BBCN Ban­corp de­clare 3Q earn­ings

The Pak Banker - - Front Page -

LOS ANGELES

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.

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