BBCN Bancorp declare 3Q earnings
BBCN Bancorp Inc, the holding company of BBCN Bank today reported net income available to common stockholders of $18.4 million, or $0.24 per diluted common share, for third quarter 2012.
This compares with net income available to common stockholders of $8.7 million, or $0.23 per diluted common share, for third quarter 2011, and net income available to common stockholders of $15.6 million, or $0.20 per diluted common share, for second quarter 2012. $18.4 million net income available to common; stockholders, or $0.24 per diluted common share; $195 million net increase in gross loans receivable, or 5% linked quarter; $41 million increase in noninterest bearing deposits, or 4% linked quarter; Company reinstates quarterly cash dividend at $0.05 per common share.
The Company also announced today that its Board of Directors has approved the reinstatement of a quarterly cash dividend. All stockholders of record as of November 1, 2012 will be paid a cash dividend of $0.05 per common share, payable on or about Nov 12, 2012. The reinstatement of a quarterly cash dividend reflects our growing confidence in BBCN as the leading Korean American bank in the nation, said Alvin D. Kang, President and Chief Executive Officer. The Company noted that its merger with Center Financial Corporation completed on November 30, 2011, impacts the comparability of operating results for third quarter 2012 versus third quarter 2011 and the preceding second 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 September 30, 2012, June 30, 2012 and September 30, 2011 include the following pre-tax acquisition accounting adjustments related to the merger.
In addition to the items listed above, acquisition accounting adjustments had the effect of reducing the yield on the securities portfolio in third quarter and second quarter 2012.