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Q4 2015 Summary
BBCN Bancorp, Inc.(NASDAQ:BBCN), the holding company of BBCN Bank, today reported strong financial results for its 2015 fourth quarter, posting net income of $22.9 million, or $0.29 per diluted common share, which included merger-related expenses of $1.4 million associated with the merger of equals with Wilshire Bancorp, Inc (NASDAQ:WIBC). This compares with net income of $25.1 million, or $0.32 per diluted common share, in the preceding 2015 third quarter, and $22.7 million, or $0.29 per diluted common share, in the fourth quarter a year ago.
For the full year, net income increased to $92.3 million, or $1.16 per diluted common share, from 2014 net income of $88.6 million, or $1.11 per diluted common share.
– New loan originations increase to a quarterly record high of $550 million
– Loans receivable increase 5% to $6.25 billion, or 12% for 2015
– Total deposits increase 5% to $6.34 billion, or 11% for 2015
– Total assets increase 4% to $7.91 billion, or 11% for 2015
– Net income totals $22.9 million, or $0.29 per diluted common share
– BBCN agrees to combine with Wilshire Bancorp in a strategic merger of equals creating the only super regional Korean-American bank in the U.S.
“BBCN delivered a strong fourth quarter to complete a solid year of achievements marked by robust loan origination volumes, disciplined cost management and strategic business expansion,” said Kevin S. Kim, Chairman and Chief Executive Officer of BBCN Bancorp, Inc. “New loan originations for the quarter reached a record $550 million, resulting in a 12% increase in loans receivable over year-end 2014. For the full year, we booked an aggregate $1.69 billion in new loans, representing a 27% increase over origination volumes in the prior year. We are pleased that our net interest margin held relatively steady at 3.88%, despite the extremely competitive business environment, and our ongoing focus on expense management contributed to an efficiency ratio of just 47.06% for the fourth quarter.
“In addition to the progress made to date in becoming a more diversified financial institution, we embarked on a new journey with Wilshire Bancorp to merge the top two commercial lenders in our space and create the only super regional Korean-American bank in the United States. The combined entity will enjoy a significantly stronger competitive position, with unrivaled leadership among our niche peers and unparalleled opportunity to cross-sell a comprehensive offering of products and services. As we begin the new year, we remain excited about the significantly brighter prospects of our organization, and look forward to further improving upon the value proposition BBCN is providing to its customers, employees and shareholders,” said Kim.
