BBCN Bancorp, Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2014
January 27, 2015 at 02:31 am IST
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BBCN Bancorp, Inc. reported unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net income of $22,687,000 or $0.29 per basic and diluted share against $18,071,000 or $0.23 per basic and diluted share a year ago. Total interest income was $75,767,000 against $74,916,000 a year ago. Net interest income after provision for loan losses was $63,874,000 against $55,926,000 a year ago. Net interest income before provision for loan losses was $66,234,000 against $66,876,000 a year ago. Income before income taxes was $36,914,000 against $29,118,000 a year ago. ROA was 1.28% against 1.13% a year ago. ROE was 10.42% against 8.92% a year ago. Return on average tangible equity was 11.91% compared to 10.51% a year ago.
For the year, the company reported net income of $88,615,000 or $1.11 per basic and diluted share against $81,755,000 or $1.03 per basic and diluted share a year ago. Total interest income was $302,657,000 against $283,073,000 a year ago. Net interest income after provision for loan losses was $253,959,000 against $233,055,000 a year ago. Net interest income before provision for loan losses was $266,597,000 against $253,055,000 a year ago. Income before income taxes was $146,522,000 against $134,154,000 a year ago. ROA was 1.30% against 1.35% a year ago. ROE was 10.44% against 10.37% a year ago. Book value per common share as at December 31, 2014 was $11.10 against $10.18 as at December 31, 2013. Return on average tangible equity was 12.00% compared to 12.01% a year ago.
For the fourth quarter, the company reported net charge offs of $2,834,000 against $9,345,000 a year ago.
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 Financial Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2014