BBCN Bancorp, Inc.

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BBCN Bancorp Reports 2013 First Quarter Financial Results; Declares Quarterly Cash Dividend of $0.05 Per Share

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."

Financial Highlights

(Dollars in thousands, except per share data) 2013 First Quarter 2012 Fourth Quarter 2012 First Quarter
Net income $ 17,461 $ 21,527 $ 23,934
Net income available to common stockholders $ 17,461 $ 21,527 $ 22,065
Diluted earnings per share $ 0.22 $ 0.28 $ 0.28
Net interest income $ 59,716 $ 59,646 $ 60,859
Net interest margin 4.49% 4.61% 5.11%
Non-interest income $ 9,940 $ 9,859 $ 11,645
Non-interest expense $ 33,275 $ 30,609 $ 30,435
Net loans receivable $ 4,426,778 $ 4,229,311 $ 3,674,890
Deposits $ 4,555,674 $ 4,384,035 $ 3,920,464
Non-accrual loans (1) $ 42,269 $ 29,653 $ 39,651
ALLL to gross loans 1.63% 1.56% 1.67%
ALLL to non-accrual loans (1) 173.34% 225.75% 157.14%
ALLL to nonperforming assets (1) 70.07% 83.74% 71.14%
Provision for loan losses $ 7,506 $ 2,422 $ 2,600
Net charge-offs $ 1,179 $ 1,433 $ 2,243
ROA (2) 1.22% 1.57% 1.86%
ROE (2) 9.13% 11.55% 11.87%
Efficiency ratio 47.77% 44.04% 41.98%
 
(1) Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling $18.6 million, $15.3 million and $17.6 million at the close of the 2013 first quarter, 2012 first quarter and 2012 fourth quarter, respectively.
 
(2) Based on net income before effects of dividends and discount accretion on preferred stock

Operating Results for the First Quarter of 2013

The comparability of operating results with past performance is impacted by acquisition accounting adjustments. The Company believes the following supplemental information will be helpful in understanding past financial performance. Operating results for the three months ended March 31, 2013, December 31, 2012 and March 31, 2012 include the following pre-tax acquisition accounting adjustments related to mergers. 

The increase (decrease) of major adjustments to pre-tax income is summarized below. The impact which these adjustments have to certain yields and costs are described in subsequent sections of this release.

  Three Months Ended
(In thousands) March 31,
2013
December 31,
2012
March 31,
2012
Accretion of discount on acquired performing loans $ 4,076 $ 4,697 $ 6,887
Accretion of discount on acquired credit impaired loans 1,522 1,174 2,757
Amortization of premium on acquired FHLB borrowings 91 92 1,231
Accretion of discount on acquired subordinated debt (43) (37) (35)
Amortization of premium on acquired time deposits 438 375 1,275
Increase to pre-tax income $ 6,084 $ 6,301 $ 12,115

In addition to the items listed above, acquisition accounting adjustments had the effect of reducing the yield on acquired securities portfolios. 

Operating results were also impacted by merger and integration related expenses, which amounted to $1.3 million, $505,000 and $1.8 million, for the 2013 first quarter, 2012 fourth quarter and 2012 first quarter, respectively. The Company noted that merger and integration related expenses for the 2013 first quarter primarily reflected expenses associated with the Pacific International Bancorp acquisition, which was completed on February 15, 2013.

Net Interest Income and Net Interest Margin. The following table summarizes the reported net interest income before provision for loan losses.

  Three Months Ended
(In thousands)
3/31/2013

12/31/2012
%
change

3/31/2012
%
change
Net interest income before provision for loan losses $ 59,716 $ 59,646 —% $ 60,859 (2)%

First quarter 2013 net interest income before provision for loan losses declined by 2% from the year-ago first quarter and was steady when compared with the preceding fourth quarter of 2012. The modest decline from the 2012 first quarter principally reflects lower yields on interest-earning assets, partially offset by lower interest expense on other borrowings.  

The net interest margin (net interest income divided by average interest-earning assets) and the impact of acquisition accounting adjustments are summarized in the following table:

  Three Months Ended
  3/31/2013 12/31/2012 change 3/31/2012 change
Net interest margin, excluding the effect of acquisition accounting adjustments 3.97% 4.06% (0.09)% 4.04% (0.07)%
Acquisition accounting adjustments 0.52 0.55 (0.03) 1.07 (0.55)
Reported net interest margin 4.49% 4.61% (0.12)% 5.11% (0.62)%

First quarter 2013 net interest margin was 4.49%, reflecting a 62 basis point reduction from the 2012 first quarter, largely attributable to the accretion of discounts on acquired loans. On a core basis, excluding the effect of acquisition accounting adjustments, the net interest margin for the first quarter of 2013 decreased by 7 basis points from the prior-year first quarter to 3.97%. 

Compared with the preceding 2012 fourth quarter, net interest margin for the 2013 first quarter declined 12 basis points, largely reflecting decreases in the weighted average yields on loans and investment securities. Excluding the effect of acquisition accounting adjustments, the core net interest margin for the first quarter of 2013 declined 9 basis points from the preceding fourth quarter.

The weighted average yield on loans and the impact of acquisition accounting adjustments are summarized in the following table: 

  Three Months Ended
  3/31/2013 12/31/2012 change 3/31/2012 change
The weighted average yield on loans, excluding the effect of acquisition accounting adjustments 5.15% 5.24% (0.09)% 5.61% (0.46)%
Acquisition accounting adjustments 0.60 0.65 (0.05) 1.14 (0.54)
Reported weighted average yield on loans 5.75% 5.89% (0.14)% 6.75% (1.00)%

The weighted average yield on loans for the 2013 first quarter decreased 100 basis points from the 2012 first quarter and 46 basis points on a core basis, excluding acquisition accounting adjustments. The reduction in the core yield, excluding the effect of acquisition accounting adjustments, primarily reflects the significant reduction in market rates compared with a year ago.

Compared with the preceding fourth quarter of 2012, the weighted average yield on loans declined by 14 basis points, and 9 basis points on a core basis, excluding the effect of acquisition accounting adjustments. The more moderate sequential decreases in the weighted average yield on loans reflects a stabilization in the competitive pricing environment in recent quarters. The weighted average yield on new loans originated during the 2013 first quarter was 4.52%, compared with 4.54% for the preceding fourth quarter.

The composition of fixed and variable rate loans and the associated weighted average yield, excluding the effect of loan discount accretion, is summarized in the following table:

  3/31/2013 12/31/2012 change 3/31/2012 change
Fixed rate loans          
 As a percentage of total loans 40% 40% —% 39% 1%
 Weighted average yield 5.47% 5.63% (.16)% 6.49% (1.02)%
Variable rate loans          
 As a percentage of total loans 60% 60% —% 61% (1)%
 Weighted average yield 4.49% 4.52% (.03)% 4.61% (.12)%

The increased composition of fixed rate loans as a percentage of total loans versus the year-ago period reflects the high demand for fixed rate commercial real estate loans in the current interest rate environment.  

The weighted average yield on securities available for sale is summarized in the following table:

  Three Months Ended
  3/31/2013 12/31/2012 change 3/31/2012 change
Weighted average yield on securities available-for-sale 1.98% 2.08% (0.10)% 2.71% (0.73)%

The weighted average yield on securities available-for-sale for first quarter of 2013 declined 73 basis points from the year-ago first quarter and 10 basis points from the preceding fourth quarter of 2012. The reductions are primarily attributable to the replacement of maturing securities with lower yielding investments as market interest rates have declined.  

The weighted average duration and average life of the securities available-for-sale are summarized in the following table:

  Three Months Ended
  3/31/2013 12/31/2012 % change 3/31/2012 % change
Weighted average duration of securities available-for-sale in years 3.93 3.26 20.55% 3.83 2.61%
Weighted average life of securities available-for-sale in years 4.27 3.50 22.00% 4.26 0.23%

The weighted average cost of deposits and the impact of acquisition accounting adjustments are summarized in the following table: 

  Three Months Ended
  3/31/2013 12/31/2012 change 3/31/2012 change
The weighted average cost of deposits, excluding the effect of acquisition accounting adjustments 0.53% 0.55% (0.02)% 0.69% (0.16)%
Acquisition accounting adjustments (0.04) (0.03) (0.01) (0.13) 0.09
Reported weighted average cost of deposits 0.49% 0.52% (0.03)% 0.56% (0.07)%

The weighted average cost of deposits for the first quarter of 2013 improved 7 basis points to 0.49% from the prior-year first quarter, and improved 16 basis points on a core basis, excluding the effect of premium amortization on time deposits assumed in mergers. First quarter 2013 weighted average cost of deposits benefited from reductions in the cost of most categories of interest-bearing deposits, offset by an 8 basis point increase in the average cost of time deposits less than $100,000.

Compared with the preceding fourth quarter of 2012, the weighted average cost of deposits for the 2013 first quarter improved 3 basis points, and 2 basis points on a core basis, excluding the amortization of premium on time deposits assumed in mergers.   

The weighted average cost of FHLB advances and the impact of acquisition accounting adjustments are summarized in the following table: 

  Three Months Ended
  3/31/2013 12/31/2012 change 3/31/2012 change
The weighted average cost of FHLB advances, excluding the effect of acquisition accounting adjustments 1.27% 1.40% (0.13)% 3.41% (2.14)%
Acquisition accounting adjustments (0.10) (0.09) (0.01) (1.49) 1.39
Reported weighted average cost of FHLB advances 1.17% 1.31% (0.14)% 1.92% (0.75)%

For the first quarter of 2013, the weighted average cost of FHLB advances decreased 75 basis points to 1.17% from the year-ago first quarter, largely due to decreases in market interest rates. Excluding the effect of acquisition accounting adjustments, the weighted average cost of FHLB advances decreased 214 basis points, reflecting the addition of $470.0 million in new FHLB borrowings at a weighted average rate of 0.62%, which is substantially lower than the weighted average rate of the rest of the borrowings. The weighted average original maturity of the new borrowings was 2.60 years. In addition, a total of $390.1 million of FHLB borrowings, with a weighted average rate of 1.24%, matured over the past twelve months.

Compared with the preceding fourth quarter of 2012, the weighted average cost of FHLB advances decreased 14 basis points, and 13 basis points on a core basis, excluding the effect of acquisition accounting adjustments. During the first quarter of 2013, the Company added $90.0 million in new FHLB borrowings at a weighted average rate of 0.59%, and the weighted average original maturity of these new borrowings was 2.33 years. In addition, a total of $89.0 million of FHLB borrowings, with a weighted average rate of 1.19%, matured during first quarter 2013.

Non-interest Income. Total non-interest income for the first quarter of 2013 amounted to $9.9 million, reflecting a 15% decrease from the prior-year first quarter and a 1% increase over the preceding 2012 fourth quarter. 

The various non-interest income items are summarized in the following table:

  Three Months Ended
       
(In thousands) 3/31/2013 12/31/2012 change 3/31/2012 change
Service fees on deposit accounts $ 2,875 $ 3,160 (9)% $ 2,916 (1)%
Net gains on sales of SBA loans 2,694 2,963 (9)% 2,754 (2)%
Net gains on sale of other loans 43 100% 6 —%
Net gains on sales of securities available-for-sale 54 816 (93)% —%
Net valuation gains (losses) on interest swaps and caps 3 (100)% 11 (100)%
Net gains (losses) on sales of OREO 2 61 (97)% (292) (101)%
Other income and fees 4,272 4,642 (8)% 4,464 (4)%
Total non-interest income $ 9,940 $ 11,645 (15)% $ 9,859 1%

The year-over-year decline in non-interest income was largely attributed to an $816,000 net gain on sale of securities available-for-sale posted in the 2012 first quarter, versus just $54,000 during the 2013 first quarter.     

Net gains on sales of SBA loans totaled $2.7 million, $3.0 million and $2.8 million for the 2013 first quarter, 2012 first quarter and 2012 fourth quarter, respectively. During the 2013 first quarter, the Company sold $25.7 million in SBA loans to the secondary market.

Non-interest Expense. Total non-interest expense amounted to $33.3 million for the first quarter of 2013, reflecting a 9% increase over the prior-year first quarter and the preceding fourth quarter of 2012.  

The various non-interest expense items are summarized in the following table:

  Three Months Ended
(In thousands)
3/31/2013

12/31/2012
%
change

3/31/2012
%
change
Salaries and employee benefits $ 16,332 $ 14,143 15% $ 14,079 16%
Occupancy 4,011 3,843 4% 3,646 10%
Furniture and equipment 1,573 1,482 6% 1,218 29%
Advertising and marketing 1,273 934 36% 1,458 (13)%
Data processing and communications 1,644 1,521 8% 1,611 2%
Professional fees 1,301 1,324 (2)% 613 112%
FDIC assessment 694 710 (2)% 1,037 (33)%
Merger and integration expenses 1,305 505 158% 1,773 (26)%
Other 5,142 6,147 (16)% 5,000 3%
Total non-interest expense $ 33,275 $ 30,609 9% $ 30,435 9%

Salaries and benefits expense for the 2013 first quarter increased 16% and 15%, respectively, over the year-ago first quarter and the preceding 2012 fourth quarter. The Company attributed the increase to one-time costs incurred as part of a management transition, as well as an increase in full-time equivalent employees (FTEs) as a result of the Pacific International transaction close. The number of FTEs was 762, 704 and 661 as of March 31, 2013, December 31, 2012, and March 31, 2012, respectively. 

The Company noted that merger and integration expenses for 2013 first quarter were principally associated with the Pacific International acquisition, while 2012 first quarter expenses were associated with the Center merger of equals. 

Income Tax Provision. The effective tax rate for 2013 first quarter was 39.5%, compared with 39.4% for 2012 first quarter and 41.0% for the preceding 2012 fourth quarter.

Balance Sheet Summary

Gross loans receivable totaled $4.50 billion at March 31, 2013, an increase of 5% over $4.30 billion at December 31, 2012 and an increase of 20% over $3.74 billion a year earlier at March 31, 2012. Total new loan originations for first quarter of 2013 amounted to $220.9 million, including SBA loan originations of $49.5 million.

In comparison, new loan production during the seasonally higher 2012 fourth quarter equaled $371.2 million, including SBA loan originations of $84.3 million. 

Sales of SBA loans to the secondary market and gains derived from those sales are based substantially on the production of SBA 7(a) loans. Production of SBA 7(a) loans amounted to $31.7 million for the first quarter of 2013, compared with $27.5 million for the preceding 2012 fourth quarter. During the 2013 first quarter, the Company sold $25.7 million of its SBA loans held for sale.

Aggregate loan pay-offs, pay-downs, amortization and other adjustments totaled $147.6 million during the first quarter of 2013, compared with $169.6 million during the prior-year first quarter and $144.5 million during the preceding fourth quarter of 2012.

Total deposits amounted to $4.56 billion at March 31, 2013, reflecting an increase of 4% over $4.38 billion at December 31, 2012, and a 16% increase over $3.92 billion a year earlier at March 31, 2012. The increases reflect higher balances in non-interest bearing demand deposits, money market accounts and jumbo time deposits. During the 2013 first quarter, the Company added a net $69 million in wholesale deposits to support loan production activities. Non-interest bearing deposits at March 31, 2013 totaled $1.18 billion, steady compared with December 31, 2012, but declined as a percentage of total deposits to 26% from 27% of total deposits at year-end 2012.

Credit Quality

The provision for loan losses for the 2013 first quarter was $7.5 million, compared with $2.6 million for prior-year first quarter and $2.4 million for the preceding fourth quarter of 2012. The 2013 first quarter provision reflects the addition of a new specific reserve of $5.1 million related to a troubled debt restructuring of an industrial warehouse loan. 

For a more detailed understanding of the changes in the Allowance for Loan and Lease Losses ("ALLL"), the composition of the ALLL has been segmented for disclosure purposes between loans accounted for under the amortized cost method (referred to as "Legacy Loans") and loans acquired in mergers and acquisitions (referred to as "Acquired Loans"). The Acquired Loans are further segregated between performing and credit impaired loans. 

The composition of ALLL for the three months ended March 31, 2013, December 31, 2012 and March 31, 2012 is as follows: 

(dollars in thousands) 3/31/2013 12/31/2012 3/31/2012
Legacy Loans (1) $62,469 $61,003 $60,233
Acquired Loans - Performing Loans (2) 6,265 1,404 1,262
Acquired Loans - Credit Impaired Loans (2) 4,534 4,534 814
Total ALLL $73,268 $66,941 $62,309
       
Gross loans, net of deferred loan fees and costs $4,500,046 $4,296,252 $3,737,199
ALLL coverage ratio 1.63% 1.56% 1.67%

(1)  Legacy Loans include loans originated by the Bank's predecessor bank, loans originated by BBCN, and loans that were acquired and that have been refinanced as new loans.

(2) Acquired Loans were marked to fair value at acquisition date, and their allowance for loan losses reflect provisions for credit deterioration since the acquisition date.

Following are the Special Mention, Classified and Total Criticized loan balances as of March 31, 2013, December 31, 2012 and March 31, 2012:  

(dollars in thousands) 3/31/2013 12/31/2012 3/31/2012
Special Mention (1) $112,403 $79,589 $107,388
Classified (1) $229,354 $209,079 $216,888
Total Criticized $341,757 $288,668 $324,276

(1)  Balances include Acquired Loans which were marked to fair value on the date of acquisition.

Nonperforming loans (defined by the Company as loans past due 90 days or more and on non-accrual status, acquired loans past due 90 days or more and on accrual status, and accruing restructured loans) at March 31, 2013 totaled $96.1 million, or 2.14% of total loans, compared with $77.2 million, or 1.80% of total loans, at December 31, 2012. The increase in nonperforming loans is largely attributed to a $10.3 million industrial warehouse commercial real estate loan that was placed on non-accrual status during the quarter. Nonperforming loans as of March 31, 2013 also reflect the addition of $6.9 million in new acquired loans related to the Pacific International transaction. These increases were partially offset by charge-offs and pay-offs during the quarter.   

Nonperforming assets at March 31, 2013 were $104.6 million, or 1.79% of total assets, compared with $79.9 million, or 1.42% of total assets, at December 31, 2012. The increase is attributed to the $10.3 million new non-accrual loan and the recently acquired Pacific International portfolio, as previously mentioned, as well as other real estate owned.

Net loan charge-offs for the first quarter of 2013 continued to show improvements and declined to $1.2 million, or 0.11% of average loans on an annualized basis, from $1.4 million, or 0.13%, for the preceding fourth quarter of 2012.  

The allowance for loan losses at March 31, 2013 was $73.3 million, or 1.63% of gross loans receivable (excluding loans held for sale), compared with $66.9 million, or 1.56%, at December 31, 2012.   The coverage ratio of the allowance for loan losses to nonperforming loans (excluding acquired loans past due 90 days or more on accrual status) was 98.3% at March 31, 2013, compared with 112.5% at December 31, 2012.

Impaired loans (defined as loans for which it is probable that not all principal and interest payments due will be collectible in accordance with the contractual terms) increased to $102.0 at March 31, 2013 from $90.2 million at December 31, 2012. The increase was primarily related to previously mentioned $10.3 million industrial warehouse commercial real estate loan.  

Specific reserves for impaired loans at March 31, 2013 were $15.1 million, or 14.8% of the aggregate impaired loan amount, compared with $9.2 million, or 10.2% of the aggregate impaired loan amount, at December 31, 2012. Excluding specific reserves for impaired loans, the allowance coverage on the remaining loan portfolio was 1.32% at March 31, 2013, compared with 1.37% at December 31, 2012.

Capital

At March 31, 2013, the Company continued to exceed all regulatory capital requirements to be classified as a "well-capitalized" institution, as summarized in the following table. 

  3/31/2013 12/31/2012 3/31/2012
Leverage Ratio 12.64% 12.76% 15.03%
Tier 1 Risk-based Ratio 14.62% 14.91% 18.75%
Total Risk-based Ratio 15.88% 16.16% 20.01%

Tangible common equity per share and as a percentage of tangible assets continued to improve over prior comparable periods, as summarized in the following table:

  3/31/2013 12/31/2012 3/31/2012
Tangible common equity per share (1) $8.56 $8.43 $7.72
Tangible common equity to tangible assets (1) 11.76% 11.86% 11.86%

(1) Tangible common equity to tangible assets is a non-GAAP financial measure that represents common equity less goodwill and net other intangible assets divided by total assets less goodwill and net other intangible assets. Management reviews tangible common equity to tangible assets in evaluating the Company's capital levels and has included this ratio in response to market participant interest in tangible common equity as a measure of capital. The accompanying financial information includes a reconciliation of the ratio of tangible common equity to tangible assets with stockholders' equity and total assets.

On April 16, 2013, BBCN announced a definitive agreement to acquire Chicago-based Foster Bankshares, Inc. The transaction is valued at approximately $4.6 million, valuing each outstanding share of Foster common stock at $34.67. As of December 31, 2012, Foster had total assets of $412.6 million, total loans of $326.9 million and total deposits of $357.4 million. Foster Bank, a wholly owned subsidiary of Foster Bankshares, was founded in 1989 as one of the first Korean-American banks in the Chicago area. Foster Bank is a state-chartered bank, operating eight branches in the Chicago metropolitan area and one branch in Annandale, Virginia. The transaction is expected to close during the second half of 2013, subject to regulatory approvals and satisfaction of other customary closing conditions. 

Investor Conference Call 

The Company will host an investor conference call on Tuesday, April 23, 2013 at 9:30 a.m. Pacific Time / 12:30 p.m. Eastern Time to review financial results for the first quarter of 2013. Investors and analysts may access the conference call by dialing 866-318-8612 (domestic) or 617-399-5131 (international), passcode 86341692. Other interested parties are invited to listen to a live webcast of the call available at the Investor Relations section of BBCN Bancorp's website at BBCNbank.com. 

After the live webcast, a replay will be archived in the Investor Relations section of BBCN Bancorp's website for one year. A telephonic replay of the call will be available at 888-286-8010 (domestic) or 617-801-6888 (international) through April 30, 2013, passcode 55890200.

About BBCN Bancorp, Inc.

BBCN Bancorp, Inc. is the holding company of BBCN Bank, the largest Korean-American bank in the nation with $5.8 billion in assets as of March 31, 2013. Headquartered in Los Angeles and serving a diverse mix of customers mirroring its communities, BBCN operates 44 branches in California, New York, New Jersey, Washington and Illinois, along with five loan production offices in Seattle, Denver, Dallas, Atlanta and Northern California. BBCN specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and business lending, SBA lending and international trade financing. BBCN Bank is a California-chartered bank and its deposits are insured by the FDIC to the extent provided by law. BBCN is an Equal Opportunity Lender.

Forward-Looking Statements

This press release contains forward-looking statements, including statements about future operations and projected full-year financial results that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include but are not limited to economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services, and pricing. Readers should carefully review the risk factors and the information that could materially affect the Company's financial results and business, described in documents the Company files from time to time with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q and Annual Reports on Form 10-K, and particularly the discussions of business considerations and certain factors that may affect results of operations and stock price set forth therein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements.

(tables follow)

BBCN Bancorp, Inc.
Consolidated Statements of Financial Condition
Unaudited (Dollars in Thousands, Except per Share Data) 
           
           
Assets 3/31/2013 12/31/2012 % change 3/31/2012 % change
           
Cash and due from banks  $ 280,813  $ 312,916 -10%  $ 365,679 -23%
Term federal funds sold  --  --  0%  20,000 -100%
Securities available for sale, at fair value  717,441  704,403 2%  697,808 3%
Federal Home Loan Bank and Federal Reserve Bank stock  24,308  22,495 8%  26,064 -7%
Loans held for sale, at the lower of cost or fair value  48,941  51,635 -5%  50,620 -3%
Loans receivable  4,500,046  4,296,252 5%  3,737,199 20%
Allowance for loan losses  (73,268)  (66,941) -9%  (62,309) -18%
Net loans receivable  4,426,778  4,229,311 5%  3,674,890 20%
Accrued interest receivable  13,271  12,117 10%  12,253 8%
Premises and equipment, net  22,960  22,609 2%  20,353 13%
Bank owned life insurance  44,079  43,767 1%  42,819 3%
Goodwill  93,404  89,878 4%  89,882 4%
Other intangible assets, net  3,401  3,033 12%  3,938 -14%
Other assets  163,239  148,497 10%  165,009 -1%
Total assets  $ 5,838,635  $ 5,640,661 4%  $ 5,169,315 13%
           
Liabilities          
           
Deposits  $ 4,555,674  $ 4,384,035 4%  $ 3,920,464 16%
Borrowings from Federal Home Loan Bank  421,632  420,722 0%  332,109 27%
Subordinated debentures  45,996  41,846 10%  52,137 -12%
Accrued interest payable  4,325  4,355 -1%  6,485 -33%
Other liabilities  38,837  38,599 1%  39,954 -3%
Total liabilities  5,066,464  4,889,557 4%  4,351,149 16%
           
Stockholders' Equity          
           
Preferred stock, $0.001 par value; authorized 10,000,000 undesignated shares; issued and outstanding 0 shares, 0 shares and 122,000 shares as of March 31, 2013, December 31, 2012 and March 31, 2012, respectively          
Series A, Fixed Rate Cumulative Perpetual Preferred Stock, issued and outstanding 0 shares, 0 shares and 67,000 shares at March 31, 2013, December 31, 2012 and March 31, 2012, respectively  --   --  0%  65,399 -100%
Series B, Fixed Rate Cumulative Perpetual Preferred Stock, issued and outstanding 0 shares, 0 shares and 55,000 shares at March 31, 2013, December 31, 2012 and March 31, 2012, respectively  --   --  0%  54,295 -100%
Common stock, $0.001 par value; authorized, 150,000,000 shares at March 31, 2013, December 31, 2012 and March 31, 2012; issued and outstanding, 78,812,140, 78,041,511 and 77,996,391 at March 31, 2013, December 31, 2012 and March 31, 2012, respectively  78  78 0%  78 0%
Capital surplus  535,118  525,354 2%  525,123 2%
Retained earnings  230,149  216,590 6%  164,974 40%
Accumulated other comprehensive income, net  6,826  9,082 -25%  8,297 -18%
Total stockholders' equity  772,171  751,104 3%  818,166 -6%
           
Total liabilities and stockholders' equity  $ 5,838,635  $ 5,640,661 4%  $ 5,169,315 13%
           
  Three Months Ended
  3/31/2013 12/31/2012 % change 3/31/2012 % change
           
Interest income:          
Interest and fees on loans  $ 63,029  $ 63,107 0%  $ 63,419 -1%
Interest on securities  3,427  3,540 -3%  4,909 -30%
Interest on federal funds sold and other investments  287  285 1%  227 26%
Total interest income  66,743  66,932 0%  68,555 -3%
           
Interest expense:          
Interest on deposits  5,408  5,492 -2%  5,403 0%
Interest on other borrowings  1,619  1,794 -10%  2,293 -29%
Total interest expense  7,027  7,286 -4%  7,696 -9%
           
Net interest income before provision for loan losses  59,716  59,646 0%  60,859 -2%
Provision for loan losses  7,506  2,422 210%  2,600 189%
Net interest income after provision for loan losses  52,210  57,224 -9%  58,259 -10%
           
Non-interest income:          
Service fees on deposit accounts  2,875  2,916 -1%  3,160 -9%
Net gains (loss) on sales of SBA loans  2,694  2,754 -2%  2,963 -9%
Net gains (loss) on sales of other loans  43  6 0%  --  100%
Net gains on sales of securities available-for-sale  54  --  0%  816 -93%
Net valuation gains (losses) on interest swaps and caps  --   11 -100%  3 -100%
Net gains(loss) on sales of OREO  2  (292) -101%  61 -97%
Other income and fees  4,272  4,464 -4%  4,642 -8%
Total non-interest income  9,940  9,859 1%  11,645 -15%
           
Non-interest expense:          
Salaries and employee benefits  16,332  14,143 15%  14,079 16%
Occupancy  4,011  3,843 4%  3,646 10%
Furniture and equipment  1,573  1,482 6%  1,218 29%
Advertising and marketing  1,273  934 36%  1,458 -13%
Data processing and communications  1,644  1,521 8%  1,611 2%
Professional fees  1,301  1,324 -2%  613 112%
FDIC assessment  694  710 -2%  1,037 -33%
Merger and integration expenses  1,305  505 158%  1,773 -26%
Other  5,142  6,147 -16%  5,000 3%
Total non-interest expense  33,275  30,609 9%  30,435 9%
Income before income taxes  28,875  36,474 -21%  39,469 -27%
Income tax provision  11,414  14,947 -24%  15,535 -27%
Net income   $ 17,461  $ 21,527 -19%  $ 23,934 -27%
Dividends and discount accretion on preferred stock  $ --   $ --  0%  $ (1,869) -100%
Net income available to common stockholders  $ 17,461  $ 21,527 -19%  $ 22,065 -21%
           
Earnings Per Common Share:          
Basic  $ 0.22  $ 0.28    $ 0.28  
Diluted  $ 0.22  $ 0.28    $ 0.28  
           
Average Shares Outstanding:          
Basic  78,389,434  78,033,439    77,987,342  
Diluted  78,468,745  78,113,083    78,101,818  
           
           
  Three months ended
  3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012
           
Net Income  $ 17,461  $ 21,527  $ 18,398  $ 19,364  $ 23,934
Add back: Income tax  11,414  14,947  11,827  12,101  15,535
Add back: Provision for loan losses  7,506  2,422  6,900  7,182  2,600
Pre-tax, pre-provision income (PTPP) 1  $ 36,381  $ 38,896  $ 37,125  $ 38,647  $ 42,069
PTPP to average assets (annualized) 2.54% 2.83% 2.87% 3.03% 3.27%
           
1 While pre-tax, pre-provision income is a non-GAAP performance measure, we believe it is a useful measure in analyzing underlying performance trends, particularly in times of economic stress. It is the level of earnings adjusted to exclude the impact of income tax and provision expense.
           
  (Annualized)
At or for the Three Months Ended
   
Profitability measures: 3/31/2013 12/31/2012 3/31/2012    
ROA 2 1.22% 1.57% 1.86%    
ROE 2 9.13% 11.55% 11.87%    
Return on average tangible equity 2,3 10.42% 13.20% 13.44%    
Net interest margin 4.49% 4.61% 5.11%    
Efficiency ratio 47.77% 44.04% 41.98%    
           
2 based on net income before effect of dividends and discount accretion on preferred stock
3 Average tangible equity is calculated by subtracting average goodwill and average other intangibles from average stockholders' equity. This is non-GAAP measure that we believe provides investors wth information that is useful in understanding our financial performance and position.
  Three Months Ended Three Months Ended Three Months Ended
  3/31/2013 12/31/2012 3/31/2012
                   
    Interest Annualized   Interest Annualized   Interest  Annualized 
  Average Income/ Average Average Income/ Average Average Income/  Average 
  Balance Expense Yield/Cost Balance Expense Yield/Cost Balance Expense  Yield/Cost 
  (Dollars in thousands) (Dollars in thousands) (Dollars in thousands)
INTEREST EARNING ASSETS:                  
                   
Gross loans, includes loans held for sale   $ 4,444,320  $ 63,029 5.75%  $ 4,262,167  $ 63,107 5.89%  $ 3,777,495  $ 63,419 6.75%
Securities available for sale   691,984  3,427 1.98%  681,296  3,540 2.08%  725,728  4,909 2.71%
FRB and FHLB stock and other investments   257,526  287 0.45%  206,348  285 0.54%  257,583  178 0.27%
Federal funds sold   --   --  0.00%  43  --  0.30%  25,780  49 0.74%
Total interest earning assets  $ 5,393,830  $ 66,743 5.01%  $ 5,149,854  $ 66,932 5.17%  $ 4,786,586  $ 68,555 5.76%
                   
INTEREST BEARING LIABILITIES:                  
Deposits:                  
Demand, interest-bearing   $ 1,265,967  $ 1,873 0.60%  $ 1,192,546  $ 1,818 0.61%  $ 1,232,763  $ 2,123 0.69%
Savings   186,189  754 1.64%  181,283  793 1.74%  195,932  922 1.89%
Time deposits:                  
$100,000 or more  1,161,322  1,730 0.60%  988,157  1,635 0.66%  767,171  1,411 0.74%
Other  695,802  1,052 0.61%  717,419  1,246 0.69%  722,982  947 0.53%
Total time deposits  1,857,124  2,782 0.61%  1,705,576  2,881 0.67%  1,490,153  2,358 0.64%
Total interest bearing deposits  3,309,280  5,409 0.66%  3,079,405  5,492 0.71%  2,918,848  5,403 0.74%
FHLB advances  422,944  1,224 1.17%  422,518  1,397 1.31%  339,964  1,626 1.92%
Other borrowings  42,264  395 3.74%  40,231  397 3.86%  50,108  667 5.26%
Total interest bearing liabilities  3,774,488  $ 7,028 0.75%  3,542,154  $ 7,286 0.82%  3,308,920  $ 7,696 0.93%
Non-interest bearing demand deposits  1,138,690      1,155,905      984,813    
Total funding liabilities / cost of funds  $ 4,913,178   0.58%  $ 4,698,059   0.62%  $ 4,293,733   0.72%
Net interest income / net interest spread    $ 59,715 4.26%    $ 59,646 4.35%    $ 60,859 4.83%
Net interest margin     4.49%     4.61%     5.11%
Net interest margin, excluding effect of                  
non-accrual loan income(expense)     4.47%     4.63%     5.14%
Net interest margin, excluding effect of                  
non-accrual loan income(expense) and prepayment fee income     4.46%     4.60%     5.13%
                   
Non-accrual loan income (reversed) recognized    $ 236      $ (205)      $ (349)  
Prepayment fee income received    63      313     116  
Net    $ 299      $ 108      $ (233)  
                   
Cost of deposits:                  
Non-interest bearing demand deposits  $ 1,138,690  $ --     $ 1,155,905  $ --     $ 984,813  $ --   
Interest bearing deposits  3,309,280  5,409 0.66%  3,079,405  5,492 0.71%  2,918,848  5,403 0.74%
Total deposits  $ 4,447,970  $ 5,409 0.49%  $ 4,235,310  $ 5,492 0.52%  $ 3,903,661  $ 5,403 0.56%
                   
   For the Three Months Ended 
  3/31/2013 12/31/2012 % change 3/31/2012 % change
AVERAGE BALANCES          
Gross loans, includes loans held for sale  $ 4,444,320  $ 4,262,167 4%  $ 3,777,495 18%
Investments  949,510  887,687 7%  1,009,091 -6%
Interest-earning assets  5,393,830  5,149,854 5%  4,786,586 13%
Total assets  5,727,738  5,490,540 4%  5,139,554 11%
           
Interest-bearing deposits  3,309,280  3,079,405 7%  2,918,848 13%
Interest-bearing liabilities  3,774,488  3,542,154 7%  3,308,920 14%
Non-interest-bearing demand deposits  1,138,690  1,155,905 -1%  984,813 16%
Stockholders' Equity  765,230  745,468 3%  806,383 -5%
Net interest earning assets  1,619,342  1,607,700 1%  1,477,666 10%
           
LOAN PORTFOLIO COMPOSITION:  3/31/2013 12/31/2012 % change 3/31/2012 % change
           
Commercial loans  $ 1,078,253  $ 1,073,625 0%  $ 999,011 8%
Real estate loans  3,374,732  3,174,759 6%  2,676,589 26%
Consumer and other loans  48,881  49,954 -2%  64,095 -24%
Loans outstanding  4,501,866  4,298,338 5%  3,739,695 20%
Unamortized deferred loan fees - net of costs  (1,820)  (2,086) 13%  (2,496) 27%
Loans, net of deferred loan fees and costs  4,500,046  4,296,252 5%  3,737,199 20%
Allowance for loan losses  (73,268)  (66,941) -9%  (62,309) -18%
Loan receivable, net  $ 4,426,778  $ 4,229,311 5%  $ 3,674,890 20%
           
REAL ESTATE LOANS BY PROPERTY TYPE: 3/31/2013 12/31/2012 % change 3/31/2012 % change
Retail buildings  $ 914,809  $ 868,567 5%  $ 785,264 16%
Hotels/motels  642,470  609,076 5%  436,628 47%
Gas stations/ car washes  483,151  428,997 13%  408,311 18%
Mixed-use facilities  303,286  340,433 -11%  209,081 45%
Warehouses  356,724  294,421 21%  270,929 32%
Multifamily  147,383  142,610 3%  122,859 20%
Other  526,909  490,655 7%  443,517 19%
Total  $ 3,374,732  $ 3,174,759 6%  $ 2,676,589 26%
           
DEPOSIT COMPOSITION 3/31/2013 12/31/2012 % Change 3/31/2012 % Change
Non-interest-bearing demand deposits  $ 1,182,509  $ 1,184,285 0%  $ 1,011,466 17%
Money market and other  1,269,388  1,248,304 2%  1,240,295 2%
Saving deposits  192,208  180,686 6%  193,458 -1%
Time deposits of $100,000 or more  1,237,366  1,088,611 14%  787,774 57%
Other time deposits  674,203  682,149 -1%  687,471 -2%
Total deposit balances  $ 4,555,674  $ 4,384,035 4%  $ 3,920,464 16%
           
DEPOSIT COMPOSITION (%) 3/31/2013 12/31/2012 3/31/2012    
Non-interest-bearing demand deposits 26.0% 27.0% 25.8%    
Money market and other 27.9% 28.6% 31.7%    
Saving deposits 4.2% 4.1% 4.9%    
Time deposits of $100,000 or more 27.2% 24.8% 20.1%    
Other time deposits 14.8% 15.6% 17.5%    
Total deposit balances 100.0% 100.0% 100.0%    
           
CAPITAL RATIOS 3/31/2013 12/31/2012 3/31/2012    
Total stockholders' equity  $ 772,171  $ 751,104  $ 818,166    
Tier 1 risk-based capital ratio  14.62% 14.91% 18.85%    
Total risk-based capital ratio  15.88% 16.16% 20.11%    
Tier 1 leverage ratio  12.64% 12.76% 15.08%    
Book value per common share  $ 9.79  $ 9.62  $ 8.92    
Tangible common equity per share4  $ 8.56  $ 8.43  $ 7.72    
Tangible common equity to tangible assets4 11.76% 11.86% 11.86%    
           
4 Tangible common equity to tangible assets is a non-GAAP financial measure that represents common equity less goodwill and other intangible assets, net divided by total assets less goodwill and other intangible assets, net. Management reviews tangible common equity to tangible assets in evaluating the Company's capital levels and has included this ratio in response to market participant interest in tangible common equity as a measure of capital. 
           
           
Reonciliation of GAAP financial measures to non-GAAP financial measures:          
           
  3/31/2013 12/31/2012 3/31/2012    
Total stockholders' equity  $ 772,171  $ 751,104  $ 818,166    
Less: Preferred stock, net of discount  --   --   (119,694)    
Common stock warrant  (378)  (378)  (2,760)    
Goodwill and other intangible assets, net  (96,805)  (92,911)  (93,820)    
Tangible common equity  $ 674,988  $ 657,815  $ 601,892    
           
Total assets  $ 5,838,635  $ 5,640,661  $ 5,169,315    
Less: Goodwill and other intangible assets, net  (96,805)  (92,911)  (93,820)    
Tangible assets  $ 5,741,830  $ 5,547,750  $ 5,075,495    
           
Common shares outstanding  78,812,140  78,041,511  77,996,391    
           
Tangible common equity to tangible assets 11.76% 11.86% 11.86%    
Tangible common equity per share  $ 8.56  $ 8.43  $ 7.72    
           
           
   For the Three Months Ended 
ALLOWANCE FOR LOAN LOSSES: 3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012
Balance at beginning of period  $ 66,941  $ 65,952  $ 65,505  $ 62,309  $ 61,952
Provision for loan losses  7,506  2,422  6,900  7,182  2,600
Recoveries  250  587  1,316  1,623  1,139
Charge offs  (1,429)  (2,020)  (7,769)  (5,609)  (3,382)
Balance at end of period  $ 73,268  $ 66,941  $ 65,952  $ 65,505  $ 62,309
Net charge-off/average gross loans (annualized) 0.11% 0.13% 0.64% 0.41% 0.24%
           
  For the Three Months Ended
NET CHARGED OFF LOANS BY TYPE 3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012
           
Real estate loans  $ 1,014  $ 651  $ 1,101  $ 1,378  $ 1,610
Commercial loans  150  627  5,403  2,158  631
Consumer loans  15  155  (51)  451  2
 Total net charge-offs  $ 1,179  $ 1,433  $ 6,453  $ 3,987  $ 2,243
           
           
NON-PERFORMING ASSETS 3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012
Delinquent loans 90 days or more on non-accrual status  $ 42,269  $ 29,653  $ 29,369  $ 39,567  $ 39,935
Delinquent loans 90 days or more on accrual status5, 7  21,621  17,742  22,454  20,708  18,257
Accruing restructured loans  32,249  29,849  22,175  22,994  23,888
Total non-performing loans  96,139  77,244  73,998  83,269  82,080
Other real estate owned  8,419  2,698  4,135  6,712  5,641
Total non-performing assets  $ 104,558  $ 79,942  $ 78,133  $ 89,981  $ 87,721
Non-performing assets/ total assets 1.79% 1.42% 1.47% 1.78% 1.70%
Non-performing assets/ gross loans & OREO 2.32% 1.86% 1.92% 2.32% 2.34%
Non-performing assets/ total capital 13.54% 10.64% 10.64% 12.58% 10.72%
Non-performing loans/gross loans 2.14% 1.80% 1.82% 2.15% 2.19%
Non-accrual loans/gross loans 0.94% 0.69% 0.72% 1.02% 1.07%
Allowance for loan losses/ gross loans 1.63% 1.56% 1.62% 1.69% 1.67%
Allowance for loan losses/ non-accrual loans 173.34% 225.75% 224.56% 165.55% 156.03%
Allowance for loan losses/ non-performing loans (excludes delinquent loans 90 days or more on accrual status5) 98.32% 112.50% 127.95% 104.71% 97.63%
Allowance for loan losses/ non-performing assets 70.07% 83.74% 84.41% 72.80% 71.03%
5 All such loans represent acquired loans that were originally recorded at fair value upon acquisition. These loans are considered to be accruing as we can reasonably estimate future cash flows on acquired loans and we expect to fully collect the carrying value of these loans. Therefore, we are accreting the difference between the carrying value of these loans and their expected cash flows.
   
BREAKDOWN OF ACCRUING RESTRUCTURED LOANS BY TYPE: 3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012
Retail buildings  $ 2,556  $ 3,301  $ 1,915  $ 1,526  $ 804
Hotels/motels  8,701  8,774  8,841  8,909  8,425
Gas stations/ car washes  --   --   --   --   -- 
Mixed-use facilities  816  --   --   2,312  3,254
Warehouses  492  494  1,045  1,052  1,060
Multifamily  3,247  3,247  --   --   -- 
Other6  16,437  14,023  10,374  9,195  10,563
Total  $ 32,249  $ 29,839  $ 22,175  $ 22,994  $ 24,106
6 Includes commercial business and other loans          
           
           
DELINQUENT LOANS LESS THAN 90 DAYS PAST DUE 3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012
           
Legacy          
30 - 59 days  $ 1,174  $ 968  $ 3,056  $ 5,479  $ 3,062
60 - 89 days  2,411  349  517  833  3,747
Total delinquent loans less than 90 days past due - legacy7  $ 3,585  $ 1,317  $ 3,573  $ 6,312  $ 6,809
           
Acquired          
30 - 59 days  $ 22,552  $ 7,411  $ 4,062  $ 3,601  $ 6,422
60 - 89 days  3,848  16,835  2,438  6,080  3,075
Total delinquent loans less than 90 days past due - acquired7  $ 26,400  $ 24,246  $ 6,500  $ 9,681  $ 9,497
           
Total delinquent loans less than 90 days past due7  $ 29,985  $ 25,563  $ 10,073  $ 15,993  $ 16,306
           
DELINQUENT LOANS LESS THAN 90 DAYS PAST DUE BY TYPE 3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012
           
Legacy          
Real estate loans  $ 2,870  $ 595  $ 2,448  $ 5,269  $ 5,540
Commercial loans  692  532  1,108  1,027  1,269
Consumer loans  23  190  17  16  -- 
Total delinquent loans less than 90 days past due - legacy7  $ 3,585  $ 1,317  $ 3,573  $ 6,312  $ 6,809
           
Acquired          
Real estate loans  $ 14,437  $ 21,598  $ 3,813  $ 6,631  $ 6,972
Commercial loans  11,294  2,533  2,318  2,422  1,655
Consumer loans  669  115  369  628  870
Total delinquent loans less than 90 days past due - acquired7  $ 26,400  $ 24,246  $ 6,500  $ 9,681  $ 9,497
           
Total delinquent loans less than 90 days past due7  $ 29,985  $ 25,563  $ 10,073  $ 15,993  $ 16,306
           
           
NON-ACCRUAL LOANS BY TYPE 3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012
           
Real estate loans  $ 33,751  $ 20,430  $ 22,254  $ 27,822  $ 27,527
Commercial loans  7,591  8,253  6,208  11,463  11,436
Consumer loans  927  970  907  282  972
Total non-accrual loans7  $ 42,269  $ 29,653  $ 29,369  $ 39,567  $ 39,935
   
CRITICIZED LOANS  3/31/2013 12/31/2012 9/30/2012 6/30/2012 3/31/2012
Legacy          
Special mention  $ 59,681  $ 25,279  $ 32,708  $ 48,701  $ 39,667
Substandard  94,303  94,335  92,091  88,537  100,394
Doubtful  455  474  597  5,530  6,243
Loss  22  --   --   --   -- 
Total criticized loans - legacy7  $ 154,461  $ 120,088  $ 125,396  $ 142,768  $ 146,304
           
Acquired          
Special mention  $ 52,722  $ 54,310  $ 61,951  $ 60,686  $ 67,722
Substandard  133,398  113,610  95,387  110,370  109,699
Doubtful  327  415  202  261  470
Loss  849  245  77  11  81
Total criticized loans - acquired7  $ 187,296  $ 168,580  $ 157,617  $ 171,328  $ 177,972
           
Total criticized loans7  $ 341,757  $ 288,668  $ 283,013  $ 314,096  $ 324,276
           
7 Excludes the guaranteed portion of delinquent SBA loans as these are 100% guaranteed by the SBA.
CONTACT: Investors and Financial Media:
         Angie Yang
         SVP, Investor Relations
         213-251-2219
         angie.yang@BBCNbank.com
Source: BBCN Bancorp, Inc.
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