secured by first deeds of trust and are collateralized by residential or commercial properties. C&I loans are loans provided to businesses for various purposes such as for working capital, purchasing inventory, debt refinancing, business acquisitions, international trade finance activities, and other business related financing needs, and also include syndicated loans. Residential mortgage loans are extended for personal, family, or household use and are secured by a mortgage or deed of trust. Consumer and other loans consist of home equity, credit cards, and other personal loans. It operates over 54 full-service branches in the United States.
BBCN Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Reports Unaudited Consolidated Net Charge-Offs for the Fourth Quarter Ended December 31, 2012; Declares Quarterly Cash Dividend, Payable on or About February 22, 2013